Risk management (RM) is a concept which is used in all industries, from IT related business,
automobile or pharmaceutical industry, to the construction sector. Each industry has
developed their own RM standards, but the general ideas of the concept usually remain the
same regardless of the sector. According to the Project Management Institute (PMI) (2004),
project risk management is one of the nine most critical parts of project commissioning. This
indicates a strong relationship between managing risks and a project success. While RM is
described as the most difficult area within construction management (Winch, 2002; Potts
2008) its application is promoted in all projects in order to avoid negative consequences
(Potts, 2008).
One concept which is widely used within the field of RM is called the risk management
process (RMP) and consists of four main steps: identification, assessment, taking action and
monitoring the risks (Cooper et al., 2005). In each of these steps, there are a number of
methods and techniques which facilitate handling the risks