Risk Management Flashcards
What are the 4 risk categories?
Construction
Design Development
Employer Change
Employer Other
Where are the 4 risk categories stated?
NRM 1
Give me an example of:
Construction Risk
Design development
Employer change
Employer other
Construction = Asbestos
Design development = Integration services and architectural information.
Employer change - Updated specification
Employer other - Inflation, interest rates, COVID.
What are the 4 methods of risk quantification?
Percentage addition
Simple
Probabilistic
Monte Carlo
You say you understand the techniques for assessing risk both quantitively and qualitatively. What do you mean by a qualitative assessment?
What are the 5 methods of dealing with risk?
STARR
Share
Transfer
Avoid
Reduce
Retain
Run through the different types of risks and where they sit under a Management Contracting procurement route?
Management contracting is where the MC takes out the individual subcontracts.
- Time – MC
- Money – Client
- Quality
o Of design – Client
o Of construction – MC
How does Management Contracting compare to a Construction Management route with regards to risk?
Under construction management, the Client holds the subcontract packages directly so they take on the risk of subcontractor fault and any subsequent delay.
You included costs within your cost report for risk items identified in workshops.
Could you describe the process you went through to quantify a certain risk item?
What would you do if the risk was very vague, say ‘impacts of new Labour government’.
The only risks I include within my cost plans and cost reports direclty relate to the project.
Wider risks, such as political change, are excluded from my cost reports and cost plans within the “disclaimer” section.
It says “Gleeds construction forecasts are based on the latest information available to us”.
