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Assignment example - The quality of risk management in the Civil Engineering
Engineering and Construction
Pages 32 (8032 words)
To any engineer, a statement of “risk” in correlation with a hazard represents the combination of the probability that a hazard will occur and the resulting consequences of that hazard. The possible consequences could range from traumatic injury or death, the cost of rebuilding a structure, the loss of revenue from suspension of economic activity, In addition to environmental damage, and further dangers…
Extract of sample
Facility construction and civil engineering by necessity involves a wide range of risks. International projects — defined in this case as those where the owner and/or contractor originate from a country other than that of where the project is situated — usually require a wider range of issues than purely domestic efforts. There is no doubt that venturing beyond one’s typical business jurisdiction produces many unknowns. Factors concerning owner investment decisions involving international capital facilities can be highly complex and may differ in crucial ways from region to region and between various projects. Contractors are faced with similar challenges when they begin working outside of their country of residency. International projects differ from purely domestic operations in areas such as legal regulations, construction systems/equipment, available technology, and management strategies. The success of a particular venture, and in some cases the viability of the entire organization, can depend upon an understanding of the risks correlating with these projects. ...
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