Hesse, A D (1991) The management of risks in the procurement of very large construction projects (Britain and New Commonwealth): Comparative change in procurement methods for very large construction projects. PhD thesis, University College London, UK.
Abstract
Risk analysis is far more than an investment calculation. Simply put, risk analysis is a systematic study of the possible risks and consequences to the project or an analyses of the probability of success or failure and the consequences that may follow. Identification and measurement of risks must be an included element of pre-planning management. As there are so many risks whose consequences can occur in a nearly infinite number of combinations it is poor planning to decide on the implementation of major projects without a proper assessment of possible risks. While every risk carries with it the potential for a loss, this loss is not assured and there may be a potential for gain. Thus, risk containment efforts must be directed toward preventing losses and taking advantage of any gain potential. To achieve success in the procurement of large construction projects, it is necessary to look beyond the confines of the forms of contract and to carry out a structured evaluation of the whole project. Though risk management is important to the development of large projects worldwide, it is very crucial in the LDC's, where the consequences of projects exceeding time and cost constraints and being completed far below the expected standards can have far reaching ramifications nationwide. An example of risk management is given in the appendix.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Uncontrolled Keywords: | construction project; evaluation; investment; major projects; risk analysis; risk management; valuation; failure; probability |
| Index terms: | planning management, construction project, risk analysis, large construction project, procurement method, form of contract, implementation, risk management, major project |
| Subjects: | strategic project management, environmental hazards, operations management, contractual arrangements, production management, organizational theory, risk assessment |
| Topics: | Sustainability, Procurement, Project Management, Risk Management |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here