Professional Documents
Culture Documents
466
R. Richardson
Engineering construction
risks: a guide to project risk
analysis and risk management
Edited by Peter Thompson and
John Perry,
SERC, London, 1992 56 pages,
17 ISBN: 072 77 166 54
Engineers constantly, but more often
than not unknowingly, make decisions
which affect the safety of society at large,
the environment, and the quality and
cost of the products used or enjoyed by
society. For many reasons, these decisions are not always made with proper
and rigorous scientific analysis. However, one of the main reasons for haphazard decision making is lack of knowledge of the topic of risk and of the
available methods of analysis.
Engineering construction risks is therefore a timely and a very welcome publication which provides insight into part of
that vast topic as it deals with how risk
analysis and risk management may be
used to improve the financial success of
engineering construction projects. It is an
excellent and essential guide for all engineers involved in all branches of the
construction industry but with specific
implications for project clients and project managers. Supported by the Science
and Engineering Research Council
(SERC), it is written in the form of a
report which provides the results of five
years of studies with the construction
industry.
The report, which is published in an
A4 format, is edited by two distinguished
educationalists who have extensive industrial experience. This is evident from
its style of writing and its structure as
well as the standard of the illustrations
presented. It consists of an introduction
followed by main conclusions and nine
short chapters with two appendices. The
main conclusions serve as an executive
summary in 17 clear and precise statements of the state-of-the-art of the topic
of risk. Each of these statements is referenced to one or more of the nine chapters
of the report where more details are
provided to those readers who have the
time or the interest to continue reading.
The nine chapters deal with risk analysis, risk management and its role, the
application of risk analysis and management to projects, qualitative techniques,
estimating, contract strategy, dealing
with risk in contracts, and tenders. Unfortunately, however, all the chapters are
too short to be considered in themselves
as anything other than an executive summary of the available knowledge on the
subject. Chapters 8 and 9 are only one
page each.
The editors define their aim in producing the report as: 'to increase awareness
of this vital issue (risks of projects)
among the industry and its clients, in
both the public and private sectors'.
Whilst it is true that the report does
achieve that aim, it leaves the reader
hungry for more information which, as
referenced, is not easy for the nonacademic reader to obtain.
The report refers to enumerable publications (83 references were provided)
which whilst very useful for the researcher or the academic, there is no easy
direction to follow for the practicing engineer, the busy client or the overwhelmed project manager. This is
perhaps due to the lack of availability of
a single source or a small number of
comprehensive sources. For example, the
important topic of changes in project size
and design which is one of the major
financial risks in construction projects is
allocated just over one page. It is introduced with the remark that 'Ideally design should be complete and final, and a
plan for project execution should be
agreed before the decision to sanction a
In all circumstances, however, this report is destined and deserves to be regarded as an authoritative guideline and
a starting point on the topic of financial
risks in the field of engineering construction projects.
N. G. Bunni
Erratum
Definitions of static eccentricity for design of asymmetric shear buildings
W. Jiang, G.L. Hutchinson and A.M. Chandler
Engineering Structures Volume 15 Number 3 (1993)
N
~=1 Kx='
~ Pxk('yj
eyj)/Koj
k=j