Risk Assessment

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Definition - What does Risk Assessment mean?

Risk assessment can be defined as the process of analyzing a particular project in order to weigh the pros, cons and risk factors. This helps the project management team to take adequate measures to mitigate risks rather than allowing the risk to take place.

Trenchless construction projects use methods such as horizontal directional drilling (HDD) and microtunneling that utilize heavy machinery and equipment such as drill rigs.

Projects are usually large in scope, huge in budget, and risky to undertake, therefore making risk management an essential part of the project planning process.

Trenchlesspedia explains Risk Assessment

Risk assessment from previous projects can be used to predict current risks the project may face but in no way eliminates or establishes the risk. While undertaking projects in real time these risk factors exist in a fuzzy way rather than an absolute manner.

Fuzzy logic can be used to give an output by fuzzy inference and fuzzy rules but are in no way absolute. Risk assessment is critical for the success of a trenchless construction project. However; identifying risks is not enough, and efficient and logical methods should be planned out to mitigate risks.

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