Strategies for Managing Risk on Pipeline Projects

The risk factors pressuring pipeline projects are very similar to those that influence any capital construction project, except that the scale and complexity are magnified as are the consequences of even minor disruptions to the progress of the work. Essential to the successful planning, design, and construction of large capital projects is risk management. Project issues such as regulatory compliance, resource constraints, aggressive competition, and the access to and requirements of capital markets require aggressive and thorough risk management and control. Moreover, the ability to influence and mitigate cost and schedule risk decreases as the project progresses through the construction life cycle. This paper will discuss the major components of proper risk management including scoping, identification, analysis and evaluation, timely response, mitigation, control, and risk allocation using proven techniques. The significant risk areas in each phase of the project life cycle including, feasibility, planning and design, construction, and start up & turnover will also be discussed. This paper will also focus on tools and strategies in dealing with the common and costly areas of risk, particularly the use of CPM scheduling in the identification, control and quantification of risk management issues using statistical models, such as Monte Carlo simulations, and the use of CPM scheduling in the avoidance of claims will be highlighted.

Download Full-text

A Suggested Module for Risk Framework of Water Control Construction Projects using Qualitative and Quantitative Techniques

International Journal of Engineering and Advanced Technology - Regular Issue ◽

10.35940/ijeat.c5108.029320 ◽

2020 ◽

Vol 9 (3) ◽

pp. 1448-1454

Keyword(s):

Risk Factors ◽

Risk Management ◽

Quantitative Analysis ◽

Construction Projects ◽

Control Strategies ◽

Significant Risk ◽

Water Control ◽

Global Challenge ◽

Managing Risk ◽

The Cost

Managing risk is an integral part of sound management and risk management helps to achieve projects objectives. Although the process of risk management is standardized to a great extent, risk control strategies depend on project circumstances and feature. One of the essential humanity’s challenges in the future, is surely ensuring water needs. Equitable and sustainable management of water resources is a major global challenge, and supply of clean fresh water is decreasing around all nations. Egypt is one of the countries hardest affected by climate change. Also challenges include population growth, increase in food demand and Lack of water and energy Leads to let managing risk for construction of water control structures projects on water streams in Egypt becomes more challenging and essential than ever before. Moreover, this study aims to show the effect of risk on cost and time targets for water control structure projects in Egypt .This study mainly identify a list of significant risk factors effecting on cost and time for these type of projects in Egypt through studying pervious publishing for risk management in construction projects and a questionnaire survey , then conducting a qualitative analysis using a Severity and Probability matrix (S/P matrix) techniques to assess the influence of risk factors and to isolate critical risk factors for a quantitative analysis. Finally, conducting a quantitative analysis by mean of Analytical Hierarchy Process (AHP) to determine the cost and time contingency, s the conclusion of this study shows that the cost contingency needed to account for the different critical risk factors is to increase the estimated cost by 12.35 % on the total estimated budget of the project. In addition that the time contingency needed to consider for different critical risk factors is to increase the scheduled time by 11.25% over the total originally scheduled of the project

Download Full-text

Project risk management: A review of an institutional project life cycle

Risk Governance and Control Financial Markets & Institutions ◽

10.22495/rgc7i4c1art8 ◽

2017 ◽

Vol 7 (4-1) ◽

pp. 163-173

Author(s):

Wanjiru Gachie

Keyword(s):

Risk Management ◽

Project Management ◽

New Technology ◽

Risk Process ◽

Project Risk Management ◽

Monitoring And Control ◽

Project Risk ◽

Management Procedures ◽

Management Project ◽

Managing Risk

This article is a desktop analysis of project risk management involving a project management institutional restructuring. The pragmatic nature of this research allows for the literature review and the document analysis to be integrated and presented as both a descriptive and analytical research. The analysis demonstrates that the project committee did not proactively manage project risk. The restructuring was a change management project, entailing the implementation of many organisational changes, such as restructuring, lay-off of some part of the administrative workforce, adoption of new technology, provision of new approaches to well-established procedures, and implementation of new performance initiative, the process which should have been managed with an effective integrated risk strategy and plan. Analysis of the restructuring project risk management exhibits little evidence of a systematic (computer based or manual) record that should have provided policies, procedures, and structures for managing risk. The article concludes that the restructuring risk process was inadequate and it could not have ensured a successful project. An analysis of the restructuring project risk monitoring and control exhibits a reactive rather than proactive application of risk management procedures. The analysis further indicates that the committee failed to make use of the various project risk management processes, standards, and guidelines. Based on the conclusions, the article recommends that project risk planning, strategy, control, and monitoring should be put in place for future institutional projects. The project management team should also put in place procedures for primary stakeholders engagements, identify and address their nature of interest and power in future risk management projects.

Download Full-text

Effectiveness Of Life Cycle Management Of Projects Using Information Modeling

Promyshlennoe i Grazhdanskoe Stroitel stvo ◽

10.33622/0869-7019.2019.09.24-29 ◽

2019 ◽

pp. 24-29 ◽

Cited By ~ 1

Keyword(s):

Life Cycle ◽

Construction Projects ◽

Life Cycle Management ◽

Information Modeling ◽

Engineering Systems ◽

Basic Principles ◽

Complex Engineering ◽

Domestic Practices ◽

Capital Construction ◽

Complex Engineering Systems

Improving the efficiency of life cycle management of capital construction projects using information modeling technologies is one of the important tasks of the construction industry. The paper presents an analysis of accumulated domestic practices, including the legal and regulatory framework, assessing the effectiveness of managing the implementation of investment construction projects and of complex and serial capital construction projects, as well as the life cycle management of especially dangerous technically complex and unique capital construction projects using information modeling technologies, especially capital construction projects, as well as their supporting and using systems, primarily in the nuclear and transport sectors. A review of modern approaches to assessing the effectiveness of life cycle management systems of complex engineering systems in relation to capital construction projects is carried out. The presented material will make it possible to formulate the basic principles and prospects of applying approaches to assessing the effectiveness of the life cycle management system of a capital construction project using information modeling technologies.

Download Full-text

CONCEPTUALISING RISK CULTURE ON ERM IMPLEMENTATION IN CONSTRUCTION COMPANIES

Built Environment Journal ◽

10.24191/bej.v17i1.5988 ◽

2020 ◽

Vol 17 (1) ◽

pp. 59

Author(s):

Ching Ching Wong

Keyword(s):

Risk Management ◽

Risk Identification ◽

The Body ◽

Risk Indicators ◽

Construction Companies ◽

Risk Appetite ◽

Risk Culture ◽

Risk Treatment ◽

Managing Risk ◽

The Relationship

Enterprise Risk Management (ERM) is an effective technique in managing risk within an organization strategically and holistically. Risk culture relates to the general awareness, attitudes and behaviours towards risk management in an organisation. This paper presents a conceptual model that shows the relationship between risk culture and ERM implementation. The dependent variable is ERM implementation, which is measured by the four processes namely risk identification and risk assessment; risk treatment; monitor and consult; communicate and consult. The independent variables under risk culture are risk policy and risk appetite; key risk indicators; accountability; incentives; risk language and internal relationships. This study aims to empirically test the relationship between risk culture and ERM implementation among Malaysian construction public listed companies. Risk culture is expected to have direct effects and significantly influence ERM. This study contributes to enhance the body of knowledge in ERM especially in understanding significant of risk culture that influence its’ implementation from Malaysian perspective.

Download Full-text

10. Designing an online curriculum supporting risk management and patient safety

Clinical & Investigative Medicine ◽

10.25011/cim.v30i4.2770 ◽

2007 ◽

Vol 30 (4) ◽

pp. 33

Author(s):

T. Gondocz ◽

G. Wallace

Keyword(s):

Risk Management ◽

Medical Education ◽

Patient Safety ◽

Online Learning ◽

Online Courses ◽

Learning System ◽

Online Curriculum ◽

For Profit ◽

Not For Profit ◽

Managing Risk

The Canadian Medical Protective Association (CMPA) is a not for profit mutual defence organization with a mandate to provide medico-legal assistance to physician members and to educate health professionals on managing risk and enhancing patient safety. To expand the outreach to its 72,000 member physicians, the CMPA built an online learning curriculum of risk management and patient safety materials in 2006. These activities are mapped to the real needs of members ensuring the activities are relevant. Eight major categories were developed containing both online courses and articles. Each course and article is mapped to the RCPSC's CanMEDS roles and the CFPC's Four Principles. This poster shares the CMPA’s experience in designing an online patient safety curriculum within the context of medico-legal risk management and provides an inventory of materials linked to the CanMEDS roles. Our formula for creation of an online curriculum included basing the educational content on real needs of member physicians; using case studies to teach concepts; and, monitoring and evaluating process and outcomes. The objectives are to explain the benefits of curricular approach for course planning across the continuum in medical education; outline the utility of the CanMEDS roles in organizing the risk management and patient safety medical education curriculum; describe the progress of CMPA's online learning system; and, outline the potential for moving the curriculum of online learning materials and resources into medical schools.

Download Full-text