Slide 3_Arpita

Construction Risks and Management By Arpita Ghosh For class Con: 589 Construction Co Financial Control

What is a Risk? ,[object Object],[object Object],[object Object],[object Object]

Project management Objective: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

An example of a project disaster: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

If risks are ignored: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ Dave determined to go green by using only solar powered tools, will hereafter check weather reports before making bids”

Some typical examples: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Classification: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How to deal with a risk? ,[object Object],[object Object],[object Object],[object Object]

Proactive risk management: ,[object Object]

Three Golden Rules: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Some facts: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tools of risk management: X Insurance X X X X X Contingency Funds X X Warranties X Retainage Accounts X Performance Bonds X X X Liquidated Damages Force Majure Hidden Defects Contractor Payment Defaults Start Up and Testing Problems Delay Cost Overruns Instruments

Summary: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ We’ve considered every potential risk except the risks of avoiding all risks”

Damages: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Tools to mitigate damages: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Non Payment: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Contractor Default: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Learning points 1: ,[object Object],[object Object],[object Object],“ Your credit rating is a bit low but we can still offer you a loan. Do you have problem with being fitted an electronic ankle bracelet”

Learning points 2: ,[object Object],[object Object],[object Object],“ There’s really no need for confusion. Part 95 of section 303 ‘ What the contract says goes into the front porch’ quite clearly states…”

Construction Risks and Management In Best Value Concepts

The Theory ,[object Object],[object Object],[object Object],Initial conditions Final conditions Time Laws Laws

Sources of risks 1 : ,[object Object],[object Object],[object Object],[object Object]

Sources of risks 2 : ,[object Object],[object Object],[object Object]

Risk Management 1: ,[object Object],[object Object],[object Object],[object Object]

Risk Management 2: ,[object Object],[object Object],[object Object]

Risk Management Tools 1: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Risk Management Tools 2: ,[object Object],[object Object],[object Object],[object Object]

Slide 3_Arpita

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