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There is close relationship between risk managment and the construction contract. Explain that relationship and how...

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Civil Engineering

There is close relationship between risk managment and theconstruction contract. Explain that relationship and how it isestablished.

If you don’t use Word Microsoft to write the solutions there,so write very big. Thank you

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Risk management is vital when tendering for construction contracts Risk is described by Atkinson 2001 as the probability of an occurrence of a hazard and the magnitude of the consequences Consequently risk can be considered as the likelihood of an experience occurring and the resultant effect of that experience if it takes place As defined by RICS 2009 risk management is a means of processes where risks are identified analysed and managed It is a constant cycle that begins at the pretender stage this means that risk can be priced into the bid and continues after post    See Answer
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