Reflection Paper no.

6: Construction Risk Management – Group 7

Construction risk management report talks about the ways in which it can give
the construction project to have the ability to identify possible problems prior to the
problem occurring. Risk is not something to be taken lightly much as dealing with
matters that include high end projects meeting specific details, expectations for the end
client, and deadlines.

During the report, I’ve realized that regardless of the project complexity or type of
risk, there is a quality risk management process that should be followed when
examining risk in project conditions. In any project scenario, risk management has a
probability and impact assessment to scrutinize the possibility that each risk occurs. It
also focuses on the probable effects that a risk will have on a project's objectives,
including cost, performance, schedule, and quality. 

For achieving the best result for such endeavors, it needs an organized approach
that translate goals into defined objectives and help us organize and plan the tasks and
resources needed to achieve the objectives. There is also software that can help to
make things easier to evaluate the risks of the project. Moreover, all project managers
and organizational leaderships should know the standard risk management process in
project management; it is only with a standard process that risks can be effectively
identified, assessed, and mitigated.