risk

Posts Tagged ‘risk’

Inherent Risk Factors

Inherent risks are those that exist based on the general characteristics of the project. These are risks that can appear regardless of the specific nature of the project.

None of the inherent risks mean that the project is in trouble. Many of these risk factors will be rated as low or medium-level risks. Even if you identify an inherent risk as high, other project factors will come into play as well. For instance, the checklist below states that a large project is inherently more risky that a smaller project. This is generally true. However, an experienced project manager can mitigate many risks associated with large project size. Also remember, if your project falls into a high-risk category, it does not mean you will not be successful. It only means that you should put plans into place to manage the risks. (Read more..)

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Post Contract Construction

The change from pre-construction to the construction stage reflects all the preparation required to define your project that allows the construction work to start on site. (Read more..)

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The curse of the bespoke amendment

by Philip Adams

I am increasingly fascinated by the extent to which clients and to a certain extent their lawyers, feel compelled to amend standard forms of contract, especially, bearing in mind the involvement of such organisations in the initial drafting. Next time you look at the Fidic Red Book for example, take a look at the ‘acknowledgements’ as these make for very interesting reading.

The ‘acknowledgements’ state that the drafts were reviewed by many persons and organisations, and that their comments were ‘duly studied by the Update Task Group and, where considered appropriate, have influenced the wording of the clauses.’ (Read more..)

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Building Failure

by Mohammed Azad Hossain

Building components tend to fail depending on materials, designs, method of construction, environmental conditions and the use to which the building is put. Substandard materials and design errors are major causes of component failure. (Read more..)

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Does every silver lining have a cloud?

by Chris Larkin

The construction market in the UAE poses many challenges: the number and scale of projects have generated a tremendous demand for construction services; the weakening of the US dollar against other major currencies coupled with other inflationary factors has further increased the cost of construction; and the potential impact on the global economy caused by difficulties in the US sub-prime market has created uncertainty amongst investors. These issues give rise to particular risks for developers and contractors alike. (Read more..)

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Think of Positive Risk as a Way to Gain Benefit

Risk is usually associated with potential events that have a negative impact on the project. However, there is also a concept of opportunity risk or positive risk. In these instances, the project manager or project team may introduce risk to try to gain much more value later. For instance, a team may decide to utilize a new technology on its project because they think it will result in dramatic effort and cost savings. (Read more..)

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UAE law provides security in construction deal risks

By Jim Delkousis

The UAE has seen a major slowdown of construction projects in recent months, particularly in Dubai. The situation is far from being ideal for players in the construction market.

Trapped with stagnating projects, developers and contractors are facing a recurrent question. What can we do when a project is frozen? Do we take drastic measures such as cancellation of the project? Or shall we wait until conditions improve? (Read more..)

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Building relationships in joint venture projects

by Kristine Kalnina
 
Kristine Kalnina, Bin Shabib and Associates.Looking at any of the impressive structures shaping Dubai’s skyline, one may see just glass and steel as the main constituent components. But all projects stem from an idea before they become tangible objects and that idea heavily depends on first building successful relationships. (Read more..)

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Managing the risk of delay in projects

Following on from the article on delay analysis in last month’s edition of Gulf Construction, ADAM WEBSTER explains how to manage the risk of delay through proper contractual and practical management in the region’s fast-track construction industry. (Read more..)

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How to Manage Risk in Large Projects

The risk management process for large projects is the same as for medium projects with two additional items. First is to utilize quantitative risk analysis techniques (in addition to qualitative techniques). Second is to create a contingency plan to document the consequences to the project if the Risk Management Plan fails and the risk actually occurs. (Read more..)

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