Before a contractor can agree to take on a new project, there must be a lengthy discussion about the risks involved and how these can be anticipated and managed. The analysis of risk, in terms of construction projects, is the identification of random factors, determination of the probability of their occurrence and their impact on the life cycle of the project. Construction projects are individual so risk analysis will not be the same for each new project. And, with the size and complexity of construction projects increasing each year, the need for a detailed overview of the potential risks and concerns is more important than ever.
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