Project risk management

Assoc Prof Hwang Bon-Gang from the Department of Building at the NUS School of Design and Environment defined risk as potential for loss or injury, unwanted set of uncertain outcomes, or probability of not receiving what is expected or planned. He mapped out a 5-step process to systematically identify, assess and respond to risks to increase the opportunities for project success, including measures developed and implemented to remove or reduce the risks, followed by monitoring and control.

• The New Paper, 20 December 2017, p28