Risk Breakdown Structure Review and Risk Management Techniques in Construction Industry

Construction industry is recognized as a hazardous and risky industry. The most of its associated risks are unknown and unrecognized. A construction risk can be defined as any exposure to possible loss. Because every construction project is different, each offers a multitude of varying risks. To ensure the success of a project, all construction parties starting on a construction project must be able to recognize and assess those risks. This paper’s aim is to clarify the risks involved in construction industry as well as the categorization of these risk (Risk Breakdown Structure). Consequently, regarding risk management techniques in its different phases (Risk Identification, Risk Qualitative Analysis, Risk Quantitative Analysis, Risk Response and Risk Monitoring and Control) and according to different stages of project life cycle (Conceptualization, Planning, and Execution) the proper confrontation risk technique is opted.

Keywords:

Risk , Risk Breakdown Structure , Risk Management Technique , Project Life Cycle , Construction Industry