Risk Management in Engineering and Construction

Tools and Techniques

Stephen Ogunlana, Prasanta Kumar Dey, Stephen Ogunlana, Prasanta Kumar Dey

• Publisher: Routledge
• Year: 2019
• eBook ISBN: 9781134019281
• Edition: 1
• Topic: Technology & Engineering
• Subtopic: Construction & Architectural Engineering
• Index: Technology & Engineering

Today's businesses are driven by customer 'pull' and technological 'push'. To remain competitive in this dynamic business world, engineering and construction organizations are constantly innovating with new technology tools and techniques to improve process performance in their projects. Their management challenge is to save time, reduce cost and increase quality and operational efficiency. Risk management has recently evolved as an effective method of managing both projects and operations. Risk is inherent in any project, as managers need to plan projects with minimal knowledge and information, but its management helps managers to become proactive rather than reactive. Hence, it not only increases the chance of project achievement, but also helps ensure better performance throughout its operations phase.

Various qualitative and quantitative tools are researched extensively by academics and routinely deployed by practitioners for managing risk. These have tremendous potential for wider applications. Yet the current literature on both the theory and practice of risk management is widely scattered. Most of the books emphasize risk management theory but lack practical demonstrations and give little guidance on the application of those theories. This book showcases a number of effective applications of risk management tools and techniques across product and service life in a way useful for practitioners, graduate students and researchers. It also provides an in-depth understanding of the principles of risk management in engineering and construction.

Table of contents

• Cover Page
• Half Title
• Series page
• Title Page
• Copyright Page
• Table of Contents
• List of Contributors
• Introduction
• 1 Monte Carlo Simulation as a Risk Management Tool in Construction and Engineering Projects
• 2 Modelling Risk Effect Using Monte Carlo Technique: An Application for Innovative Projects
• 3 A Structural Equation Modeling Approach for Assessing External and Internal Risk Factors in Projects
• 4 Risk Management Using Combined Multiple Criteria Decision-Making Technique, Risk Mapping and Decision Tree: Oil Refinery Construction Project
• 5 Risk Management Practices in the Construction Industry Using Bayesian Belief Networks Approach
• 6 The Use of the Analytical Hierarchy and Network Process for Risk Management
• 7 Project Risk Management Using Fuzzy Theory
• 8 Development of Influence Diagrams for Assessing Risks
• 9 Risk Assessment in Construction and Engineering Projects With Sdanp Plus
• 10 Delphi Technique in Risk Assessment
• 11 Risk Management in Enterprise Resource Planning Implementation
• 12 Risk Management in Oil and Gas Construction Projects in Vietnam
• 13 Risk Allocation Assessment Through Good Project Governance Concept: A Case Study of Ppp Project in Thailand
• 14 Risk-Based Inspection and Maintenance: A Case of Oil Pipeline Operations in India
• 15 Managing Construction Risks and Uncertainties: A Management Procurement and Contracts Perspective
• 16 Risk Management Practice in a Construction Project: A Case Study on the Nhs Pfi/Ppp Hospital Project in the Uk
• 17 Managing Risk Management Knowledge
• 18 Infrastructure Development in the Uae: Communication and Coordination Issues Amongst Key Stakeholders
• 19 Supply Chain Risk Assessment in Automotive New Product Development
• 20 To Investigate the Feasibility of Predicting, Identifying and Mitigating Latent System Failures in a Uk Nhs Paediatric Hospital
• 21 The Risks and Benefits of Climate Change Policy on Business Operation: A System Dynamic Analysis
• 22 Political Risk Management During Instability: The Experience of Readymade Garment Manufacturing Firms in Bangladesh
• Index