Transcription of Current Trends in Risk Allocation in Construction Projects ...
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Current Trends in Risk Allocation in Construction Projects ...
Current Trends in RiskAllocation in ConstructionProjects and TheirImplications for IndustryParticipantsBy Patrick Mead* Construction Projects ; Risk management If human nature felt no temptation to take a might notbe much investment as a result of cold calculation. John Maynard Keynes (1936)IntroductionRisk identification and management has become increasingly important fornearly all commercial organisations operating in today s environment, butperhaps no more so than for companies involved in major mining, civil orconstruction Projects , where failure to accurately identify and make appropriateallowance for risks being assumed under complex commercial and contractualarrangements can have dire consequences.
Current Trends in Risk Allocation in Construction Projects 27 The figure below sets out the risk management process in detail.7 COMMUNICATE AND CONSULT MONITOR AND REVIEW
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