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Assignment - Review of article in Project Risk Management

Assess the following for the article: Main Issue, Techniques Used and Contributions

Article - RISK MANAGEMENT IN CONSTRUCTION PROJECTS by Shahid IQBALa, Rafq M. CHOUDHRYb, Klaus HOLSCHEMACHERc, Ahsan ALId, Jolanta TAMOŠAITIENe.

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Answer - RISK MANAGEMENT IN CONSTRUCTION PROJECTS

Main Issue

The main issue of the particular assignment surrounds of different risk management procedures from the perspective of different construction related projects at certain extension. The key issue of the particular project is there are some risks that are very closely associated with the entire procedure and other management of entire construction industry as a whole.

In context to the particular article, it can be easily assessed that risks are the exposure of losing or gaining profitability from the perspective of different organizations belonging from different multitudes. In addition to that, risk can also be identified as such a event that can make direct impact towards the overall objective of an organization from both positive and negative viewpoints at certain extension.

It has been assessed by a range of different project managers that any form of project management generally requires a systematic focus regarding identifying the key issues, which will ultimately be helpful towards responding and analyzing the risks that are associated with project management. In addition to that, risk assessment is needed to be done even before making a life cycle of diversified project since it will be radically helpful towards minimizing different factors that can positively boost the overall credibility of risks from the perspective of both construction related projects and other similar projects at certain extension. In addition to that, while analysis the key issue of the article, it has also been found that entire construction industry faces a high probability of getting interfered by different forms of risks that can epidemically hurt the overall expansion of such construction related project at certain extension.

The overall success rate of different construction related organization is closely associated with the overall process their risk management programs at certain extension. In addition to that, both risk management and analysis can be demonstrated as integral part of entire decision making factors from the perspective of decision making process of entire construction industry as a whole. In addition to that, it can also be assessed form the study that it is quite essential for the clients of overall construction business and construction related programs to assess the overall risk before making their primary investment at the overall business or project. It will radically help them towards making right amount of investment while minimizing any form of risk. Since the entire construction business is closely associated with high degree regarding risk, it is possible that organizations belonging from the particular industry sometimes faces lose at their business operation process at the time of generating new processes.

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Technique used

A range of different techniques is being used at the time of measuring and managing the overall perception of different forms of risks. First of all, the overall origin of a particular risk is needed to be assessed from the perspective of conducting risk management programs. In addition to that, allocating and identifying the risks are needed to be happened. After that, gathered information regarding the risks will be evaluated extensively in order to identify the overall flexibility and accountability of the associated risk. Besides that, the evaluation of the risks and the assessment of the risks are being conducted at the next stage. Lastly, the process and functionality of the risk are being clarified for conducting the process of risk assessment.

All of these techniques and activities has been made up for minimizing the overall lose of entire construction business and it is also quite helpful towards maintain the overall form of risk at certain extension. Besides that, there are also some other technique and procedures that can be helpful towards the overall process of mitigating risks. Moreover, different organizations belonging from the entire construction industry can also make Build Operate- Transfer (BOT) so that they can make organizational activity and epidemics in accordance with the risks and system of the organization. The internal and external stakeholders of different organizations belonging from hospitality industry might also be extremely helpful towards the entire process regarding identifying and minimizing risks.

Contribution

The overall results that have been found from analyzing the entire document might be extremely helpful and assessable towards the entire process of managing and mitigating risks at certain extension. It can easily evaluated from the entire article that certain activities of a construction related project can easily be evaluated while going through some performance reviews. Questionnaires have been used for getting the result of the particular research project, which minimizes the overall chance of getting into different forms of risks at certain extension.

All of these questionnaires based surveys are quite important towards the overall facts and facilities of risk management. It can also assessed after analyzing the entire article in an extensive manner that different risks has different degree of influences upon the entire business of construction project. Besides that, the overall significance of risks is also different from different substantial values at certain extension. Analyzing the significance of risks are generally extremely helpful towards the overall process of minimizing and mitigating risks. Different controlling and sharing techniques can also be quite effective and efficient towards the overall process of mitigating risks.

In addition to that, any form of risk can easily be minimized and mitigated while applying different forms of risk prevention techniques, which are also associated with some prefabricated steps. Moreover, the significance of different risk factors is useful at measuring the effectiveness regarding risk management techniques.

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