Tools and techniques for construction investment project risk management

Abstract

Risks are considered uncertain events that can occur in almost every project, especially for construction investment projects. To maximize the opportunities as well as minimize the negative impacts caused by risks, the risk management team should have an understanding and ability to apply tools and techniques efficiently and flexibly for risk management. Based on the theoretical research method, this paper has listed and described how to apply some of the tools and techniques commonly used all over the world such as simulation, brainstorming, probability and impact matrix, decision tree, sensitivity analysis, etc corresponding to processes of risk management. With this synthesis, risk managers can add more knowledge and choose the right tools to make project risk management more effective.

Keywwords: Tools and techniques; risk management; construction investment project