Risk Flashcards
What potential risks might there be - what are the categories of risk?
Risks: design changes, ground conditions, supply disruptions, regulations
Categories: technical, financial, legal, environmental, operational
Require specific mitigation strategies
NRM: Design development risks; Construction risks; Employer change risks; Employer other risks
What is risk management?
Identify, assess, and mitigate threats or uncertainties
Ensure project objectives, schedule, cost, and quality
Minimize negative impacts, maximize opportunities
Ensure project success, stakeholder satisfaction
How are risks managed throughout the project?
Implement proactive measures
Identify, assess, and mitigate risks
Develop mitigation strategies
Monitor, control risks through regular reviews
Communicate effectively with stakeholders
What are risk workshops and risk registers?
Collaborative sessions - risk workshops
Identify, assess, prioritize risks
Record risks in risk registers
Document likelihood, impact, mitigation strategies
Facilitate ongoing risk management, communication
Who is a ‘risk owner’?
Oversees specific project risks
Accountable for risk management
Implements control measures
Communicates with stakeholders
Monitors risk status and potential impacts
What is the Monte Carlo Simulation method?
Probabilistic technique for uncertainty
Based on input variables
Calculates probabilities and distributions
Repeated 1000 times
How does traditional procurement allocate risk differently to design and build?
Traditional procurement: client manages design and construction contracts
Design and build: contractor handles both, offering single-point accountability
Reduces client’s risk exposure
How did you ‘apportion costs as necessary’ in relation to roof replacement during estimating? (Firemen’s)
Decanting residents: not contract cost, but client advised to make allowance
Roof replacement risk: estimated costs accounted for
Final costs presented with and without risk, highlighting roof replacement risk
How did you go about reducing the scope of works and contingency allowances accordingly? (Firemen’s)
Took out the costs for roof replacement; contingency; for remaining risks I retained - % retained but costs lower as result.
Why is managing residents an operational risk? (HCW)
Address access issues promptly
Resolve service failures swiftly
Avoid hindering or stalling operations
Minimize productivity losses and client dissatisfaction
Manage costs and time efficiently throughout
How did you prepare for the interview - did you have questions prepared? (HCW)
A few yes - So, the questions reflecting the tender questions and their submitted answers - seeking further details/clarifications.
Was there a conflict of interest if you were also doing the quantitative anlaysis? (HCW)
Recorded [only] post-tender interview scores
Avoided scoring to prevent conflict
Quality and price submissions kept separate
Client handled quality assessment
Segregated teams to maintain confidentiality
What sort of strategies for managing these risk were proposed? (HCW)
Engagement initiatives: team meetings, events, drop-ins, associations
Resident profiling: assess needs, preferences, vulnerabilities
Communication plans: tailored for each project stage
Customer care: training, conduct standards
Complaints management: surveys, prompt resolution, improvement strategies
Dedicated contact point: for resident communication and issue tracking
What was a ‘good’ answer? (HCW)
Performance evaluation
Understanding of requirements and solutions
Question preparation prior to meeting
Alignment with submitted responses
Reliability of scoring as future performance indicator
