Risk Estimation for Residential Construction Projects

Abstract

Risk Management is the safety valve for each project. It prepares preliminary, operational and future studies to manage project funds and sets out all expected prospects according to data and inputs, as well as knowledge of the specific scope of the project and its products as a whole. Risk management includes risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, risk monitoring and control. The objective of the risk management process in the construction process is that the implementation of these projects must be in accordance with the approved budget and on time and specifications required. To achieve this, an estimate of the cost of potential risks should be calculated to put it in the marginal cost of the project.