International University of Travnik , Travnik , Bosnia and Herzegovina
International University of Travnik , Travnik , Bosnia and Herzegovina
Risk is the possibility of an adverse event occurring, and it is often viewed negatively, such as a loss. The aim of this paper is to analyze risk in a public project and explore ways to prevent its occurrence. The analysis considers whether it is possible to eliminate the risk or only reduce it throughout the project. Identification, assessment, and effective management of risks in public projects are crucial elements for the successful completion of a project. Proper risk management contributes to achieving project goals, enhancing resources, and gaining investor trust in project execution. Research on risks in public projects reveals that they can arise from various sources and encompass different aspects. The use of new technology significantly contributes to risk avoidance. In conclusion, a well-devised strategy, maintaining communication with investors and employees, and incorporating decision-making processes to avoid and reduce uncertainty will lead to project improvement and successful project execution.
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