EVALUATION OF RISK MANAGEMENT CONCEPTS AND THEIR APPLICATIONS IN THE CONTEXT OF CONSTRUCTION PROJECTSEVALUATION OF RISK MANAGEMENT CONCEPTS AND THEIR APPLICATIONS IN THE CONTEXT OF CONSTRUCTION PROJECTS

Abstract

Abstract: This study aimed to identify the evaluation of risk management in construction projects, as risk management is an essential element to ensure the success of projects and reduce obstacles that may hinder the achievement of goals. The study includes an analysis of the concept of risk management, its various classifications, and response strategies such as risk avoidance, reduction, transfer, or acceptance. The study also highlights the importance of applying these strategies to improve project quality, reduce unexpected costs, and enhance stakeholder confidence. In addition, the study discusses the challenges associated with implementing risk management strategies, such as the lack of accurate data, changes in the project environment, and financial and human constraints. The study highlights the need to develop new strategies to address emerging risks and analyze the impact of risk management on financial performance and quality in construction projects.