Hello everyone,
I am currently working on developing a review article to review the existing operational risk management approaches in Megaprojects context to identify limitations in the process, and based on that I intend to develop a new approach capable of improving the performance of Megaprojects by managing risks in a better way. My question is, should I highlight all possible limitations or only those that I am trying to address in the proposed approach. In other words, is appropriate to address a particular weakness and omit the others?
Thank you in advance for your comments,
Mustafa
Risks are involved in the mega project all throughout from before the tender stage (feasibility, market study, laws, etc) till the end of the project and even beyond that (Defect Liability period, claims, etc). Many of the risks are even interlinked. I would suggest you focus on one particular weakness and focus on its repercussions and its side effects on other processes. This would help mitigate one type of a risk by controlling its side effects.
You may find the attached file helpful.
Thanks
Article RISKS ASSOCIATED IN RELATED CONTRACTS WITHIN PROJECT FINANCI...
The management of risk should be a sustainable process, therefore considering both preventive and reactive measures would allows risk management process to be a comprehensive one rather than confining itself to certain limitations. However, considering the limitations of resources perhaps Enterprise Risk Management approach can be applied, this would allows the risk management program to emphasize on certain priority risk has a significant impact on organizations' objective.
Specialist insurers offer "Contractors all risk" cover.
Ideally your company would establish a full plan of risk acceptance and transfer. That will involve contractors all risk, but also cover at Lloyds and, possibly (but this is for the long run) a "captive" insurance company. Roy
Prior to review of any operational risk management program say in megaprojects, there are perceived weaknesses or inability to realize risk management objectives. Work on your hypotheses. Achieve the result and subsequent reviews continue. Continuous review is expected as human development improves and new technology emerges. Therefore address the particular challenges you perceived.
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