Risk Management Flashcards

1
Q

Outline some examples of risks on a risk register

A

Asbestos

Ground obstructions

Archaeology finds

Bombs

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2
Q

How can you deal with risks outlined on a risk register

A

Contingency

Transfer the risk

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3
Q

What reduction or mitigation measures could you put in place for asbestos

A

Asbestos R&D survey

Remove/ manage asbestos (put a cost against it)

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4
Q

How do you decide the level of contingency in a cost plan

A

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.

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5
Q

Define risk

A

an uncertain event that, if it occurs, will affect the outcome of a programme/project

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6
Q

Name the forms of risk avoidance/ mitigation strategies

A

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

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7
Q

Name some risk avoidance measures

A

a review of the employer’s brief and a reappraisal of the project, perhaps leading to an alternative design solution

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8
Q

Name some typical risk reduction methods

A

further site investigation

using different materials/suppliers to avoid long lead times

using different construction methods.

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9
Q

As per NRM what’s the approach to dealing with risks apportioned between the employer and contractor

A

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.

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10
Q

How is risk managed where it’s retained by the employer

A

the appropriate risk allowance identified in the cost plan will be reserved and managed by the employer.

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11
Q

What NRM document discusses risk

A

NRM1

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12
Q

What are the risk categories as per NRM 1

A

Design risk

Construction risk

Employer change risk

Employer other risk (e.g. acceleration/ LD’s)

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13
Q

What are the key risks when choosing a procurement strategy

A

Time

Cost

Quality

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14
Q

What are the key risks when choosing a procurement strategy

A

Time

Cost

Quality

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15
Q

When allocating a cost to a risk in a risk register what method do you use

A

The simple method of assessment

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16
Q

Explain how the simple method of assessment works when quantifying risks

A

A likely cost is assigned to all risks in the register along with a, usually subjective, probability or occurrence.

The cost is then multiplied by the probability to give an expected value. The expected value for each risk is then totalled for an overall risk allowance.

17
Q

What’s a more detailed method for quantifying risk

A

Probabilistic method

18
Q

What can be put together to outline who is responsible for each risk

A

A risk responsibility matrix

19
Q

How is the quantitive severity rating calculated in a risk register

A

Likelihood X Impact

20
Q

Name an RICS publication on risk

A

Management of risk guidance note

21
Q

What’s the Monte Carlo simulation

A

A mathematical technique that predicts possible outcomes of an uncertain event