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Investment in any new project invariably carries risk but the construction industry is subject to more risk and uncertainty than perhaps any other industry. This guide for construction managers, project managers and quantity surveyors as well as for students shows how the risk management process improves decision-making. Managing Risk in Construction Projects offers practical guidance on identifying, assessing and managing risk and provides a sound basis for effective decision-making in conditions of uncertainty. The book focuses on theoretical aspects of risk management but also clarifies procedures for undertaking and utilising decisions. This blend of theory and practice is the real message of the book and, with a strong authorship team of practitioners and leading academics, the book provides an authoritative guide for practitioners having to manage real projects. It discusses a number of general concepts, including projects, project phases, and risk attitude before introducing various risk management techniques. This third edition has been extended to recognize the reality of multi-project or programme management and the risks in this context; to highlight the particular problems of risk in international joint ventures; and to provide more coverage of PFI and PPP. With case studies and examples of good practice, the book offers the distilled knowledge of over 100 man-years of experience in working on all aspects of project risk, giving sound practical guidance on identifying, assessing and managing risk.
The essential risk assessment guide for civil engineering, design, and construction Risk management allows construction professionals to identify the risks inherent in all projects, and to provide the tools for evaluating the probabilities and impacts to minimize the risk potential. This book introduces risk as a central pillar of project management and shows how a project manager can be prepared for dealing with uncertainty. Written by experts in the field, Risk Management for Design and Construction uses clear, straightforward terminology to demystify the concepts of project uncertainty and risk. Highlights include: Integrated cost and schedule risk analysis An introduction to a ready-to-use system of analyzing a project's risks and tools to proactively manage risks A methodology that was developed and used by the Washington State Department of Transportation Case studies and examples on the proper application of principles Information about combining value analysis with risk analysis "This book is a must for professionals who are seeking to move towards a proactive risk-centric management style. It is a valuable resource for students who are discovering the intricacies of uncertainties and risks within value estimation. For professionals, the book advocates for identifying and analyzing 'only' risks whose impact are of consequence to a project's performance." JOHN MILTON, PHD, PE Director of Enterprise Risk Management, Washington State Department of Transportation
CONSTRUCTION RISK MANAGEMENT DECISION MAKING Explores the relevance of systems thinking and behavioral science in construction risk management Effective risk management is a vital component of all successful construction projects. Although quantitative tools for evaluating data and minimizing risk are readily available, construction managers commonly adopt a more innate, experience-based approach. In Construction Risk Management Decision Making, project manager and senior consultant Alex C. Arthur provides step-by-step advice on assessing and prioritizing risk using qualitative decision-making systems in the construction industry. Incorporating key theories and concepts from systems thinking and behavioral science, this highly practical guide focuses on the behavior patterns of real people in the industry, rather than complex quantitative techniques and data. Concise, easy-to-understand chapters highlight the current practices of construction risk management while helping readers view risk and decision making from a broader perspective. Throughout the book, the author presents invaluable insights into the ways construction professionals think and behave in the real world. Addresses the actual risk management practices of construction professionals Applies human behavioral theories to the study of construction risk management decision making Illustrates the highly intuitive approaches prevalent in various construction projects Features real-life case studies and practical examples throughout Construction Risk Management Decision Making is an excellent textbook for advanced students in project management, engineering, construction, and surveying courses, and a must-have guide for practitioners of construction management, surveying, and architecture.
Projects are risky undertakings, and modern approaches to managing projects recognise the central need to manage the risk as an integral part of the project management discipline. Managing Risk in Projects places risk management in its proper context in the world of project management and beyond, and emphasises the central concepts that are essential in order to understand why and how risk management should be implemented on all projects of all types and sizes, in all industries and in all countries. The generic approach detailed by David Hillson is consistent with current international best practice and guidelines (including 'A Guide to the Project Management Body of Knowledge' (PMBoK) and the 'Project Risk Management Practice Standard' from PMI, the 'APM Body of Knowledge' and 'Project Risk Analysis & Management (PRAM) Guide' from APM, 'Management of Risk: Guidance for Practitioners' from OGC, and the forthcoming risk standard from ISO) but David also introduces key developments in the risk management field, ensuring readers are aware of recent thinking, focusing on their relevance to practical application. Throughout, the goal is to offer a concise description of current best practice in project risk management whilst introducing the latest relevant developments, to enable project managers, project sponsors and others responsible for managing risk in projects to do just that - effectively.
Published on behalf of the Chartered Institute of Building and endorsed by a range of construction industry institutes, this book explains the underlying concepts of value and risk, and how they relate to one another. It describes the different issues to be addressed in a variety of circumstances and at all stages of a project's life and reviews a number of commonly used and effective techniques, showing how these may be adapted to suit individuals' styles and circumstances. * Published on behalf of the Chartered Institute of Building with cross-industry institutional support * Combines value and risk management which are often considered, wrongly, in isolation * Makes a complicated subject accessible to a wide audience of construction practitioners * Features checklists and proformas to aid implementation of best practice * Author has extensive practical experience of the subject
Organizations invest a lot of time, money, and energy into developing and utilizing risk management practices as part of their project management disciplines. Yet, when you move beyond the project to the program, portfolio, PMO and even organizational level, that same level of risk command and control rarely exists. With this in mind, well-known subject matter expert and author Andy Jordan starts where most leave off. He explores risk management in detail at the portfolio, program, and PMO levels. Using an engaging and easy-to-read writing style, Mr. Jordan takes readers from concepts to a process model, and then to the application of that customizable model in the user’s unique environment, helping dramatically improve their risk command and control at the organizational level. He also provides a detailed discussion of some of the challenges involved in this process. Risk Management for Project Driven Organizations is designed to aid strategic C-level decision makers and those involved in the project, program, portfolio, and PMO levels of an organization. J. Ross Publishing offers an add-on for a nominal fee -- Downloadable tools and templates for easy customization and implementation.
Written for contractors and endorsed by the Associated General Contractors of America Written specifically for contractors, this "how-to" book enables you to meet the challenges of green building construction. You'll discover how constructing environmentally friendly, sustainable buildings influences project management, delivery, documentation, and risk. Moreover, the book guides you through these important considerations at all phases of a green construction project, including: Bidding and contracting Managing green design when the contractor works as a design builder Subcontracting Procurement Construction management Project commissioning and closeout This book is endorsed by the Associated General Contractors of America (AGC) and was written with the assistance and advice of a specially assembled AGC task force. With a focus on the green building process from the contractor's viewpoint, the book avoids endorsing any one green building rating system in favor of presenting the business fundamentals common to them all. Throughout the presentation, flowcharts and other features offer working tools for successfully managing green construction projects. Plus, real-world case studies developed through discussions with the actual contractors involved help you understand exactly what to expect and how to best manage constructing a green building. In short, this is one book that you need to have on hand to be a part of the rapidly growing green building movement.
Publisher's Note: Products purchased from Third Party sellers are not guaranteed by the publisher for quality, authenticity, or access to any online entitlements included with the product. Protect your business from all types of risks--insure your projects with advice from the experts Here you'll find the answers to your questions about insurance, bonding, and risk management for all of your construction projects. This much-needed book helps you assess your requirements for insurance coverage, evaluate policies, find the fairest rates, obtain bonding, and manage risks professionally and confidently. Written by the foremsot experts at Ernst & Young LLP and Willis Corroon Construction, this authoritative guide gives you the information and methods you need to simplify and systematize your project insurance bonding, and risk management issues, and protect your business from all types of liabilities: You'll learn how to: establish your requirements for various types of insurance; determine how to get the insurance you need at the best rate; read and evaluate insurance contracts; secure bonds for both contractors and subcontractors; obtain workers compensation coverage; evaluate environmental issues; understand the role of sureties in litigation. Construction contractors and subcontractors, CPAs, law firms, and insurance and bonding agents will all welcome this comprehensive guide and the authoritative help it gives in ensuring successful outcomes for construction projects of every kind.
Singh introduces valuable techniques for weighing and evaluating alternatives in decision making with a focus on risk analysis for identifying, quantifying, and mitigating risks associated with construction projects.
The construction industry is subject to more risk and uncertainty than perhaps any other industry. Yet, surprisingly, managerial techniques used to identify, analyse and respond to risk were not applied in the industry until the 80's. Existing texts deal with the theoretical concepts of risk and the techniques that identify and manage it. This book provides a set of tools that enable these management techniques to be put into practice in the construction industry.