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Building Construction Economics > Construction Risk Management > Flashcards

Construction Risk Management Flashcards

1
Q

What are the 8 distinct phases of the Phyrr Pyramid

A

Ground Floor (Inception)
Loan Commitment
Interim Stage
Tenancy

Absorption
Maturing Process
Aging Process
Demise

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2
Q

Elements of the interim stage

A

Design and construction commence

Consequences for the life of the building

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3
Q

What does risk management require

A

Accurate Data

Adequate resources

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4
Q

What is risk management

A

Risk management is the process of systematically identifying an organisations risks and analylsing them in terms of their likely and potential consequences in order to make informed decsions

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5
Q

What are the 7 types of project risk

A 
Financial 
Physical 
Contractual 
Perceptual 
Statutory 
Managerial 
Time Delays
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6
Q

What is the structured approach to risk management

A

Analyse potential risk
Devise repose (prevent, transfer, mitigate, accept)
Implement response

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7
Q

What is the risk management process

A 
Familiarization 
Analysis 
Response
Report
Implement
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8
Q

What is involved in the familiarization element of risk management process

A

Nature of project and objectives
Stakeholder requirements
Success criteria
Major project elements

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9
Q

What is involved in the analysis element of risk management process

A

Identify (List factors)
Assess (likelihood, consequences)
Rank (matrix or scoring)

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10
Q

What is involved in the response element of risk management process

A

Prevent
Mitigate
Transfer
Accept

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11
Q

What is involved in the report element of risk management process

A

Document

Plan

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12
Q

What are the 8 risk management constraints

A 
Invincibility 
Fear
Over caution 
Paralysis by analysis 
Negativity 
Resources
Continuity 
Culture
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13
Q

What are some objective (hard) Key Performance Indicators

A 
OH & S 
Quality Training
Productivity
Asset Performance
Industrial Relations 
Environmental 
Time
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14
Q

What are some subjective (soft) Key Performance Indicators

A 
Quality of service providers management
Owner/Customer satisfaction
Level of innovation 
Commitment & responsiveness of provider
Communication
Change of culture
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15
Q

What are construction safety plans

A 
Principal contractor must prepare CSP before construction work starts. 
Must state: 
Address
Name and address of principal contractor
ABN
WHS Committee
Start date 
Duration 
Type of construction 
Rules
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16
Q

When is a work method statement required

A 
High risk activities such as:
Entering a trench over 1.5m
Explosives
Confined Space
Hazardous Substance
Falling hazards

Building Construction Economics (10 decks)

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