Managing risk in construction projects / / Nigel J. Smith, Tony Merna, Paul Jobling ; cover design by Steve Thompson

• Record Nr.: UNINA9910453675003321
• Autore: Smith Nigel J
• Pubbl/distr/stampa: Chichester, England ; ; Oxford, England : , : Wiley-Blackwell, , 2014; ©2014
• ISBN: 1-118-34722-6; 1-118-34721-8
• Edizione: [Third edition.]
• Descrizione fisica: 1 online resource (254 pages)
• Disciplina: 690.068/1
• Soggetti: Building - Superintendence; Building - Safety measures; Construction industry - Management; Risk assessment; Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Cover; Title Page; Copyright; Contents; Preface; Authors' Biographies; Acknowledgements; Chapter 1 Projects and Risk; 1.1 Construction projects; 1.2 Decision making; 1.3 Risk management strategy; 1.4 Project planning; 1.5 Summary; Chapter 2 The Project Environment; 2.1 Projects; 2.2 The project constitution; 2.3 Project organisation; Single discipline projects; Multidiscipline projects; 2.4 Project phases; 2.5 Effect of project phase on risk; 2.6 Project appraisal; 2.7 Summary; Chapter 3 Understanding the Human Aspects; 3.1 Risk management-context; 3.2 Risk management-organisations; 3.3 The risk management process3.4 Some guidelines to the risk management process; 3.5 The risk workshop; Preparation; Warm up exercise 1; Warm up exercise 2; Risk identification; Quantification; 3.6 Communication; 3.7 Summary; Reference; Chapter 4 Qualitative Methods and Soft Systems Methodology; 4.1 Qualitative risk assessment; 4.2 Review of project programmes and budgets; 4.3 The risk log; 4.4 Using a risk log to formulate risk management strategy; 4.5 Qualitative methods; 4.6 Soft systems methodology; 4.7 Case ; study: SSM in use in the procurement of construction projects; Technical and environmental; Commercial and operational; Root definitions; Root definition 1: procurement of microtunnelling projects; Root definition 2: payment of contractors; Root definition 3: management of construction risk; Root definition 4: operation of construction plant; Proposed risk allocation strategy; 4.8 Summary; Chapter 5 Risk and Value Management; 5.1 Introduction; 5.2 Approaches to the management of risk; Informal approach to the management of risk; Formal approach to the management of risk; Qualitative risk assessment; Quantitative risk assessment; 5.3 The standard risk management model5.4 Applying risk and value management; 5.5 Value management processes; Value identification; Value planning; 5.6 Understanding the project risk; Risk identification; Risk analysis; Sensitivity analysis; Scenario analysis; Probability analysis; Probability sensitivity analysis; Probability impact; Priority; Risk evaluation; Economic parameters; Iso-risk curves; 5.7 Applying value and risk management; Identification of options; Analysis of options; Evaluation of the options: the VFM assessment; 5.8 Iteration of the process; 5.9 Summary; References; Chapter 6 Quantitative Methods for Risk Analysis6.1 Sanction; 6.2 Project appraisal and selection; Programme; Risk and uncertainty; 6.3 Project evaluation; Cost-benefit analysis; 6.4 Engineering risks; 6.5 Risk management; Risk reduction; Contingencies; The role of people; 6.6 Probabilistic analysis; Monte Carlo technique; 6.7 Response to risks; 6.8 Successful risk management; 6.9 Principles of contingency fund estimation; Appendix 6.A: Alternative methods of risk analysis; Portfolio theory; Delphi method; Influence diagrams; Decision trees; Latin HyperCube sampling; Chapter 7 The Contribution of Information Technology to Risk Modelling and Simulation
• Sommario/riassunto: 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