๐ฅ๐ถ๐๐ธ ๐ถ๐ป ๐๐ผ๐ป๐๐๐ฟ๐๐ฐ๐๐ถ๐ผ๐ป: ๐ ๐ผ๐ฟ๐ฒ ๐ง๐ต๐ฎ๐ป ๐๐๐๐ ๐ก๐ฎ๐๐๐ฟ๐ฎ๐น ๐๐ถ๐๐ฎ๐๐๐ฒ๐ฟ๐
Risk management in construction extends far beyond hurricanes and earthquakes. Human factorsโsuch as political instability, financial constraints, and even cultural influencesโcan be just as disruptive.
According to Edwards (1998, p. 339), risks in construction can be categorized into two major types:
โNatural Risks (Weather & Geological)
- Hurricanes, floods, earthquakesโuncontrollable but manageable with the right strategies.
โHuman Risks, or it can be referred as business risks (Social, Political, Financial & More)
- Economic factors like inflation and exchange rates
- Legal issues with contracts and regulations
- Technical risks such as design failures and equipment breakdowns
- Even cultural customs can influence project execution
Risk management in construction is about navigating uncertainty at every level, not just preparing for natural disasters.
What risks do you see most often in your projects? How do you mitigate them?
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