General Flashcards
In you initial cost estimate how much contingency did you hold? (LTH)
This was at 10% and was advised based on a risk register which was compiled by myself following a risk workshop with the design team. We looked at the risk list of NRM1 and explored which risks were relevant to the project. The risks amounted to 5% of the contract value.
What is a risk?
Risk is an uncertain future event which would have an effect on the achievement of one or more project objectives.
What is risk management?
Proactive exercise designed to enable the identification, analysis and effective on-going management responding to risks.
A process of identifying, assessing and responding to risks associated with the delivery of an objective such as a construction project.
Talk me through how you manage risk on your projec
Risk management workshops where I fill in risk registers and these are monitored and updated at monthly intervals in order to mitigate the risks.
What are the key stages of Risk Management?
1) Identify
2) Assess/Analyse
3 )Respond
4) Monitor and control
Did you have a risk register on your project? How was it formulated?
This was a document formed following a risk workshop with the project team. Each risks nature was explained qualitatively and quantitatively. This included the probability, impact, mitigation and risk owner of each risk.
How would you go about pricing a risk register?
One example would be LTH vibration measures, where the risk was identified, I wold then work with the strcutural engineer to understand the impact of the risk, and what might be required to mitigate, after receiving that info, I went to a subcontractor that could give me an early estimation of cost impact.
What types of risks would you find under employers risks?
Funds
Planning refusal
Force majeure
What type of risks would you find under employer’s change?
Specific changes in requirements (i.e. in scope of works or project brief during design, pre-construction and construction stages).
Changes in quality (i.e. specification of materials and workmanship).
What is a risk register?
A tool used in risk management to identify potential risks in a project
The register includes all information about each identified risk, such as nature of the risk, level of the risk, who owns it and what are the mitigation measures in place to respond to it
What approaches can you use to identify risks?
1) Research - similar projects / neighbouring sites
2) Structured interviews / questionnaires - with the project team
3) Checklists / Prompt lists
4) Brainstorming in a workshop environment
5) Risk Register
6) Database of historic risk
What is the aim of risk analysis?
It is concerned with trying to achieve a better understanding of the nature of the identified risks.
Risks have two dimensions that need to be analysed:
Probability - likelihood of the risk occurring
Impact - if the risk did occur, what effect could it have on the project objectives?
This allows you to determine which of the identified risks require detailed consideration (high probability with high impact) verses which only need a cursory glance.
What is Monte Carlo Simulation?
A quantitative risk analysis method, where it is used to model the probability of different outcomes in a process that cannot be easily predicted due to the intervention of random variables
Can you name a risk on one of your projects
Yes
1) West Ham Bus Garage, pre contract risk was not meeting the 22nd September 2023 date, impact would be at least 25k a week and probability at the time was likely.
2) LTH - Risk of requiring vibration isolation measures to substructure due to being next to tube line
3) 31BHS risk of existing raised access floor needing to be replaced due to it being in a bad state
Can you tell me what you have included in a risk register?
Risk ID
Risk Title
Risk Description
Probability Risk Rating - On a scale of 1-10
Severity Risk Rating - On a scale of 1-10
Total Risk Score - Out of 40
Risk Mitigation Strategy
Total Risk Score post mitigation - Out of 40
Total Cost of Risk post mitigation
Risk Owner
