Designing Buildings Wiki (DBW) – host partner of the IHBC’s Conservation Wiki, and one of the most popular construction industry websites. – , has featured a new article on ‘Risk Management’ that will be of interest to many members, including any looking forward to the 2019 Nottingham School which will encompass that theme.
DBW writes:
A risk is a potential event, either internal or external to a project, that, if it occurs, may cause the project to fail to meet one or more of its objectives.
A project by definition is trying to introduce some form of change; a new building, production system or way of working. Change involves uncertainty, which in turn means that projects are more likely to be blown off course by a potential future event. In other words, projects are inherently risky undertakings.
Project managers need to recognise that risks exist and actively manage them; this is an indication of good project management, not an admission of failure. By looking ahead at potential events that may impact on the project and by putting actions in place to address them, project teams can pro-actively manage risks and increase the chances of successfully delivering the project.
Risk has two aspects:
- The expected likelihood (or probability) of an event occurring.
- The expected impact if it does occur.
An ‘issue’ in project management terms is something that is happening now and is jeopardising (or will soon jeopardise) the delivery of one or more of a project’s objectives or deliverables. It may therefore represent a risk that has materialised (in other words one where the probability has reached 100%). A risk may turn into an issue (when the risk occurs); an issue will not turn into a risk, because by definition, it has already occurred.
Risk management aims to recognise potential problems as early as possible so that the opportunity for taking effective action is maximised…
See the IHBC’s Conservation Wiki
Find out more about DBW use and users
Read the full article
