PRACTICAL APPROACH TO THE RISK ANALYSIS OF CONSTRUCTION PROJECTS

A construction risk assessment is the calculated process of identifying project specific threats on a jobsite, then analysing and evaluating each risk factor to determine the likelihood, impact, and repercussions of each of those variables. That assessment creates awareness surrounding the risks/hazards identified, assess current risk prevention measures that are in-place to determine if they are sufficient or if further action needs to be taken, ensuring that any legal requirements or contract requirements are being met regarding risk and also deciding if additional controls need to be implemented or if changes need to be made to construction risk management strategy.