During the construction of the regulation of a watercourse, a large number of unexpected events can occur and increase the risk associated with the project hindering its successful realization. Risk events can result in breaking deadlines, increasing costs, reducing quality, etc. This paper analyzes the risk in the implementation of the Medalj stream regulation project, using the appropriate method that gives the best results for each phase of the risk analysis. Thus, the HAZOP method was used to identify risk events, the risk matrix to define the level of risk, the FMEA method to propose actions to reduce the possibility of risk event occurrence, the Fault tree method to determine the cause of risk event occurrence and the Event tree method to determine possible outcomes of risk events. The obtained results showed that the key risk event was “Only a part of the planned soil excavated”, so the paper will present the results related to earthworks, although the analysis referred to the entire project.
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