ABSTRACT
Risks are usually researched within a community of designers, constructors and the operators of the asset the project is intended to deliver. A project in development always arrives at a stage when the risks have to be allocated between the parties to it. This implies the cost function has to be notionally partitioned between them, and so the question of risk ownership that is exposed to what arises. This process of allocating risk ownership sits on the cusp between risk analysis and risk management. A funding block risk is one for which no mechanism exists for a project manager to instruct and pay contractors in a timely manner to contain or to remedy the unwanted outcomes of risks. An integrated cost and time risk assessment (ICTRA)-derived cost function it is sometimes useful for an analyst to discuss the utility of the curve with the funders.
