To Study on the Risk Management, Risk Treatment Strategies and Insurance in Construction Industries
Pankaj Vijay Naphade1, Pankaj P. Bhangale2
1Pankaj V. Naphade, Department of Civil Engineering, SSGB College of Engineering & Technology, Bhusawal (Maharashtra), India.
2Prof. Pankaj P. Bhangale, Department of Civil Engineering, SSGB College of Engineering & Technology, Bhusawal (Maharashtra), India.
Manuscript received on 10 September 2013 | Revised Manuscript received on 19 September 2013 | Manuscript Published on 30 September 2013 | PP: 68-74 | Volume-3 Issue-4, September 2013 | Retrieval Number: D1202093413/13©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This study is concerned with the assessment of risk for major construction activities. Risk has been defined as a measure of the probability, the severity, and the exposure of all hazards of an activity. Risk management is at the core of any business or organization, and construction industry and construction companies are no exception to this. This is central to any business regardless of size, activity, or sector. Construction industries can lose substantial sums of money as a result of failure to identify and evaluate risk in time. Industries may even forego their opportunity to take advantage of potentially beneficial opportunities arising in the course of their activities if risks are not recognized in good time. Risk management is, therefore, as much about looking ahead to identify further opportunities as it is about avoiding or mitigating losses.
Keywords: Risk Management, Risk Identification, Risk Treatment Strategies & Insurance in Construction.
Scope of the Article: Construction Engineering