INTRODUCTION TO RISK MANAGEMENT FOR CONSTRUCTION PROJECTS. Prof. Reda Abdulaal Vice Presidency for Projects
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1 INTRODUCTION TO RISK MANAGEMENT FOR CONSTRUCTION PROJECTS Prof. Reda Abdulaal Vice Presidency for Projects December 2009
2 Objectives & Outcomes of this Presentation December 2009 Introduction to Risk Managment for Construction Projects 2 Objectives Enrich the participants with: 1- Some definitions related to risk management 2- The project risk management cycle 3- The techniques of project risk identification
3 Objectives & Outcomes of this Seminar December 2009 Introduction to Risk Managment for Construction Projects 3 Outcomes 1- We will agree that identifying & managing project risks are so important 2- We will identify a preliminary list of risks in the construction projects at KAU
4 Stages of Project Risk Management December 2009 Introduction to Risk Managment for Construction Projects 4 Start here Define types of risks Project Risk Management Define probability & frequency of risks Develope risk management policies Rank risks to management priority
5 December 2009 Introduction to Risk Managment for Construction Projects 5 First of all? What do we mean?? Risk Management?
6 What do we mean? December 2009 Introduction to Risk Managment for Construction Projects 6
7 December 2009 Introduction to Risk Managment for Construction Projects 7 If you did You will get! When you see the following caution signs; Give your comments in one word or one statement
8 December 2009 Introduction to Risk Managment for Construction Projects 8 What is Risk? The likelihood (probability) of occurrence of an undesirable event that will have an impact (positive or negative) on objectives A possibility of loss not the loss itself!
9 December 2009 Introduction to Risk Managment for Construction Projects 9 FACT There is no human activity which does not have risks
10 December 2009 Introduction to Risk Managment for Construction Projects 10 What we know so far?? Some definitions Risk Management?
11 December 2009 Introduction to Risk Managment for Construction Projects 11 What do we mean? Risk Management
12 December 2009 Introduction to Risk Managment for Construction Projects 12
13 December 2009 Introduction to Risk Managment for Construction Projects 13 What is Risk Management? Is a systematic method of identifying, analyzing, treating, and monitoring the risks involved in any activity or process. Is to a methodology that minimize the risks of not achieving the objectives.
14 Who is involved in Risk Management? Customer.. Students End-User.. KAU Project Team Manager Contractor Subcontractor Consultants.. ZFP Suppliers Workers December 2009 Introduction to Risk Managment for Construction Projects 14
15 December 2009 Introduction to Risk Managment for Construction Projects 15 FACT Risk management is communication!
16 December 2009 Introduction to Risk Managment for Construction Projects 16 What we know so far?? Some definitions Risk Management
17 What do we mean? December 2009 Introduction to Risk Managment for Construction Projects 17
18 December 2009 Introduction to Risk Managment for Construction Projects 18 What is Project Risk? It is an event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality. What is Project Risk Management? A process that assists project managers in setting priorities, allocating resources and implementing actions that reduce the risk of the project not achieving its objectives.
19 December 2009 Introduction to Risk Managment for Construction Projects 19 Is it important to managing project risks? Research highlights that only one in eight information technology projects can be considered truly successful failure being described as those projects that do not meet the original time, cost and (quality) requirements criteria the cost of project failure across the European Union was 142 billion in
20 December 2009 Introduction to Risk Managment for Construction Projects 20 FACT If you act, manage and report regularly on risks and issues, you will have substantially improved your chances of project success!
21 December 2009 Introduction to Risk Managment for Construction Projects 21 What we know so far? Some definitions Risk Management
22 Cycle of Project Risk Management December 2009 Introduction to Risk Managment for Construction Projects 22 Start here Define types of risks Project Risk Management Define probability & frequency of risks Develop risk management policies Rank risks to management priority
23 Project Risk Management STAGE #1 December 2009 Introduction to Risk Managment for Construction Projects 23 Risk Classification Risk Identification Internal ~ External Project Life Cycle Project Requirements Project participants STAGE #1 Let us take some examples
24 Example 1 December 2009 Introduction to Risk Managment for Construction Projects 24 Project Risks Internal Risks External Risks Owner Designer Contractor Economic Political Natural Delayed payment to contractor Defective design Construction accidents Inflation rate War threats Unexpected inclement weather Unreasonably imposed tight in schedule Deficiency in drawings Poor quality Currency fluctuation Labor sticks Unforeseen site conditions
25 Example 2 Project Risks Owner Contractor Shared Delayed payment on contract Changes in work Lack of scope of work Improper intervention Delays in obtaining site access Labor and equipment availability Productivity of labor & equipment Accidents & Safety Accuracy of work Contractors incompetence War threats Acts of God Financial failure Changes in laws Culture differences December 2009 Introduction to Risk Managment for Construction Projects 25
26 What is after Risk Identification? December 2009 Introduction to Risk Managment for Construction Projects 26
27 December 2009 Introduction to Risk Managment for Construction Projects 27 Risk Assessment (data collection on Probability & Impact) Risk Identification 1 Owner's delayed payment to contractor 2 Owner's unresonably imposed tight schedule 3 Change of design required by owner 4 Lack of work definition by owner 5 Low productivity of labor & equipment 6 Delay of material supply by suppliers 7 Changes in laws and regulation Probability of occurance Magnitude of impact Low Medium High Low Medium High
28 December 2009 Introduction to Risk Managment for Construction Projects 28 Risk Evaluation (data analysis) Risk Control (actions to be taken)
29 So, What is the next step? December 2009 Introduction to Risk Managment for Construction Projects 29
30 Fill out the two risk forms given to you and return them back within two days to the project manager December 2009 Introduction to Risk Managment for Construction Projects 30
31 Risk Form Section #1 December 2009 Introduction to Risk Managment for Construction Projects 31
32 Risk Form Section #2 December 2009 Introduction to Risk Managment for Construction Projects 32
33 THANK YOU Q & A
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