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topic 8C Project Risk Management pg 48 - Coggle Diagram
topic 8C Project Risk Management pg 48
Types of Project Risk
Liabilities Risk
- It threaten every business for example, dispute etc.
Safety/Hazard
- are inherent in construction activity
Performance Risk
- associated with changing human workforce operating, bad weather conditions, uncertainties of materials and equipment deliveries
Coordination hurdles
- due to labour and material shortage
Business Risk
- Associated with losses involving contracts, multiple agencies, times and money
Poor documentation
- for example keeping of records, contract documents, up to date drawings
Workplace Safety and Health Act
It covers the safety, health and welfare of persons at work in a workplace.
It requires stakeholders to take reasonably practicable steps for the safety and health of workers and others affected by work
What is risk register?
Complete list of Risk data
Depository of the risk data
Why use it?
Measures to take
Who owns (or responsible) for the risk
Consistency
Can be used for reporting and reviewing.
Types of Risk Register
Corporate register
Project register
Risk Registers for different levels
Technical team register
Department register
Controlling and Monitoring the Risks of work activities
Hierarchy of Risk Control pg 51
Project Risk Management Processes pg 50
Risks are documented at a risk register or a risk log.
Involved
Controlling and monitoring the risks of work activities.
Communicating the risks to all stakeholders.
Conducting risk assessments of work activities.
Risk Management Plan is a subset of the Project Management Plans.
Formal process that systematically identifies, analyses, and responds to risk throughout a project's life cycle
Risk Assessment pg 50
The process of identifying, assessing and dealing with risks.
Risks associated with work activities
cut by working tools
back injury due to incorrect posture of lifting heavy items
fall form height,
project delay caused by bad weather
faulty material due to wrong design
water seepage due to bad workmanship.
Risk Management Strategies pg 52
Risk Sharing - Use joint venture and collaborative contract
Risk Reduction - Use safer method, e.g. Prefabrication
Risk Avoidance - Use of technology & practices, e.g. safety checklist
Risk Transfer - Buy insurance for accident, fire, personal injury & property