Risk management is one of the nine knowledge areas propagated by the Project Management Institute [4].Furthermore, risk management in the construction project management context is a comprehensive and systematic way of identifying, analyzing and responding to risks to achieve the project objectives [5,6].The benefits of the risk management process include identifying and analyzing risks, and improvement of construction project management processes and effective use of resources.Construction projects can be extremely complex and fraught with uncertainty.Risk and uncertainty can potentially have damaging consequences for the construction projects [7,8].
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