Page 58 - Urban Construction Project Management

Risk Assessment and Problem Solving 33
• Enough adverse conditions will happen on a day-to-day basis that will keep the project
team well occupied.
• Having appropriate contingency plans developed for possible events that propose a
risk to a project will go a long way in managing the process.
• One must be flexible and adaptable to the construction process, as there are always
surprises every step of the way.
• Risk assessment forms and register must be prepared early in the project so that risks
can be identified and appropriate actions can be taken when unforeseen conditions
arise.
• Appropriate contingency plans should be developed to manage risk.
• The CRMS model of risk management consists of the following processes: risk iden-
tification, risk analysis and evaluation, risk response management, and risk system
administration.
• Allocate responsibility for managing each risk with the party best able to do so.
• During the life cycle of the project it is likely that new risks may be encountered that
had not been previously identified.
• The more complex and numerous the project interfaces, the greater the uncertainty
and the greater the probability of risk events occurring.