Managing Risk In Construction Projects

ISBN-10: 1405130121
ISBN-13: 9781405130127
Edition: 2nd 2006 (Revised)
List price: $89.99
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Description: Written by a group of academics and practitioners, this guide is for construction practitioners having to manage real projects. It shows how the risk management process improves decision making in conditions of uncertainty.This new edition includes  More...

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Book details

List price: $89.99
Edition: 2nd
Copyright year: 2006
Publisher: John Wiley & Sons, Incorporated
Publication date: 3/6/2006
Binding: Paperback
Pages: 256
Size: 6.75" wide x 9.75" long x 0.75" tall
Weight: 1.232
Language: English

Written by a group of academics and practitioners, this guide is for construction practitioners having to manage real projects. It shows how the risk management process improves decision making in conditions of uncertainty.This new edition includes the input of the Turnbull report, as well as to introduce the concept of corporate, strategic business, and project level risk.The authors cover:a description of risk management and decision making in the context of a construction projectthe human dimensiontools and techniques available to the risk analystthe problems of procurement and financethe practical application of risk analysis, including the principles of risk modelling and simulation, together wit case studies.A thorough understanding of these concepts will provide the project manager with the basis for effective decision making.From the reviews of the first edition:'This book should be compulsory reading for all concerned with the management of risk in construction - whether academics or practitioners. 'Chartered Surveyor Monthly'A valuable addition to the literature ... which helps condense, simplify and provide practical advice on how to implement risk management on construction projects. '

Nigel Smith is Professor of Transport Infrastructure & Project Management at the School of Civil Engineering, University of Leeds.Tony Merna is a lecturer in Civil & Construction Engineering, School of Mechanical, Aerospace and Civil Engineering., University of Manchester.Paul Jobling is a Senior Professional Associate and Project Director Risk Management at Parsons Brinckerhoff.

Preface
Authors Biographies
Acknowledgements
Projects and Risk
Construction projects
Decision making
Risk management strategy
Project planning
Summary
The Project Environment
Projects
The project constitution
Project organisation
Project phases
Effect of project phase on risk
Project appraisal
Summary
Understanding the Human Aspects
Risk management - people
Risk management - organisations
The risk management process
Some guidelines to the risk management process
The risk workshop
Communication
Summary
Risk and Value Management
Introduction
Approaches to the management of risk
The standard risk management model
Applying risk and value management
Value management processes
Understanding the project risk
Applying value and risk management
Iteration of the process
Summary
Qualitative Methods and Soft Systems Methodology
Qualitative risk assessment
Review of project programmes and budgets
The risk log
Using a risk log to formulate risk management strategy
Qualitative methods
Soft systems methodology
Case study: SSM in the use of the placement of construction projects
Summary
Quantitative Methods for Risk Analysis
Sanction
Project appraisal and selection
Project evaluation
Engineering risks
Risk management
Probabilistic analysis
Response to risks
Successful risk management
Principles of contingency fund estimation
The Contribution of Information Technology to Risk Modelling and Simulation
Purpose of RMS
When to use RMS
Requirements of the analyst
Modelling and simulation
Modelling using RMS
Data management
Analytical mechanisms
Classification of RMS
Selection of RMS
Modelling a project for risk management
Data requirements for realistic modelling
Choice of variable distribution
Case study
Case study simulations
Analysis of the result
Discussion of findings
Summary
Risk Allocation in the Contracting and Procurement Cycle
Typical contracting and procurement processes
Value planning case study
Known and unknown risks in contracts
Risk allocation strategies
Risk allocation according to payment mechanism
Contract award
Summary
Managing Financial Risks in Major Construction and PFI Projects
Project financing
Types of finance
Appraisal and validity of financing projects
Typical financial risks
Promoter
Financial risk in concession contracts
Global and elemental risks in concession contracts
Summary
Risk Management at Corporate, Strategic Business and Project Levels
Introduction
Risk management
The risk management process
Benefits of risk management
Recognising risks
Why risk management is used
Model for risk management at corporate, strategic business and project levels
Summary
Case Studies
Introduction
Case study - cruise ship design and fabrication programme risk assessment
Risk identification
The Channel Tunnel Rail Link (CTRL)
Brief history of the CTRL
The risk management process
Risk assessment, analysis and response
Summary of the preliminary schedule risk analysis results
Guidance in Practical Risk Management
Decision making
Preparation for risk management
Risk identification
Risk analysis
Risk outputs
Models
Communication
Summary
Index

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