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Risk Management
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- 1What is Risk management?It concerns coping with future uncertainties by planning for unintended outcomes through avoidance or mitigation
- 2Explain the four types of engineering riskProject risk
- Late delivery
- poor quality
- outcomes not achieved
Technical risk
- Quality management systems
- Design standards for natural hazards
- Quantitative assessments for occurrence and severity
Safety and Environment
- Construction risk
- Health safety and environmental management system (HSE)
Financial and Commercial Risk
- Contract risk management eg limit liability , 3rd party alliance - 3Expplain the IPENZ code of ethicsEngineers have a duty of care to protect life and safeguard people
1 - give priority to safety and wellbeing of community and have regard to this principle in duty to clients and colleagues
2 - Be responsilbe for ensuring that reasonable steps are taken to minimise risk of loss of life, injury or suffering which may result from work or its effects
3 - Draw attention to those affted to the level of significance of the assoicated works
4 - Assess and minimise the potential dangers involved with construction, manufacture and use of porducts or projects - 4What revision was made to the code of thetics in 2014An engineer who has reasonable grounds to believe that an engineering matter gives rise to Adverse consequences shall bring the matter to notice if the appropriate person
- 5What is risk?- Risk = probability x consequence
- risk is not uncertainty
- risks can be opportunities and threats - 6What are some sources of risk for engineers in design contracts?- inadequate scope or brief
- unrealistic timeframes
- liability from design inadequacies
- unforeseen circumstances
- faulty or missing data
- bad assumptions and calculation errors - 7What are some risks in resourrce consenting?- Assumption that consent would be non-notified
- Request for further info leads to delays
- Consultation outcomes unexpected
- consent refused
- conditions of consent to broad
- need to appeal decision from environment court - 8What are some sources of risk in construction- Prices of material might be higher than expected
- poor design documents lead to additional cost
- too few firms bid for work
- building consent requirements lead to changes
- delays from weather, labour strikes, HS and incidents - 9What are the steps in risk management for design?1 - Identify risks eg risk events and their relationships
2 - Risk impact assessment eg probabilities and consequences
3 - Risk Prioritization analysis eg avoid, reduce, mitigate, transfer, accept
Also consider risk tracking - 10What are some risk mitigation options ?Assume/accept - accept without any specific attempts to control it
Avoid - adjust project requirements or constraints to eliminate or reduce risk
Control - implement actions to minimise impact or likelihood
Transfer - reassign accountability or responsibility to another stakeholder willing to accept the risk
Watch/monitor - monitor environment for changes that affect nature and impact of the risk - 11Define Risk retention and risk transferRisk Retention
- Involves accepting the loss or benefit from a risk when it occurs
- True self insurance in this category
Risk transfer
- used in place of risk sharing, transfer the risk to a 3rd party through insurance or outsourcing
- However, the buyer of the contract generally retains legal responsibility for losses but claims could be compensatory - 12What is the risk analysis process- Performed as part of the RM process
- Risk workshops used to identify potential issues ahead of time before they pose cost or have negative impacts
- Risk workshops populated by individuals from a range of backgrounds eg PM civil structure geotech client
- Workshops used to create or review risk register to identify and quantify risks
- cts and iterative process - 13What risk management approach should be taken for large projects eg bridges, dams, tunnels etcLarge projects have high finance, safety, social and environmental risks
Probabilistic risk analysis (PA) is an option
this yields:
- probable variations of time and budget
- uncertainty to be quantified and included - 14Explain the example project used in class (Bob the builder)First step:
Client wants to know cost and completion date of project
- gant chart used to plan completion dates of project costs and their expected costs
- uncertainty was considered in a PRA eg scope takes 2 weeks to dig up road, could be less with sun and more with snow
- From the PRA
- most likely date and cost was determined
- the likely range of dates and costs
- 15Why use PRA?- all projects have uncertainty
- PRA models uncertainty and gives most likely values and range - 16How do you assign uncertainty ?- Estimate the expect cost or time along with a max, min and a distribution
- Incorporate into a model eg Excel RISC
- Run a monte carlo analysis
eg a iteration simulation that picks a value between min and max then random set of values to get a 2nd outcome repeats nboot times and develops a distribution of outcomes
Información
- Descripción
- Fichas sobre Risk Management, creado por Jordan Fraser el 27/10/2015.
- Creado por
- Jordan Fraser
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