What is the risk assessment?

This is one of the complete systematic processes that is used for evaluating the main risks that are present in any kind of project or activity. This is also a combined effort of some important factors that include identifying, analyzing that may have a negative or positive impact on the system and also on the environment. This is also related to making a good decision for analyzing the risks in a proper way by checking and considering all related factors (Chiarini, 2012).

A.    Risk assessment in the construction industry

It can be noted that risk assessment is used in every department of the industry. In this section, there is comprehensive information about the risk assessment that is applied to different departments of the construction industry. The next point is that the risk factor in any construction site is extremely high. The main reason behind this is that in any kind of construction project, there are different construction objects that have a huge impact on the entire system. Now the main problem is that all construction objects consist of different kinds of risks. This can be explained with the help of an example that in any construction site accident may happen. It is not easy to analyze such risks because they are present in excessive amounts.

It can be seen that risks may come from different types of sources like a temporary project team that selected from another company to carry out the project. The next thing is related to the size and complexity of the objects that are used for the construction has a great impact on the system. Furthermore, as time passes, such risks are regularly increasing day by day, and due to this, the risks are increasing. Due to such an increase in the construction industry risk, there is also an increase in social condition, political, and economic risks. Moreover, there is also one of the important issues is related to the project objective, like its quality, cost, and also time (Knowledge.wharton.upenn, 2019).

For that case, there is a need to analyze these risks in an essential way. Before that, there is a need to describe such risks in a proper way by making a model. There are different models that are used for the comprehensive description of the risk. It is also one of the tedious task to manage all risks for the construction project. The main reason behind this is that there are a lot of variables that are present to assess the risks. There are many researchers that were involved in making a comprehensive research on the risk management models. From them, the model of a building project for the change control is the best for assessing and managing any kind of risk during a construction project. But there was one problem that is related to cost. There is a need for a cost-effective model for assessing any kind of risk at the construction site (Chiarini, 2012).

Moreover, the next thing is that there are about three main stages of the construction object’s life cycle include macro, meso, and micro. There are about five main steps that are included in managing the process in a proper way. For analyzing such risks at the construction size, there is a need for risk allocation structure by making some important construction objects. In any project for the construction site, there are about three types of risks that include internal, external, and project risks. Now the internal risks are related to the documentation and the main resources of the project. Now the next thing is related to the external risks. These kinds of risks are related to the economic and political conditions of the country. The rate of external risk is extremely high; the reason behind this is that the rule of every government is changed according to the time. Due to this, it will become extremely difficult for the construction company to access these risks. Furthermore, another risk is related to the project risks, and that is also present in any construction project (Houdmont, 2013)

For making the risk assessment report of the project, it is extremely important for the company to highlight each and every factor in a comprehensive way. This is because if there is miss management in one factor of the project, then there is a huge impact on the progress of the construction project. This can be explained with the help of an example. If the cost of the project is not analyzed properly, then there will be a huge problem for the construction company to minimize the risk

Response to (i)

This paper is written by Andrea Chiarini and this paper explores the concept of risk management by introducing the various new and innovative tools such as the six sigma tools of lean. It explains the ideas of the Lean six sigma tools, which useful for reducing the health risk and safety for the physicians and nurses who are engaged in managing cancer drugs. Another aim of this study is to examine the economic improvement that is accessed by the sources of lean six sigma. This study is conducted by using the experiments of the improvement of a project for the pharmacy department of the Italian hospital. It has been observed in this article that the tool of six sigma is an essential element for the improved situation that is related to the safety and health of nurses.

Response to (ii)

This is the news article, and it discusses the particular dilemma that occurs due to the various processes in any organization and it is also discussed about the risk that occurs due to the various perspectives concepts in the organization. This article also discusses the dilemma of Whistleblower’s. This article provides the details and concepts for outweighing the benefits due to the risks. This strategy is introduced for the risk assessment in an organization and outside the organization. The risk can be managed and measure by offering the systems of the reward and punishments. The concepts of the whistling are related to the highlighting of the mistakes that are conducted by any staff member of any organization. This are the good tools that can overcome the risk problem in an organization.

Response to (iii)

This is the book that is written by Mohan & Morel (2014) on the particular topic of the risk regulatory. The UN guiding principles has been drawn in this book.  This book also offers the recent national action plans that can be utilized for offering a particular overview of the related developments inside the pacific region of Asia. This book is positioned by the editors by developing bridging practice and theory. At the intersections of human rights, these books have been positioned by the editors. It also introduces the regulation of the risk of various kinds.  The authors have discussed in this chapter the various recommendations for the key case studies are undertaken and consulted. This offers exclusive ways of accessing the risk in the organization.

Response to (IV)

This article is written by Jonathan Houdmont. He has introduced the various standards of the MSIT that are required for the management standard indicators tools. It also includes the 35 items for measuring the environment of the psychosocial that is designed for assisting the organization along with the psychosocial risk assessment. This is used for the research of the work environment. The version 25 items for the MSIT is presented by Edwards and Websters that is based upon the item deletion. It also offers various views of the risk assessment. It is a good tool that can easily solve the problems related to the management of the risk. The utilization of the brief instruments is indicated in these particular results. It would least disruptive for the particular employees in an organization