𝐂𝐎𝐌𝐌𝐎𝐍 𝐑𝐈𝐒𝐊𝐒 𝐈𝐍 𝐏𝐑𝐎𝐉𝐄𝐂𝐓𝐒.
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Project risk refers to the potential events, conditions, or circumstances that can have adverse effects on a project's objectives, such as its schedule, budget, quality, or overall success. Follow through:
1. Cost Overruns - this
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Project risk refers to the potential events, conditions, or circumstances that can have adverse effects on a project's objectives, such as its schedule, budget, quality, or overall success. Follow through:
1. Cost Overruns - this
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is basically exceeding the budget. Factors such as unexpected site conditions, changes in project scope, or fluctuations in material and labor costs can lead to cost overruns.
2. Schedule Delays - projects often face delays due to adverse weather conditions, labor shortages,
is basically exceeding the budget. Factors such as unexpected site conditions, changes in project scope, or fluctuations in material and labor costs can lead to cost overruns.
2. Schedule Delays - projects often face delays due to adverse weather conditions, labor shortages,
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design changes, or unforeseen technical challenges. Delays can have a cascading effect on project timelines.
3. Scope Changes - Changes in project scope, whether due to client requests or design alterations, can disrupt the construction process.
4. Contractual Disputes
design changes, or unforeseen technical challenges. Delays can have a cascading effect on project timelines.
3. Scope Changes - Changes in project scope, whether due to client requests or design alterations, can disrupt the construction process.
4. Contractual Disputes
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Disagreements or disputes between project stakeholders, including owners, contractors, subcontractors, and suppliers, can lead to costly legal battles and project delays.
5. Safety Hazards - Construction sites are inherently dangerous, and accidents can lead to injuries,
Disagreements or disputes between project stakeholders, including owners, contractors, subcontractors, and suppliers, can lead to costly legal battles and project delays.
5. Safety Hazards - Construction sites are inherently dangerous, and accidents can lead to injuries,
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fatalities, and legal liabilities. Ensuring strict safety measures and compliance with regulations is crucial.
6. Economic Factors - Fluctuations in interest rates, inflation, or economic downturns can impact financing costs, project viability, and investment returns.
fatalities, and legal liabilities. Ensuring strict safety measures and compliance with regulations is crucial.
6. Economic Factors - Fluctuations in interest rates, inflation, or economic downturns can impact financing costs, project viability, and investment returns.
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7. Political and Regulatory Changes - Changes in government policies, zoning regulations, or building codes can require project adjustments and add complexity.
8. Natural Disasters - Earthquakes, floods and other natural disasters can cause significant damage to construction
7. Political and Regulatory Changes - Changes in government policies, zoning regulations, or building codes can require project adjustments and add complexity.
8. Natural Disasters - Earthquakes, floods and other natural disasters can cause significant damage to construction
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sites and delay projects.
Mitigation measures are deployed to counter such risks with best option being elimination at first sight.
You must identify the risk, assess its impact then choose whether to avoid it, reduce it, transfer or accept it.
#jengasmart
sites and delay projects.
Mitigation measures are deployed to counter such risks with best option being elimination at first sight.
You must identify the risk, assess its impact then choose whether to avoid it, reduce it, transfer or accept it.
#jengasmart
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