Risk Management in Construction Projects

Risk Management in Construction Projects

📅 Duration: 5 Days
👷 Target Audience: Senior Engineers, Project Managers, Risk Analysts, and Contract Administrators in Public Construction
🎯 Skill Level: Advanced

📌 Course Objectives:

By the end of this course, participants will be able to:
✔ Identify key risks in large-scale infrastructure projects.
✔ Develop and implement risk management plans and mitigation strategies.
✔ Use quantitative and qualitative risk assessment techniques.
✔ Apply Monte Carlo simulations and risk probability analysis.
✔ Integrate risk management into contracting, procurement, and project execution.
✔ Utilize modern software tools for risk tracking and decision-making.
✔ Ensure compliance with international risk management standards (ISO 31000, PMI, FIDIC, NEC).

📌 Course Outline:

🟢 Day 1: Fundamentals of Risk Management in Construction

🔹 Understanding risk categories: Technical, financial, legal, environmental, and operational.
🔹 ISO 31000 and PMI’s Risk Management Framework.
🔹 Risk management in public-sector projects vs. private-sector projects.
🔹 Risk breakdown structure (RBS) and risk identification techniques.
🔹 Case Study: Risk failure analysis in major infrastructure projects.

🟢 Day 2: Risk Identification and Assessment Techniques

🔹 Qualitative risk analysis: Probability-impact matrices and prioritization.
🔹 Quantitative risk analysis: Monte Carlo simulation and sensitivity analysis.
🔹 Root Cause Analysis (RCA) and risk trigger identification.
🔹 Case Study: Risk assessment for a complex highway and bridge project.

🟢 Day 3: Risk Mitigation Strategies and Contingency Planning

🔹 Developing risk response strategies (Avoid, Transfer, Mitigate, Accept).
🔹 Risk allocation in FIDIC, NEC, and PPP contracts.
🔹 Contingency planning: Time buffers, cost reserves, and escalation clauses.
🔹 Case Study: Mitigating financial and construction delays in a major infrastructure project.

🟢 Day 4: Digital Tools and Technology for Risk Management

🔹 AI and big data for predictive risk analytics.
🔹 BIM integration for risk tracking and clash detection.
🔹 IoT sensors and real-time monitoring for construction safety and project risks.
🔹 Cloud-based risk management software (RiskWatch, Safran, @Risk, Primavera Risk Analysis).
🔹 Case Study: Using technology for real-time risk monitoring in a public infrastructure project.

🟢 Day 5: Case Study & Real-World Application

🔹 Hands-on case study: Developing a risk management framework for a large-scale project.
🔹 Group discussion: Best practices in construction risk management.
🔹 Presentation of risk mitigation plans and recommendations.
🔹 Course assessment and feedback session.

🛠 Tools & Software Used:

✅ Primavera Risk Analysis / @Risk – For risk modeling and Monte Carlo simulations.
✅ BIM 360 / Autodesk Revit – For risk-based design and quality assessment.
✅ IoT and AI-driven risk analytics – For predictive risk forecasting.
✅ Risk Management Software (RiskWatch, Safran Risk) – For risk tracking and reporting.
✅ Power BI / Tableau – For real-time risk data visualization.