1. The construction manager is away from the project and is replaced by a new one. The project manager meets with the replace­ment construction manager and his team. In this meeting, what is the first issue the project manager should start on in the meeting? • Introduce team members. • Communicate the objectives of the […]

Choose the best answer to the questions using the multiple choices. The answers with clarifications are in Section 10.3. 1. The construction manager is away from the project and is replaced by a new one. The project manager meets with the replacement construction manager and his team. In this meeting, what is the first issue […]

10.1 Introduction The following quiz is designed as a complement to the previous chapters of this book. The objective is to develop a checklist of the most important determinants of correct decisions. The right deci­sion may differ from one project to another, and it is based on ambient conditions. The questions here are for general […]

There are many ways to reduce the risk in general, and these meth­ods depend on eliminating the source of risk or transferring the risk to a third party. If this is done with a firm fixed-price contract, the risk is effectively transferred to the vendor. Generally, in firm fixed-price contracts the vendor will always raise […]

Consider a small project for new gas compressor. When looking at the project, everyone may jump to conclusions and define what he or she is afraid might occur during the project. In fact, when we go through the meeting using brainstorming, we may find the output from the following table (9.4).

Risk monitoring and control is the process of keeping track of all the identified risks and identifying new risks, as their presence becomes known, and residual risks that occur when the risk man­agement plans are implemented on individual risks. The effective­ness of the risk management plan is evaluated on an ongoing basis throughout the project. […]

Risks having been identified, the next task is what is to be done about them, or in managerial jargon: risk response planning. Risk response planning is the process of developing the pro­cedures and techniques to enhance opportunities and reduce threats to the project’s objectives. In this process it will be neces­sary to assign individuals who […]

Another approach to calculating the project risk is to estimate the probability of its occurrence with the knowledge of the possible impact of such an event on the project as a whole. This contingency makes it possible and necessary to put a monetary value on the aforesaid risk, and define the degree of the event’s […]

In a previous meeting, everyone wrote down all expected risks. Now a determination needs to be made concerning the priority of those risks. This involves a two-stage evaluation process. In the first phase, the likelihood of a risk is determined and rated it from 1 to 9, 1 symbolizing the least likely and 9 the […]

There are many ways to define the risk ranking for each risk item that was defined before. In this step, the facilitator will ask the team in the meeting to define the degree of the likelihood that the event will occur and also define how much it can impact the project. There are two traditional […]