Managing Risk in Construction Projects

Risk management provides a system by which project risks can be identified, assessed and managed. There are a number of texts on the theory of risk management and on individual risk techniques. This book is unique, however, in dealing with the practical implementation of risk analysis in project management decisions. The book is divided into five sections: (1) a description of risk management and decision-making in the context of a construction project; (2) the human dimension; (3) tools and techniques available to the risk analyst; (4) the problems of procurement and finance; and (5) the practical application of risk analysis, including the principles of risk modelling and simulation, together with two case studies. Written by a group of academics and practitioners, the book offers practical guidance for anyone faced with problems of project risk management in practice.