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Risk management in construction industry thesis

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patrick kavanagh poetry essay - The purpose of this master thesis is to evaluate how the risk management process is used in the construction industry and how the practitioners are managing risks in everyday situations. The theory of the risk management process will be compared to the actual practice in order to investigate similarities and differences. Risk management is the identification, evaluation, and prioritization of risks (defined in ISO as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.. Risks can come from various sources . This paper presents some results of a research study conducted across the Canadian construction industry that identifies the rationale for using disclaimer clauses in construction contracts and the handsome opportunities for better risk allocation methods. These opportunities are based on a stronger trust relationship between contracting parties that can be the root . discourse essays

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