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Risk is related to the magnitude and uncertainty of an output (consequence or outcome); outputs take on different identities in different disciplines and situations. Risk is peculiar to each stakeholder and the measurement scale for risk depends on the stakeholder's value system. Risk management provides a way of addressing the issues associated with the magnitude and uncertainty of outputs. This book provides a distinctively rational treatment of risk and risk management, based on a systems approach. The book's treatment applies to all disciplines and sets out the principles of risk and risk management as well as looking at a range of applications and more specialist tools and approaches. The book:
- Develops a risk framework through a systems approach
- Offers a challenging and fresh approach for infrastructure engineering, construction and project management in general
The book will suit students and practitioners alike.
List of contents
Part A: Development. 1. Introduction. 2. Some Fundamental Systems Ideas. 3. What is Risk?. 4. Risk Management (RM). 5. RM Step - Definition and Context. 6. RM Step - Risk Source Identification. 7. RM Step - Analysis and Evaluation. 8. RM Step - Response. 9. RM Summary. Part B: Applications. 10. Project Delivery Methods. 11. Risk Allocation in Contracts. 12. Workplace Health and Safety. 13. Management and Project Management. 14. Tenders and Contracts. 15. Project-Related Risk. 16. P50 - P90 Project Cost Estimates - Rationale. 17. Options. 18. Accounting, Finance and Economics. 19. Reliability. 20. Fault Trees, Event Trees.
About the author
David G. Carmichael is Emeritus Professor of Civil Engineering at the University of New South Wales, Distinguished Adjunct Professor with the Asian Institute of Technology, Fellow of the Royal Society of New South Wales, Fellow of the Institution of Engineers Australia and Life Member of the American Society of Civil Engineers.
Summary
This textbook takes a distinctively systems approach to the principles of risk, uncertainty and risk management, outlining a series of applications and more specialist tools and approaches. It offers a rational treatment of risk and risk management which applies across all disciplines, for university students and practitioners.
