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Members
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What is a Risk?What is a Risk?
Risk
Unknown
Unexpected
Undesirable
Unpredictable
endeavor
action
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Enshassi and Mosa( Palestine )
Tauha Ali ( Pakistan)
SCOTT BAKER ( UK)
Syed M. Ahmed ( Florida)
Anna Klemetti ( Finland)
Rizwan A. Farooqi (Pakistan)
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Risks in ConstructionRisks in Construction
Contractor
Supplier
Project
ManagerEngineer
Architect
Client
QuantitySurvey
Inspector`
SocialFactor s
Political Factors
Economic Factors
E
nviron
mental
Fact o
rs
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Risk Planning
Risk Assessment
Risk Identification Risk Analysis
Risk Handling
Risk Monitoring
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Common PracticeObjective sources
Subjective sources
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Delphi Method
Nominal Group technique
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Study of the Identified Risks
Information to Judge the probabilityof Occurrence, if risk occurs
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Experience
Data from Relevant lessonsExpert judgments
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Cost evaluation
Schedule Evaluation
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High Risk
Moderate RiskLow Risk
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RISK
RESPONSE
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Risk response/handling is a processthat identifies, evaluates, selects and
implements options in order to setthe risk at the acceptable level.The critical part of risk response
involves refining and selecting the
most appropriate handling option(s).
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Can the option be feasiblyimplemented?
What is effectiveness of handlingoption? Is the option affordable? Is the time available?
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It includes:# Risk Assumption
# Risk Avoidance# Risk Control# Risk Transfer
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Risk assumption (i.e. retention) is anacknowledgment of the existence of
a particularly risky situation and aconscious decision to accept theassociated level of risk withoutengaging in any special efforts to
control it. It is suitable for the low risks.
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Risk avoidance involves a change inthe concepts, requirements,
specifications and/or practices toreduce risk to an acceptable level. It eliminates the sources of high risk
and replaces them with a low risk
solution.
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Risk control is an attempt to reduce,mitigate the risk.
It manages the risk in a manner thatreduces the likelihood andconsequence of its occurrence.
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Risk transfer includes sharing of therisk or entire transfer of the risk.
Examples of risk transfer includesthe use of insurance, warranties,bonding (e.g. performance bonds,payment bonds).
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RISK MONITORING
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Risk monitoring is the process thatsystematically tracks and evaluatesthe performance of risk handlingactions against established metricsthroughout the acquisition process.
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The key to the risk monitoringprocess is to establish a cost,
performance and schedulemanagement indicator system overthe program/activity that can beused to evaluate the status of theprogram/activity.
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Selection of topic
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Selection of topic.
Literature Review.
Research Technique
Design Of Questionnaire
Data Collection & Analysis
Conclusion and suggestions
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1. Contractors perception about risk
2. Risk management program and
procedures
3. Risk identification process
4. Risk assessment process
5. Risk response strategies,
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Awareness Level In Construction Industry
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yMultan
70%
30%
Figure
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Projectriskmanagementeffortsshou
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20%
10%
30%
20%
Project risk management efforts shoutypically begin
Conceptual plannin
Conceptual design
Detailed design
Construction
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Multans Construction Industry lackrisk related policies andmanagement support
Due to absence of risk managementsystems in the industry, most
contractors are either risk averse orrisk neutral.
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Most of the Contractors do not usuallyhave a defined risk response strategyand hence responded invariably.
Educational level is low
No Workshops, No Training Programs
have ever been conducted in Industry
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No Relation between the Industryand Institutions
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Generate awareness, educateproject staff and change attitude.
Develop and document approach torisk management to projects.
Prepare project risk managementplans for all levels of work.
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Promote staff participation andcontribution by pre-task meetingsand initiate brainstorming sessions.
Training workshop, and lecturesneed to be conducted
Industry must flow the Technicalproblems to the Institutions .
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