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Create a 14 page essay paper that discusses Risk Management Planning in Construction Industry.Risks were simple when people were living without the amenities of technology and modern living. They mult
Create a 14 page essay paper that discusses Risk Management Planning in Construction Industry.
Risks were simple when people were living without the amenities of technology and modern living. They multiplied during the industrial revolution, and subsequently after the introduction of technology. Machines and new equipment were applied to production and other activities of man. More hazards and risks were acquired as more and more laborers work in factories. With the emergence of the internet and information technology, risks include business system problems, fraud, and privacy issues, which can all interrupt the day-to-day operations of a business. Fear has turned against vandalism and electronic larceny committed by computer hackers.
 . . . . . . . . . . . Meanwhile, the media are full of news about the perils of human-made and natural hazards. New discoveries such as the nuclear power plant provided more risks and danger as the safety in the workplace was not assured. Accidents resulted in injuries and deaths of hundreds or thousands of lives.
 .  .  .  .  .  .Globalization has shifted paradigms for organizations which are now more focused on financial risks. The recent global economic downturn has brought in a lot of changes in the organizational set-up of global businesses. Managers are more careful to take risks because of the numerous recessions that have taken place in a span of just a few years. The recession in the early 1990s brought the Third World countries in Asia to succumb to the financial debacle. In 2000, some Wall Street companies had to close shop, declare bankruptcy, downsize, or merge, while others had to ask government aid. These are caused by risks which organizations failed to anticipate. .
 .  .  .  .  . The impact of risk has increased in terms of financial losses. This is not only a consequence of the increased number of risks we are confronted with. the severity and frequency of disasters have increased as well. As more and more people live close together, business has become more capital intensive, and our infrastructure is more vulnerable.
