Risk management +

Risk management
Definition : A system that aims to identifgy and quantify all risks that the business or projects is exposed to , so that a conscious decisions can be taken on how to manage the risks ( Flanagan & Norman . 1993)
* Risk Management is the systematic process of indetufying , analyzing and resp[onding to a project risk .
* Risk can define as either known risks or unknown risks .


What is risk management
- The worst and dangerous risk is one that has no been identified and respone .
* Risk is the chance of something happening that will have an impact upon objectives .
* Risk is measured in terms of likelihood and consequences .

Risk management
Implementation risk
* Planned events do not occur as planned
* External risk , funding issues , political suport , shared tecdhnology , etc
* Internal risk : resources , labour skill ,
sub-contractor's performance , etc .

product risk
* System failure which cause injury .
* Risk of failure : Limited life items , untestable product etc .
* Risk of hazard , radiation , explosives , high voltages , toxins .

Definition :
- Chances of injury , damages , or loss .
- Frosberg and etc , 2000
* A measure of the probability and consequences of not achieving a defined project goal .

Advantage of Risk mangement

1. Reduce risk for architect , client , and contractor 
2. To produce a more manageable and predictable project cost with schedule outcomes . 
3. To centralize the responsiblities . 
4. To allow the construction get started earlier . 
5. To produce a better-quality construction . 

Risk Management ( 4 basic actions involved in risk management : harold Kerzner , 1997) 

• Risk planning - detailed formulation of an action for the risk management 
• Risk Assessment - Identify , analyze and quantify the probability and consequences of risks . 
• Risk handling - Identify who is responsible for the risk involved and provides solution . 
• Risk Monitoring - Monitoring evaluate the effectiveness of risk handling action .