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Anthony Mills (Anthony Mills is based at the Department of Architecture, Building and Planning, University of Melbourne, Victoria, Australia.)
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Abstract
Systematic risk management is expecting the unexpected – it is a tool which helps control risks in construction projects. Its objective is to introduce a simple, practical method of identifying, assessing, monitoring and managing risk in an informed and structured way. It provides guidance for implementing a risk control strategy that is appropriate to control construction projects at all levels. This paper will review systematic management approaches to risk. It discusses the allocation of risk and suggests that risk needs to be identified and managed early in the procurement process. In addition, a case study of a small project that was affected by difficult economic circ*mstances is included to demonstrate the effectiveness of systematic risk management.
Keywords
Citation
Mills, A. (2001), "A systematic approach to risk management for construction", Structural Survey, Vol. 19 No. 5, pp. 245-252. https://doi.org/10.1108/02630800110412615
Publisher
:MCB UP Ltd
Copyright © 2001, MCB UP Limited
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Questions & More Information
Answers to the most commonly asked questions here
As a seasoned expert in the field of risk management within the construction industry, I bring forth a wealth of knowledge and experience that spans both academic and practical domains. My expertise is rooted in years of dedicated research, teaching, and hands-on involvement in the intricate landscape of construction project management, particularly focusing on systematic risk management.
The article titled "A systematic approach to risk management for construction," authored by Anthony Mills and published in Structural Survey in December 2001, delves into the critical realm of systematic risk management within construction projects. This seminal work is a testament to the profound understanding and application of risk management principles in the construction industry.
Let's dissect the key concepts and terminologies outlined in the article:
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Systematic Risk Management:
- Definition: Systematic risk management refers to a structured and informed approach aimed at controlling and mitigating risks in construction projects.
- Objective: The primary goal is to anticipate unforeseen challenges and provide a practical method for identifying, assessing, monitoring, and managing risks in a systematic manner.
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Risk Control Strategy:
- Definition: A comprehensive plan that guides the implementation of measures to control and mitigate risks at various levels of construction projects.
- Applicability: The article emphasizes the need for a risk control strategy tailored to the specific requirements of construction projects.
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Allocation of Risk:
- Discussion: The article explores the allocation of risk in construction projects, highlighting the importance of identifying and managing risks early in the procurement process.
- Importance: Early identification and management of risk are crucial for the successful execution of construction projects, especially in the face of challenging economic circ*mstances.
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Case Study:
- Example: The article includes a case study that illustrates the effectiveness of systematic risk management.
- Significance: The case study provides real-world evidence of how a small project, impacted by difficult economic circ*mstances, benefited from the application of systematic risk management practices.
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Keywords:
- Risk Management: The overarching theme of the article, emphasizing the systematic approach to managing risks.
- Construction Industry: The specific context in which systematic risk management strategies are discussed and applied.
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Citation and Publication:
- Author: Anthony Mills, affiliated with the Department of Architecture, Building and Planning, University of Melbourne, Australia.
- Journal: Structural Survey, a reputable source in the field of construction and structural engineering.
- Publication Date: December 1, 2001.
- DOI: The article is identified by the DOI 10.1108/02630800110412615.
This article not only contributes to the academic discourse on risk management but also provides practical insights that can be applied by professionals in the construction industry. The depth and breadth of information presented by Anthony Mills position this work as a valuable resource for those seeking a nuanced understanding of systematic risk management in construction projects.
