The paper "Identification and Analysis of the Risks in Construction Companies " is a great example of management coursework. The financial and present economic situation globally has greatly impacted on the present construction industry (Myers, 2013: 35). The change in technology and improved techniques of construction with different styles of construction has left many construction firms competing for customers globally. It is therefore the effort and efficiency of the construction industry in line with the present construction styles that are able to sustain itself in the field of construction (Hwang, et al. , 2013: 554).
The rising state of labor and materials of construction has left many firms closing up and some not being able to sustain themselves in the present economic situations. Some of this global events have led to a reduction of orders on the side of the clients thus pushing competition to rise on the part of the construction companies, this has drastically led to the need for improved quality and efficiency and the need to cut on the construction cost on part of the industries, thus it has increased pressure on the industry to gather more clients with existing market conditions at the same time fighting to come with strategies that can be able to effectively manage the risks associated with their projects (Ball, 2014: 14). Risk management is one of the key concepts that many firms have to incorporate in their projects.
Consequently, this risk management concept for construction firms involves identifying, analyzing and being able to respond effectively to the risk that may occur for the firm to be able to achieve its project objectives, identifying, analyzing, and responding to the risks is one the key benefits that a construction company may enjoy in the sector to remain sustainable (Lavender, 2014: 20).
The construction company is able to realize the effective use of its resources and increase its competitiveness in the sector through good management of the risks associated with its projects (Myers, 2013: 35). Risks in a firm may not be clearly be foreseen but may be predicted in advance, therefore for the construction company to emerge successful in the present days, risk analysis and management is the key and should be done well and carefully to avoid slowing down of the projects being done by the firm (Bijker, et al. , 2012: 56).
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