RISK MANAGEMENT OF CONSTRUCTION PROJECTS

Abstract

Project risk management is one of the functional areas of project management that relates to the prevention, elimination or reduction of adverse impacts of risk events that can occur in the implementation of a particular project. Implementation of projects often lasts several months, or even years, and requires significant financial resources. Also, project implementation must be in accordance with pre-defined quality standards. Potential risks can slow down the implementation of the project, increase costs and affect the planned quality. In order to manage projects efficiently, it is necessary to constantly monitor the progress of each phase of project implementation and to monitor the risks that could jeopardize the planned activities.