Abstract:Corporate activity diversification is a promising but at the same time risky condition of a company’s adaptation to the business environment. Effectiveness of diversification processes in enterprises may be achieved by research in the following areas: development of methods of internal and external business environment analysis as a basis for diversification decisions; understanding the dependence of the scope and nature of corporate activity diversification on the market situation; providing science-based adv… Show more
“…Driven by the desire to overcome the risks, large construction firms need to have a strategy to minimise costs and improve performance. Risk reduction contributes to long-term financial stability and, as such, should be one of the company's top goals (Ginevičius, 2020). The problem of identifying the sources of uncertainty and the probability and severity of the risks is one of the main impediments that construction companies must overcome.…”
Risk, as an effect of uncertainty, is associated with every human activity. Like any other industry, construction companies are eager to reduce the uncertainty of reluctant events. A well-planned risk communication system could contribute to the success of a construction project. A proper announcement protocol could be a mitigating lever for identified or unidentified risks during planning and monitoring processes. This research aims to present a risk communication management system (RCMS) for construction companies involved in large projects. The proposed model includes a step-by-step communication procedure considering the authority level within the organisational hierarchical structure. The model aims to remove the ambiguity of risk communications during the construction process under uncertain conditions. It leaves no or little room for the emergence of unplanned risks. The proposed communication structure has been implemented in GRC cladding construction projects, and the risk communication time and response have been significantly improved.
“…Driven by the desire to overcome the risks, large construction firms need to have a strategy to minimise costs and improve performance. Risk reduction contributes to long-term financial stability and, as such, should be one of the company's top goals (Ginevičius, 2020). The problem of identifying the sources of uncertainty and the probability and severity of the risks is one of the main impediments that construction companies must overcome.…”
Risk, as an effect of uncertainty, is associated with every human activity. Like any other industry, construction companies are eager to reduce the uncertainty of reluctant events. A well-planned risk communication system could contribute to the success of a construction project. A proper announcement protocol could be a mitigating lever for identified or unidentified risks during planning and monitoring processes. This research aims to present a risk communication management system (RCMS) for construction companies involved in large projects. The proposed model includes a step-by-step communication procedure considering the authority level within the organisational hierarchical structure. The model aims to remove the ambiguity of risk communications during the construction process under uncertain conditions. It leaves no or little room for the emergence of unplanned risks. The proposed communication structure has been implemented in GRC cladding construction projects, and the risk communication time and response have been significantly improved.
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