What is the term for the measure of a contractor's ability to manage risks and uncertainties in construction?

The term that accurately describes a contractor's ability to manage risks and uncertainties in construction is risk management. This involves identifying, analyzing, and responding to potential risks that might impact a project's success. Contractors utilize various strategies to mitigate risks, ensuring that unexpected challenges are appropriately addressed to minimize their effects on the project's timeline, budget, and overall quality.

While project management encompasses broader aspects of planning, executing, and closing projects, and risk assessment focuses specifically on evaluating the identified risks, the term risk management specifically implies the ongoing process of handling those risks throughout the project lifecycle. Quality assurance, on the other hand, refers to ensuring that the construction work meets specified standards and requirements, which is a separate focus from managing risks. Thus, risk management encompasses the full scope of strategies and actions taken to handle uncertainties in construction effectively.