Which process involves evaluating the risks associated with construction projects?

Risk management is the process that involves evaluating the risks associated with construction projects. It includes identifying potential hazards, analyzing the likelihood and impact of those hazards, and developing strategies to mitigate or manage them. This is crucial in construction as projects inherently involve uncertainties related to safety, budget, timeline, and environmental factors.

By implementing an effective risk management process, contractors can minimize disruptions, maintain safety standards, and protect their financial investments. This process ensures that risks are not only understood but are proactively managed throughout the project lifecycle, leading to more successful project outcomes.

In contrast, project scheduling focuses on planning the timeline for project activities, quality assurance ensures that the work meets required standards and specifications, and cost estimation involves forecasting the financial resources required for the project. While these processes are important in their own right, they do not specifically address the evaluation and management of risks associated with construction projects like risk management does.