Ecm 756 Risk Management For Construction Project

ECM 756 RISK MANAGEMENT FOR CONSTRUCTION PROJECT
CHAPTER 1:
INTRODUCTION
1.0
Definition Risk Management Plan

Risk can be defined as the combination of the probability of an event and its
consequences (ISO/IEC Guide 73). Risk also known as the potential event that
can be happened in every construction stage. Risk management started to be
introducing after World War II. Some studies show that risk management
implementation in early 1955-1964 (Crockford,1982;Harrington and Neihaus,
2003; Wiliam and Hems, 1995).
Risk management is the process of identifying risk, assessing risk and taking
steps to reduce risk to an acceptable level (National Institute of Standards and
Technology, July 2002).Risk management is about determines the processes,
technique, tools, and team roles and responsibilities for a specific project
(System Engineer Guide Publication).
Risk management plan is a document that a project manager prepares to foresee
risk estimate impact, and define responses to issues. It also contains a risk
assessment matrix. The risk management plan contains an analysis of likely risks
with both high and low impact, as well as mitigation strategies to help the project
avoid being derailed should common problems arise. Risk management plans
should be periodically reviewed by the project team to avoid having the analysis
become stale and not reflective of actual potential project risks.
Most critically, risk management plans include a risk strategy. Broadly, there are
four potential strategies, with numerous variations. Projects may choose to:
Avoid risk Change plans to circumvent the problem;
Control/Mitigate risk; Reduces impact or likelihood (or both) through
intermediate steps;
Accept risk Take the chance of negative impact (or auto-insurance),
eventually budget the cost (e.g. via a contingency budget line);

Transfer risk Outsource risk (or a portion of the risk - Share risk) to third
party or parties that can manage the outcome. This is done financially through
insurance contracts or hedging transactions, or operationally through outsourcing
an activity.
2.0
Benefit of Risk Management Plan

Benefits of undertaking a risk management program particularly as it relates to
public safety. These benefits may include:
Improved strategic and business planning
More effective use of resources
Increased ability to deliver on time
Reduced costs by limiting legal action or preventing breakages
Improved reliability leading to an enhanced reputation
An ability to quickly grasp new opportunities
Fewer breakdowns, fewer shocks and fewer unwelcome surprises
Enhanced communication between Business Units and Departments
The ability to reassure key stakeholders throughout the organization
The promotion of continuous improvement, leading to higher quality of

output
A more focused internal audit programme
Robust contingency planning

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3.0
Risk Management Process

All risk management processes follow the same basic steps, although sometimes
different jargon is used to describe these steps. Together these 5 risk
management process steps combine to deliver a simple and effective risk
management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe
risks that might affect your project or its outcomes. There are a number of
techniques you can use to find project risks. During this step you start to prepare
your Project Risk Register.
Step 2: Analyze the risk. Once risks are identified you determine the likelihood
and consequence of each risk. You develop an understanding of the nature of the
risk and its potential to affect project goals and objectives. This information is
also input to your Project Risk Register.
Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining
the risk magnitude, which is the combination of likelihood and consequence. You
make decisions about whether the risk is acceptable or whether it is serious
enough to warrant treatment. These risk rankings are also added to your Project
Risk Register.
Step 4: Treat the Risk. This is also referred to as Risk Response Planning.
During this step you assess your highest ranked risks and set out a plan to treat
or modify these risks to achieve acceptable risk levels. How can you minimize
the probability of the negative risks as well as enhancing the opportunities? You
create risk mitigation strategies, preventive plans and contingency plans in this
step. And you add the risk treatment measures for the highest ranking or most
serious risks to your Project Risk Register.
Step 5: Monitor and Review the risk. This is the step where you take your
Project Risk Register and use it to monitor, track and review risks
4.0
Risk Management Standard

International Standards are strategic tools and guidelines to help companies
tackle some of the most demanding challenges of modern business. They ensure
that business operations are as efficient as possible, increase productivity and
help companies access new markets.
ISO standards help businesses to:
Cut costs, through improved systems and processes
Increase customer satisfaction, through improved safety, quality and

processes
Access new markets, through ensuring the compatibility of products and

services
Reduce their impact on the environment.
Table 1.1 Comparison of Risk Management Standard

DESCRIPTION
Scope
Risk Management
Context
AUSTRALIAN/
NEWZEALAND
STANDARD, AS/NZS
4360:2004
provides a generic
guide for managing
risk
may be applied to a
very wide range of
activities, decisions or
operations of any
public, private or
community enterprise,
group or individual
The context includes

the organisations
internal and external
environment and the
interface between the
two.
ENTERPRISE RISK
MANAGEMENT
INTERGRATED
FRAMEWORK COSO
2004
professional body in
United Kingdom
framework of content
and methodology that
detail the requirements
for sustainable and
effective enterprise risk
management
applied in strategy
setting and across the
enterprise, designed to
identify potential events
that may affect the
entity, and manage risk
to be within its risk
appetite, to provide
reasonable assurance
regarding the
achievement of entity
objectives
has eight Components
and four objectives
categories
Authority and
pledge to the ERM
RISK Management
policy
Mixer of ERM in the

institution
RISK MANAGEMENT
STANDARD
AIRMIC/ALARM/IRM
2002
drawn from risk

management
organizations in UK
simple guide that
outlines a practical an
systematic approach
to the management o
risk for business
managers (rather tha
just risk professionals
Standard describes
external and interna
drivers of risk,
categorising them as
financial, strategic,
hazard and
operational.
Standard sets out th
basic risk
management proces
5
Risk Assessment
Risk Response
communication and
reporting
Information and
Communication
Monitoring
improving this capability
and coordination, while
integrating the output to
provide a unified picture
of risk for stakeholders
and improving the
organization's ability to
manage the risks
effectively
COSO does not have an
exactly comparable
section but discusses in
a number of places: The link to business
objectives
The organizations
internal environment
Four categories of
objectives strategic,
operations, financial
reporting and
compliance
Risk management
philosophy and
diagram
Standard sets out
benefits of risk
management.
Objective
provide guidance to
enable public, private
or community
enterprises, groups
and individuals to
achieve:
i. a more confident
and rigorous basis
for decisionmaking and
planning;
ii.
better identification
of opportunities
and threats; and
iii.
gaining value from
uncertainty and
variability.
Stress the importance

of relating risk
management and risk
assessment to
strategic objectives.
At a high level, all three of standard are similar in that each of them:
sets out a generic process for risk management and accepts that there
needs to be flexibility in implementation
is applicable to a wide range of organizations and activities recognizes

that management of risk is part of good management practice, should be
continuous and is best embedded into existing practices / business
processes.
6
sets out steps in the risk management process with brief guidance on
each.
Based on Table 1.1 which are explained about the three standard, our team has
decided to follow and use AUSTRALIAN/ NEWZEALAND STANDARD, AS/NZS
4360:2004 approach for our case study is AKLEH Highway Phase 2 (Ampang-Kuala
Lumpur Elevated Highway (Akleh) Phase 2 East Bound from Ulu Kelang Interchange
(Km 6.0). Akleh Phase 2. Reason is because this standard may apply to the wide range
of activities decisions or operations of any public, private or community enterprise,
group or individual. This standard also gives benefit to managing the risk such as:
1)
increase the likelihood of achieving objectives
2)
be aware of the need to identify and treat risk throughout the organization
3)
improve the identification of opportunities and threats
4)
comply with relevant legal and regulatory requirements and international

norms
5)
improve financial reporting
6)
improve governance
7)
improve stakeholder confidence and trust
8)
establish a reliable basis for decision-making and planning
9)
improve controls
10)
effectively allocate and use resources for risk treatment
11)
improve operational effectiveness and efficiency

7
12)
enhance health and safety performance, as well as environmental protection
13)
improve loss prevention and incident management
14)
minimise losses
15)
improve organisational learning
16)
improve organisational resilience.
CHAPTER 2:
LITERATURE REVIEW
In every construction stage there is always a risk. Risk management is part of
successful construction driver. Risk management plan is the strategy of implementing
the best tools to make sure project will be completed. Generally the basic strategy used
by construction players todays are; Avoid, control/mitigate the risk, accept the risk and
transfer the risk and this strategy known as (ACAT).
The positive impacts of implementing the risk management plan are improvement in
planning, meet the project completion date, and develop reputation among industry
player. This positive result will develop the reputation and good impression to the
contractor.
Five steps in produce a good management plan are first identifying the risk. Second
analyzed the risks, third, evaluate or rank the risks, forth, treat the risk and lastly monitor
and review the risk. This process is widely used in the making of good risk management
plan due to the process were stated in risk management standard which also support by
the international standard. This will help to improve the operation efficiency, increase the
productivity and help the company to access new market.
Each develop country have their own standard to suite with environment and others
factor.
Australian/Newzealand
Standard,
AS/NZS
4360:2004,
Enterprise
Risk
Management Intergrated Framework COSO 2004, and Risk Management Standard

Airmic/Alarm/IRM 2002 are standard used as references to produce this report.
Akleh Phase 2 is an additional route connecting to the existing deck (AKLEH Highway)
that will involve the expansion of the existing two-lane dual carriageway into a
three-lane dual carriageway from KM 4.6, Persimpangan Jalan Jelatek until KM
6.0, Jalan Ulu Kelang Interchange towards Ampang Area by providing a new
three-lane route along the 1.4 km.
This project belongs to Jabatan Kerja Raya (JKR) and concessionaire by Project
Lintasan Kota Sdn Bhd. The objective of this project is to evaluate how risk
management plan is used in the AKLEH Phase 2 construction project and how the
practitioners are managing risks in everyday situations during the construction
project.
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CHAPTER 3:
PROJECT BACKGROUND
3.1 Introduction of Project
AKLEH is the countrys 1st intra-urban highway, and was envisioned as a solution to the
traffic congestion along Jalan Ampang caused by the rapid development in the Ampang
and Hulu Kelang vicinity. AKLEH spans 7.9km, and starts eastward from Jalan Sultan
Ismail to the riverbanks of Sungai Klang and Sungai Ampang and ends at Taman
Ampang Utama in Ampang. AKLEH provides 3 lanes carriageway in each direction from
Jalan Sultan Ismail interchange to Dato Keramat interchange. From Dato Keramat
interchange to Ampang interchange, there is a 2 lanes carriageway in each direction.
Figure 3.1 shows the current route map of the AKLEH Highway.
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Figu
re 3.1: AKLEH Route Map
Figure 3.2 shows the overall layout plan image for AKLEH Phase 2 construction project.
It divided into 3 sections which is from Jelatek Interchange KM4.6 until Ampang
Interchange KM6.0.
With the availability of AKLEH Phase 2 highway, it expected to reduce up to 35% of
traffic problems during the peak hours. The three-lane one-way route is wider and it can
contribute to a more comfortable drive and safer for motorists that heading towards
Jalan Ulu Kelang, Middle Ring Road II (MRR2) and Ampang.
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Figure 3.2: AKLEH PHASE 2 Overall Layout Plan Image

3.2 Project Description
Our case study is AKLEH Highway Phase 2 (Ampang-Kuala Lumpur Elevated Highway
(Akleh) Phase 2 East Bound from Ulu Kelang Interchange (Km 6.0). Based on Figure
3.3,the layout plan of interchange shows that Akleh Phase 2 is an additional route
connecting to the existing deck (AKLEH Highway) that will involve the expansion of the
existing two-lane dual carriageway into a three-lane dual carriageway from KM 4.6,
Persimpangan Jalan Jelatek until KM 6.0, Jalan Ulu Kelang Interchange towards
Ampang Area by providing a new three-lane route along the 1.4 km.
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Figure 3.3: Layout Plan of Interchange
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3.2.1 Summary of Project

Table 3.1: Project Summary
Title of The Project
AKLEH Highway Phase 2 (Ampang-Kuala Lumpur

Elevated Highway (Akleh) Phase 2 East Bound from
Ulu Kelang Interchange (Km 6.0)
RM 98,891,792.70million
Project Start
16 May 2014
Completion Date
16 May 2016 (completed within 24 months (2 years)

where 7 months ahead of the original plan
Owner
November 2015
Jabatan Kerja Raya
Concessionaire
Projek Lintasan Kota Sdn Bhd
Project Developer
Turnpike Synergy Sdn Bhd
Lead Consultant
Ranhill Consulting Sdn Bhd
Main Contractor
Cantilever Bumi Sdn Bhd
Road Safety Audit
Endeavour Consult Sdn Bhd
Environmental Management
Plan
Jalinan Timur Sdn Bhd
Program Management
Solution
Enterprise Business Solution(EBS) Sdn Bhd
Table 3.1 shows the summary of the AKLEH Phase 2 project. The project costing is RM
98,891,792.70million which is nearly 100 million of the project by Jabatan Kerja Raya
(JKR). This project is completed 7 months ahead of the original completion date of the
project where it starts on 16 th of May 2014 and completed within 24 months November
2015.
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3.3 OBJECTIVE OF THE PROJECT

The aim of this project is to evaluate how risk management plan is used in the AKLEH
Phase 2 construction project and how the practitioners are managing risks in everyday
situations during the construction project. The theory of the risk management process
will be compared to the actual practice in order to investigate similarities and
differences. The main idea is to see if the AKLEH Phase 2 construction project is
working with risk management as it is described in the literature regarding the methods
and techniques presented.
In order to achieve the aim, the following objectives will be fulfilled:
a) Identify risk and risk management perceived in a AKLEH Phase 2
construction project
b) Identify risk management process used in practice
c) Proposed risk management plan for the AKLEH Phase 2 project
CHAPTER 4
RESEARCH METHODOLOGY
4.1 INTRODUCTION
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16
The methodology of this paper is listed as follows:

The research methodology can be summarized in fifty-nine (56) different risk factors
were categorized into eight (8) major categories and visualized by ranking through the
detailed literature review questionnaire distributed to experts in the construction of
(AKLEH) Phase 2 Project.
The questionnaire was developed to assess the feedback on the relative importance of
risk causes. Then, the questionnaire was filled out by nine (9) highly experienced
construction professionals including Project Managers, Site Managers, Assistant
Managers, Project Engineers, Finance Managers, HSE Officer, Site Engineer, Project
Engineer and Sr. Exc. Project Development.
The collected data were analyzed through Qualitative analysisi technique by using Risk
Matrix Method. The analysis included ranking the different risk according to the relative
importance indices.
Questionnaires were developed into four (4) major sections (1, 2, 3 and 4).
Section (1&2): Aimed to obtain information about caused of risks in construction
projects, it was asked to rate those initially identified fifty-Six (56) factors according to
their impact (I) and likelihood (P). A survey was conducted through distributed
questionnaires in which respondents were asked to rank and score these factors
according to their experience and position.
Section (3): The fourth section consists of the parties responsible in the particular task.
Section 4 Personal information of the respondent was collected (e.g., work experience
of construction projects and work position.The company for involved for this surveyed
by questionnaires is Projek Lintasan Kota Sdn Bhd.
Totally fifteen (15) person approached for these questionnaires and nine (9) out of
fifteen responses were received with response rate equals to 60%.
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Assessment of feedback from questionnaire survey was made. Analysis was carried out
for nine (9) responses to identify major risk contributing factors. Analysis is discussed in
details, on the basis of which recommendations to construct projects were made.
The approach to the study has been summarized, which consists of data/results that
methodology as shown in Figure 4.1
Figure 4.1: Risk management Plan

RISK ASSESMENT
RISK IDENTIFICATION
RISK ANALYSIS
RISK EVALUATION
RISK TREATMENT
4.2 Risk Identification
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Risk identification is the first stage in the risk management process. Risk identification is
the process of systematically identifying all possible risk factor which have a potential
impact on the project. It consists of documenting on an ongoing basis throughout the
project all external as well as internal risks.
In this stage, potential risks associated with the particular construction project must be
identified (Zou, Wang, & Zhang, 2007). Al-Bahar & Crandall (1991) defined the risk
identification as systematic and continuous process of identifying, categorizing, and
assessing the initial significance of risks associated with a construction project.
To establish identification of risk exposure to that particular AKLEH Phase 2
construction project, we are looking for lists of potential risk associated with various
project through journals, progress report of the AKLEH Phase 2 project, and information
provided by project management personnel. Identified risk factor from data collection
from journals related to similar and various construction project (Batson, 2009; ElSayegh, 2008; Ghosh & Jintanapakanont, 2004; Pinthong, 2003; Zhao, Hwang, & Yu,
2013; Zou et al., 2007) were also be listed.
Risk category is an integrative part of risk identification to structure the diverse risks
affecting a construction project. We are categories for each category as a step to help
us to find and predict the risks factor. In this paper, risks are categories into technical
and non-technical risk categories.
The technical risk includes risk during Construction, Design, Environmental and
Logistic. The non-technical risk is Legal, Politic and Contracts Provision, Finance, and
Organizational.
Table 4.1 illustrates the risk categorization with respect to the priority in the risk factor.
All the risk which is possible at each category will be identified as types of risk.
Table 4.1: Categorized factors that cause risk in construction projects.

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Risk ID
1
2
3
4
5
6
Category
Technical Risk
Non-technical
7
8
19
Item
Construction
Design
Environmental
Logistic
Politics and Contracts Provision
Legal
Finance
Organizational
4.2.1 Project risk causes

There are fifty-nine (56) factors and are categorized into eight(8) major categories as
a risk factor in construction project which are used in this paper, as
follows:1)Shortage of equipment 2) Shortage of material 3) Late deliveries of
material 4) Poor quality of workmanship 5) Lower work quality in presence of time
constrain 6) Lack of site safety inspection and poor supervision 7) Accidents (such
as collision, fire and so on) 8) Damage to persons or property 9) Changes in the
work
10)Inadequate planning
of subcontractors
13)
Bad
11)Insolvency of suppliers 12)Insolvency
Weather14)Change
in
law
and
regulation
15)
Inconsistencies in government policies 16)Excessive contract variation 17) Change

in law and regulation 18) Inconsistencies in
government policies19) Poor
supervision 20) Bureaucratic system and long procedure for approval 21)
Compliance with Government 22) Delay in payment for claim 23) Cash flow
difficulties 24) Price inflation of construction materials 25) financial failure with the
contractor 26) Exchange rate fluctuation 27) Monopolizing of material due closure
and other unexpected political condition 28) Lack of financial resources 29) Change
in taxation/new tax rates 30) Method of construction defined in drawing and
specification is inappropriate and inapplicable to construction 31) Design and
drawing change 32) Defective design (incorrect) 33) Not coordinated design 34)
Inaccurate quantities 35) Lack of consistency between bill of quantities, drawing and
specification
36) Rush design 37) awarding the design to unqualified design 38)
Change of scope 39)Pollution 40)Ecological damage 41)Adverse weather conditions

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42) Difficulty to access the site (very far) 43) Environmental factors(floods,
earthquakes, etc.) 44) Compliance with law and regulation 45)
Inaccurate
project
program 46) Poor communications between the home and field offices (contractor
side) 47) Lack of manpower on site 48)Inaccurate project program 49) Undefined
scope of working 50) Lack of skilled workers 51) Inexperienced staff assigned 52)
Losing critical staff at crucial point of the project 53) Insufficient time to plan 54)
Unanticipated project manager workload 55) Not enough time to plan 56) Priorities
change on existing program.
4.2.2 Questionnaire survey

4.2.2.1 Questionnaire design
The questionnaire design took into consideration the objectives of the study with
the aim to answer the research aims. Great effort and brainstorming were done
for designing the questionnaire. The design of the questionnaire was based on
the fact that they had to be simple, clear, and understandable for respondents,
and at the same time, they should be able to be interpreted well by us.
The questionnaire has a definite advantage of requiring smaller time to be
responded and is more accurate in the final outcome. The questionnaire consists
eight (8) major categories and each category have a several factors causing risk
in construction projects in AKLEH Phase 2 have a total of ninety-nine (56) factors
(refer Table 4.2). The participants were required to rate the factors in the way
they affect risk in construction projects using their own experiences on
construction of highway sites.
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Table 4.2: Categorized factors that cause risk in construction projects.
Category item
Construction Factors Category
Legal Factors Category
Politics and Contracts Provision
Total number of category factor
Factors Category
Finance Factors Category
Design Risk Factors Category
Environmental Factors Category
Logistic Factors Category
Organizational Factors Category
Total
13
02
06
08
09
06
06
06
56
4.2.2.2 Contents of the questionnaire

The questionnaire was divided into four (4) major sections (refer Figure 4.2).The
first section contains the probability of the causes leading to risk and the
respondent is asked to state the probability of occurrence of these risk in his
projects on a scale with the ranting 1 representing Inconceivable; 2 Remote 3
Conceivable; 4 possible; and 5 Most Likely.
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The second section questionnaire required the respondent to rank these on a scale
with the rating of 1 representing Negligible; 2 Minor 3 Serious; 4 Fatal; and
5Catastrophic according to the degree of Impact risk in construction.
The third section addresses general information about the respondents such as (1)
Years of experience and (2) Position of the respondent.
The fourth section consist of the parties responsible in the particular task. This
section is to identify which the person who are most responsible to the particular
risk and the project.
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Figure 4.2: Sample Questionnaire
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4.3 RISK ANALYSIS

A risk analysis consists of identifying the most potential threats to an organization
along with analyzing the actual related vulnerability of the organization to these
kinds of threats. An essential link in between risk identification and rational
management as being a foundation intended for decision making associated with
risk response strategies making use of probability theory by means of incorporates
uncertainty in a quantitative manner is called as risk analysis (Al-Bahar & Crandall,
1991).
Risk analysis should be performed as part of the risk management process for
each project and it is designed to remove or reduce the risks which threaten the
achievement of project objectives. As for all risks identified, it has to be assessed
in order to determine the risk priority as well as for risk response techniques.
Properly undertaken of risk analysis will increase the likelihood of successful
completion of a project towards cost, time and performance objectives.
4.3.1
Data Collection
The questionnaire was developed to assess the feedback on the relative
importance of risk causes. The Questionnaires were mailed to the main
contractor, Projek Lintasan Kota Sdn Bhd. Completed forms were requested to
be mailed or faxed back to us, and the response for this request was poor.
Another approach of collecting data was used; involved follow-up telephone
calls, most of data were collected by this method.
Over a period of 1 week later, we collected nine (9) responses from fifteen (15)
total forms from Projek Lintasan Kota Sdn Bhd.; this means the rate of
response was 60%. From the data, the questionnaire was filled out by nine (9)
highly experienced construction professionals including Project Managers, Site
Managers, Assistant Managers, Project Engineers, Finance Managers, HSE
Officer, Site Engineer, Project Engineer and Sr. Exc. Project Development. The
result shown that, the questionnaired was answered by different person with
different position. The details of respond from respondents with their
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classifications were mentioned in Table 4.3 for clarifications.
NO
1
2
3
4
5
Table 4.3: Profession of Respondent

No of
Professional of respondents
respondents Percentage, %
1
Project Managers,
11.11
1
Site Managers,
11.11
1
Assistant Managers
11.11
1
Project Engineers,
11.11
1
Finance Managers,
11.11
6
7
8
HSE Officer,
Site Engineer,
11.11
11.11
Project Engineer
1
1
1
Sr. Exc. Project Development
11.11
Total
100 %
11.11
From the questionnaire the baseline characteristics of the respondents were

relatively similar. Of the 9 respondents in the survey, all the professional of
respondents have a similar percentage which is 11.1%.
To consider the effect of different levels of the participants experiences, the results
were grouped into four (4) main groups: group 1 for respondents experience 1 till
5 years; group 2 for respondents experience above 6 till 10 years; and group 3
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for respondents experience above 11 till 5 years and group 4 for respondents
experience above 16 years; Table 4.4 depicts these groups.
In all surveys, the majority of the respondents have 11 till 15 years experience in
construction/project management or working knowledge of construction/project
management activities.
Based on work experience and employment position, it was inferred that the
respondents have adequate knowledge of the activities associated with construction
project risk. This makes them as reliable and credible sources of information which
is crucial to satisfy the research goal. The procedure, findings, and relevant
discussion of the analyses are detailed in the following section.
Table 4.4 :Respondents years of experience

Years of experience
No of respondents
16- above Years

11-15 Years
6-10 Years
1-5 Years
1
4
2
2
Total
Percentage%
11..11%
44.44 %
22.22 %
22.22 %
100 %
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4.3.2 Risk Analysis Techniques

4.3.2.1
Qualitative analysis
Qualitative analysis that focuses on identification and subjective
assessment of risks. The qualitative analysis are most applicable when
risks can be placed somewhere on a descriptive scale from high to low
level (Winch, 2002). There are many techniques for this and they are
known as qualitative risk analysis, the red-light/green-light rating, the risk
matrix method, and the urgency assessment.
4.3.2.2
Quantitative analysis
Quantitative analysis that focuses on an objective assessment of the
risks.. The quantitative analysis are used to determine the probability and
impacts of the risks identified and are based on numeric estimations
(Winch, 2002).
The factors causing risk in construction projects in AKLEH Phase 2 will be looked
at from different perspectives. It will examine the data provided by respondents
and that will be the basis for case selection. The level of risk will be calculated as
final outlined results. These factors will be ranked and categorized based on their
total risk score by using qualitative risk analysis with Risk Matrix Method.
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4.3.3
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Risk Matrix Method

This collected data were analyzed through Risk Matrix Method. The analysis
included ranking the different factor according to the risk scoring.
A Risk
Matrix is a matrix that is used during Risk Assessment to define the various
levels of risk as the product of the probability categories and impact categories.
This is a simple mechanism to increase visibility of risks and assist management
decision making.
Risk = Likelihood x Impact
This matrix setup for our study is 5x5. The vertical side of the matrix is labeled
probability and the horizontal side is project impact (refer Table 4.5 & 4.6). The
scale on the matrix goes from low to high on each side. How low or high are
defined should be based upon the major objectives of the project.
The probability and impact matrix illustrates a risk rating assignment for individual
risk factors in the identified risks categories. The risk matrix shows the
combination of impact and probability that in turn yield a risk priority (shown by the
red, yellow, and green colour).
The risks in the upper right corner with risk score in range 15 25 was considered
as a high risks that must be addressed in project planning and the response plan
is required. The risks in the middle with risk score in range 5-14 is a medium level
and the response plan as neede. The lower left corner are Low risks and can be
optional or ignored.
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Table 4.5: Risk Matrix
PROBABILITY
IMPACT
1=Negligible
2=Minor
3=Serious
4=Fatal
5=Catastrophic
5= Most Likely
10
15
20
25
4= possible
12
16
20
3= Conceivable
12
15
2= Remote
10
1=Inconceivable
Table 4.6: Risk Rating

Level
Risk
Action
High
15-25
Response Plan Required
Medium
5-14
Response Plan as needed
Low
1-4
Response Plan optional
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4.3.4 Data analysis and Result

The identified risk levels according to their potential effect on construction project
objectives were ranked. In our observation, based on the risk matrix, the highest
risks identified based on each category ID (see table 4.7).The highest numbers
of respondent scoring for each factor considered as a high level of risk.
Table 4.7: Highest Risk Factor cause risk in construction projects.

Nos. of
Total number
scoring
of category
Category item
Percentages %
factors
(High level)
Construction Factors Category
Legal Factors Category
Politics and Contracts
Provision Factors Category
Finance Factors Category
Design Risk Factors Category
Environmental Factors
Category
Logistic Factors Category
Organizational Factors
Category
Total
13
2
12
-
34%
0%
6%
8
9
4
4
11%
12%
17%
14%
6%
56
35
100%
30
31
Figure 4.3: Data & Result
31
32
32
33
Figure 3 represents the ranking of the risk factors with the respect to risk categorization.
From studying this project and analyzing the data, it was found that the highest risk in
the construction categories during the construction stage. While the most frequently
mentioned risk factors with 34% from the total of high risk factor. Environmental Factors
Category contributed 17%, Logistic Factors Category 14%, Finance Factors Category
11% and Politics and Contracts Provision Factors Category, Design Factors Category
Design Risk Factors Category, Organizational Factors Category with 6% respectively.
Case study conclusion from studying and analyzing the AKLEH Phase 2 project, it was
found that there is most of respondent agreed that the high level of risk is during the
construction stage. Respondents believed that these risk events are responsible for
poor quality of work, delays and associated losses. Risks with high impact and high
probability, such as Construction Factors Category, Environmental Factors Category,
Logistic Factors Category and Finance Factors Category are required further analysis,
including quantification, and aggressive risk management
33
34
4.4 Risk Response Analysis

Risk response is the process of developing options and determining actions to enhance
opportunities and reduce threats to the project objectives. This process ensures that the
identified risks are properly addressed. However, when the risk events cannot be solved
through the other techniques of risk response such as avoidance, mitigation and
transference, the only option remaining is the acceptance.
This technique indicates that the project team has decided not to change the project
plan to deal with a risk or is unable to identify any other suitable response strategy.
Active acceptance may include developing a contingency plan to execute, should a risk
occur. Identification and assessment of risks alone will not serve the purpose unless
meaningful ways to mitigate those risks in a structured way is planned in advance.
These effective responses to the risks should meet a number of criteria.The risk
responses should be appropriate, affordable, actionable, and achievable, assessed,
agreed and allocated (Hillson, 1999).
Table 4.8 is a basic risk response strategy that we are using in the AKLEH Phase 2
project construction. There are 4 types of risk response which are implemented in these
AKLEH Phase 2 project constructions.
Table 4.8: Basic Risk Response Strategy

Risk Avoidance
Risk Mitigation
Risk Transfer
Risk Acceptance
Eradicate the risk
Reduce the impact
Contractually
Retained the risk
altogether by
and probability of
transfer the risk and
and develop plans to
eliminating the
the risk event to an
loss exposure to a
cover the financial
cause of the risk
acceptance level
third party
consequences
event
34
35
4.4.1 Risk Avoidance

This is the best method of risk response, whereby all necessary actions are taken to
avoid the risk. Avoiding risk is the best method of risk mitigation, avoiding risk means a
total removal of the risk. However according to Edwards & Bowen (2005) risk avoidance
is not the same as eliminating risk since elimination of risk is rarely possible. By
avoiding the risk, AKLEH Phase 2 project will be able to eliminate the monitoring and
control of the risk management process need to be conducted if there were risks.
4.4.2 Risk Mitigation
Not all the risk sources can be solved by risk avoidance and transfer. In fact most of the
risks cannot be addressed by the above two risk responses. Therefore, for majority of
the risks, reduction or mitigation techniques need to be applied. Depending on where
the risk source lies in the risk matrix, mitigation may be done either by reducing the
probability of risks or by reducing their impact or both. If the impact of the risk is high,
risk reduction may be done by lessening the extent of the damage. If the risk occurs
very often, it is wiser to tackle the risk sources at their root by inhibiting their trigger
(Hillson, 1999). Whenever the risk probability and the impacts are high, the response
strategy should be to reduce both.
4.4.3 Risk Transfer
Method of transferring risk to another party, while according to Edwards & Bowen
(2005), it was described as shifting the burden of a particular risk to another
stakeholder. This method is commonly used by main construction firms to release the
burden of a particular risk under their responsibility. Examples are:
a.
Main contractor sublet some portion of their contract works to their sub
contractors, whereby the subletting exercise itself will transfer all the risks related
b.
to the sub contractors.

Contractor All Risks or CAR insurance is one of the methods of transferring the
risk of construction accident to insurance company.
35
36
4.4.4 Risk Acceptance

When the risk sources fall in the low impact-low probability quadrant of the risk matrix,
such risks are deemed acceptable. Acceptance can be passive when the impact is
minor for which no prior plans may be required. Acceptance can be active if the impact if
it occurs needs to be further reduced and for such risks contingency plan should be put
in place by allocating sufficient time and resources (Piney, 2002).
Based on those risks ranking, as the major risk will contribute huge impact to project
objective, it require higher concern. Variety of mitigation measure using multiple
response type were adapting to every each of risk category. The mitigation measures
for major risks in the AKLEH Highway Phase 2 project were shown in Table 4.9 below.
However, the minor risks also need the risk response either to reduce or to eliminate the
severity and likelihood of occurrences. Some of mitigation measure for major risk can
heal the minor risk.
Table 4.9: Risk Response for each Risk Category
ID
Risk Category
Risk
ID
1
Shortage of equipment
Shortage of material
Late deliveries of material
Poor quality of workmanship
Lower work quality in presence of time

constrain
Lack of site safety inspection and poor
supervision
Accidents (such as collision, fire and so on)
8
9
10
Damage to persons or property

Changes in the work
Inadequate planning
11
Insolvency of suppliers
12
Insolvency of subcontractors
13
Bad Weather
5
1
Construction
Risk Factor
Risk
Response
Mitigation
36
Legal
Politics and
Contracts
Provision
14
Change in law and regulation
15
Inconsistencies in government policies
16
17
18
Excessive contract variation

Change in law and regulation
Inconsistencies in government policies
19
Poor supervision
Mitigation
Bureaucratic system and long procedure for

approval
Compliance with Government
Delay in payment for claim
Cash flow difficulties
Price inflation of construction materials
Financial failure of the contractor
Exchange rate fluctuation
Mitigation
20
Finance
Design
Environmental
Logistics
37
21
22
23
24
25
26
27
Monopolizing of material due closure and

other unexpected political condition
28
29
Lack of financial resources

Change in taxation/new tax rates
30
Method of construction defined in drawing

and specification is inappropriate and
inapplicable to construct
31
32
33
34
Design and drawing change

Defective design (incorrect)
Not coordinated design
Inaccurate quantities
35
Lack of consistency between bill of quantities,

drawing and specification
36
Rush design
37
38
awarding the design to unqualified design

Change of scope
39
Pollution
40
Ecological damage
41
Adverse weather conditions
42
Difficulty to access the site (very far)
43
44
45
Environmental factors (floods, droughts)

Compliance with law and regulation
Inaccurate project program
Acceptance
Mitigation
Mitigation
Mitigation
Mitigation
37
Organizational
46
Poor communications between the home and

field offices (contractor side)
47
48
49
50
51
Lack of manpower on site

Inaccurate project program
Undefined scope of working
Lack of skilled workers
Inexperienced staff assigned
52
Losing critical staff at crucial point of the

project
53
54
55
56
Insufficient time to plan

Unanticipated project manager workload
Not enough time to plan
Priorities change on existing program
38
Mitigation
4.5 Risk Treatment

Risk treatment is a step in the risk management process that follows the risk
assessment step in the risk assessment all the risks need to be identified, and risks
that are not acceptable must be selected.
Based on those risks ranking, as the major risk will contribute huge impact to project
objective, it require higher concern. Variety of risk treatments using multiple response
type were adapting to every single major risk. The risk treatments for major risks in the
AKLEH Phase 2 project were shown in Table 4.10
Table 4.10: Major Risk Mitigation Measures
38
Risk category
Risk
code
Risk Factor
Shortage of equipment
39
Risk Treatment
a) Hire the security officer to make sure about the
safety of the equipment
b) Conduct the frequent jobsite inspection
c) Establish safety equipment and material storage
system
Material price fluctuation
a) Always have a review of construction material at
the current situation
b) Develop a good, clear and appropriate plan and
control on schedule.
c) Maintain good relationship with the suppliers to
avoid any chance for the suppliers to take an
advantage of their material prices
Shortage of material
Material is necessarily imported from other country

a) Avoid any late order to the supplier
b) Review the background and history of each
supplier before sign any contract.
c) Ensure standby cash flow in advance
d) Avoid any miscommunication with the supplier
from other country to prevent any major losses
Construction
Late deliveries of
material
Poor quality of
workmanship
Lower work quality in

presence of time
constraint
a) Avoid any late order to the supplier

b) Choose the capable suppliers that have a good
communication and linkage
c) Review the background and history of each
supplier before sign any contract.
d) Make sure the payment to the supplier is
following the schedule to avoid any problem in
delivering the materials to the construction site.
e) Develop a good, clear and appropriate plan and
control on schedule.
a)
b)
c)
d)
a)
Proper communication among parties involved

Strict supervision by the supervisor
Provide training and education to the workers
Proper construction management
Proper construction management and
manpower management
b) Proper work planning by the supervisors
c) Monitoring the workers to make sure everything
is follow the right procedures
39
Lack of site safety

inspection and poor
supervision
Accidents
Damage to persons or
property
10
Inadequate planning
11
Insolvency of
suppliers
Construction
12
Insolvency
of subcontractors
40
a) Maintain the approval of site safety inspection

procedure and supervision
b) Identify/mapping of all areas
c) Use a checklist to ensure consistent and
comprehensive inspections.
d) Assign competent HSE inspectors to conduct
daily inspections based on mapping schedules
and checklist.
e) Ensure proper training of inspectors.
f) Ensure the proper documentation for each
inspection
g) Ensure proper safety training for the site
engineer
h) Maintain a minimum number of safety officers
on site based on the number of workers
a) Provide sufficient guardrails or personal fall
protection equipment
b) Employer needs to ensure that they are
provide sufficient Personal Fall Protection and
this equipment needs to be tested before use
c) Responsible person need to observe their
workers when working at high elevation and
give a penalty to workers that failed to obey
the safety rules
Prepare the insurance for life or property for each
personnel who are involved with the project.
a) Proper project planning and scheduling
b) Effective strategic planning
c) Collaborative working in construction
Ensuring the continuation and availability of key
resources (including staff, plant, equipment and
materials) and that the work should continue if there are
minimal delays but there should be a backup plan.
a) Properly directing the subcontractor to ensure

they know what is expected of them in relation
to the project
b) Avoiding the selection of the cheapest
subcontractor if there is doubt on performance
track record
c) Clear definition of each subcontractors scope of
work
d) Select subcontractor which already have
experience in similar project
40
Construction
13
19
Politics and
Contracts
Provision
Design
Bad Weather
Take protective measures, for example site manager

might therefore consider installing protective sheeting
around scaffolding, which can also mitigate against
wind, or temporary roofing structures.
Poor supervision
Provide training and seminar to the site supervisor to

improve their supervision skilled task, requiring the
highest levels of social work skills and knowledge of
research on what works.
20
Bureaucratic system and

long procedure for
approval
22
Delay in payment for

claim
23
Cash flow difficulties
24
Price inflation of
construction materials
28
Lack of financial
resources
30
Method of construction
defined in drawing and
specification is
inappropriate and
inapplicable to construct
Finance
41
a) Maintain good relationship and connection with

higher local government agencies
b) Ensure the project is complying with local
authority procedure
c) Prepare and submit all the necessary
documents in a timely manner to the
government agencies
d) Always maintain a good reputation without any
blacklisted title.
a) Prepare the entire claim document early before
the submission date to the clients.
b) Have a discussion with the client to approve the
claim early and release the money as soon as
possible to make sure all the site activities can
be run as usual without any delay.
a) Be sure to start of your year by deploying an
accounting system that you can use to put all
your invoices as well as capture all expenses.
b) Always generate and deliver your invoices
immediately a service has been completed.
a) Always have a review of construction material at
the current situation
b) Develop a good, clear and appropriate plan and
control on schedule
c) Maintain good relationship with the suppliers to
avoid any chance for the suppliers to take an
advantage of their material prices
a) Ensure standby cash flow in advance
b) Examine the company's financial viability
c) Obtain guarantees or other credit support from
reliable and credit worthy local and international
entities
d) Contractor should struggle to prevent financial
failure by practicing a stern cash flow
management and minimizing the dependence
on bank loans.
a) Detailed review of the information relating to the
work before embarking on it
b) Development a project execution plan for the
work before starting on it Ensuring adequate
coordination of design and activities preceding
and following the complex work
c) Calling in specialists to advise and contribute to
the planning and management of complex
works/projects
41
31
Design and drawing

change
33
Not coordinated design
35
Lack of consistency
between bill of
quantities, drawing and
specification
Environmental
39
Pollution
40
Ecological damage
41
Adverse weather
conditions
42
Difficulty to access the
42
a) Ensuring as much design as possible is done for

the complex work or project before commencing
b) Ensuring adequate coordination of design and
activities preceding and following the complex
work
c) Calling in specialists to advise and contribute to
the planning and management of complex
works/projects
d) Conducting workshops and brainstorming
session to generate ideas and for problems
solving before and during the complex
work/project
e) Ensuring the cause of a design change is
always determined
The link between design coordination and production
needs to be clearly understood and elevated in
importance to help contractors take advantage of the
reductions in field conflicts and production planning
information that can be achieved through the
coordination process
The need for innovative contract procurement methods
such as management contracting which are more
capable of allocating the risks to the parties that could
best handle them.
a) Take a precaution steps to make sure all the
personnel and the nearest residents is not
affected by the pollution
b) Have a proper site clearing to make sure no
dust can cause air pollution, and have a proper
drainage so there will be no water pollution.
a) Develop strategies to reduce adverse impacts of
development.
b) Planning mitigation early in the project can be
highly beneficial to the development and the
community.
a) Preparing the construction schedule.
b) Schedule activities that can be impacted by rain,
such as earthworks, to occur outside of the rainy
season.
c) Close up buildings ahead of the rain season or
cold weather. Schedule activities such as
roofing and lifting large loads to happen outside
the windy season.
d) Understand the expected weather conditions
and allow additional time in the schedule to
compensate for delays caused by inclement
weather.
a) Undertake pre-project planning to ensure
42
site (very far)
43
Environmental factors
(floods, droughts, etc.)
44
Compliance with law and

regulation
45
Inaccurate project
program
47
Lack of manpower on
site
49
Undefined scope of
working
Logistics
50
Lack of skilled workers
51
Inexperienced
staff assigned
52
Losing critical staff at

crucial point of the
project
Organisational
43
existing utilities
b) Always aware with the condition of surrounding
area and make proper plan or schedule to check
on the satisfaction of public
c) Arrange and undertake comprehensive site
investigation before construction phase
a) Insurance carried by owner
b) Contractual clauses for delay and payments for
incurred damages
Access and leverage information in prequalification
database to select
a) Undertake pre-project planning to ensure the

scope of the project
b) Arrange and undertake comprehensive site
investigation before construction stage
c) Employ local staff with multi-skill ability
d) Develop a good, clear and appropriate plan and
control on cost
a) Establish networking with others contractor for
labour sharing
b) Direct negotiation between Malaysia
government and the other country which can
provide labour supply
Describe the scope of work in general terms to the all
workers to make sure they understand what is their role
in site construction
a) Take steps to convince a new generation of

workers that their talents could be put to good
use in the construction industry.
b) Convincing young people the computer skills
that they already possess have real-world
applications on job sites
a) Good communication between senior and junior
engineers is a key to a safe working
environment.
b) Reinforcing a safe and knowledge seeking
culture within senior engineering management
a) Attempt negotiation where ask them to stay on
an extra week or two to get you through this
critical period to find a replacement
b) Re-examine your project plan either reorganized your team or brought on someone
with the necessary business or technical skills
where you can keep and maintain the project on
schedule
43
44
Table 4.10 above represents the mitigation measures that have been proposed. The
mitigation measures method recommended by the respondents of the questionnaires
which are the higher level of the management of the AKLEH Phase 2 construction
project.
Those mitigation methods was obtained by interviewing and we make a phone call to
the respondents of the questionnaires before which are the persons who is in charge
and close to the AKLEH Phase 2 project.
The data of the mitigation measures have been discussed amongst all project
participants after they doing brainstorming and internal meetings among their staff
project to find the most appropriate method suited to the situation.
44
45
4.6 Risk Monitoring and Review

Risk Monitoring and Review should be a planned part of the risk management process
and involve regular checking or surveillance. The results should be recorded and
reported externally and internally, as appropriate. The results should also be an input to
the review and continuous improvement of the firm's risk management framework.
Responsibilities for monitoring and review should be clearly defined. The firm's
monitoring and review processes should encompass all aspects of the risk management
process for the purposes of:
Ensuring that controls are effective and efficient in both design and operation
Obtaining further information to improve risk assessment
Analyzing and learning lessons from risk events, including near-misses, changes,
trends, successes and failures
Detecting changes in the external and internal context, including changes to risk
criteria and to the risks, which may require revision of risk treatments and
priorities
Identifying emerging risks.
As part of the monitoring process, the thresholds for the risk criteria should be reviewed
at the commencement of each risk assessment cycle to identify the processes that may
be subject to increased risks and, as such, would derive the greatest value from the risk
assessment.
In project AKLEH Phase 2,once the risk response plan were taken place, risk monitoring
and review has to be implemented to deal with the evolution of risk factors, triggers and
effectiveness of responses and other aspects of risk environment. Risk monitoring is
establishment of systematic reviews which scheduled in the project schedule. This
includes ensuring all requirements of risk management plan are being implemented,
45
46
assess currently defined risks, evaluate the effectiveness of action taken, validate
previous risk assessment (probability and impact) based on on-going construction
progress, identifying new risk also establish risk communication between all project
stakeholder and personnel.
Frequent holding site meeting within all stakeholder, regular work inspection during
construction and application of monitoring tools such as bar charts and CPM schedule
network analysis would help a lot in planning and monitoring performance of project
quality (Abdul-Rahman et al., 2006). The risk register has to be periodical updated.
According to Can & Cruz (2002), risk monitoring may lead to modification of risk
management strategy by taken place the corrective and preventive measures to avoid
similar crises in other areas of the project.
4.6.1 Evaluation of Risk Management Process and Review

Evaluation is an attempt to improve the process of risk identification, analysis and
evaluation and response management. In construction project especially in this AKLEH
Phase 2 Project, the business environment and the contractors operating are subject to
constant changes. Therefore, an effective, dynamic and consistent risk management
program is required in this evaluation process to recognize all those thing of changes.
The techniques and strategies adopted must be monitored and adjusted to compensate
the changes in risk levels associated with changes in the firms operation, business
environment and the insurance company (Al-Bahar & Crandall, 1991)
46
47
CHAPTER 5:
CONCLUSION
In order to achieve project objectives in term of time, cost, quality and environmental
sustainability, systematic risk management is very crucial. Variety risks related to
different project stakeholders may occur at different project stages. Proper management
of these risks can help significantly influence the achievement of project objectives (Zou
et al., 2007). A project stakeholder includes project owner, consultant, contractor, and
authority should cooperate together since throughout project lifecycle to organize and
strategies the potential risk.
Risk management concept is moderately fresh to the construction industry. The
analytical addition presented in this course project is the efficient analytical method to
be implemented in the real situation in construction project. It can improve in term of
cost, time and also quality.
However, to achieve the oriented goal, all parties such as clients, designers, contractors
and government agencies must do their parts and be responsible in whatever
circumstances to ensure the safe, efficient and high quality construction activities
47
48
CHAPTER 6
RECOMMENDATION
AKLEH Phase 2 project is renowned as a high risk in construction industry. Where are
involve complexity of project, time consuming design and construction processes
characterized by unforeseen circumstances.
As a result, effective risk management is essential in construction AKLEH Phase 2
project in to minimize losses and enhance profits. Therefore, each of contractors may
wish to implement these concepts in varying degrees onto the efficient and effective
management of the risk involved.
Second recommendation is contractors involved in this AKLEH Phase 2 project must
consider the rate of contingency sum or risk allowance and variable pricing of each
element during tendering stage. This is to secure the contractors from all angles
unforeseen circumstances occur during construction project.
Third recommendation is to small firms may utilize the classification concepts to provide
a better view of total risk and use these results to determine if the project is worth
bidding. Larger firms may desire to blend the concepts into their existing insurance
programs, maintaining a dynamic risk evaluation program for the life of the project as
suggested.
The last recommendation is for risk department should prepare a risk report for each
project that their firms participated in tender. The report most consist of all construction
risk involved at every construction stages starting from design, construction up to
operational stage if needed. The risk report should include identified construction risk,
raft estimate or cost of risk and proposed mitigation plan with costing.
48
49
CHAPTER 7
REFERENCES
Abdul-Rahman, H., Berawi, M. A., Berawi, A. R., Mohamed, O., Othman, M., & Yahya, I.
A. (2006). Delay Mitigation in the Malaysian Construction Industry. Journal of
Construction Engineering and Management, (February), 125133.
Al-Bahar, J. F., & Crandall, K. C. (1991). SYSTEMATIC RISK MANAGEMENT
APPROACH FOR CONSTRUCTION PROJECTS. Journal of Construction
Engineering and Management ASCE, 116(3), 533546.
AS/NZS 4360. (2004). Risk Management. The Joint Standard Australia/New Zealand
Standard
Can, A., & Cruz, M. P. (2002). Integrated Methodology for Project Risk Management,
(December), 473485.
Cooper, D., Grey, S., Raymond, G., and Walker, P., 2005. Project Risk Management
Guidelines: Managing Risk in Large Projects and Complex Procurements.
Chichester: John Wiley & Sons, Ltd
Crockford, G.N., 1982. The bibliography and history of risk management:
The Geneva Papers on Risk and Insurance 7, 169-179.
Hillson, D. A. (1999) Business uncertainty: threat or opportunity? ETHOS magazine, 13
(June/July), 14-17
National Institute of Standards and Technology, July 2002, Special Publication (NIST
SP) - 800-30 Rev 1
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Perry, J., 1986. Risk management an approach for project managers. Butterworth &
Co.
Vol. 4, pp. 211-216
Pinthong, Y. (2003). Evaluation of Multi-Party Risk Factors For Mass Rapid Transit
(M.R.T) Chaloem Ratchamongkhon Line Construction Project. Kasetsart University.
Smith. N.J., Merna, T. and Jobbling P., 2006. Managing Risk in Construction Projects.
2nd edition Oxford: Blackwell Publishing
Winch, G., 2002. Managing construction projects, an information processing approach.
Oxford: Blackwell Publishing
Zou, P. X. W., Wang, J., & Zhang, G. (2007). PROJECT Understanding the key risks in
construction projects in China. International Journal of Project Management, 25,
601614. doi:10.1016/j.ijproman.2007.03.001
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Definition Risk Management Plan

Avoid risk Change plans to circumvent the problem;

Control/Mitigate risk; Reduces impact or likelihood (or both) through