Sample D31VR Value and Risk Management Essay

D31VR Value and Risk Management Essay Sample

Value and Risk Management of Conference and Community Centre project

Value Management at RIBA Stage 1

The client is considering commissioning a VM study at RIBA Stage 1 and has approached your consultancy for advice. Present a study proposal which

- Explains the benefits of a study at this stage

- Presents a proposed agenda for the workshop study

- Identifies the workshop participants who should be in attendance for an effective study Value Engineering the design at RIBA Stage 4.

The client has requested a cost saving VE proposal which saves a minimum 2% of the budget.

Present a VE proposal which identifies the element(s) affected and explains the impact on functionality (NB detailed costings are not required)

Risk Management Report The client decided to implement your cost saving Value Engineering proposal you recommended above. Considering you are the project manager for the project at the construction stage, carry out a risk assessment for the execution of the proposed option at construction stage and present it in the form of a short report and risk register. Your report should include risk mitigation proposals.

NB This next part is not related to the case study scenario

Risk Management Essay

Prepare a short essay which evaluates the construction industry contribution- in a country of your choosing- to the climate emergency. Your essay should argue how the industry should help manage the risks presented by climate change in the coming years.

The essay should cite references which support your arguments. Indicative word count for the essay is 1500 words, excluding the list of references.

You may wish to think about the following when preparing your essay. (These are pointers and not intended to be prescriptive. You may choose to concentrate on particular issues here or advance your own.

Solution

Importance of Value Management at Designing Stage

Quarry House Conference and Community Centre have developed their design and planning of the construction and therefore after processing the overall planning and construction, proper value management is necessary to evaluate various details related to the construction site.

Value management basically incorporates with series of interviews, workshops, and reviews, through which, project requirements are evaluated and achieved. The approach for value management depends on the route chosen for the acquisition, but it is generally a technique which useful to any construction project. For Assignment Help, The design of the Quarry House Conference and Community Centre construction and its details of measurements, equipment, and purpose already have been made, and now it is time to evaluate the VE properly (Zhang, Van and Leeflang 2014). It is important for that part of the project, which is viewed on a whole life basis, such as private finances initiative schemes.

Any construction project should only be projected after a proper value management process is done. Many projects use to suffer from poor management and failure due to lack of value management. These facts can include cost and time, excessive operation cost, user dissatisfaction, usage of tools, etc. value management can help to minimize these kinds of risks in construction projects.

The analysis of needs is much more than compiling a wish list of possible requirements. It needs a consensus from all the stakeholders to identify and objectify the needs and identify the weight of the relative value of the project.

It is a structured approach that shows, the establishment of the value which means to the client. Clearly, agreeing and defining the project objectives and establishing the best objective that can be achieved. Value management incorporates value engineering and it is a systematic approach to deliver the required function to determine the whole cist, reliability of the project, and performance (Zhang, Van and Leeflang 2014).

Here is the question, that when value management is is required. In this project Quarry House Conference and Community Centre, value management is needed to evaluate its success rate and risks involved in the project. As the basic planning and design of the project are completed, the Value management will evaluate its risk factors and evaluate the budget to identify the requirements of the project and objectives to achieve.

This is a systematic technique that depends in a project’s overall cost and risks involved in the project. For “strategic critical projects” a full value management procedure is always justified (high risk- high value). For “strategic security”, high-risk and low-value project, and “tactical profit”, low risk and high value, value management depends on the inputs stakeholders. However, for “tactical acquisition”, low-risk- low value, projects, value management is not that necessary (Vignesh, Priya and Gayathri 2018).

Here are the primary benefits of value management in the Quarry House Conference and Community Centre project.

• It will help to optimize the different balance of value between different stakeholders

• It will clearly define the mean of value to the owner and users

• It will help to develop the business according to the business needs

• It will make a clear picture of the project brief that will include the expectations of sponsors, and their priorities. Along with that, it will improve the communication between all the stakeholders related to the project (Vignesh, Priya and Gayathri 2018).

Propose Agenda for Workshop Program

This is a discussion phase, where the individuals will grow up a concrete view on possible outcomes regarding the project. The workshop will help to gain an idea on proper communication, secured and privacy in facilities in the construction and provide proper communication among the participants. Tere is a three days’ workshop agenda proposed and prep[ared for implementation (Saleh et al., 2017).

The implementation stage is the final stage of VM and it will compile formal plans at the end of the workshop. Tools and techniques used for the workshop are listed below.

Document analysis: this is the beginning of the workshop and it will be used in evaluating the aims and topics of the workshop. It will contain a document so that the value manager can understand the recent factors regarding the project and develop ideas according to it (Saleh et al., 2017).

ACID test or Authority consult inform and Do: this technique will be used in the diagnostic and orientation stage of the workshop in order to select the viewable participants to participate in the Value management workshop (Saleh et al., 2017).

Presentation: this will be conducted during the workshop to permit individuals to relate their opinions about the project.

Workshop Agenda 1

The three days’ workshop agenda is mentioned below.

Day 1

Learning outcomes

• Participants brainstorming about their individual roles and duties
• Developing an idea on the project overview
• Familiarity with the site by visiting
• Mutual interaction
• Positive thinking and reconstruction
• Business effectiveness to drive the profit
• A basic clear idea on the project (Saleh et al., 2017)

Day 2

Learning outcomes

• Understanding the stakeholders’ needs and demands.
• Best practice observation for community hub project development
• Innovation on individual ideas
• Turning the proposed project
• Create clarification, suggestions, and best options for the project development (Fletche and Satchwell 2019)

Day 3

Learning outcomes

• Days outlines for effective outcomes

• The community project will be considered as the most realistic, and essential findings for stakeholders
• Reviewing the high costing raw materials and replace with valuable sustainable materials to maximize the profit

• Mutual interaction

• the design will go through many changes and it will provide the most effective solution and measures for the value management of this project

• Set of question will clarify and promotes the best solutions

• The viable recommendation will be offered and adopted Workshop participants

For these three days of the workshop, the participation list is given below.

1. Client representative
2. Local community representative
3. Designer team
4. Environmental representative
5. Construction manager
6. Management team
7. Construction team

Workshop agenda 2

The two days’ workshop is left for the key participants who will gain a concrete element of the community hub projects related to execution and construction. The two days agenda is mentioned below.

Learning outcomes

• Outlining the project requirements
• Project evaluation
• The rationale for design choice
• Mutual interaction
• Effective understanding of the case
• Evaluation of different functional components and proposal for the community project

Learning outcomes

• Re-evaluation of the components
• Basic technical understanding of the project
• Mutual interaction and understanding
• Suggestion for any constructive improvements
• Implementation process discussion
• recommendation

Workshop participants

• VRM consultant
• Project manager
• Service engineer
• Contractors
• designers

Risk Management Integration of all RIBA stages

RIBA stage 1: business justification

RIBA stage 1: understanding the best process assessment route

RIBA stage 2, 3,4: design processing stage

RIBA stage 5: physical project construction (Mohamad, and Coffey 2010)

Value Engineering the design at RIBA Stage 4

Introduction

The proposal has been made in this section so as to decrease the budget by 2% in the construction of Quarry House Conference and Community Centre. There has been study of the proposed methods from the perspective of decreasing the material used as well as changing some of the building structure.
VE Proposal identifying the elements affected and impact on functionality

The Value Engineering (VE) proposal has been made so that the Quarry House Conference and Community Centre can be developed with a 2% less budget than the proposed one. Value Engineering is done so that the cost be saved along with maintaining the time and quality scope of the construction project (CooperandSlagmulder, 2017). It has been observed that with help of Value Engineering (VE), it is possible that the construction project is done with a reduced budget as it applies system thinking process to engineer buildings with reduced cost (Park,2017). In this case, there are certain elements identified which can be nullified or modified in actual implementation process so that the budget gets reduced and functionality does not change. This has been represented in the following manner:

In the first instance, there is proposal regarding removal of lobbies on the lower ground floors. It has been observed that with help of such process, the cost will go down and hence, the element identified in this case is that of lobbies which does not serve as foyers. It can be easily eliminated without must change in the building functionality (Park, 2017). Building functionality would have change if the strength of the overall building decreases. In the second instance, there is the proposal of replacement of spiral stair with L-shaped one. There is not much change in the building functionality other than the style of the staircase will be less. The benefit that one obtains from such style change is the reduction in cost. In making spiral shaped staircase, there is more cost incurred as more raw materials such as cement, bricks are required. L-shaped stairs are considered to be more cost-effective to be developed. Thus, the element identified in this case is the spiral shaped staircase.

The curved balcony is proposed to be changed and made into a cantilevered one. This is required to ensure that the cost goes down as the raw materials required in making curved ones are more. There will be no change in the functionality as the strength of the building does not get altered. There is always an effort made to reduce the labour pay within construction work wherever possible as per Value Engineering principle (VE) (Peurifoyet al., 2018). This has been maintained in the proposed method as there would be less requirement of labour in manufacturing the linear balcony. VE also looks forward in having a construction design in which the building can be developed with less raw materials. It is possible to be achieved when certain unnecessary parts get reduced and is not need to be constructed (Fewingsand & Henjewele, 2019). The balcony area at the back is one such proposition which can be made use of as it will decrease the construction time period. It will decrease the overall cost required in making the balcony.

The window size needs to be reduced so that the less cost is incurred in buying the material. The elements identified in this case is that of the frame required in making the windows and it will lead to the reduction of cost. The window size gets reduced and also will not the functionality of having light getting passed through. There is always an effort to substitute products in VE so that less cost can be given in developing the overall project. It has been observed that asphalt has been the material that will be selected in making the roofs instead of the timber shingles. Asphalt costs less and hence, it makes the project budget efficient (Barbosa, Woetzeland Mischke, 2017). There is also another proposition made in installing LED lights and solar panels. In the long-run, the solar panel will be helpful in reducing the cost as no non-renewable energy sources have to be used. It will help in decreasing the electricity bills, however, at the time of installation the cost is high. CAPEX or additional cost will increase for the project.

Laminated Veneer Lumberslide material will be used and is the element identified to replace bamboo. The Laminated Veneer Lumberwill be more cost-effective and there will be increase in functionality as the metal slides are more durable. There is also an effort made through Value Engineering to increase the functionality. There is requirement identified of covering the cut through slab. The functionality will go high as the increase in usable space will be obtained. This will make the cost to go down. There has been proposal made of using pre-cast concrete in place of normal concrete walls. The functionality will go high along with reduction of the cost. It has been identified that the pre-cast walls are less costly and also reduces the required time in doing construction work.

Prestressed concrete has been proposed to be replaced with the reinforced ones and it will make the cost to go down. It has been estimated to improve the functionality as the prestressed concrete is 23% less cost-effective. MS Steel stairs will be replacing the RC Stairs as per the identified proposal and it will increase the functionality as the steel material do not corrode. The cost will also go down through this process. There has been VE incurred in using recycled glass for partition instead of other forms. It will bring down the cost and also give the aesthetics to the building to be developed.

Conclusion

From the study done, it can be concluded that there has been proposed techniques according to which some of the additional spaces or structures have been decided to be nullified. It has been done with the estimation that less labour and material cost will be used. There is also replacement of some of the materials with more cost-effective ones so that overall project budget decreases.

Risk Management Report

Introduction

Our enterprise risk management is discussed in depth in the risk management report. The danger information in this section may not even be complete. Forward-looking comments may well be made throughout the conversation. Our company is subject to the risk and risks that could cause actual result differs significantly from those projected in the forward statements. Readers are encouraged to review our governmental filings for a more detailed description of risk factors and disclosures, as well as to use their own judgement when assessing the Firm's risks. The technique of combining managerial tools and procedures to get out in front of a process is known as value management. Furthermore, value engineering assists in achieving greater advantages while minimising project costs and risks. Value management, on the other hand, can be used to demonstrate careful planning, analysis, and progress of a building project in this scenario. The activities in our Enterprise Risk Management (ERM) systems include detecting, analysing, assessing, treating, reducing, and monitoring strategy, functional, legal, and regulatory risks to the fulfilment of our primary business objectives. ERM attempts to mitigate the negative effects of these risks, allowing businesses to effectively harness market expansion and maintain its competitive advantage for the long term. A number of threats can jeopardise the achievement of a certain company objective. Likewise, a single risk could have a major influence on numerous company objectives. Risk management is concerned with identifying threats and devising measures to mitigate them. This is accomplished through regular meetings of the Club's risk and strategic committee. Value management can be seen of as a team-based method to providing benefits to a building project. It can be seen that value management takes into account the client's goals and objectives when planning a project. However, the major purpose and goal of value management in projects is to ensure that the best value is achieved for the research project.

Key Components of the Risk Management Framework

Risk reporting is a means for demonstrating the benefit that the Risk paying for basic to an organisation. It provides proactive risk mitigation by helping organisations to recognise and obsessing as they arise before or they appear evident, enabling them to handle corporate governance in a proactive manner. Effective risk accounting must focus on the effect of risk measures on individual enterprises and corporate risk assessments. It also ensures that risk management is embedded in leadership, decision-making, monitoring, and business processes. Focuses on outliers and analyses their root causes thoroughly. Uses retrospective outcomes to learn from and anticipate business issues before they arise. Gives regulators, management, and boards of directors certainty. Promotes continual development by providing transparency about exposures - by highlighting areas of concern within the organisation. Furthermore, maximum benefits can be realised early in the project. Value engineering, on the other hand, makes it impossible to simply introduce processes into project activity. Furthermore, by using a value management approach, suitable solutions towards the identified challenges in the building project activity can be achieved. We see this dynamic landscape as an excellent opportunity for businesses to rethink how the game has been played in the past. We've partnered with cutting-edge companies in a variety of industries to help them rethink their compliance and risk management strategies. Risk reporting is at the vanguard of these efforts, as it is often a disregarded component of Risk Management, with several organisations monitoring their key business activities using retrospective indicators, disjointed systems, and expensive information processes.Value management, on either hand, does not allow for straightforward implementation of processes in project work. Furthermore, by using a value management approach, correct solutions to recognised challenges in building company work can be achieved.

During the lifecycle of our service, we may be required to process Special Category Data given by you or other users of our service. Special category data includes information about a person's racial or cultural origins, political beliefs, moral or religious beliefs, party affiliation, genetic data, biometric information, health data, sex life, and sexual preference. In some extremely restricted cases, we may additionally process data relating to criminal and/or civil offences, as well as child data, and you will be notified if we need to gather this data from you. Only sensitive data will be collected if it is necessary for the fulfilment of the services for which we have been hired. The data subjects' basic rights are always considered to guarantee that the processing is fair, transparent, and legitimate.

Description Risk Management

It is necessary to identify the workshop participants who must be present in order for the project's information or signal to be received. This entails identifying the individuals who are critical to the conference center's construction. This is where the project's supporting client comes in. He must be present, together with officials from other administrative bodies, in order for the proposal to be debated in front of them. Their participation also aids the program manager in discussing the project's financial requirements and proposing project in-scope deliverable. Risk management is the process of identifying, assessing, and controlling hazards to a company's capital and profitability. Economic turbulence, legal obligations, technological obstacles, strategic management failures, catastrophes, and natural catastrophes are all possible sources of risk. Unforeseen events or circumstances that, if they occur, have a positive or negative impact on the project's objectives. The key element of this concept is that, if ambiguity develops, the impact on the planned endeavor's goals might be either positive or bad.. Under the legal basis of 'performance of the contract,' we handle information in order to maintain and preserve our actual or prospective contractual relationships. Personal data may be processed in order to just provide various client support services, accept payments, and enhance our website. We keep track of all calls made to our employees, whether they are internal, inbound, or outbound. Our 'legitimate interests' are the legal basis on which we frequently treat data for the length of maintenance on your accounts and for the decision to enter an initial or succeeding contract. This includes ensuring that our administration and IT systems are safe and resistant to unwanted access.

An organization's risk management process aims to identify, assess, monitor, and control the risks it confronts. Complexity breeds danger in the business world. Business executives face numerous decisions, limited resources, conflicting interests, and environmental considerations to weigh. Ecological, political, business, economic, and other dangers confront businesses.The goal of risk management is to determine which risks a company confronts, assess and quantify those risks, devise means to monitor hazards, and lastly devise treatment procedures that mitigate or reduce hazards. The main goal is to develop a business that is less vulnerable to risks, hence increasing the security of investors. The next phase in risk management objectives is risk measurement. Once the hazards are identified, it is necessary to develop a system for measuring and quantifying the risks' potential impact. The received confirmation standard, ISO 31000 on Risk Management, has been updated. The risk register is a document that is used to measure risk values in financial terms and determine the risk's likelihood of occurrence. Let's stick with the crop farmer as an example. The likelihood of drought or floods is determined by prior weather patterns, while the impact is determined by the crop's susceptibility to the circumstances. These details would be recorded in a risk register, which would provide our farmer with a summary of the degree of risk associated with each variables as well as the value - at - risk (the quantity that may be lost if the variable were to fail.

The next risk management goal to achieve is to constantly monitor hazards after we have both monitored the risks that exist in a business. Risks are not constant; in actuality, the likelihood of risk things happening changes with time. Weather-related dangers are a wonderful example of this for our farmer. The weather department would have supplied an assessment on the climate that would prevail throughout the farming period at the proposal stage and planting. It is typical for the department to keep people informed about projected weather patterns because it is extremely difficult to predict climate effectively, especially over extended periods of time.

Conclusion

The study indicated that there is a need to develop project briefing sessions, which is why the workshop programme was held. According to the findings of the study, there are numerous advantages to conducting a value management study and implementing value engineering principles into a building project. This is one of the reasons why the cost of completing a project is frequently lowered. It is necessary to arrange a workshop where project team members can be briefed on team objectives and building deliverables of the project. It is critical to ensure that the client and funders are present in the workshops so that they can get a sense of the cost of the project that has been determined as well as the natural resources that will be present in the team. It is necessary to comprehend project deliverables and communicate them to team members such that they may have a grasp of the project. As a result, having project members on the workshop attendee team list is critical. It has been seen that the building project has become more innovative as a result of their contributions (Janani, Chakravarthy, and Raj, 2018). It has been noticed that suppliers must attend the meeting and workshops in order to gain a better grasp of the raw resources necessary for the construction of the building. The head of the construction team, as well as the architect, are among the key stakeholders invited to attend the session.

Risk Management Essay

Introduction

Risk management is the term that developed during the 20th century, to maintain future uncertainty in a business field. It is a consistent, logical, and disciplined approach to face future uncertainty in the business (Klochkova, and Koltsova 2017).

In the world, there are multiple reasons that are causing climate changing and climate change is affecting our daily life, environment, development, and many more things. Climate charging has a devastating effect on the environment and atmosphere that is creating a huge problem in the world (Ripple et al., 2021). The United States is a powerful country in all sectors, from economy to industry development. However, in climate emergency situations, the US is ranked second in carbon emission in 2018, and this country is more focused on maintaining the situation. This paper will discuss about different aspects of risk management in the construction industry in US, the factor that creates the most risk for any business and development is climate change. In the construction industry, climate change and emergency are big troubles and it is affecting the whole environment and economics globally (Klochkova, and Koltsova 2017).

Climate Emergency

The climate emergency list includes China, the United States, India, Russia, and Japan. Among them, the United States ranked second and, in a report, it has been found that it is the second-largest CO2 emitter in the world. It approximately produced 5.41 billion metric tons of carbon dioxide in a year.
US industry of construction has reported 23% of greenhouse gas production in the year. The vital reason for climate change is greenhouse gas. Along with industrial effects, transportation, electricity production, agriculture, commercial and residential usage, etc are the reason for greenhouse gas and climate change. However, the construction industry is hugely responsible for the climate emergency situation in the US.

Contribution of construction industry in a climate emergency

The covid crises shifted the issues of climate emergency but climate chase and biodiversity are still a big issue in the world. Globally we just only left with 10 years to halve the carbon dioxide emission. in a report, it has been found that the construction industry is 37% responsible for this situation.

In recent years, the construction industry is already taking a lead role in controlling the climate emergency situation (Mavi, and Standing 2018). The World green building council already issued Net Zero caron building commitments that challenge many companies, industry and infrastructures along with countries ad states. They have decided to build net-zero carbon buildings by 2030 and promised to make all the buildings to be net-zero carbon by 2050.

A number of US construction industries declared this climate and biodiversity issues as an emergency situation. Manu engineers, constructors, architectures, and big companies developed to be part of the emission carbon goal; however, contractors did not collaboratively declare the contribution yet. The industry has taken various steps to handle this climate emergency situation.

To encourage sustainable behaviors and commitments to achieve the goals that have been made, the construction industry made various declarations, and such are mentioned below.

• Sustainable Working Practice and Material

There is a number of methods and materials that helps to achieve more sustainable development in the construction industry. This includes life cycle costing, post-occupancy evaluation, whole-life carbon is the basic scope to reduce both the operational and embodied resource use. Along with that, there are many sustainable raw materials and technology available to reduce carbon emissions (Mavi, and Standing 2018). Research development for more sustainability

There are many changes occurring in the sustainable industry, and there are many new products are launching to promote sustainable construction, therefore, many contractors build their own research team to identify the best suitable products for the construction business. As an example, the cement manufacturer in the US is 8% responsible for overall CO2 emission, therefore the cement manufactured lived a new way to reduce the emission, and that technology required proper research to achieve the goal (Mavi, and Standing 2018).

Digital tools, complex modeling, extensive databases are also used to optimize the algorithms of building performance and it delivers clearer pictures of the sustainability of building construction and performance.

• Raising awareness

Many of the participants in this US construction industry have pledged to raise awareness on sustainability and its importance to controlling biodiversity and climate emergency situation (Gills and Morgan 2021). These actions are taken by designers, developers, investors, funders, contractors, and supply chains. Along with promoting this awareness, the government has also taken various steps to make this plan successful.

• Rise of ESG

Public awareness of climate change includes the growing understating of climate change and its effect on the economical state. Thus, is created ESG or environmental, social, and government consideration to ride up the corporate agendas within US(Gills and Morgan 2021).

Risk management of construction industry in a climate emergency

Risk management supports any organization to decide the proper course of action to minimize the occurrence and effects of any risk on the business. In order to achieve excellent performance and productivity in a company, a firm must train their employees in such ways that, they can recognize any risks and take necessary steps to prevent them to affect the productivity, business and the organization (Klochkova, and Koltsova 2017). In addition, Climate emergency is a situation that affected almost all industry and the construction industry is affected the most. As climate emergency is a situation that needs to be handled with lots of awareness ad changes, it created various issues in the construction industry. Sustainable development projects are not easy to project (Zou, Kiviniemi and Jones 2017). Though, it is needed to control the climate changing situation. Some risks in the construction industry related to sustainability are,

• Technical risks

Sustainable development requires new technology and design to establish green buildings and reduce biodiversity. These technologies are not risk-free to handle, as many of the construction areas are not supportive to install new technologies, which is creating big issues in development. The whole industry needs to shift from traditional infrastructure to sustainable infrastructure (Zou, Kiviniemi and Jones 2017). This shifting is not that easy to present as there are many internal factors that are not yet supported for the changes.

• Environmental risks

The shifting of technologies and infrastructure can harm the environment as well. New plantation of systems and techniques are also sometimes responsible for producing greenhouse gas, especially for fuels and energy consumption, creating thus issues. Hence, sustainable development is good for the environment but the shifting is not that suitable for it (Amirshenava and Osanloo 2018).

• Financial risks

Sustainable development needs a big amount of money; however, the development is cost-effective, but the construction procedure is not economically free and hence, it requires more financial development that may cause risk in the financial status of the industry.
Along with that, there are risks in management, labor, training, and many more. However, the construction industry is acknowledging new risk management policies to overcome the risk factors in the future (Amirshenava and Osanloo 2018).

• Labor training

To overcome the risk factors, it is important to provide the best possible training to laborers and workers to make them regularly with the new infrastructure (Zou, Kiviniemi and Jones 2017). It will reduce the risk of accidents, and technical risks.

• Investigation and monitoring

Regular monitoring of the project development and investigation in the market can reduce the financial risk ad cut the budget of developing new sustainable infrastructure.

• Build awareness in the field

Creating awareness among the field workers and associates aware of the sustainable construction and climate emergency can involve more potential workers ad this can reduce the management risks in developing the construction and reach the goal (Gills and Morgan 2021).

• Technical support

Here is much technical development that can handle the environmental risk in the construction area. This technical support must be developed to arrange the shifting of tools and techniques easily (Zou, Kiviniemi and Jones 2017).

Managing Risks

Technology has been one of the promising factors to manage several risks within construction industry of US. Thus, AI driven insights can help the managers in handling risks which includes budget overrun, deadline overrun or any other issues which can be costlier for both the environment and in commercial sector. Use of sensors and installation management further helps to monitor safety and design errors, hence alert to the users is given within few seconds. Big data within construction industry will help in mitigating risks pertaining to people, environment and organization. Additionally, the construction industry in US must comply ISO certifications and process which has been developed in detail and embedding on nature & size of commercial sectors. Hence aspects of working procedure within ISO clearly mentions mitigation of risks from initiation stage till the completion one.

Conclusion

It can be concluded that Risk management is teamwork and it is important to overcome future challenges in any business or organization. Climate change and emergency is the biggest problem in the US after Covid, so the industries must be aware to hold their production and resume in a proper environmentally friendly way (Amirshenava and Osanloo 2018).  

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