Risk Management Flashcards
Outline some examples of risks on a risk register
Asbestos
Ground obstructions
Archaeology finds
Bombs
How can you deal with risks outlined on a risk register
Contingency
Transfer the risk
What reduction or mitigation measures could you put in place for asbestos
Asbestos R&D survey
Remove/ manage asbestos (put a cost against it)
How do you decide the level of contingency in a cost plan
With the input of the project design we would produce a risk register.
My duty would be to advise the team on the cost allocation if the risk item should be realised.
By pricing the register and assigning probability and impact profiles the contingency can be calculated.
Define risk
an uncertain event that, if it occurs, will affect the outcome of a programme/project
Name the forms of risk avoidance/ mitigation strategies
Risk avoidance - the risk is completely unacceptable and needs mitigating
Risk reduction - the level of risk is unacceptable and actions are taken to reduce the likelihood or impact.
Risk transfer to the contractor - Risks that may impact the building programme are transferred to another party able to control it more effectively, usually involving a premium to be paid.
Risk sharing by both employer and contractor - when a risk is not wholly transferred to one party and some elements of the risk are retained by the employer.
Risk retention by the employer
Name some risk avoidance measures
a review of the employer’s brief and a reappraisal of the project, perhaps leading to an alternative design solution
Name some typical risk reduction methods
further site investigation
using different materials/suppliers to avoid long lead times
using different construction methods.
As per NRM what’s the approach to dealing with risks apportioned between the employer and contractor
will normally be dealt with using provisional quantities, with the pricing risk being delegated by the contractor and the quantification risk being allocated to the employer.
How is risk managed where it’s retained by the employer
the appropriate risk allowance identified in the cost plan will be reserved and managed by the employer.
What NRM document discusses risk
NRM1
What are the risk categories as per NRM 1
Design risk
Construction risk
Employer change risk
Employer other risk (e.g. acceleration/ LD’s)
What are the key risks when choosing a procurement strategy
Time
Cost
Quality
What are the key risks when choosing a procurement strategy
Time
Cost
Quality
When allocating a cost to a risk in a risk register what method do you use
The simple method of assessment