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In a construction organization, risk analysis and management include locating, evaluating, and reducing risks that may affect the project's budget, quality, safety, or completion. Because construction projects are complex and sensitive to many outside influences, risk management is key to their success.
Different Risk Types in Construction:
Financial risks: include overspending, late payments, and changes in the cost of materials.
Operational Risks: Ineffective project management, equipment malfunctions, or an absence of workers.
Risks to the law and regulations: include breaking contracts, building codes, and permissions.
Environmental risks: include weather, natural disasters, and laws that affect the environment.
Risks to health and safety: include accidents and injuries at the location.
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