It includes processes for risk management planning, identification, analysis, monitoring and control. Project risk management is frequently overlooked yet is one of the more critical elements ... risk management plan, risk tolerance level and other organisational objectives. 5.1 How are risks and risk management perceived in a construction project? It is analyzed that there are five major risk i.e. 53 6 CONCLUSION 54 7 REFLECTION 55 REFERENCES 56 APPENDIX A – INTERVIEW QUESTIONS KEYWORDS: construction, risk management, forecasting. Risk management is an ongoing process that continues through the life of a project. Great and long-lasting construction projects are exposed to many different risks, so the most important is to define risks at the Risk action plan: For eliminating the impact of potential risks on the SkyRail construction project, risk action plan is necessary to implement by the responsible team. INTRODUCTION . 51 5.2.1 Identification 51 5.2.1 Assessment 51 5.2.3 Response 52 5.3 How do risks change during a project life cycle? ABSTRACT Managing risks in construction projects has been recognized as a very important management process in order to achieve the project objectives in terms of time, cost, quality, safety and environmental sustainability. The main objective of The ... leadership or to the team responsible for managing the construction phase of the project. 50 5.2 How is the risk management process used in practice? Project management in the construction industry is mostly risk management oriented, and the main goal is to achieve risk control in all project phases. Many of these processes are updated throughout the project lifecycle as new risks can be identified at any time.

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