Page 148 - Global Project Management Handbook

6-16 STATE OF THE ART OF GLOBAL PROJECT MANAGEMENT

6. Recognize that certain projects are more prone to risk and that experience in a juris-
diction is important. Projects having one or more of the following factors are signifi-
cantly more likely to need a comprehensive, detailed risk management process:
● Substantial resources
● Significant novelty
● Long planning horizons
● Large size
● Complexity
● Several organizations
● New jurisdiction for one or more major project participants
● Significant political issues
Many international construction projects have several of these characteristics, and in
general, the more experience an organization has within a jurisdiction, the better its
ability to manage risks.
7. Document project risks effectively. Owners and contractors can profit by keeping
records of their risk management results on various projects. These results are of much
more value if they are shared. Given this shared knowledge, the result is more efficient
project implementation and lower overall costs.

REFERENCES

Construction Industry Institute. 2004. International Project Risk Assessment: A Management
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Construction Industry Institute. 2003a. International Project Risk Assessment (IPRA) Tool
(Implementation Resource 181-2). Austin, TX: CII.
Construction Industry Institute. 2003b. Risk Assessment for International Projects (Research
Report 181-11). Austin, TX: CII.
Construction Industry Institute. 1999. Development of the Project Definition Rating Index
(PDRI) for Building Projects (Research Report 155-11). Austin, TX: CII.
Construction Industry Institute. 1996. Project Definition Rating Index (PDRI) (Research Report
113-11). Austin, TX: CII.

Construction Industry Institute. 1989. Management of Project Risks and Uncertainties
(Publication 6-8). Austin, TX: CII.
Han S, Diekmann J. 2001. Approaches for making risk-based go/no-go decision for international
projects. ASCE J Construct Eng Manag 127(4):300–308.
Project Management Institute. 2000. A Guide to the Project Management Body of Knowledge.
Newton Square, PA, PMI.
Walewski J, Gibson G, Vines E. 2002. Improving international capital project risk analysis and
management, in Proceedings of the Project Management Institute Research Conference 2002,
Seattle, WA, pp. 493–501.
Walewski J, Gibson G. 2003a. International Project Risk Assessment: Methods, Procedures, and
Critical Factors. Austin, TX: Center for Construction Industry Studies, University of Texas at
Austin, Report 31.
Walewski J, Gibson GE. 2003b. International Project Risk Assessment: Methods, Procedures, and
Critical Factors (Center for Construction Industry Studies Report 31). Austin, TX: University of
Texas at Austin.