Risk management
The process of identifying, assessing, and mitigating risks throughout a project's lifecycle.
Risk management involves identifying, assessing, and mitigating potential threats to project objectives, ensuring proactive and strategic responses. It is crucial for protecting resources, maintaining schedules, and achieving project goals. Effective risk management enhances decision-making, supports resilience, and fosters a culture of preparedness, enabling teams to navigate uncertainties, optimize opportunities, and deliver successful project outcomes by minimizing risks and maximizing performance.
Used in a sentence
Effective risk management helped prevent potential delays.
Synonyms/variation
Risk Assessment
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Using AI to Manage Risk in Construction
Since the day construction became an industry, many people have been trying to manage the risks of building things — to identify and mitigate potential conditions that might impact a project’s safety, schedule, cost, quality or compliance. Part of the allure of using artificial intelligence (AI) in construction is the potential to make the complex, ongoing […]
Mitigating Subcontractor Risk: Pro Tips for General Contractors
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Jobsite Security: Assessing and Minimizing Construction Site Risks
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Construction Safety Management: Building a System to Reduce Risk
Due to the high-risk nature of construction work, having a comprehensive construction safety management plan is essential. Construction safety management is the formal process that details how safety plans are rolled out within the company. Using a construction SMS can help companies reduce accidents, improve insurability, and increase productivity across teams. While safety officers play […]
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