Study and implementation of risk management in construction projectsCase Study; small and large projects

Risk management is defined as the process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Essentially, risk management occurs anytime an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and risk tolerance. Inadequate risk management can result in severe consequences for companies as well as individuals.Thus,Risk management and Enterprise risk management (ERM) have been the topics of increased media attention in recent years. Many organizations have implemented ERM programs, consulting firms have established specialized ERM units, and universities have developed RM and ERM-related courses and research centers. The aim of this paper is to review previous studies on Risk Management and Enterprise Risk Management (ERM). The scopes of the previous studies include construction in different scales and different approaches to risk management. The findings can have a valuable impact on identifying , measuring and implementing RM and ERM in different firms and organizations and will lead to better performance

Keywords:

Risk , Management , Construction , ERM