Mitigating uncertainty: Analyzing the role of risk management in the construction industry

Abstract

The construction industry, inherently dynamic and complex, faces a myriad of uncertainties that can significantly impact project outcomes. In this context, effective risk management emerges as a critical component in ensuring project success and sustainability. This abstract explores the role of risk management in the construction industry, highlighting its multifaceted impact on project timelines, costs, and overall quality. Risk management in construction includes detecting, assessing, and managing possible hazards and opportunities throughout the project\u27s life cycle. It includes a proactive approach to anticipating, analyzing, and responding to uncertainties driven by factors such as design modifications, material shortages, labor concerns, weather circumstances, and regulatory changes. By methodically evaluating risks, construction stakeholders can create comprehensive strategies to prevent potential negative consequences while capitalizing on positive circumstances