Decision Sciences
5 years ago

Revolutionizing Risk Management in Construction Industry: A Game Changer!

International Journal of Engineering Technologies and Management Research
APPLIED RISK MANAGEMENT IN CONSTRUCTION INDUSTRY: A REVIEW
Chaiwat Pooworakulchai

Paper Summary

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Risk management is crucial in the construction industry due to its complex nature. This study focused on applying risk management through three stages: risk analysis, assessment, and control. By using past information and expert knowledge, risks were analyzed and evaluated using mathematical methods. The key factors for successful risk management in construction are personnel, information, and continuous learning. Monitoring and updating plans are essential for effective risk control in construction projects.