Risk Management Practices in Canada

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (), Lukman O. Oyewobi () and Douglas O. Aghimien
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Ayodeji E. Oke: Federal University of Technology Akure
Pelumi E. Adetoro: Malawi University of Business and Applied Sciences
Seyi S. Stephen: University of Johannesburg
Clinton O. Aigbavboa: University of Johannesburg
Lukman O. Oyewobi: Federal University of Technology Minna
Douglas O. Aghimien: De Mont Fort University

Chapter Chapter 10 in Risk Management Practices in Construction, 2023, pp 119-132 from Springer

Abstract: Abstract Risk plays a significant part in getting a successful outcome in a construction project. It is an element that must be appropriately considered during the project planning process. Risk management, the study of risk, begins with the proactive identification of prospective risks and progresses to the continuing management of those risks deemed appropriate. Hazards and risks are terms that are used interchangeably; this chapter provided insight into events that might be classified as hazards or risks, depending on the circumstances. Risk has gained traction in almost every province in Canada, but there is still no defined strategic approach or framework for successful risk management. The chapter further examined the various approaches to effective risk management by providing a holistic risk management framework that will enable a more citizen-centered approach to improving public interest decision-making and a project outcome. Also, some of the benefits of risk management implementation in Canada were explained, which were sourced from the Treasury Board of Canada publications.

Keywords: Construction risk; Project risk; Project success; Risk evaluation; Risk identification; Risk management (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35557-8_10

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DOI: 10.1007/978-3-031-35557-8_10

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