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The quality of risk management in the Civil Engineering - Assignment Example
Engineering and Construction
Pages 28 (7028 words)
The purpose of this research is to investigate the following: advice for risk analysis, dimensions of risk, risk versus threat, risk registers, buffers and floaters, critical path, contractural responsibilities, risk and project phases: avoidance, acceptance, control and deflection…
The paper tells that 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. To be specific, a hazard can be defined as a set of conditions with the potential to cause adverse or undesirable events. In any case, the safety issue has to be addressed either by the soundness and safety of the design, or by directed measures taken in advance to minimize dangers. 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. ...
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