Risk Management for Value Management of Projects- myassignmenthelp

Question: Discuss about theRisk Management for Value Management of Projects. Answer: Construction is inherently risky which is less complex technically complicated than the projects which involve the software, the defence as well as the engineering procedures. This might be due to the reason that specialists are utilised in the fields of construction and design in order to generate project in a specific span of time. The construction projects specifically those of houses are risky for a variety of reasons. This is due to bad record of the completion in a specific price and time. Really high levels of disputes and litigation, the high work competition, low profit margins and risks, records related to the nature of health occupation as well as low amount of safety the pressure to produce a high return on the invested funds, the pressure on health, safety provision as well as a high return on the funds invested (Walker 2015). The risk management in the erection process is basically designed to plan, monitor and control the measures which are required for prevention of exposure to risk. It is crucial to identify the hazard, and also the risk assessment and its extent and ultimately provide the measures for risk control and also help in the management of any sort of residual risks (Kelly, Male and Graham 2014). The risk logs need to be constructed which include the actions on the residual risks and the identification of risks involves generic risks applicable to all projects. Risk assessments are also important for the health and safety risks which evaluate all sorts of hazards. Finally the contingency plans should be made for the residual risks and final review and revision should be done of the entire plan. References: Walker, A., 2015.Project management in construction. John Wiley Sons. Kelly, J., Male, S. and Graham, D., 2014.Value management of construction projects. John Wiley Sons.