**5. Conclusions**

An effective risk management process encourages the construction company to identify and quantify risks and to consider risk containment and risk reduction policies. Construction companies that manage risk effectively and efficiently enjoy financial savings, and greater productivity, improved success rates of new projects and better decision making.

Risk management in the construction project management context is a comprehensive and systematic way of identifying, analyzing and responding to risks to achieve the project objectives. The research results show that the Lithuanian construction company significantly differ from the construction companies in foreign countries in the adoption of risk management practices. To management the risk effectively and efficiently, the contractor must understand risk responsibilities, risk event conditions, risk preference, and risk management capabilities.

The lack of experience makes it very difficult to change Lithuanian contractors' attitude towards risk management. Nevertheless, the construction companies need to include risk as an integral part of their project management. In our view, the use of risk management in the Lithuanian construction companies is low to moderate, with little differences between the types, sizes and risk tolerance of the organizations, and experience and risk tolerance of the individual respondents.

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Qualitative methods of risk assessment are used in construction companies most frequently, ahead of quantitative methods. In construction project risk management, risks may be compared by placing them on a matrix of risk impact against a probability. Mitigation options are then derived from predefined limits to ensure the risk tolerance and appetite of the construction company.

The risk management framework for construction projects can be improved by combining qualitative and quantitative methodologies to risk analysis.
