Managing Risk: In Construction Projects, 2nd Edition

by Nigel J. Smith (University of Leeds); Tony Merna; Paul Jobling (Project Director Risk Management, Parsons Brinckerhoff)

• ISBN13: 9781405172745
• ISBN10: 1405172746
• Format: eBook
• Copyright: 2009-02-01
• Publisher: Wiley-Blackwell

Summary

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 project * the human dimension * tools and techniques available to the risk analyst * the problems of procurement and finance * the 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.'

Table of Contents

Projects And Risk

Engineering Projects

Decision Making

Risk Management Strategy

Project Planning

Summary

The Project Environment

Projects

The Project Constitution

Project Organisation

Project Phases

Effects of Project Phase on Risk

Project Appraisal

Summary

Understanding The Human Aspects

Risk Management û People

Risk Management û Organisations

The Risk Management Process

Some Guidelines to the Risk Management Process

Preparing a Group for a Risk Session û Risk Identification

Communication

Summary

Risk And Value Management

Introduction

The Standard Risk Management Model

Apply 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 Methodologies

Soft Systems Methodology

Case Study

Summary

Quantitative Methods For Risk Management

Sanction

Project Appraisal and Selection

Project Evaluation

Engineering Risks

Risk Management

Probabilistic Analysis

Response to Risks

Successful Risk Management

Annex

Table of Contents provided by Publisher. All Rights Reserved.