Managing Risk in Construction Projects

• Autore: Smith Nigel J
• Pubblicazione: Hoboken : , : John Wiley & Sons, Incorporated, , 2014; ©2014
• Edizione: 3rd ed.
• Descrizione fisica: 1 online resource (254 pages)
• Disciplina: 690/.22
• Soggetto topico: Building -- Superintendence; Building -- Safety measures; Construction industry -- Management; Risk assessment
• Soggetto genere / forma: Electronic books.
• Altri autori: MernaTony JoblingPaul
• 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 process -- 3.4 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 model -- 5.4 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 Analysis -- 6.1 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 -- 7.1 Purpose of RMS -- 7.2 When to use RMS -- 7.3 Requirements of the analyst -- 7.4 Modelling and simulation -- 7.5 Modelling using RMS -- 7.6 Data management -- 7.7 Analytical mechanisms -- 7.8 Classification of RMS -- 7.9 Selection of RMS -- 7.10 Modelling a project for risk management -- Advantages -- Limitations -- 7.11 Data requirements for realistic modelling -- Inflation rate -- Interest rate -- Discount rate -- Exchange rate -- 7.12 Choice of variable distribution -- 7.13 Case study -- Modelling -- Risk variables. ; 7.14 Case study simulations -- Discount rate -- Inflation rate -- Finance charge -- Sensitivity analysis -- Probability analysis -- Sanction risks -- Commissioning risks -- 7.15 Analysis of the result -- Discount rate -- Inflation rate -- Finance charge -- Sensitivity analyses -- Sanction risks -- Commissioning risks -- Probability analyses -- Sanction risks -- Commissioning risks -- 7.16 Discussion of findings -- 7.17 Summary -- Chapter 8 Risk Allocation in the Contracting and Procurement Cycle -- 8.1 Typical contracting and procurement processes -- 8.2 Value planning case study -- 8.3 Known and unknown risks in contracts -- 8.4 Risk allocation strategies -- Conventional approach -- Cost-based reimbursable approach -- Management contracting approach -- Fast-track approach -- Turnkey / package deal approach -- Framework agreements -- Partnering -- Alliances -- 8.5 Risk allocation according to payment mechanism -- Lump sum or fixed price -- Admeasure -- Cost reimbursable and target cost -- 8.6 Contract award -- 8.7 Summary -- Reference -- Chapter 9 Managing Financial Risks in Major Construction and PFI / PPP Projects -- 9.1 Project financing -- 9.2 Types of finance -- 9.3 Appraisal and validity of financing projects -- 9.4 Typical financial risks -- 9.5 Promoter -- Promoter-lender: debt financing contract -- Promoter-investor: equity financing contract -- 9.6 Financial risk in concession contracts -- 9.7 Global and elemental risks in concession contracts -- Global risks and elemental risks -- 9.8 Summary -- Chapter 10 Risks in International Construction Project Joint Ventures -- 10.1 Background -- 10.2 Concept of joint venture -- 10.3 Motives for joint venture formation -- 10.4 Assessing joint venture success -- Critical success factor influencing joint ventures -- Evaluating joint venture success -- 10.5 Case study -- Country risk assessment. ; Contract with client -- Party risks -- JV risk assessment -- Due diligence -- 10.6 Summary -- Acknowledgement -- References -- Chapter 11 Risk Management at Corporate, Strategic Business Unit and Project Levels -- 11.1 Risk in organisations -- 11.2 Risk management -- 11.3 The risk management process -- 11.4 Benefits of risk management -- 11.5 Recognising risks -- 11.6 Why risk management is used -- 11.7 Risk management actions at different levels -- 11.8 Summary -- References -- Chapter 12 Case Studies -- 12.1 Introduction -- 12.2 Heavy lift vessel design and fabrication programme risk assessment -- Introduction -- Main objective -- Project key data -- Project duration -- Limitations -- 12.3 Risk identification -- Risk analysis -- The schedule -- Conclusion -- 12.4 High Speed 1 -- 12.5 Brief history of HS1 -- Programme and constraints -- 12.6 The risk management process -- Risk identification -- Project-wide risks -- Advanced and enabling works -- St Pancras terminus -- Tunnels -- Route sections (excluding tunnels) -- Intermediate stations -- Mechanical and electrical equipment, including signaling -- 12.7 Risk assessment, analysis and response -- The procurement strategy -- Risk modelling -- Programme risk models -- The cost model -- 12.8 Summary of the preliminary schedule risk analysis results -- The final cost model -- Chapter 13 Risk Management in a Multi-Project Environment -- 13.1 Introduction -- 13.2 Drivers for the multi-project approach to project delivery -- 13.3 A conceptual model of the multi-project environment -- 13.4 Risks that are unique to or amplified in multi-project environments -- 13.5 The change in mindset required to manage risk in multi-project environments -- 13.6 Summary -- References -- Further reading -- Chapter 14 Key Issues and Guidance in Practical Risk Management -- 14.1 Decision making. ; 14.2 Preparation for risk management -- 14.3 Risk management process -- Identification -- Risk analysis -- Risk outputs -- 14.4 Models -- 14.5 Uncertainty -- 14.6 Socio-technical approach to risk -- 14.7 Summary -- References -- Index.
• 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 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.
• Titolo autorizzato: Managing Risk in Construction Projects
• ISBN: 9781118347218; 9781118347232
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910823093303321
• Lo trovi qui: Univ. Federico II