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19 Cards in this Set
- Front
- Back
What is risk defined as? |
An uncertain event should it occur will have an effect on the achievement of the project objectives measured in terms of likelihood (probability) and consequence (impact) |
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How do you carry out risk analysis and risk management? |
Produce a risk register. |
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What is a risk register? |
A schedule and record of risks rated by probability and impact giving a predicted consequence score; mitigation activities and risk owners are also assigned
Also note NRM1 section 13 |
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How do you use the risk register? |
Continually monitor risk items identified in initial risk register and make it a working document to identify project risks for the remainder of the project.
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What is Monte Carlo simulation? |
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What is risk management? |
A process for identifying, assessing and responding to risks associated with delivery of an objective such as a construction project. Establishes a set of procedures by which risks are managed. |
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Can you expand on the Identify, Assess, Respond? |
IDENTIFICATION: Takes place after the project and its objectives have been well defined. A risk cannot be effectively managed before it has been identified! Should be done as early as possible. |
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What is a risk register? |
A document listing all the risks identified for the project, explaining the nature of each risk qualitatively and quantitatively. |
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What is a “Risk Event”? |
An event that can be predicted to at least some degree, generally based on historical data or experience and making a decision according to the probability of a particular event occurring. |
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What is an uncertain/ unforeseen event? |
A random event that defies prediction. |
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Why is risk management needed in construction? |
Projects are typically complex, all have time, cost and quality targets which must be met. |
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What is the purpose of risk management? |
Risk events can be managed, uncertain events cannot. Fundamental rule of risk is to reduce uncertainties to a minimum. If you manage the risks, by default you have managed the project. |
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What are the stages of Risk Management? |
IDENTIFY |
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What approaches can you use to identify risks? |
Assumption analysis: previous experience categorised, lists, brainstorming, Delphi techniques (Design team, client, contractor individually identify risks prob/ impact in questionnaires, info collected and reported against) NRM1 section 13 |
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Can you give me some examples of risk in a construction project? |
NOTE: Major risks should be considered during the design and procurement stage: |
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What is a risk management strategy? |
Avoid: action needs to be taken to ensure risk does not occur. E.g. remove or alternative solution considered- different design, method |
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What is Risk Allocation? |
Risks should be allocated to those best able to manage it, in a manner likely to optimise project performance. Financial allocation of risk should be done through the contract documents.
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How do you report/ monitor risks? |
Using a risk register: Risks are logged, tracked through the life of the project. |
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What are the benefits of risk management? |
Increased confidence in achieving project objectives and success |