Managing risk in construction projects / Nigel J. Smith, Tony Merna, Paul Jobling.

Includes bibliographical references and index.

Machine generated contents note: 1.1. Construction projects -- 1.2. Decision making -- 1.3. Risk management strategy -- 1.4. Project planning -- 1.5. Summary -- 2.1. Projects -- 2.2. The project constitution -- 2.3. Project organisation -- 2.4. Project phases -- 2.5. Effect of project phase on risk -- 2.6. Project appraisal -- 2.7. Summary -- 3.1. Risk management [2014] context -- 3.2. Risk management [2014] organisations -- 3.3. The risk management process -- 3.4. Some guidelines to the risk management process -- 3.5. The risk workshop -- 3.6. Communication -- 3.7. Summary -- Reference -- 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 -- 4.8. Summary -- 5.1. Introduction -- 5.2. Approaches to the management of risk -- 5.3. The standard risk management model -- 5.4. Applying risk and value management -- 5.5. Value management processes -- 5.6. Understanding the project risk -- 5.7. Applying value and risk management -- 5.8. Iteration of the process -- 5.9. Summary -- References -- 6.1. Sanction -- 6.2. Project appraisal and selection -- 6.3. Project evaluation -- 6.4. Engineering risks -- 6.5. Risk management -- 6.6. Probabilistic analysis -- 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 -- 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 -- 7.11. Data requirements for realistic modelling -- 7.12. Choice of variable distribution -- 7.13. Case study -- 7.14. Case study simulations -- 7.15. Analysis of the result -- 7.16. Discussion of findings -- 7.17. Summary -- 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 -- 8.5. Risk allocation according to payment mechanism -- 8.6. Contract award -- 8.7. Summary -- Reference -- 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 -- 9.6. Financial risk in concession contracts -- 9.7. Global and elemental risks in concession contracts -- 9.8. Summary -- 10.1. Background -- 10.2. Concept of joint venture -- 10.3. Motives for joint venture formation -- 10.4. Assessing joint venture success -- 10.5. Case study -- 10.6. Summary -- Acknowledgement -- References -- 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 -- 12.1. Introduction -- 12.2. Heavy lift vessel design and fabrication programme risk assessment -- 12.3. Risk identification -- 12.4. High Speed 1 -- 12.5. Brief history of HS1 -- 12.6. The risk management process -- 12.7. Risk assessment, analysis and response -- 12.8. Summary of the preliminary schedule risk analysis results -- 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 -- 14.1. Decision making -- 14.2. Preparation for risk management -- 14.3. Risk management process -- 14.4. Models -- 14.5. Uncertainty -- 14.6. Socio-technical approach to risk -- 14.7. Summary -- References.

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.