What is construction risk ?

• Risk is an unwanted negative consequences of an event of which the possible undersirable outcome can be identified , predicted and quantified . 
• Uncertainty is an unkown situation , where its possible outcome cannot be analysed or predicted . E.g. weather uncertainty . 

Legal Risks 

* In jury to persons , damage to properties due to subsidence , vibration and similar events during production . 

What about Construction Risks ? 

The undertaking of construction projects exposes parties to great risks . 

- A partu in the construction business can either . 

.1. Accept and manage thr risks , or 

2. Transfer the risks to someone else ( a contractor , sub-contractor or an insurer ) . 

- However , before anyone decies either to accept or transfer the risks , one must be ware of any identify the risks involved . 

3. Construction - Related Risk 

Shortage of resources , late completion , defectve design , discrepancies found in contract documentation etc . Conssits of delay in posession of site , poor inventory management , poor storage praxtices weather condition , poor quality 

Programme 6p - registration of illegal foregin worer . 

1. Fundamental Physical Risk 

Outbreak of war , hostilities , damage by floods , storm * fire , exceptionally adverse weather / Uncontrollable source of risk . I.e. invlement weather , flood and fire ( Fisk and Reynolds , 2006) /

4. Price Determination Risks . 

- Errors in estimating , erroneous adjudication , incorrect forecasting of fluctuations on cost of resources .