Risk Management Techniques In Project Management
Among the management techniques, risk identification and control is being one of the most vital procedures and capability areas in the field of project management. According to the Project Management Institute's PMBOK, Risk management is one of the ten knowledge areas in which a project manager must be competent. The PMI (Project management Institute) defines risk management as the process of identifying, evaluating, and responding to risks in the different types of project in order to control the consequences that may arise in any of project’s stages. Project risk is defined by PMI also as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives."
Therefore, the goal of risk management was defined as the process of increasing the impact and probability of positive risks and decreasing them for negative risks. It’s not about avoiding failure only, but to exploit opportunities.
Risk management is an indispensable process to the improvement and success of any business. The importance of risk management becomes even greater in an industry that includes many uncertainties, such as construction industry. When it comes to the construction industry, the possibility of exposing more risks is increased, especially when to carry out the
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So, This research project will concentrate on identifying the leading risk factors for construction projects that may face the contractor in Egypt, and determining the importance and impact of each factor, then create risk assignment that provides the appropriate risk response method, that contractors may embrace within the early studies tack place before start of any field activity –such as, pre-feasibility and site selection, feasibility studies, and up to the contracting, implementation and delivery all the changes expected to occur in the environment and the circumstances surrounding the project that may affect the project– in order to achieve the best performance, formulating
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