What is a standard approach to conducting a risk assessment for an airport development project?

• A. Identify hazards, assess likelihood and consequence, rate risk.
• B. Monitor only after project completion.
• C. Identify hazards, assess likelihood and consequence, rate risk, implement controls, monitor, and update.
• D. Ignore environmental factors.

Answer: (C)

A standard risk management approach for an airport development project is iterative and proactive: identify hazards, assess how likely they are and how serious the consequences would be, rate the overall risk, implement controls to reduce that risk, and then continuously monitor and update as the project progresses and new information or changes arise. This full cycle keeps risk thinking active—from early design through construction and operation—so responses can be adjusted rather than postponed until problems appear.

The best option reflects this complete process, not just initial identification and assessment. It includes putting controls in place and maintaining ongoing monitoring and updates, which are essential for addressing evolving factors throughout the project.

Options that focus only on identifying hazards or only on post-project monitoring miss important steps. And ignoring environmental factors overlooks a critical domain of risk for airport development, where environmental, regulatory, and community impacts drive many risk controls.