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Effective Risk Management in Turbulent Times

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Abstract:

Managing risks associated with capital programs in today's complex delivery, regulatory and political environments requires a structured approach to identify, assess, and manage the uncertainties that can affect a program's goals and objectives. Programs that have a formal risk management process experience fewer surprises and minimize threats while maximizing opportunities to achieve their objectives. Risk management fosters more realistic initial planning and flexibility to change as the program evolves. It provides more control over the delivery process, providing the ability and time to plan for and mitigate risks. Where risk remains, an appropriate level of risk contingency can be allocated and the people best able to manage residual risk identified. This paper will discuss how different agencies are successfully using various methods to identify and establish risks, determine consequences, and prioritize mitigation measures.

Keywords: Capital Improvement Program (CIP); Construction; Construction Management; Orange County Sanitation District; Program Management; Risk Management; San Francisco Public Utilities Commission; Wastewater; Water

Document Type: Research Article

DOI: https://doi.org/10.2175/193864710798207297

Publication date: 2010-01-01

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