P. Risk Assessment and Management:

	The assessment and management of risks is about the avoidance of unnecessary costs and unnecessary delays
	Risks can be assessed at each stage of a project or program of works, from its earliest stages through to the running of the finished product.

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Example Applications:

Project: Major expansion of Wastewater Treatment Plant for a large City - $300M (click for details) Identification and qualitative assessment of all risks associated Determination of the significant and most critical risks Development of risk mitigation plans and introduction of a risk management procedure to minimize their effect on the project.