Risk Management for Construction Project - Coursework Example

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This research will begin with the statement that the risk management system has five levels that demonstrate the increase in maturity and capability. Level 1 is called initial, level 2: repeatable, level 3: defined, level 4: managed and level 5: optimizing…
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Risk Management for Construction Project
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Download file to see previous pages According to the research findings, it can, therefore, be said that according to Cooper at this level the company is experimenting with the risk management application with some few members in the sector. The risk management process is not formal, neither is it structured. The organization tends to understand the importance of risk management, but the implementation is not effective. There is the learning from the past mistake, even though the lessons learned implementation is not fully done. The idea is within the organization, all is needed is the formalization of the idea. Here, the company integrated the risk management implementation and it is used in most of the projects. Experience is used in the planning and management of the project as there is a team selected to handle the risks in specific. The role of risk management may be assigned to a specific team or shared among the teams. At this level, there is a high level of risk management awareness and therefore the activities are proactive in nature. There is standardization in the risk management activities as groups are assigned responsibilities. There is both formal and informal communication with the structure of management being formal. The construction company can approach the out- siders during the communication process. This is a short-term goal process and needs the introduction of the risk management system. According to Gigerenzer and Adrian the movement from the initial level to repeatable level is done through the readjustment of the organizational activities. ...Download file to see next pagesRead More
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