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2016 - Civil Design Studio 2 > RISK MANAGEMENT > Flashcards

RISK MANAGEMENT Flashcards

1
Q

What is risk management?

A

Coping with future uncertainties by avoidance, management or mitigation.

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2
Q

What are the four types of risk?

A
  • Project risk
  • Technical risk
  • Safety and environment
  • Financial and commercial risk
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3
Q

What are examples of project risk?

A
  • Late delivery
  • Poor quality
  • Outcomes not achieved
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4
Q

What are examples of technical risk?

A

-

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5
Q

What are examples of safety and environmental risks?

A
  • Construction risk

- Health safety and environmental management system

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6
Q

What do engineers have to do minimise the risk of loss of life, injury or suffering?

A

Take reasonable steps.

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7
Q

What do engineers do about people affected by risks?

A

Draw attention.

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8
Q

What is the 2014 revision to code of ethics?

A

An engineer who has reasonable grounds to believe that an engineering matter gives rise to Adverse Consequences shall bring the matter to the notice of the appropriate person or regulatory authority.

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9
Q

What does risk equal?

A

Probability x Consequence

It does not equal uncertainty

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10
Q

Are risks only Threats?

A

No, they can also be opportunities as well.

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11
Q

What are sources of risk for Engineers in design contracts?

A
  • Inadequate scope or brief
  • Unrealistic timeframe
  • Liability from design inadequacies
  • Unforeseen circumstances require major changes
  • Loss of intellectual property
  • Faulty or missing data
  • Faulty assumptions
  • Calculation errors
  • Inadequate or improperly used software
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12
Q

What are sources of risk in resource consenting?

A
  • Assumption that consent would be non-notified
  • Request for further info leads to delay
  • Consulting outcomes unexpected
  • Consent refused
  • Conditions of consent are too onerous
  • Need to appeal decision to environment court
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13
Q

What are the sources of risk in construction?

A
  • Prices much higher than estimated
  • Poor design documents lead to additional cost
  • Too few firms bid for work, uncertainty quality/cost
  • Building consents requirements lead to changes , costs, delays
  • Delays from weather, labour strikes, health/safety incidents
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14
Q

What are the four steps in risk management for design?

A

1) ID Risks
2) Risk Impact assessment
3) Prioritise risk
4) Decide how to manage risk
- Avoid
- Reduce
- Mitigate
- Transfer
- Accept

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15
Q

What is to ACCEPT a risk?

A

Accept without engaging in special efforts to control it

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16
Q

What is to AVOID a risk?

A

Adjust project requirements or constraints to eliminate or reduce the risk.

17
Q

What is to CONTROL a risk?

A

Implement actions to minimise the impact or likelihood of the risk.

18
Q

What is to TRANSFER a risk?

A

Reassign accountability or responsibility to another stake holder willing to accept the risk.

19
Q

What is to WATCH/MONITOR a risk?

A

Monitor the environment for changes that affect the nature and/or the impact of the risk.

20
Q

What is risk retention?

A
  • Accepting the loss or benefit of gain from a risk when it occurs.
  • True self insurance falls in this category.
21
Q

What are risk workshops for?

A

ID potential issues ahead of time.
Used to create a RISK REGISTER.
Continuous and iterative process

22
Q

Who should be in risk workshops?

A

Project manager
Engineers
Client

23
Q

What is statistical analysis of a project?

A
  • To predict probable variation of time and budget.

- Allows uncertainty to be quantified and included in the project plan.

24
Q

What are the two key pieces of information a client wants to know? And how are they determined?

A

Cost of the project and the completion date.

On a time and resource plan.

25
Q

How do you assign uncertainty?

A
  • Estimate cost max and min, distribution
  • Put on programme
  • Run monte carlo
26
Q

What does the monte carlo do?

A

Iteratively simulate the project.
Random
Creates a distribution of outcomes.
Giving the most likely date and cost and the range of dates and costs.

2016 - Civil Design Studio 2 (21 decks)

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