As a business or firm, you’re most likely aware of the many risks that come with construction projects. Whether it’s meeting the terms of a contract, maintaining employee safety on the job site, or dealing with natural disasters, every project has its own set of hazards. If not managed, these risks can hurt your construction projects and prove fatal to your bottom line.
Thus, construction risk management is a must-have for any company. An effective risk management plan must have easy-to-follow yet detailed processes to help you control the risks, make decisions on how to deal with them, and turn them around to boost your company. With the presence of rising costs, new industry trends, more complex projects, and increased safety concerns, having a risk management plan is more crucial than ever.
This comprehensive and practical  three-day program introduces the participants to the concepts, principals, processes, and application of risk management in a construction project environment. The program follows the Risk Management principles and practices adopted by the Project Management Institute (PMBoK 2004).
It explains the tools and techniques that will aid participants in the implementation of these practices. Participants will be given opportunities apply the tools and techniques learned to an actual construction project’s life cycle. The goal is to minimize risks and maximize opportunities during all phases of the project’s life cycle.
The program is delivered though lectures, class discussions, individual and group case studies, and exercises. The topics to be covered include: identifying, classifying, assessing, and prioritizing risks, planning, and creating mitigation strategies for handling the identified risks. Risk communication and risk control will also be addressed in detail. The workshop will help participants to understand and to develop risk management skills, and to apply what they have learned on a real-life design and construction project.
- Develop a detailed risk management plan to guide risk management activities;
- Develop a risk register that is complete and accurate;
- Qualify and quantify project risks; and,
- Prepare risk response strategies to control the risks and maximize the opportunities.
- Choose the type of contract to meet the specific risk need of the project
- Understand the risks involved in the construction contract documents
- Understand the concept of construction risks.
- Recognise potential risks.
- Know how to quantify the likelihood and potential impact of risks.
- Be aware of how to implement risk management processes that comply with JCT, NEC and FIDIC contracts.
- Analyse potential risks and create strategies.
- Be able to evaluate the effectiveness of the strategies implemented.
- Be able to manage a risk register.