Risk Management as a Dynamic and Continuous Process in the Life Cycle of a Typical Major Civil Engineering Project

Abstract

While many construction industries acknowledge the importance of risk management policies but hardly do they implement a defined technique in risk management. Many construction practitioners employ linear risk management process by applying risk mitigation process as and when risk occur. When project managers and practitioners ignore the application of risk management in real time projects, the implications are almost usually observed in the projects through forced variations, scope change and high uncertainties. In a complex and major civil engineering project, the risk exposure environment changes and shifts constantly due to external factors, changing objectives and other multiple dynamic variables. Quite often, initially planned risk mitigation targets do not generate intended outcome due to inadequate application of risk assessment process. For this reason, the risk and uncertainty management must be continuous, holistic and real time throughout the project life cycle from inception to completion. The ultimate goal of risk management plan is to achieve the project objectives in terms of cost, quality and time. Thus, risk management in complex and major civil engineering projects must be applied in real time, continuously and with utmost importance.