What are the types of risks in construction projects?

Construction projects involve various types of risks that can negatively impact their progress, budget, and overall success. One common risk is the financial risk, which includes price fluctuations, cost overruns, and payment delays. Another significant risk is the schedule risk, which encompasses delays due to unforeseen circumstances, poor planning, or mismanagement. Technical risks relate to the complexity of the construction project and the utilization of new technologies. Environmental risks involve challenges related to complying with environmental regulations, managing waste, and ensuring worker safety. Legal and contractual risks arise from contract breaches, disputes, or legal implications. Lastly, external risks such as political instability, natural disasters, and market volatility can also significantly affect construction projects.

This mind map was published on 19 September 2023 and has been viewed 59 times.