Define the term risk management

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Provide brief answers to the following:

1. Define the term 'risk'

2. Define the term 'risk management'

3. How can risks present both threats and opportunities to a construction project? Give an example situation/scenario from the building industry.

4 Name three risk profiles related to managing risk?

5. How can the probability of different risk events be determined?

6. Outline some approaches to identifying risk consequence and priority?

7. Why monitor control and review risk activities through a construction project?

Reference no: EM132398738

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