[...]... managing project and procurement risk effectively: • identifying, analysing and assessing risks early and systematically, and developing plans for handling them; • allocating responsibility to the party best placed to manage risks, which may involve implementing new practices, procedures or systems or negotiating suitable contractual arrangements; and • ensuring that the costs incurred in reducing risks... and economic appraisal of projects under uncertainty The final part of the book, from Chapter 25, provides supporting information, including checklists, tables, a glossary and references TEAM LinG - Live, Informative, Non-cost and Genuine ! TEAM LinG - Live, Informative, Non-cost and Genuine ! Part I The basics of project risk management TEAM LinG - Live, Informative, Non-cost and Genuine ! TEAM LinG... project and the stakeholders with an interest in it, and to identify and take TEAM LinG - Live, Informative, Non-cost and Genuine ! 2 Project risk management guidelines advantage of opportunities In particular, risk management assists project managers in setting priorities, allocating resources and implementing actions and processes that reduce the risk of the project not achieving its objectives Risk. .. ensuring effective risk allocation Implementation and delivery Implementation and delivery risks, including approvals, technical, construction, budgets, phasing, milestones Commissioning and handover Development and management of test and commissioning, transition, delivery TEAM LinG - Live, Informative, Non-cost and Genuine ! Introduction to project risk management • • • • 7 measures taken to control risk. .. who must ensure they obtain a financial reward commensurate with the risks involved; and • insurers, who require comfort that risks are being managed prudently within the project prior to determining whether and how much to charge for financing residual risks Benefits of project risk management Projects, by their nature, are unique and many of the more interesting ones are complex They frequently take... for major hydroelectric and offshore oil and gas projects in Canada and the USA He then joined Spicer and Oppenheim Consultants in London, working with finance sector clients in London, New York, Hong Kong and Australia He returned to Sydney as Joint Managing Director of the stockbroker Pring Dean McNall, and later joined Standard Chartered Bank Australia as National Manager International Services,... project and the risks involved The scope of risk management for projects includes risks associated with the overall business approach and concept, the design and delivery of the project, transition into service, and the detailed operations and processing activities of the delivered asset or capability • Business risks include all those risks that might impact on the viability of the enterprise, including... of risks and risk management as required by sponsors and company policy Senior managers need to understand the risks they face, and risk reports provide a complement to other management reports in developing this understanding The risk register and the supporting action plans provide the basis for most risk reporting Reports provide a summary of project risks, the status of treatment actions and an indication... Management business units, with a focus on the heavy industry and mining sectors As Manager, Risk Engineering Services, he undertook strategic and technical work, including project risk, safety and environmental assignments around the world He was invited to make a keynote address to the UN Workshop on Waste Recycling and Waste Management in Developing Countries, Bombay, 1992 Geoff Raymond joined Broadleaf... market, industry, technology, economic and financial factors, government and political influences • Project risk includes all those risks that might impact on the cost, schedule or quality of the project • Operations and processing risks include all those risks that might impact on the design, procurement, construction, commissioning, operations and maintenance activities, including major hazards and catastrophic . September 8, 2004 7:59 PM TEAM LinG - Live, Informative, Non-cost and Genuine ! Project Risk Management Guidelines Managing Risk in Large Projects and Complex Procurements Dale F. Cooper,. guidelines: managing risk in large projects and complex procurements/ Dale Cooper [etal.]. p. cm. Includes bibliographical references and index. ISBN 0-470-02281-7 (cloth: alk. paper) 1. Risk. Management business units, with a focus on the heavy industry and mining sectors. As Manager, Risk Engineering Services, he under- took strategic and technical work, including project risk, safety and