DTU ProjectLab - User contributions [en-gb]

Risk Management in Construction Projects

2018-02-25T07:23:26Z

S133819:

Uncertainty is a fundamental factor of projects. We know that we cannot predict the future with certainty. Uncertainty converse all of the environmental conditions in which a project has to operate, e.g. costs of people or materials, etc. <ref name= Taylor> Taylor, Harvey | 2010 | Project Management | (4th Edition) </ref>

There are two types of uncertainty; ''uncertain effectiveness'' and ''uncertain efficiency''. These uncertainties have different effects on a project. ''Uncertain effectiveness'' can affect the quality of the project, such as the understanding of requirements, prioritization of conflicting requirements or reasonableness of requirements. While ''uncertain efficiency'' can affect the quality of process performance against the plan, such as the availability of resources, quality of the planning process, technological capabilities, the ability and drive of the people.<ref name = HowTo> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, and have both positive and negative outcomes. Positive- and negative-outcome risks are referred to as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritize risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref name=PMBOK> Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

For understanding risk, we have to look at the four fundamental elements, which are defined as risk management process:
#''Identify''
#''Assess''
#''Respond''
#''Control''

Risk management is a learning process through time and through the whole project life cycle. <ref name= Winch> Winch, Graham M. | 2010 | "Managing Construction Projects" | An Information Processing Approach | (2nd Edition)</ref>

=Risk Timeline=
[[File:risktimeline.png|thumb|Risk Timeline (''adapted from Managing Construction Projects'') <ref name= Winch/>]]

A risk time-based framework helps understanding risk and uncertainty, as illustrated on the figure to the right. The timeline shows the risk processing through time.

<blockquote>
'''''”The risk source is the underlying condition that can generate a possible risk event at some time forward from the point of decision-making."'''''
"Graham M. Winch" <ref name =Winch />
</blockquote>

The first box shows the ''risk source'', which consists of the problem or the issue that can form into a ''risk event'' along a project life cycle. When the decision-maker knows the ''risk source'', they have to respond to prevent the ''risk event'' to occur.

As mentioned, the ''risk event'', illustrated by the third box in the figure, will occur if the ''risk source'' is not prevented or solved in the beginning of the process.

An example of a ''risk event'' could be; a delayed delivery of a certain concrete element; permission to do a certain type of task; an accident on the construction site.

The decision-maker need to evaluate and respond to these ''risk events''. This will lead us back to the third box, ''risk event'': “how was the situation handled?”, and then back to the first box, ''risk source'': “how can we prevent it from occurring again?”<ref name =Winch />.

=Risk Management Process=
[[File:riskprocess.png|thumb|Risk Management Process (''adapted from Managing Construction Projects'') <ref name= Winch/>]]

Managing risks is a continuing process throughout the construction project’s life cycle. The figure to the right illustrates the four main topics of the project risk management process. The circle indicates that the risk management process is a continuing process that the contractors have to manage throughout their project’s life cycle<ref name =Winch />.

<blockquote>
'''''”Risk management is, in essence, a learning process through time.”''''''
’’Graham M. Winch’’<ref name =Winch />
</blockquote>

These four topics and their relevant tools will be discussed below.

==Identification==
''Identification'' of risks is the first step through the risk management process. This process is essential part of doing risk management and is usually influenced by experience from previous projects or experienced people, and information gathered by brainstorming sessions with the team when starting a construction project <ref name =Winch />.

Risk identification is a repeated process due to the fact that new risks may arise or get discovered through a construction project’s life cycle. Each risk should be understood clearly in order to handle them effectively. <ref name = PMBOK/>

The identification process helps determine potential risk events that might either have a positive (opportunities) or negative (threats) impact on the construction project’s goals <ref name = DS> Dansk Standard | 2013 | "Guidance on project management" | DS/ISO 21500 | (2nd version) </ref>.

There are many approaches to identify risks, some of them are listed below. While identifying the risks, a ''risk register'' can be convenient. ''Risk register'' is a “library” in which the result of risk analysis and risk response that have been treated before are registered. It is essential that the scope is as clear as possible so those risks can be minimized or have the opportunities to become recognized before the construction project begins. <ref name = PMBOK/>

===Risk Checklist===
Risk identification checklists are developed based on older information, experiences from previous similar projects and from other types of information. The'' risk checklist'' is a helpful tool that can ensure that risks identified in previous similar projects will aid to identify risks in future projects. When a project team receives a ''risk checklist'' from a previous and similar project, the team should furthermore investigate which new elements are present in the ongoing project and update the list accordingly. Moreover, the checklist should be updated before the closure of the construction project, to improve the list for future use on other similar projects<ref name = PMBOK/>.

=== Information Gathering by Brainstorming ===
''Brainstorming'' is a good technique to use as information gathering because group thinking is more effective than individual thinking. Group thinking will include relevant people to brainstorm a list of potential risks. Risks will be identified and categorized by type<ref name = PMBOK/>.

===Rumsfeld’s known knowns concept===
[[File:Rumsfeld.png|thumb|Rumsfeld known-known concept (''adapted from How to DO projects'') <ref name = HowTo/>]]

Donald Rumsfeld’s ''known knowns'' concept helps categorize types of risks associated with a project.

The ''known-knowns'' refer to things that are known to be known; risks that already are identified/assessed. The ''known-unknowns'' refer to things that we know we don’t know yet <ref name = HowTo/>, an example could be a need for extra employees in the construction processes due to a schedule delay; if the construction project has to be put on hold due to bad weather conditions. The ''unknown-knowns'' refer to things that are considered to be known but is known wrongly, or not known at all <ref name = HowTo/>; Examples of these are risks that someone already knows about but is keeping private<ref name = Winch/>. Lastly, the ''unknown-unknowns'' refer to things that are unknown to be unknown <ref name = HowTo/>, also referred to as “black swans”. These are risks that have not been identified and therefore are not known of<ref name = Winch/>.

==Assessment and Analysis==
The second phase of the risk management process is to ''assess'' and ''analyze'' the risks that have been identified. The fundamental benefit of this phase is that it allows project managers to reduce the level of uncertainty and to focus on high-priority risks.<ref name = PMBOK/> There are many tools for assessing these risks, one of them is the ''Probability/Impact Matrix'' <ref name = Winch/>.

===Probability/Impact Matrix===
[[File:Pv.png|thumb|Probability/Impact Matrix (''adapted from How to DO projects'')<ref name = HowTo/>]]

The most common tool to assess theses risks is ''Probability/Impact Matrix''. Each risk identified are rated on its probability of occurrence and impact on the construction project. The risk can be classified as low, moderate and high as seen on the figure on the right. This matrix gives an overview of how much each risk have of a negative impact or threat to the construction project.

The ''impact'' factor on the x-axis is defined as how large of a negative impact the risk has on the construction project. The ''probability'' factor on the y-axis is defined as probability of the risk occurring.

A risk with a ''low impact and a low probability'', bottom left corner, can often be ignored or accepted.

A risk with a ''low impact and a high probability'', upper left corner, is of moderate priority and can be confronted or managed by transferring the risk to a third party.

A risk with a ''high impact and a low probability'', bottom right corner, is of high priority but is unlikely to happen. An example might be a rare natural catastrophe or a fire on site.

A risk with a ''high impact and a high probability'', upper right corner, is of critical priority. Such a risk should be first priority and must be paid close attention to. <ref name = PMBOK/>

==Response==
Having assessed the risk with the Probability/Impact Matrix, the next phase of the risk management process can be initiated; the ''response'' phase. This is a phase where the project team determines how to meet and resolve upcoming risk related impacts. This is not only about reducing the amount of risks, but by deciding whether to ''avoid'', ''reduce'', ''transfer'' or ''accept'' the risks, also known as the ''ARTA strategy''. ARTA strategy should match the risks from the probability/impact matrix. It is up to the project team to select which of the mentioned strategies they want to apply, depending on the risk source and its impact.

===ARTA strategy===
[[File:Arta.png|thumb|ARTA grid (''adapted from How to DO projects'')<ref name = HowTo/>]]

ARTA strategy are defined by four main strategies:
*''Avoid''
*''Reduce''
*''Transfer''
*''Accept''

If the risk is of ''high impact and high probability'', the correct corresponding action would be to ''avoid'' the risk altogether. In such an event the project team acts to eliminate the threat or protect the construction project from the risk’s impacts. This typically involves changing the strategy or reducing the scope. Some risks can already be identified in the beginning of the construction projects, which means that these can be avoided by clarifying requirements, obtaining relevant information and expertise or improving communication.

If the risk is of ''high impact and low probability'', the correct corresponding action would be to ''reduce'' the risk. In the case of such an event the project team acts to reduce the probability of occurrence or impact of a risk. Taking early action of reducing risks in a construction project is often far more effective than trying to adjust for the resulting impact later on.

If the risk is of ''low impact and high probability'', the correct corresponding action would be to ''transfer'' the risk to a third party. This means that a third party would take over responsibility for the potential impact of a specific risk, such as a subcontractor, consulting firm and so on. A proper third party to transfer the risk to, would be one who holds expertise concerning that specific risk.

If the risk is of ''low impact and low probability'', the proper decision would be to ''accept'' the risk. Then the project team decides to acknowledge the risk and not take any action unless the risk occurs <ref name = PMBOK/> . An example would be if the contractor has to accept weather conditions that result in a delay in the schedule; there is nothing they can do about delays in the schedule due to weather conditions, and the impact of this is usually not catastrophic anyway.

==Control==

The last phase of the risk management process is to monitor or ''control'' risks throughout the construction project’s life cycle. This phase is as important as the other phases and during this phase the ''unknown-unknown'' events will grow <ref name = Winch/>. Monitoring and controlling risks can be achieved by tracking the identified risks, monitoring continuing risks, identifying new risks, and evaluating effectiveness of risk related processes <ref name = PMBOK/> throughout the construction project life cycle. Additionally, monitoring and controlling is assisted by gathering relevant people on the construction project for routine meetings on the construction site and communicate with the subcontractors to see how the task is going. This will give an insight of where the contractor and subcontractor need to focus on. Furthermore, this activity can identify both positive and negative effects on the construction project <ref name = Winch/>.

=Limitation=
Risk management will improve numerous tasks of a construction project, but of course there are limitations. As mentioned earlier:

<blockquote>
'''''”The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.”'''''
’’Project Management Institute’’ <ref name=PMBOK/>
</blockquote>

Risk management is not about removing all risks from construction projects, as this is impossible. But rather, it is to reduce the amount of negative impacts. Risk management is therefore only limited to the extent that it is possible to identify and assess risks, known or unknown. Furthermore, risk management can both be limited in its ability to decrease impact and likelihood of negative impacts, as well as in its ability to increase likelihood and impact of positive impacts.

A common tendency amongst risk managers is that the majority of their focus is on decreasing negative impact associated risks. Ideally equal importance should be given to increasing positive impact associated risks. Limitations to the benefit of doing risk management therefore arise when an imbalanced prioritization is given to these <ref name=PMBOK/>.

=Annotated bibliography=

* ''' Project Management Institute "A Guide to Project Management Body of Knowledge" (2013), 5th Edition: Project Risk Management (ch. 11)'''

:This book accommodates many aspects of guidelines for project management. Furthermore, this book provides many beneficial tools and approaches such as ''Risk Management'' as this article is about.

* ''' Winch, Graham M. "Managing Construction Projects" An Information Processing Approach, (2010), 2nd Edition: Managing Uncertainty and Risk on the Project (ch. 13)'''

:This book addresses valuable sources for both practitioners and students as it covers many topics within the management of construction projects. Moreover, this book provides many interesting subjects from defining the project mission, managing the budget and schedule; ‘’uncertainty and risk on the project ‘’and much more.

=References=
<references/>

Risk Management in Construction Projects

2018-02-25T07:17:50Z

S133819:

Uncertainty is a fundamental factor of projects. We know that we cannot predict the future with certainty. Uncertainty converse all of the environmental conditions in which a project has to operate, e.g. costs of people or materials, etc. <ref name= Taylor> Taylor, Harvey | 2010 | Project Management | (4th Edition) </ref>

There are two types of uncertainty; ''uncertain effectiveness'' and ''uncertain efficiency''. These uncertainties have different effects on a project. ''Uncertain effectiveness'' can affect the quality of the project, such as the understanding of requirements, prioritization of conflicting requirements or reasonableness of requirements. While ''uncertain efficiency'' can affect the quality of process performance against the plan, such as the availability of resources, quality of the planning process, technological capabilities, the ability and drive of the people.<ref name = HowTo> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, and have both positive and negative outcomes. Positive- and negative-outcome risks are referred to as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritize risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref name=PMBOK> Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

For understanding risk, we have to look at the four fundamental elements, which are defined as risk management process:
#''Identify''
#''Assess''
#''Respond''
#''Control''

Risk management is a learning process through time and through the whole project life cycle. <ref name= Winch> Winch, Graham M. | 2010 | "Managing Construction Projects" | An Information Processing Approach | (2nd Edition)</ref>

=Risk Timeline=
[[File:risktimeline.png|thumb|Risk Timeline (''adapted from Managing Construction Projects'') <ref name= Winch/>]]

A risk time-based framework helps understanding risk and uncertainty, as illustrated on the figure to the right. The timeline shows the risk processing through time.

<blockquote>
'''''”The risk source is the underlying condition that can generate a possible risk event at some time forward from the point of decision-making."'''''
"Graham M. Winch" <ref name =Winch />
</blockquote>

The first box shows the ‘’risk source’’, which consists of the problem or the issue that can form into a ‘’risk event’’ along a project life cycle. When the decision-maker knows the ‘’risk source’’, they have to respond to prevent the ‘’risk event’’ to occur.

As mentioned, the ‘’risk event’’, illustrated by the third box in the figure, will occur if the ‘’risk source’’ is not prevented or solved in the beginning of the process.

An example of a ‘’risk event’’ could be; a delayed delivery of a certain concrete element; permission to do a certain type of task; an accident on the construction site.

The decision-maker need to evaluate and respond to these ‘’risk events’’. This will lead us back to the third box, ‘’risk event’’: “how was the situation handled?”, and then back to the first box, ‘’risk source’’: “how can we prevent it from occurring again?”<ref name =Winch />.

=Risk Management Process=
[[File:riskprocess.png|thumb|Risk Management Process (''adapted from Managing Construction Projects'') <ref name= Winch/>]]

Managing risks is a continuing process throughout the construction project’s life cycle. The figure to the right illustrates the four main topics of the project risk management process. The circle indicates that the risk management process is a continuing process that the contractors have to manage throughout their project’s life cycle<ref name =Winch />.

<blockquote>
'''''”Risk management is, in essence, a learning process through time.”''''''
’’Graham M. Winch’’<ref name =Winch />
</blockquote>

These four topics and their relevant tools will be discussed below.

==Identification==
''Identification'' of risks is the first step through the risk management process. This process is essential part of doing risk management and is usually influenced by experience from previous projects or experienced people, and information gathered by brainstorming sessions with the team when starting a construction project <ref name =Winch />.

Risk identification is a repeated process due to the fact that new risks may arise or get discovered through a construction project’s life cycle. Each risk should be understood clearly in order to handle them effectively. <ref name = PMBOK/>

The identification process helps determine potential risk events that might either have a positive (opportunities) or negative (threats) impact on the construction project’s goals <ref name = DS> Dansk Standard | 2013 | "Guidance on project management" | DS/ISO 21500 | (2nd version) </ref>.

There are many approaches to identify risks, some of them are listed below. While identifying the risks, a ‘’risk register’’ can be convenient. ‘’Risk register’’ is a “library” in which the result of risk analysis and risk response that have been treated before are registered. It is essential that the scope is as clear as possible so those risks can be minimized or have the opportunities to become recognized before the construction project begins. <ref name = PMBOK/>

===Risk Checklist===
Risk identification checklists are developed based on older information, experiences from previous similar projects and from other types of information. The risk checklist is a helpful tool that can ensure that risks identified in previous similar projects will aid to identify risks in future projects. When a project team receives a Risk Checklist from a previous and similar project, the team should furthermore investigate which new elements are present in the ongoing project and update the list accordingly. Moreover, the checklist should be updated before the closure of the construction project, to improve the list for future use on other similar projects<ref name = PMBOK/>.

=== Information Gathering by Brainstorming ===
Brainstorming is a good technique to use as information gathering because group thinking is more effective than individual thinking. Group thinking will include relevant people to brainstorm a list of potential risks. Risks will be identified and categorized by type<ref name = PMBOK/>.

===Rumsfeld’s known knowns concept===
[[File:Rumsfeld.png|thumb|Rumsfeld known-known concept (''adapted from How to DO projects'') <ref name = HowTo/>]]

Donald Rumsfeld’s known knowns concept helps categorize types of risks associated with a project.

The ''known-knowns'' refer to things that are known to be known; risks that already are identified/assessed. The ''known-unknowns'' refer to things that we know we don’t know yet <ref name = HowTo/>, an example could be a need for extra employees in the construction processes due to a schedule delay; if the construction project has to be put on hold due to bad weather conditions. The ''unknown-knowns'' refer to things that are considered to be known but is known wrongly, or not known at all <ref name = HowTo/>; Examples of these are risks that someone already knows about but is keeping private<ref name = Winch/>. Lastly, the ''unknown-unknowns'' refer to things that are unknown to be unknown <ref name = HowTo/>, also referred to as “black swans”. These are risks that have not been identified and therefore are not known of<ref name = Winch/>.

==Assessment and Analysis==
The second phase of the risk management process is to ''assess'' and ''analyze'' the risks that have been identified. The fundamental benefit of this phase is that it allows project managers to reduce the level of uncertainty and to focus on high-priority risks.<ref name = PMBOK/> There are many tools for assessing these risks, one of them is the ''Probability/Impact Matrix'' <ref name = Winch/>.

===Probability/Impact Matrix===
[[File:Pv.png|thumb|Probability/Impact Matrix (''adapted from How to DO projects'')<ref name = HowTo/>]]

The most common tool to assess theses risks is ''Probability/Impact Matrix''. Each risk identified are rated on its probability of occurrence and impact on the construction project. The risk can be classified as low, moderate and high as seen on the figure on the right. This matrix gives an overview of how much each risk have of a negative impact or threat to the construction project.

The ''impact'' factor on the x-axis is defined as how large of a negative impact the risk has on the construction project. The ''probability'' factor on the y-axis is defined as probability of the risk occurring.

A risk with a ''low impact and a low probability'', bottom left corner, can often be ignored or accepted.

A risk with a ''low impact and a high probability'', upper left corner, is of moderate priority and can be confronted or managed by transferring the risk to a third party.

A risk with a ''high impact and a low probability'', bottom right corner, is of high priority but is unlikely to happen. An example might be a rare natural catastrophe or a fire on site.

A risk with a ''high impact and a high probability'', upper right corner, is of critical priority. Such a risk should be first priority and must be paid close attention to. <ref name = PMBOK/>

==Response==
Having assessed the risk with the Probability/Impact Matrix, the next phase of the risk management process can be initiated; the ''response'' phase. This is a phase where the project team determines how to meet and resolve upcoming risk related impacts. This is not only about reducing the amount of risks, but by deciding whether to ''avoid'', ''reduce'', ''transfer'' or ''accept'' the risks, also known as the ''ARTA strategy''. ARTA strategy should match the risks from the probability/impact matrix. It is up to the project team to select which of the mentioned strategies they want to apply, depending on the risk source and its impact.

===ARTA strategy===
[[File:Arta.png|thumb|ARTA grid (''adapted from How to DO projects'')<ref name = HowTo/>]]

ARTA strategy are defined by four main strategies:
*''Avoid''
*''Reduce''
*''Transfer''
*''Accept''

If the risk is of ''high impact and high probability'', the correct corresponding action would be to ''avoid'' the risk altogether. In such an event the project team acts to eliminate the threat or protect the construction project from the risk’s impacts. This typically involves changing the strategy or reducing the scope. Some risks can already be identified in the beginning of the construction projects, which means that these can be avoided by clarifying requirements, obtaining relevant information and expertise or improving communication.

If the risk is of ''high impact and low probability'', the correct corresponding action would be to ''reduce'' the risk. In the case of such an event the project team acts to reduce the probability of occurrence or impact of a risk. Taking early action of reducing risks in a construction project is often far more effective than trying to adjust for the resulting impact later on.

If the risk is of ''low impact and high probability'', the correct corresponding action would be to ''transfer'' the risk to a third party. This means that a third party would take over responsibility for the potential impact of a specific risk, such as a subcontractor, consulting firm and so on. A proper third party to transfer the risk to, would be one who holds expertise concerning that specific risk.

If the risk is of ''low impact and low probability'', the proper decision would be to ''accept'' the risk. Then the project team decides to acknowledge the risk and not take any action unless the risk occurs <ref name = PMBOK/> . An example would be if the contractor has to accept weather conditions that result in a delay in the schedule; there is nothing they can do about delays in the schedule due to weather conditions, and the impact of this is usually not catastrophic anyway.

==Control==

The last phase of the risk management process is to monitor or ''control'' risks throughout the construction project’s life cycle. This phase is as important as the other phases and during this phase the ''unknown-unknown'' events will grow <ref name = Winch/>. Monitoring and controlling risks can be achieved by tracking the identified risks, monitoring continuing risks, identifying new risks, and evaluating effectiveness of risk related processes <ref name = PMBOK/> throughout the construction project life cycle. Additionally, monitoring and controlling is assisted by gathering relevant people on the construction project for routine meetings on the construction site and communicate with the subcontractors to see how the task is going. This will give an insight of where the contractor and subcontractor need to focus on. Furthermore, this activity can identify both positive and negative effects on the construction project <ref name = Winch/>.

=Limitation=
Risk management will improve numerous tasks of a construction project, but of course there are limitations. As mentioned earlier:

<blockquote>
'''''”The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.”'''''
’’Project Management Institute’’ <ref name=PMBOK/>
</blockquote>

Risk management is not about removing all risks from construction projects, as this is impossible. But rather, it is to reduce the amount of negative impacts. Risk management is therefore only limited to the extent that it is possible to identify and assess risks, known or unknown. Furthermore, risk management can both be limited in its ability to decrease impact and likelihood of negative impacts, as well as in its ability to increase likelihood and impact of positive impacts.

A common tendency amongst risk managers is that the majority of their focus is on decreasing negative impact associated risks. Ideally equal importance should be given to increasing positive impact associated risks. Limitations to the benefit of doing risk management therefore arise when an imbalanced prioritization is given to these <ref name=PMBOK/>.

=Annotated bibliography=

* ''' Project Management Institute "A Guide to Project Management Body of Knowledge" (2013), 5th Edition: Project Risk Management (ch. 11)'''

:This book accommodates many aspects of guidelines for project management. Furthermore, this book provides many beneficial tools and approaches such as ''Risk Management'' as this article is about.

* ''' Winch, Graham M. "Managing Construction Projects" An Information Processing Approach, (2010), 2nd Edition: Managing Uncertainty and Risk on the Project (ch. 13)'''

:This book addresses valuable sources for both practitioners and students as it covers many topics within the management of construction projects. Moreover, this book provides many interesting subjects from defining the project mission, managing the budget and schedule; ‘’uncertainty and risk on the project ‘’and much more.

=References=
<references/>

Risk Management in Construction Projects

2018-02-22T19:08:25Z

S133819:

Uncertainty is a fundamental factor of projects. We know that we cannot predict the future with certainty. Uncertainty converse all of the environmental conditions in which a project has to operate, e.g. costs of people or materials, etc. <ref name= Taylor> Taylor, Harvey | 2010 | Project Management | (4th Edition) </ref>

There are two types of uncertainty; ''uncertain effectiveness'' and ''uncertain efficiency''. These uncertainties have different effects on a project. ''Uncertain effectiveness'' can affect the quality of the project, such as the understanding of requirements, prioritization of conflicting requirements or reasonableness of requirements. While ''uncertain efficiency'' can affect the quality of process performance against the plan, such as the availability of resources, quality of the planning process, technological capabilities, the ability and drive of the people.<ref name = HowTo> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, and have both positive and negative outcomes. Positive- and negative-outcome risks are referred to as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritize risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref name=PMBOK> Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

For understanding risk, we have to look at the four fundamental elements, which are defined as risk management process:
#''Identify''
#''Assess''
#''Respond''
#''Control''

Risk management is a learning process through time and through the whole project life cycle. <ref name= Winch> Winch, Graham M. | 2010 | "Managing Construction Projects" | An Information Processing Approach | (2nd Edition)</ref>

=Risk Timeline=
[[File:risktimeline.png|thumb|Risk Timeline (''adapted from Managing Construction Projects'') <ref name= Winch/>]]

A risk time-based framework helps understanding risk and uncertainty, as illustrated on the figure to the right. The timeline shows the risk processing through time.

<blockquote>
''”The risk source is the underlying condition that can generate a possible risk event at some time forward from the point of decision-making.”''
Graham M. Winch <ref name =Winch />
</blockquote>

The first box shows the ‘’risk source’’, which consists of the problem or the issue that can form into a ‘’risk event’’ along a project life cycle. When the decision-maker knows the ‘’risk source’’, they have to respond to prevent the ‘’risk event’’ to occur.

As mentioned, the ‘’risk event’’, illustrated by the third box in the figure, will occur if the ‘’risk source’’ is not prevented or solved in the beginning of the process.

An example of a ‘’risk event’’ could be; a delayed delivery of a certain concrete element; permission to do a certain type of task; an accident on the construction site.

The decision-maker need to evaluate and respond to these ‘’risk events’’. This will lead us back to the third box, ‘’risk event’’: “how was the situation handled?”, and then back to the first box, ‘’risk source’’: “how can we prevent it from occurring again?”<ref name =Winch />.

=Risk Management Process=
[[File:riskprocess.png|thumb|Risk Management Process (''adapted from Managing Construction Projects'') <ref name= Winch/>]]

Managing risks is a continuing process throughout the construction project’s life cycle. The figure to the right illustrates the four main topics of the project risk management process. The circle indicates that the risk management process is a continuing process that the contractors have to manage throughout their project’s life cycle<ref name =Winch />.

<blockquote>
'''''”Risk management is, in essence, a learning process through time.”''''''
’’Graham M. Winch’’<ref name =Winch />
</blockquote>

These four topics and their relevant tools will be discussed below.

==Identification==
''Identification'' of risks is the first step through the risk management process. This process is essential part of doing risk management and is usually influenced by experience from previous projects or experienced people, and information gathered by brainstorming sessions with the team when starting a construction project <ref name =Winch />.

Risk identification is a repeated process due to the fact that new risks may arise or get discovered through a construction project’s life cycle. Each risk should be understood clearly in order to handle them effectively. <ref name = PMBOK/>

The identification process helps determine potential risk events that might either have a positive (opportunities) or negative (threats) impact on the construction project’s goals <ref name = DS> Dansk Standard | 2013 | "Guidance on project management" | DS/ISO 21500 | (2nd version) </ref>.

There are many approaches to identify risks, some of them are listed below. While identifying the risks, a ‘’risk register’’ can be convenient. ‘’Risk register’’ is a “library” in which the result of risk analysis and risk response that have been treated before are registered. It is essential that the scope is as clear as possible so those risks can be minimized or have the opportunities to become recognized before the construction project begins. <ref name = PMBOK/>

===Risk Checklist===
Risk identification checklists are developed based on older information, experiences from previous similar projects and from other types of information. The risk checklist is a helpful tool that can ensure that risks identified in previous similar projects will aid to identify risks in future projects. When a project team receives a Risk Checklist from a previous and similar project, the team should furthermore investigate which new elements are present in the ongoing project and update the list accordingly. Moreover, the checklist should be updated before the closure of the construction project, to improve the list for future use on other similar projects<ref name = PMBOK/>.

=== Information Gathering by Brainstorming ===
Brainstorming is a good technique to use as information gathering because group thinking is more effective than individual thinking. Group thinking will include relevant people to brainstorm a list of potential risks. Risks will be identified and categorized by type<ref name = PMBOK/>.

===Rumsfeld’s known knowns concept===
[[File:Rumsfeld.png|thumb|Rumsfeld known-known concept (''adapted from How to DO projects'') <ref name = HowTo/>]]

Donald Rumsfeld’s known knowns concept helps categorize types of risks associated with a project.

The ''known-knowns'' refer to things that are known to be known; risks that already are identified/assessed. The ''known-unknowns'' refer to things that we know we don’t know yet <ref name = HowTo/>, an example could be a need for extra employees in the construction processes due to a schedule delay; if the construction project has to be put on hold due to bad weather conditions. The ''unknown-knowns'' refer to things that are considered to be known but is known wrongly, or not known at all <ref name = HowTo/>; Examples of these are risks that someone already knows about but is keeping private<ref name = Winch/>. Lastly, the ''unknown-unknowns'' refer to things that are unknown to be unknown <ref name = HowTo/>, also referred to as “black swans”. These are risks that have not been identified and therefore are not known of<ref name = Winch/>.

==Assessment and Analysis==
The second phase of the risk management process is to ''assess'' and ''analyze'' the risks that have been identified. The fundamental benefit of this phase is that it allows project managers to reduce the level of uncertainty and to focus on high-priority risks.<ref name = PMBOK/> There are many tools for assessing these risks, one of them is the ''Probability/Impact Matrix'' <ref name = Winch/>.

===Probability/Impact Matrix===
[[File:Pv.png|thumb|Probability/Impact Matrix (''adapted from How to DO projects'')<ref name = HowTo/>]]

The most common tool to assess theses risks is ‘’Probability/Impact Matrix’’. Each risk identified are rated on its probability of occurrence and impact on the construction project. The risk can be classified as low, moderate and high as seen on the figure on the right. This matrix gives an overview of how much each risk have of a negative impact or threat to the construction project.

The ''impact'' factor on the x-axis is defined as how large of a negative impact the risk has on the construction project. The ''probability'' factor on the y-axis is defined as probability of the risk occurring.

A risk with a ''low impact and a low probability'', bottom left corner, can often be ignored or accepted.

A risk with a ''low impact and a high probability'', upper left corner, is of moderate priority and can be confronted or managed by transferring the risk to a third party.

A risk with a ''high impact and a low probability'', bottom right corner, is of high priority but is unlikely to happen. An example might be a rare natural catastrophe or a fire on site.

A risk with a ''high impact and a high probability'', upper right corner, is of critical priority. Such a risk should be first priority and must be paid close attention to. <ref name = PMBOK/>

==Response==
Having assessed the risk with the Probability/Impact Matrix, the next phase of the risk management process can be initiated; the ''response'' phase. This is a phase where the project team determines how to meet and resolve upcoming risk related impacts. This is not only about reducing the amount of risks, but by deciding whether to ''avoid'', ''reduce'', ''transfer'' or ''accept'' the risks, also known as the ''ARTA strategy''. ARTA strategy should match the risks from the probability/impact matrix. It is up to the project team to select which of the mentioned strategies they want to apply, depending on the risk source and its impact.

===ARTA strategy===
[[File:Arta.png|thumb|ARTA grid (''adapted from How to DO projects'')<ref name = HowTo/>]]

‘’ARTA’’ strategy are defined by four main strategies:
*‘’Avoid’’
*’Reduce’’
*’’Transfer’’’
*’’Accept’’

If the risk is of ''high impact and high probability'', the correct corresponding action would be to ''avoid'' the risk altogether. In such an event the project team acts to eliminate the threat or protect the construction project from the risk’s impacts. This typically involves changing the strategy or reducing the scope. Some risks can already be identified in the beginning of the construction projects, which means that these can be avoided by clarifying requirements, obtaining relevant information and expertise or improving communication.

If the risk is of ''high impact and low probability'', the correct corresponding action would be to ''reduce'' the risk. In the case of such an event the project team acts to reduce the probability of occurrence or impact of a risk. Taking early action of reducing risks in a construction project is often far more effective than trying to adjust for the resulting impact later on.

If the risk is of ''low impact and high probability'', the correct corresponding action would be to ''transfer'' the risk to a third party. This means that a third party would take over responsibility for the potential impact of a specific risk, such as a subcontractor, consulting firm and so on. A proper third party to transfer the risk to, would be one who holds expertise concerning that specific risk.

If the risk is of ''low impact and low probability'', the proper decision would be to ''accept'' the risk. Then the project team decides to acknowledge the risk and not take any action unless the risk occurs <ref name = PMBOK/> . An example would be if the contractor has to accept weather conditions that result in a delay in the schedule; there is nothing they can do about delays in the schedule due to weather conditions, and the impact of this is usually not catastrophic anyway.

==Control==

The last phase of the risk management process is to monitor or ''control'' risks throughout the construction project’s life cycle. This phase is as important as the other phases and during this phase the ''unknown-unknown'' events will grow <ref name = Winch/>. Monitoring and controlling risks can be achieved by tracking the identified risks, monitoring continuing risks, identifying new risks, and evaluating effectiveness of risk related processes <ref name = PMBOK/> throughout the construction project life cycle. Additionally, monitoring and controlling is assisted by gathering relevant people on the construction project for routine meetings on the construction site and communicate with the subcontractors to see how the task is going. This will give an insight of where the contractor and subcontractor need to focus on. Furthermore, this activity can identify both positive and negative effects on the construction project <ref name = Winch/>.

=Limitation=
Risk management will improve numerous tasks of a construction project, but of course there are limitations. As mentioned earlier:

<blockquote>
'''''”The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.”'''''
’’Project Management Institute’’ <ref name=PMBOK/>
</blockquote>

Risk management is not about removing all risks from construction projects, as this is impossible. But rather, it is to reduce the amount of negative impacts. Risk management is therefore only limited to the extent that it is possible to identify and assess risks, known or unknown. Furthermore, risk management can both be limited in its ability to decrease impact and likelihood of negative impacts, as well as in its ability to increase likelihood and impact of positive impacts.

A common tendency amongst risk managers is that the majority of their focus is on decreasing negative impact associated risks. Ideally equal importance should be given to increasing positive impact associated risks. Limitations to the benefit of doing risk management therefore arise when an imbalanced prioritization is given to these <ref name=PMBOK/>.

=Annotated bibliography=

* ''' Project Management Institute "A Guide to Project Management Body of Knowledge" (2013), 5th Edition: Project Risk Management (ch. 11)'''

:This book accommodates many aspects of guidelines for project management. Furthermore, this book provides many beneficial tools and approaches such as ''Risk Management'' as this article is about.

* ''' Winch, Graham M. "Managing Construction Projects" An Information Processing Approach, (2010), 2nd Edition: Managing Uncertainty and Risk on the Project (ch. 13)'''

:This book addresses valuable sources for both practitioners and students as it covers many topics within the management of construction projects. Moreover, this book provides many interesting subjects from defining the project mission, managing the budget and schedule; ‘’uncertainty and risk on the project ‘’and much more.

=References=
<references/>

Risk Management in Construction Projects

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Risk Management in Construction Projects

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Risk Management in Construction Projects

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Risk Management in Construction Projects

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Risk Management in Construction Projects

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Risk Management in Construction Projects

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File:Risktimeline.png

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S133819: adapted from Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)

adapted from Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)

File:Riskprocess.png

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S133819: adapted from Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)

adapted from Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)

Talk:Business Analytics in Civil Engineering Projects

2018-02-19T08:24:08Z

S133819: /* Abstract Feedback */

==Abstract Feedback==
Text Clarity; Ok.

Language; Ok, minor grammar mistakes.

References; missing references related to the standards.

In general the abstract is ok, when developing the article don't forget to relate with an specific aspect of Project Management Standards, in your case is related with Project controls, try to find sources related with this aspect.

Is also good that you already established the structure of the article, however I can see that the headings are more related with BIM/VDC aspects.

I recommend you to investigate how currently project controls are managed in a digital environment (BIM/VDC environments).

Initially you don't need to elaborate upon any case, you don't need sections 5 and 6 of your article, however if you have insight information about this case I would recommend you to use it and see how the project dealt with project controls aspects.

Please check again the point 5, Individual Assignment of the Course handbook and Reference Reading material for the Wiki Assignment and Project Work.

==Feedback 1 | Reviewer name: ''Mint Rasmussen''==
===Question 1 ===
'''Quality of the summary:'''

Does the summary make the key focus, insights and/or contribution of the article clear?

What would you suggest to improve?

===Answer 1===
''Good overview of the article.''
''Include an explanation of BIM and Time scheduling analysis 4D in your abstract, since you are writing about it in your article. ''

===Question 2 ===
'''Structure and logic of the article:'''

Is the argument clear?

Is there a logical flow to the article?

Does one part build upon the other?

Is the article consistent in its argument and free of contradictions?

What would you suggest to improve?

===Answer 2===
''The article needs better coherence. Work on the transition from each parts.''

''I would like to suggest you to create a table for BIM and CAD models where these two tools are set up next to each other. I think this will give a better overview of the tools. I would like to see section 2.3 set up differently to give a better overview, such as: ‘’’Design visualization’’’: explain how it benefits. ‘’’Material and cost estimation’’’: explain how it benefits, and so on.''

===Question 3 ===
'''Grammar and style:'''

Is the writing free of grammatical and spelling errors?

Is the language precise without unnecessary fill words?

What would you suggest to improve?

===Answer 3===
''There are some minor grammatical and spelling errors in the article.''

''My suggestions would be to mark all the keywords with italic style, to give a better overview of which words are keywords. Another suggestion would be to ask someone to proofread the article, to minimize the minor errors. ''

===Question 4 ===
'''Figures and tables:'''

Are figures and tables clear?

Do they summarize the key points of the article in a meaningful way?

What would you suggest to improve?

===Answer 4===
''I like that there are a lot of figures! Unfortunately, some of the figures do not have references, captions, or explanation of why they are there.''

‘’Add references, captions and explanation to the figures.’’
===Question 5 ===
'''Interest and relevance:'''

Is the article of high practical and / or academic relevance?

Is it made clear in the article why / how it is relevant?

What would you suggest to improve?

===Answer 5===
''This article have included many relevant tools associated with the topic, which is nice.''

''The article is a little bit disorganized and needs a bit more polishing.''

===Question 6 ===
'''Depth of treatment:'''

Is the article interesting for a practitioner or academic to read?

Does it make a significant contribution beyond a cursory web search?

What would you suggest to improve?

===Answer 6===
''The article is a little bit disorganized and needs more work to make it more interesting for a practitioner or academic read. ''
''My suggestions can be seen above. ''

===Question 7 ===
'''Annotated bibliography:'''

Does the article properly cite and acknowledge previous work?

Does it briefly summarize the key references at the end of the article?

Is it based on empirical data instead of opinion?

What would you suggest to improve?

===Answer 7===
''Good, nothing to suggest.''

Talk:Agile project management

2018-02-19T07:18:57Z

S133819:

==Abstract Feedback==
Text Clarity; Ok.

Language; Ok.

References; missing references related to the standards

In general the abstract is ok, when developing the article don't forget to elaborate and describe the relevance for a Project Manager and try avoid a too generic article.

==Feedback 1 | Reviewer name: ''Daniel Campos Rivera''==
===Question 1 · ===
'''Quality of the summary:'''

Does the summary make the key focus, insights and/or contribution of the article clear?

What would you suggest to improve?

===Answer 1===
''Good summary. It is very clear what you are going to tell about Agile Project Management, you have developed a good argument discussion related with the summary ''

===Question 2 ===
'''Structure and logic of the article:'''

Is the argument clear?

Is there a logical flow to the article?

Does one part build upon the other?

Is the article consistent in its argument and free of contradictions?

What would you suggest to improve?

===Answer 2===
''Nice explanation of the Agile Project Managment. Good flow is well organized and synteshised, . The article has a nice flow.
Very nice with links and the biography of the references, maybe should be like a small example to illustrate the concept.

===Question 3 · ===
'''Grammar and style:'''

Is the writing free of grammatical and spelling errors?

Is the language precise without unnecessary fill words?

What would you suggest to improve?

===Answer 3===
''No grammar or spelling mistakes i think so. Good language and I could understand the whole idea, however i am not the best to speak in this topic i am spanish native speaker .

===Question 4 · ===
'''Figures and tables:'''

Are figures and tables clear?

Do they summarize the key points of the article in a meaningful way?

What would you suggest to improve?

===Answer 4===
''I think the pictures are place a good and are related with the article, however i beleive that there is a lack of picture, the author should introduce more pictures, only 1 picture and the article is to dense in terms of concepts, with pictures and drawings will be easier the concepts of the articule. But good choise of picture, they are easy to understand.''

===Question 5 · ===
'''Interest and relevance:'''

Is the article of high practical and / or academic relevance?

Is it made clear in the article why / how it is relevant?

What would you suggest to improve?

===Answer 5===
''It has academic relevance nevertheless practical relevance should be reflected more directly in the text "

===Question 6 · ===
'''Depth of treatment:'''

Is the article interesting for a practitioner or academic to read?

Does it make a significant contribution beyond a cursory web search?

What would you suggest to improve?

===Answer 6===
''I believe that there is not enough information about Agile project management, it's the first time that i ear about that term, i believe that is of practical relevance because the method sounds new and are related with IT that nowadays have become in a important topic.

===Question 7 · ===
'''Annotated bibliography:'''

Does the article properly cite and acknowledge previous work?

Does it briefly summarize the key references at the end of the article?

Is it based on empirical data instead of opinion?

What would you suggest to improve?

===Answer 7===
''Yes there is prOperly citing. It is based on data. Nice with the annotated bibliography.''

==Feedback 2 | Reviewer name: ''Mint Rasmussen''==
===Question 1 ===
'''Quality of the summary:'''

Does the summary make the key focus, insights and/or contribution of the article clear?

What would you suggest to improve?

===Answer 1===
''Good overview of the article. ''
''Nothing to suggest. ''

===Question 2 ===
'''Structure and logic of the article:'''

Is the argument clear?

Is there a logical flow to the article?

Does one part build upon the other?

Is the article consistent in its argument and free of contradictions?

What would you suggest to improve?

===Answer 2===
''The explanation of APM is good. ''
''The article is incoherent. Work on the transition from each parts. ''
''My suggestion would be to give some examples on practical application of APM. ''

===Question 3 ===
'''Grammar and style:'''

Is the writing free of grammatical and spelling errors?

Is the language precise without unnecessary fill words?

What would you suggest to improve?

===Answer 3===
''There are some minor grammatical and spelling errors in the article.''

''My suggestions would be to mark all the keywords with italic style, to give a better overview of which words are keywords. Be careful of the mixup of dots and comma and big and small letters. Another suggestion would be to ask someone to proofread the article, to minimize the minor errors. ''

===Question 4 ===
'''Figures and tables:'''

Are figures and tables clear?

Do they summarize the key points of the article in a meaningful way?

What would you suggest to improve?

===Answer 4===
''The figure gives a good overview of ‘’the roadmap to value’’ for agile planning. ''
The explanation of the process is also good.

''More figures to gives an overview of other subjects. ''

===Question 5 ===
'''Interest and relevance:'''

Is the article of high practical and / or academic relevance?

Is it made clear in the article why / how it is relevant?

What would you suggest to improve?

===Answer 5===
''The article made it clear for someone who doesn’t know what APM is. Furthermore, it gives a good overview of which applications the topic is associated with. ''

''As I have mentioned before, my suggestion would be to give some examples on practical application of APM. ''

===Question 6 ===
'''Depth of treatment:'''

Is the article interesting for a practitioner or academic to read?

Does it make a significant contribution beyond a cursory web search?

What would you suggest to improve?

===Answer 6===
''The article gives a good overview of what APM is. ''
''My suggestions can be seen above. ''

===Question 7 ===
'''Annotated bibliography:'''

Does the article properly cite and acknowledge previous work?

Does it briefly summarize the key references at the end of the article?

Is it based on empirical data instead of opinion?

What would you suggest to improve?

===Answer 7===
''Good, nothing to suggest.''

Talk:Agile project management

2018-02-19T07:05:18Z

S133819:

==Abstract Feedback==
Text Clarity; Ok.

Language; Ok.

References; missing references related to the standards

In general the abstract is ok, when developing the article don't forget to elaborate and describe the relevance for a Project Manager and try avoid a too generic article.

==Feedback 1 | Reviewer name: ''Daniel Campos Rivera''==
===Question 1 · ===
'''Quality of the summary:'''

Does the summary make the key focus, insights and/or contribution of the article clear?

What would you suggest to improve?

===Answer 1===
''Good summary. It is very clear what you are going to tell about Agile Project Management, you have developed a good argument discussion related with the summary ''

===Question 2 ===
'''Structure and logic of the article:'''

Is the argument clear?

Is there a logical flow to the article?

Does one part build upon the other?

Is the article consistent in its argument and free of contradictions?

What would you suggest to improve?

===Answer 2===
''Nice explanation of the Agile Project Managment. Good flow is well organized and synteshised, . The article has a nice flow.
Very nice with links and the biography of the references, maybe should be like a small example to illustrate the concept.

===Question 3 · ===
'''Grammar and style:'''

Is the writing free of grammatical and spelling errors?

Is the language precise without unnecessary fill words?

What would you suggest to improve?

===Answer 3===
''No grammar or spelling mistakes i think so. Good language and I could understand the whole idea, however i am not the best to speak in this topic i am spanish native speaker .

===Question 4 · ===
'''Figures and tables:'''

Are figures and tables clear?

Do they summarize the key points of the article in a meaningful way?

What would you suggest to improve?

===Answer 4===
''I think the pictures are place a good and are related with the article, however i beleive that there is a lack of picture, the author should introduce more pictures, only 1 picture and the article is to dense in terms of concepts, with pictures and drawings will be easier the concepts of the articule. But good choise of picture, they are easy to understand.''

===Question 5 · ===
'''Interest and relevance:'''

Is the article of high practical and / or academic relevance?

Is it made clear in the article why / how it is relevant?

What would you suggest to improve?

===Answer 5===
''It has academic relevance nevertheless practical relevance should be reflected more directly in the text "

===Question 6 · ===
'''Depth of treatment:'''

Is the article interesting for a practitioner or academic to read?

Does it make a significant contribution beyond a cursory web search?

What would you suggest to improve?

===Answer 6===
''I believe that there is not enough information about Agile project management, it's the first time that i ear about that term, i believe that is of practical relevance because the method sounds new and are related with IT that nowadays have become in a important topic.

===Question 7 · ===
'''Annotated bibliography:'''

Does the article properly cite and acknowledge previous work?

Does it briefly summarize the key references at the end of the article?

Is it based on empirical data instead of opinion?

What would you suggest to improve?

===Answer 7===
''Yes there is prOperly citing. It is based on data. Nice with the annotated bibliography.''

Agile project management
==Feedback 2 | Reviewer name: ''Mint Rasmussen''==
===Question 1 ===
'''Quality of the summary:'''

Does the summary make the key focus, insights and/or contribution of the article clear?

What would you suggest to improve?

===Answer 1===
''Good overview of the article. ''
''Nothing to suggest. ''

===Question 2 ===
'''Structure and logic of the article:'''

Is the argument clear?

Is there a logical flow to the article?

Does one part build upon the other?

Is the article consistent in its argument and free of contradictions?

What would you suggest to improve?

===Answer 2===
''The explanation of APM is good. ''
''The article is incoherent. Work on the transition from each parts. ''
''My suggestion would be to give some examples on practical application of APM. ''

===Question 3 ===
'''Grammar and style:'''

Is the writing free of grammatical and spelling errors?

Is the language precise without unnecessary fill words?

What would you suggest to improve?

===Answer 3===
''There are some minor grammatical and spelling errors in the article.''

''My suggestions would be to mark all the keywords with italic style, to give a better overview of which words are keywords. Be careful of the mixup of dots and comma and big and small letters. Another suggestion would be to ask someone to proofread the article, to minimize the minor errors. ''

===Question 4 ===
'''Figures and tables:'''

Are figures and tables clear?

Do they summarize the key points of the article in a meaningful way?

What would you suggest to improve?

===Answer 4===
''The figure gives a good overview of ‘’the roadmap to value’’ for agile planning. ''
The explanation of the process is also good.

''More figures to gives an overview of other subjects. ''

===Question 5 ===
'''Interest and relevance:'''

Is the article of high practical and / or academic relevance?

Is it made clear in the article why / how it is relevant?

What would you suggest to improve?

===Answer 5===
''The article made it clear for someone who doesn’t know what APM is. Furthermore, it gives a good overview of which applications the topic is associated with. ''

''As I have mentioned before, my suggestion would be to give some examples on practical application of APM. ''

===Question 6 ===
'''Depth of treatment:'''

Is the article interesting for a practitioner or academic to read?

Does it make a significant contribution beyond a cursory web search?

What would you suggest to improve?

===Answer 6===
''The article gives a good overview of what APM is. ''
''My suggestions can be seen above. ''

===Question 7 ===
'''Annotated bibliography:'''

Does the article properly cite and acknowledge previous work?

Does it briefly summarize the key references at the end of the article?

Is it based on empirical data instead of opinion?

What would you suggest to improve?

===Answer 7===
''Good, nothing to suggest.''

Risk Management in Construction Projects

2018-02-16T18:39:32Z

S133819:

Risk Management in Construction Projects

2018-02-16T18:34:33Z

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Risk Management in Construction Projects

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Risk Management in Construction Projects

2018-02-16T18:26:37Z

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Risk Management in Construction Projects

2018-02-16T18:23:36Z

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Risk Management in Construction Projects

2018-02-16T18:20:29Z

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Risk Management in Construction Projects

2018-02-16T18:09:59Z

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Risk Management in Construction Projects

2018-02-16T18:09:45Z

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Risk Management in Construction Projects

2018-02-16T18:09:26Z

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Risk Management in Construction Projects

2018-02-16T18:09:05Z

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Risk Management in Construction Projects

2018-02-16T18:08:38Z

S133819:

Risk Management in Construction Projects

2018-02-16T18:08:02Z

S133819:

Risk Management in Construction Projects

2018-02-16T10:35:29Z

S133819:

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref name="PMBOK">Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref name="Winch"> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref> <ref name="HowTo"> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

=Identification=

[[File:Rumsfeld.png|thumb|Rumsfeld known-known concept <ref name="HowTo"></ref>]]

=Assessment and Analysis=

[[File:Pv.png|thumb|Probability/Impact Matrix <ref name="HowTo"></ref>]]

=Response=

[[File:Arta.png|thumb|ARTA grid <ref name="HowTo"></ref>]]

=Control=

=References=
<references/>

Risk Management in Construction Projects

2018-02-16T10:25:13Z

S133819:

Risk Management in Construction Projects

2018-02-16T10:19:28Z

S133819: /* Response */

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref> <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

=Identification=

=Assessment and Analysis=

=Response=

[[File:Arta.png|thumb|ARTA grid <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>]]

=Control=

==References==
<references/>

File:Arta.png

2018-02-16T10:14:03Z

File:Rumsfeld.png

2018-02-16T10:13:53Z

File:Pv.png

2018-02-16T10:13:29Z

Risk Management in Construction Projects

2018-02-16T10:12:04Z

S133819:

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref> <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

=Identification=

=Assessment and Analysis=

=Response=

=Control=

==References==
<references/>

Risk Management in Construction Projects

2018-02-16T10:10:11Z

S133819:

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref> <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

=Identification=

=Assessment and Analysis=

=Response=

=Control=

==References==
<references/>

Risk Management in Construction Projects

2018-02-13T09:31:39Z

S133819: /* Abstract */

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref> <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

=Risk Management Process=
• Definition of Risk and Uncertainty
• Risk management process

=Identification=

==Tools: Risk Register==

===Foreseen and Unforeseen===

===Rumfeld's known-unknown===

=Assessment and Analysis=

==Tools: Probability/Impact Matrix==

=Response=

==Tools: ARTA diagram==

=Control=

==References==
<references/>

Risk Management in Construction Projects

2018-02-05T07:31:07Z

S133819:

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref> <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty |(Version 0.5)</ref>

==References==
<references/>

Risk Management in Construction Projects

2018-02-05T07:28:39Z

S133819: /* Abstract */

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management process in construction projects are grouped into four categories: Identification, Assessment/Analysis, Response and Control.

To identify and classify risks, tools such as ''Risk register'' containing ''foreseen and unforeseen events'' and ''Rumsfeld's known-unknowns'' are utilized. Moreover, the ''Probability/Impact Matrix'' is utilized for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams are included for risk treatment and control.<ref> Winch, Graham M. | 2010 | "Managing Construction Projects" | (2nd Edition)</ref>

==References==
<references/>

Articles Spring Term 2018

2018-02-04T20:04:13Z

S133819: /* Overview of 2018 Wiki articles */

{| class="wikitable"
|+ '''Disclaimer!
|-
|''The requirements for the articles written in previous Terms (2014, 2015, 2016, Jun 2017, 2017) were not the same as for Spring Term 2018. Please make sure you read the requirements for your own fall term carefully before starting your wiki article.''
|}

Please complete this table with your group number, full name, username and the title of your article.

To create more lines in the table click '''Edit''' and use the following code to create more lines in the table and replace the example text with your own information:

<pre style="white-space: pre-wrap;
white-space: -moz-pre-wrap;
white-space: -pre-wrap;
white-space: -o-pre-wrap;
word-wrap: break-word;">
|-
|Group Number
|First Name
|Last Name
|Username
|Link to Article
|-
</pre>
Create a direct link by making square brackets ([[ ]]) around the title such as [[Title]]

The straight lines ( | ) create columns and the straight line with a dash ( |- ) creates a new row in the table.

( |} ) is only used at the very end to finish the coding for the table.

=Overview of 2018 Wiki articles=

{| class="wikitable sortable"
|+June 2017 Wiki Articles
|-
!Group number
!First name
!Second name
!User name
!Link to article
|-
|GN
|FN
|SN
|UN
|[[Name of your Wiki Article]]
|-
|GN
|FN
|SN
|UN
|[[Name of your Wiki Article]]
|-
|-
|GN
|David
|Moya Perrino
|David Moya Perrino
|[[Role of the project sponsor]]
|-
|GN
|Sofie
|Melchior Karlson
|s133606
|[[Belbin's team roles]]
|-
|GN
|Sebastian
|Graff Daugaard
|Daugaard
|[[Dealing with conflict in project management]]
|-
|GN
|Mehdi
|Abounnasr
|s176504
|[[Monitoring]]
|-
|GN
|Briet
|Hjaltalin
|Briet
|[[Project governance]]
|-
|GN
|Jonas
|Heiberg Larsen
|JonasHL
|[[Risk Management Overview]]
|-
|GN
|Kornpong
|Mahitthiburin
|Akorno
|[[Financial appraisal of project proposals]]
|-
|GN
|Gudmundur
|Hermannsson
|gudmundur
|[[Project Scope Management]]
|-
|GN
|Ína Salome
|Sturludóttir
|Ina
|[[Project scope]]
|-
|GN
|Kevinth
|Balasubramaniam
|Kxviinth
|[[Future Workshop]]
|-
|GN
|Davide
|Sartori
|DSartori
|[[Process Mapping]]
|-
|GN
|Julia
|Hoesel
|s172365
|[[Design Thinking]]
|-
|GN
|Baptiste
|Hubert
|BaptisteH
|[[Life Cycle 2018]]
|-
|GN
|Mint
|Rasmussen
|s133819
|[[Risk Management in Construction Projects]]
|-

Risk Management in Construction Projects

2018-02-04T19:59:50Z

S133819: /* Abstract */

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management in construction projects are grouped into three categories: Identification, Assessment/Analysis and Response.

To identify risks, tools such as ''foreseen and unforeseen events'', ''Rumsfeld's known-unknowns'' and ''SWOT'' are involved. Moreover, ''Risk probability-impact identification'' analysis and charts are involved for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams and ''Risk register'' are included for risk treatment and control.<ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty | (Version 0.5)</ref>

==References==
<references/>

Risk Management in Construction Projects

2018-02-04T19:59:20Z

S133819: Created page with "==Abstract== Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedul..."

==Abstract==

Risk is an uncertain event or condition which can have a positive or negative effect on one or more objectives in a construction project, such as; scope, schedule, cost, performance and quality. One or more of these can be of impact on the project, both positive and negative outcomes. Positive and negative risks are referred as opportunities and threats for the project, and it is the management of all these that constitute the Risk Management in Construction Projects.

Risks are present already from the time a project starts. Therefore it is important to prioritise risk management, since it will likely lead to more problems if handling the risks is procrastinated.

The goal of risk management is to increase the likelihood and impact of positive events and meanwhile decrease the likelihood and impact of negative events in construction projects. <ref>Project Management Institute | 2013 | "A Guide to Project Management Body of Knowledge" | (5th Edition)</ref>

The tools applied in risk management in construction projects are grouped into three categories: Identification, Assessment/Analysis and Response. <ref> Geraldi, Joana | Thuesen, Christian | Oehmen, Josef | 2016 | "How to DO projects" | Uncertainty | (Version 0.5)</ref>

To identify risks, tools such as ''foreseen and unforeseen events'', ''Rumsfeld's known-unknowns'' and ''SWOT'' are involved. Moreover, ''Risk probability-impact identification'' analysis and charts are involved for assessment and analysis of risk. Last but not least, ''ARTA'' diagrams and ''Risk register'' are included for risk treatment and control.

==References==
<references/>