Which process is a common method of risk management in construction?

Regular risk assessments and mitigation planning are vital components of effective risk management in construction projects. This process involves identifying potential risks that could impact the project's timeline, budget, or overall success. By routinely assessing risks, project managers can develop strategies to mitigate these risks before they materialize or escalate. This proactive approach helps ensure that the project remains on track and can adapt to unforeseen challenges.

Effective risk management includes creating a risk management plan that outlines how to address identified risks and establish contingency plans. This can involve analyzing risks' likelihood and impact, prioritizing them, and implementing measures to minimize or eliminate their effects on the project.

In contrast, processes such as continuous project funding, daily progress updates, and limited communication among project teams do not address risk management systematically. While they contribute to project management, they do not directly focus on identifying or mitigating risks as regular risk assessments and planning do. A comprehensive approach to risk management is essential in the construction industry, where unexpected issues can arise, impacting safety, costs, and deadlines.