Reinvigorating Organizational Effectiveness and Sustainability Through Risk Assessment Tools Within the Construction Industry

Abstract

“Risk comes from not knowing what one is doing” is the what everyone believes in, and when it comes to business organisations, it is inevitable. In this modern set up, every organisation has to be vigilante towards the unforeseen risk factors and uncertain situation they tend to face as organisations grow. The landscapes of risks globally have become quite dynamic, making them hard to predict and identify, which calls for a reform in the risk management toolkit of every organisation so as to not just assess risk beforehand but also to mitigate it in time. The authors in the present study construct critical investigative insights regarding how these risk assessment tools (qualitative, quantitative, and hybrid) are effective in enhancing organisational effectiveness in view of their perceived benefits.