Risk Management Flashcards
What are the differences between the risk allowances in a D&B and Traditional procurement route?
The Contractor takes more risk on a D&B as they are in control of the Design as well as the Build, whereas Traditional the Contractor doesn’t take risk of the design.
How would this affect cost plans?
In a D&B you would have D&B risks and D&B fees.
Who takes the time risk on a D&B?
Contractor.
On a traditional procurement who takes design risk?
Client.
On a traditional procurement who takes build risk?
Contractor.
On the PWI project, why are you producing the risk register rather than the PM?
The Client was heavily focused around the risks and I wanted to incorporate as many of the risks into my cost report so I could advise the wider parties of the potential problems. The PM’s risk register was logged into a system called Riskhive which monies where allocated too, and I tried to tailor my risks in line with the PM’s. The PM’s risk register was not circulated to wider parties. My risk register was for everyone to see as it was not as commercially sensitive.
What was included within your risk register?
1) Reference
2) Description of the risk
3) Action / Owner
4) Comments
5) Commercial impact
6) Delay impact
7) Possibility
8) Comments
9) Meeting minutes / notes / comments.
