Risk management in construction projects

In the era of galloping globalization, there is no way not to talk about the risk, which has become an indispensable part of everyday life. The risk is present everywhere, in every area of ​​life. One such area is the construction industry, where risk is ever-present element of a great puzzle. Effective risk management, does not apply to the resignation of the risk, which is seemingly the cheapest option activity. The basic problem of this option, however, is its senselessness economic, because what is potentially profitable, it is by definition risky and something that does not pose a risk, it is interesting from an economic point of view, and thus, does not bring tangible benefits. Therefore, the effective risk management will be to find a "golden mean" in its management, in relation to the implemented project. On the one hand it will involve protection against the risk of negative side, by means of detailed identification and classification of risk, resulted in a comprehensive analysis. On the other hand, the management should be based on checking the maximum benefits of these decisions, using all the tools of mathematical and analytical. A detailed analysis, taking into account all aspects of escorts, including even stakeholder analysis will allow us to effectively risk manage what the future will translate into tangible benefits for our project. Identification of project risks, based primarily on determining what its types may affect the project, together with an indication of their characteristic parameters, and estimating the probability of its occurrence on the project. These conditions can be divided into three groups: assurance, uncertainty and risk, under which, in turn, preserve the three types of investors: risk preference, neutrality toward risk and pure risk aversion and its measurement. The result of risk identification and analysis of the project, will be a list of events showing the cause and the probability of an event, and its final assessment of the impact on the environment.