Conference Overview
The key to managing most of the issues facing construction projects
is to pre-empt risks before they become problems. Effective
risk management strategies can aid construction executives to
successfully deliver projects. The event will specifically explore: the
understanding of risk; the sources of risk; the negative impact that
unmanaged risk can have on construction projects; the importance
of effective risk management and the key policies governing risk
management. Construction projects are, generally, medium and
long term ventures that involve many different organisations and
individuals, sometimes with opposing objectives, working together
in what can be difficult economic and schedule conditions.
Construction projects, wherever they are located, are invariably
unique and it is difficult to model to a high degree of accuracy.
Therefore it can be difficult to predict the final outturn cost and
completion date. Construction managers need a robust risk
management tool in order to attain project success.
Different regions, present different problems, different solutions
and different political climates and this creates high levels of risk
and uncertainty that can result in projects being suspended. There
are increased levels of insolvency, termination and cancelation
of projects. One of the challenges is control of the inflationary
pressures and managing construction costs. Project managers
need to understand the nature of risk and the type of risks that
challenge the successful completion of project objectives and this
leads them to informed and improved decision making sources. This
should lead to the selection of appropriate conditions of contract
and the necessary amendment of contracts, the selection of project
partners and development of realistic forecasts and plans based
on the project objectives and the risks facing those objectives.
Reliance on national laws may be an option if risks materialize
into real problems, whereas the effective management of risk can
prevent risks becoming a reality and therefore reduce the need for
reliance on national laws.
No construction project whether small or large is immune to risk.
Capacity building in the construction industry has turned into the
source of project risk. Construction safety resides in the minds of
construction team, but the fact that they are aware of the risks, does
not make them immune to risks. We need governing policies and
systems that benefit both the employer and the contractor under
the contract. We need to explore the rights, roles and obligations
of the parties; and assess risk allocation and management and
dispute resolution, including amicable settlement. Risk types will
be discussed as well as how to deal with risks from the start, by
identifying those risks and dealing with them either by accepting,
sharing or transferring them, to other or third parties. This premier
one-of-a kind annual event, features top experts who delve into the
latest trends and issues affecting professionals in the construction
industry.
