Typical Risk Management Approach

Question: Describe about the Typical Risk Management Approach Process? Answer: Typical Risk Management Approach: Hazard Risk is also called a traditional risk management process. In the risk management process the risk involves are unexpected risk which may come during the time of construction of the building or the there may be some accident happened in the construction site. Now a day many company follow the Hazard risk management process, which may include the identification of the risk, analyzing of the risk, for which the company may suffer a loss. Here are some of the risk management processes. They are as follows: Indentifying of risk: Indentifying of the risk is the first step of the risk management process. If the company want to manage the risk the first and the most important steps is to identify the risk, which may create difficulties for the organization in the future. In identifying or risk the company thinks about the process, which are following by the organization, if the methods goes wrong than what will happen and what are the steps that need to be take to manage the risk. Once the company; identifies the risk; then it will be easy for the company to make the solution for that risk. Analysis of the risk: After identifying the risk, the next part is to analyze the risk in the risk management process. Analyzing of risk is important for the company to get the idea about the risk which may occur in the future and create loss exposures for the company. The different types of loss exposures are as follows: Loss of property of the company The company may also suffer from loss of income. The personal loss of the company. The loss of the third party liability, which means the loss of property of the third party. It is important for the company to analyze the risk, and for analyzing the proper risk, the company have to run the exposures in a very proper manner. This will help the company to make the proper planning before making any decision making process (Soin Collier, 2013). Controlling of the risk: If the company identify and analyze the risk in proper way, than it become important for the company to control the risk, so that the company can reduce the risk which may occur in the future. The risk control includes various types of strategies planning and techniques that may use by the company in order to reduce the risk (Sexton, 2013). For Construction Company safety of the workers of is the first measure, as in the Construction Company there is high chance of getting injuries for the worker. If the company fails in terms of safety measure, than no worker will work for a long time in the company, because everyone needs safety in workplace. The safety of the human resource of the construction is the first priority for the company. The complete safety measure for human resources can reduce the risk in the construction company (Pritchard, 2015). Resurfacing or replacing asphalt driveway: Over an existing driveway, many people install a new asphalt drive. Resurfacing is the correct word for this and the sealing is very different from drive that is used to fasten the driving process. Installing the new asphalt and removing the long lasting as removing the old drive is the most difficult process in resurfacing. Many people will explore the resurfacing option for financial reasons since, total replacement costs of the resurfacing is much lower than the other costs. The time that has taken to prepare and determine the finished driveway looks and the amount that time and effort will consume, the result will be more in this case (Munro, 2015). The following things should be consider in exploring the options for an asphalt drive are following: Tear-out/New Drive: The old drive should not be use to prepare an asphalt drive, the best method to do that is used the asphalt by itself. The contractor should lays down a 4 layer of compacted gravel for drainage that completely removes the old drive from the process in a tear-out. As a base, this followed by a course of compacted asphalt. A surface layer of 2 thick by the contractor installs compacted asphalt. The advantage and the disadvantage of the asphalt should consider the total replacement as per the price concrete (Meyer Reniers, 2013). Asphalt Resurfaces (over asphalt): On the top of the existing asphalt a #404 surface course of asphalt can be install. The layers should compile together in the winter since the product used for both layers is the same. They should consider the present situation why the present drive is falling before considering the present situation. This problem cannot go away by casually putting the existing the problems by the new asphalt. The leaner should think first to install this system by replacing the older system (Kumar Gregory, 2013). Asphalt over concrete: On the top of the concrete, the new asphalt can be installing over it by putting the heave and move under the asphalt in the surface that in the concrete underneath after a period of years. This can be happen by without installing this drive for a long time (Iverson, 2013). There are various ways to understand whether the existing concrete can be helpful for the system before installing the new asphalt. The questions are like is the gap between the driveway are large or small or is it one sided in the driveway that should not be. The learner should evaluate this first to recognize the problems that need to be consider first. If the problems are very high-flying then it need to be consider by the learner so that they can evaluate the problems later on in this system. The building department should be install that require the prior approval. This system needs to consider by the learner so that they can evaluate this system prior installing the new asphalt (Kopitin, 2013). Specifications: Few things need to be considering before installing the new asphalt. The contractor need to make sure before installing the new asphalt whether the rain water to the street or to catch basin in the drive, need to be slope away from the house so that the rain water did not fall down onto the neighbors place or property (Huber Scheytt, 2013). Therefore, the contractor should not be installed the asphalt at higher place not in the bottom of the any basement window frame so that the perimeter can be sustain and compress. In the contract this can be included in the in the specifications. The contractor needs to see first by look into the old specifications that considered by when installing the new asphalt in the system. The company should specify the major parts tat needs to consider by the potential contractors. The contractor needs to be sure first, about the new asphalt whether they can satisfy by this system or not so that they can prepare the cost structure properly. The cost struc ture needs to be suitable for this asphalt (Duckett Busby, 2013). The requirements and the costs of the creation of the 2100 square foot driveway, which is 13*60 in size, are following: Land clearing and tree removal: they require the brush, trees and boulders that areas for common area that need to be consider by them Cutting and chipping light trees and the $48 per hour it is per worker to manage a single acre. The stumps of the removal should be $ 68. The trees larger than 18 in diameter for the chipping should be $20 to $40 per hour The tree removal should be $13 to $20 The complete site clearing the $150 to $400 per hour Grading: $1043 per square yard for the total of $100 that subs grading the area for a slab on grade is going to cost roughly. Asphalt: The asphalt is at 2.5 and that should be last more than $830 installed. This asphalt needs to have a life span of more than 6 to 10 years. This treatment should have done by the contractor, that should be calling a macadam treatment and that will stay about six years to 7 years roughly $1200 (Dionne, 2013). Additional costs that need to consider by the learner are following: Contractor: The contractor charges a certain amount to establish this system in order to install quickly the asphalt. To establish this system the contractor finds some risks to install the asphalt. Due to the declining, the various forces the engineer will have help the contractor to set up the fault. They will charge certain amount for helping the contractor in these procedures. Curves, slopes and water: The driveway that will prepare by the contractor needs to have curves, slopes so that it will last more than 10 years. This will increase the labor cost material cost. This will create the cost structure higher (Deventer, Imai Mesler, 2013). Reference List: Deventer, D., Imai, K., Mesler, M. (2013). Advanced financial risk management. Singapore: Wiley. Dionne, G. (2013). Risk Management: History, Definition, and Critique. Risk Management And Insurance Review, 16(2), 147-166. doi:10.1111/rmir.12016 Duckett, D., Busby, J. (2013). Risk amplification as social attribution. Risk Manag (Bas), 15(2), 132-153. doi:10.1057/rm.2013.2 Huber, C., Scheytt, T. (2013). The dispositif of risk management: Reconstructing risk management after the financial crisis. Management Accounting Research, 24(2), 88-99. doi:10.1016/j.mar.2013.04.006 Iverson, D. (2013). Strategic risk management. 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