Today’s businesses are driven by customer ‘pull’ and technological ‘push’. To remain competitive in this dynamic business world, engineering and construction organizations are constantly innovating with new technology tools and techniques to improve process performance in their projects. Their management challenge is to save time, reduce cost and increase quality and operational efficiency. Risk management has recently evolved as an effective method of managing both projects and operations. Risk is inherent in any project, as managers need to plan projects with minimal knowledge and information, but its management helps managers to become proactive rather than reactive. Hence, it not only increases the chance of project achievement, but also helps ensure better performance throughout its operations phase.

Various qualitative and quantitative tools are researched extensively by academics and routinely deployed by practitioners for managing risk. These have tremendous potential for wider applications. Yet the current literature on both the theory and practice of risk management is widely scattered. Most of the books emphasize risk management theory but lack practical demonstrations and give little guidance on the application of those theories. This book showcases a number of effective applications of risk management tools and techniques across product and service life in a way useful for practitioners, graduate students and researchers. It also provides an in-depth understanding of the principles of risk management in engineering and construction.

chapter |4 pages


chapter 2|26 pages

Modelling risk effect using Monte Carlo Technique

An application for innovative projects

chapter 13|12 pages

Risk allocation assessment through good project governance concept

A case study of PPP project in Thailand

chapter 14|25 pages

Risk-based inspection and maintenance

A case of oil pipeline operations in India

chapter 15|21 pages

Managing construction risks and uncertainties

A management procurement and contracts perspective

chapter 16|19 pages

Risk management practice in a construction project

A case study on the NHS PFI/PPP hospital project in the UK

chapter 18|23 pages

Infrastructure development in the UAE

Communication and coordination issues amongst key stakeholders

chapter 22|23 pages

Political risk management during instability

The experience of readymade garment manufacturing firms in Bangladesh