What is Risk Response Strategy? Name all the Risk Response Strategies (Threat/Opportunity) and give one example for each strategy from the construction industry.
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Question: What is Risk Response Strategy? Name all the Risk Response Strategies (Threat/Opportunity) and give one example for each strategy from the construction industry.
Subject:
MS in Civil Engineering
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Solved in 3 steps
- How is risk distribution done in Risk Management?What are the principal issues that should be considered in the allocation and assumption of risk responsibility?Some examples of the risks to building a home are: Wrong designs, Wrong Drainage or wiring issue, Improper supply of raw material or poor quality, Inexperience workforce poor build and work quality, Last minute changes or unable to fulfill the need, Accidents on the workplace, Poor management or negligence of supervisor, Project consuming more time and finance, The project did not justify the requirements, Conflicts within a company, and The improper project design. Based on the above examples create a Risk Response Matrix which contains Risk Event, Response, Contingency Plan, Trigger, and Who-Is Responsible.