Risk and Value Management
Journal Title: International Journal of Contemporary Research and Review - Year 2017, Vol 8, Issue 10
Abstract
Effective risk value management in any project or organizationminimizes negative impact and maximizes opportunity from positive impact of internal and external events on outcome cost, quality and time (IRM, 2002). As construction projects typically involve high capital, unique site and build characteristics, a large supply chain and a tight programmed, risk value management can make the main difference between a successful overall outcome or an overall failure to meet client or contractor needs. The CIRIA guide was produced to address the construction industry’s long-suffered “painful consequences of failure to manage risk, exemplified in many major projects by long disputes and out-of-control schedules and cost budgets” by introducing “processes of systematic risk management designed to increase the likelihood of successful project completion.(Godfrey, 1996, p.1)” Effective risk value management involves risk identification, assessment of each risk identified, strategy for responding to the risk and monitoring of status of all risks throughout the lifecycle of the project (Hopkin, 2014). There are strategies and processes which can be implemented to make each part of the cycle as effective as possible
Authors and Affiliations
Bara Zuhair Albuoul
Keywords
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- EP ID EP315876
- DOI 10.15520/ijcrr/2017/8/10/347
- Views 50
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