Risk Management in Projects

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ISBN: 9780415260558 | 0415260558
Cover: Hardcover
Copyright: 2/14/2006

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Project managers and professionals in construction real estate, civil engineering and transport planning need to base their decisions on realistic information. For this they require a sound understanding of risk and of peoples' attitudes towards it. The focus of the second edition of John Raftery's successful textRisk Analysis in Project Management has been expanded to encompass the entire risk management process and to provide a fuller presentation of how risk is perceived by the general public. This new material is covered in two new chapters on risk identification and risk response and by a complete reorganization of the chapters on risk analysis. The style is still very straightforward and easy to read, but there is an increased attention to the theory underlying the principles, and an expanded bibliography is given to guide an exploration of the subject in greater detail. Risk management is demystified by presenting the subject in simple and practical terms, free of technicaljargon. Case studies are used extensively to illustrate the concepts discussed.

List of tables

List of figures

Foreword

xiii

Preface

Acknowledgments

xvii

1 Risk and uncertainty in projects

(31)

1.1 Introduction

(5)

1.2 Background – A new era of risk

1.3 Risk in the construction process

(2)

1.4 Risk management terminology

(8)

1.4.1 Risk

(1)

1.4.2 Risk and uncertainty

(1)

1.4.3 Probability and consequence

(1)

1.4.4 Probability and imminence

(1)

1.4.5 Risk and opportunity

(2)

1.4.6 Objectives

(1)

1.4.7 Responsibilities - involuntary risks

(1)

1.5 Risk management maturity

(5)

1.5.1 Characteristics of risk-immature organisations

(2)

1.5.2 Risk-mature organisations

(3)

1.6 Diagnosing risk management maturity

(2)

1.7 The increasing importance of community consultation and managing risk perceptions

(1)

1.8 Contemporary debates in risk management

(5)

1.8.1 Rationality and risk quantification

(4)

1.8.2 The risks of rationality and risk quantification

(1)

1.9 The risk and opportunity management process

(2)

1.10 Conclusion

(1)

2 Risk and opportunity identification

(53)

2.1 Introduction

(1)

2.2 The role of contracts in risk and opportunity identification

(1)

2.3 Understanding your objectives

(10)

2.3.1 Obtaining organisational commitment

(1)

2.3.2 Conducting stakeholder analysis

(2)

2.3.3 Consulting stakeholders

(4)

2.3.4 Identifying and ranking stakeholder objectives

(2)

2.3.5 Identifying key performance indicators (KPIs)

(1)

2.4 Risk identification techniques

(1)

2.5 Proactive risk identification techniques

(19)

2.5.1 Employing and using creative people

(1)

2.5.2 Creativity training

(1)

2.5.3 Organisational characteristics

(3)

2.5.4 Idea elicitation techniques

(14)

2.6 Reactive risk identification techniques

(2)

2.6.1 Risk inspections

(1)

2.6.2 Bug listing

(1)

2.6.3 Risk review meetings

(1)

2.6.4 Industry information

(1)

2.6.5 Automatic sensors

(1)

2.6.6 Incident investigations

(1)

2.6.7 Performance appraisals

(1)

2.7 Conclusion

(1)

2.8 Case study — Risk in joint ventures

(5)

2.8.1 Project history and scope

(1)

2.8.2 Project stakeholders

(1)

2.8.3 Establishing a risk identification team

(1)

2.8.4 Organisation

(2)

2.8.5 The risk identification process

(1)

2.8.6 Conclusion

(1)

2.9 Case study — Responding to a bomb threat

(15)

2.9.1 Background

(1)

2.9.2 Stakeholder analysis

(1)

2.9.3 Risk identification

(3)

2.9.4 Risk analysis

(9)

2.9.5 Risk control

(1)

2.9.6 Conclusion

(1)

3 Risk and opportunity analysis

(48)

3.1 Introduction

(1)

3.2 Quantitative risk analysis

(33)

3.2.1 Probability

(4)

3.2.2 Expected monetary value

(1)

3.2.3 Risk attitude

(4)

3.2.4 Measuring risk exposure – Quantitative risk analysis techniques

(20)

3.2.5 Risk management software

115

(4)

3.3 Quantitative versus qualitative risk analysis

119

(1)

3.4 Qualitative risk analysis

120

(4)

3.5 Semi-quantitative risk analysis

124

(2)

3.6 Conclusion

126

(1)

3.7 South China land reclamation

126

(3)

3.7.1 Project scope

127

(1)

3.7.2 Analysis

128

(1)

3.8 A bridge over the Thames

129

(4)

4 Perceptions of risk

133

(22)

4.1 Introduction

133

(1)

4.2 The psychology on risk

134

(1)

4.3 Personal and reporting bias

134

(15)

4.3.1 Personal bias

135

(11)

4.3.2 Reporting bias

146

(3)

4.4 Eliminating personal and reporting bias

149

(1)

4.5 Conclusion

150

(2)

4.6 Saying what you think

152

(3)

5 Risk response, crisis management and recovery

155

(43)

5.1 Introduction

155

(1)

5.2 To do nothing

155

(2)

5.3 To do something

157

(20)

5.3.1 Risk avoidance

157

(1)

5.3.2 Risk reduction and elimination

157

(1)

5.3.3 Dealing with residual risks

158

(5)

5.3.4 Mechanisms for sharing risks

163

(14)

5.4 implementing, monitoring and reviewing risk and opportunity responses

177

(2)

5.4.1 Implementation

177

(1)

5.4.2 Monitoring

178

(1)

5.4.3 Risk reviews

179

(1)

5.4.4 Learning

179

(1)

5.5 Crisis management

179

(8)

5.5.1 Crisis management planning

180

(1)

5.5.2 Disaster committees

181

(1)

5.5.3 Conducting crisis audits and creating crisis portfolios

181

(1)

5.5.4 Establishing monitoring systems and standard operating procedures

181

(1)

5.5.5 Creating a command centre

182

(1)

5.5.6 Security

182

(1)

5.5.7 Developing a culture of collective responsibility

183

(1)

5.5.8 Public relations

184

(1)

5.5.9 The media

184

(1)

5.5.10 Training

185

(1)

5.5.11 Post-crisis management

186

(1)

5.6 Recovery – Business continuity management (BCM)

187

(2)

5.7 Conclusion

189

(1)

5.8 The Sydney Airport rail link

189

(9)

5.8.1 Introduction

189

(1)

5.8.2 Project summary

190

(1)

5.8.3 Project benefits

190

(1)

5.8.4 Project history and organisation

191

(1)

5.8.5 Financing

192

(1)

5.8.6 The allocation of risks

193

(1)

5.8.7 The allocation of benefits

193

(1)

5.8.8 Conclusion

193

(5)

6 Developing and implementing a successful risk and opportunity management system

198

(38)

6.1 Introduction

198

(1)

6.2 The informal approach

198

(1)

6.3 The formal approach

198

(9)

6.3.1 Creating and communicating a risk and opportunity management policy

199

(1)

6.3.2 Creating and implementing a risk and opportunity management system

200

(6)

6.3.3 Building a risk and opportunity management ethic into corporate culture

206

(1)

6.4 Conclusion – The risks of risk management

207

(1)

6.5 Multiplex Facilities Management's new Risk and Opportunity Management System (ROMS)

208

(28)

6.5.1 The start of MFM's journey

209

(1)

6.5.2 Auditing MFM's existing approach to risk and opportunity management

210

(2)

6.5.3 Clarifying objectives

212

(1)

6.5.4 A risk and opportunity management policy

213

(1)

6.5.5 Establishing a unique approach to risk and opportunity management

213

(10)

6.5.6 The end result

223

(2)

6.5.7 Implementing the ROMS

225

(4)

6.5.8 Training

229

(2)

6.5.9 ROMS audits

231

(1)

6.5.10 Support structure

231

(1)

6.5.11 The benefits of the system

232

(2)

6.5.12 Conclusion

234

(2)

Appendix A Risk management maturity level checklist

236

(6)

Appendix B A checklist of common risks and opportunities in construction projects

242

(6)

References

248

(7)

Index

255

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Risk Management in Projects

Summary

Table of Contents

Supplemental Materials