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Flashcards in Risk management 12 Deck (7)
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1
Q

risk is a combination of

A

the chance of an even happening

and the outcome if it happens

2
Q

examples of risk in construction

A

productivity of labour
clientrs reuirements
earthquakes
ground conditions

3
Q

greates impact of management action when?

A

at start of project, bc most uncertainty, most money

4
Q

when is most important time to apply risk management

A

project sanction

5
Q

fundamental steps of risk management

A

identification
analysis
response

6
Q

% of occuring for medium risk

A

30%-70%

7
Q

risk mitigation handeling options

A
Accept
avoid-adjust program to eliminate
control-implement actions to minimize
transfer-give someone else the risk
accept-monitor the environment for changes that affec tthe risk