RISK ASSOCIATED TO CONSTRUCTION FIELD

Construction projects involve taking multiple risks related to this specific field. The process of risk management has three phases: risk identification, risk analysis and response to risk. Identifying risk is achieved by establishing control lists, organizing meetings in order to identify risks and analyzing documents for similar projects. Risk analysis uses methods such as setting the expected value, setting the normal standard deviation, Monte Carlo simulation and decision trees. Response to risk includes measures and actions to reduce, eliminate or relocate risk.