Professional Documents
Culture Documents
What is a Risk?
Unknown
Unexpected
endeavor
Risk
action
Undesirable
Unpredictable
Enshassi and Mosa( Palestine )
Client
Supplier
Environmental Factors
Contracto
r
Social Factors
Architect Quantity
Survey
Engineer Project
Manager
Inspector`
Political Factors
Risk Planning
Risk Assessment
Risk Identification
Risk Analysis
Risk Handling
Risk Monitoring
Common Practice
Objective sources
Subjective sources
Delphi Method
Information
to Judge the probability
of Occurrence, if risk occurs
Experience
Expert judgments
Cost evaluation
Schedule Evaluation
High Risk
Moderate Risk
Low Risk
RISK
RESPONSE
Risk response/handling is a process
that identifies, evaluates, selects and
implements options in order to set
the risk at the acceptable level.
The critical part of risk response
involves refining and selecting the
most appropriate handling option(s).
Can the option be feasibly
implemented?
What is effectiveness of handling
option?
Is the option affordable?
Is the time available?
It includes:
# Risk Assumption
# Risk Avoidance
# Risk Control
# Risk Transfer
Risk assumption (i.e. retention) is an
acknowledgment of the existence of
a particularly risky situation and a
conscious decision to accept the
associated level of risk without
engaging in any special efforts to
control it.
It is suitable for the low risks.
Risk avoidance involves a change in
the concepts, requirements,
specifications and/or practices to
reduce risk to an acceptable level.
It eliminates the sources of high risk
and replaces them with a low risk
solution.
Risk control is an attempt to reduce,
mitigate the risk.
It manages the risk in a manner that
reduces the likelihood and
consequence of its occurrence.
Risk transfer includes sharing of the
risk or entire transfer of the risk.
Examples of risk transfer includes
the use of insurance, warranties,
bonding (e.g. performance bonds,
payment bonds).
RISK MONITORING
Riskmonitoring is the process that
systematically tracks and evaluates
the performance of risk handling
actions against established metrics
throughout the acquisition process.
Thekey to the risk monitoring
process is to establish a cost,
performance and schedule
management indicator system over
the program/activity that can be
used to evaluate the status of the
program/activity.
Selection of topic.
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Literature Review.
↓
Research Technique
↓
Design Of Questionnaire
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Data Collection & Analysis
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Conclusion and suggestions
1. Contractors’ perception about risk
2.
Risk management program and
procedures
30%
70%
Figure
Project risk management efforts should
typically begin
20%
20%
Conceptual planning
Conceptual design
Detailed design
10%
Construction
30%
lack
of awareness of the utility and
benefits of risk management
All
Parties agree that a major
proportion of project risks evolves
during project development stage
(especially during detailed design
phase)
Multan’s Construction Industry lack
risk related policies and
management support
Training
workshop, and lectures
need to be conducted
Industry
must flow the Technical
problems to the Institutions .