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Discuss with reference to current working practice how the implementation of good risk management practice on the part of the en - Essay Example

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Good risk management Name Institution Introduction The number of financial based risks associated to construction engineering may eventuate into the experience of increased expenses during even before the contract period. This is with nature of the anticipated risks especially towards construction engineering…
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Discuss with reference to current working practice how the implementation of good risk management practice on the part of the en
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Download file to see previous pages In addition, possible contractual disputes deserve to be resolved timely in order to avert possible financial losses that may be annexed upon their eventuality. On that note, it is wise to examine the possible risks that may amount to financial losses will undertaking a construction contract. Evaluation However, prior to venture into this quest, a reflection of the activities that comprise of a construction-engineering venture is essential for the provision of an insight on the study matter. Construction engineering entertains a fleet of events, including the assembly of materials from the sources or suppliers to the field of construction. This is a rather demanding activity since it involves the development of a safety store in the construction area prior to the establishment of the real facility described under the project. Apparently, a significant proportion of possible financial losses that may be annexed to construction contracts are built on the grounds of safety compromise. The assessments of the possible risks that may be associated to this development include the loss of the facilities/ equipment utilized in construction. Such loss is realized under incidents such as theft and natural calamities; an eventuality that may cause severe dents to the financial archives of the proposed project (S.C.P.C.U. (2000). Subsequently, construction engineering involves the development of the designs that are to see the realization of substantial buildings with regard to their durability. This formulates the central reasons upon which the project contract is developed. All these elements amount to platforms that may eventuate to serious occurrence of significant financial risks during or before the contract period. This assertion calls for the development of ultimate measures towards their address. Subsequently, the involvement of a spree of diversified experts in the acquisition of the mentioned tasks, for examples the raw materials, implies that the process of construction is a mammoth task by its own self. Challenges amounting to logistical concern can lead to serious financial losses while procuring the contract. The details of the contract make a sincere effort towards the address of the possible risk that may eventuate from the execution of the project, including accidents to the deployed employees. However, the provided cover cannot be described as sufficient for the whole construction project in terms of the expenses that may be accrued from the occurrence of the anticipated risks. This observation prompts the evaluation of the possible risks that may be associated to construction in terms of the expenses they may annex to the whole exercise. The nature of risks associated to a construction-engineering project is grossly pegged on the magnitude of the project. This assertion can be utilized in the categorization of the whole concept, in that various projects can be characterized in accordance to the stipulations of the exercise. On this regard, the projects can be classified as either high financial risk or low financial risk projects. High financial risk projects involve the projects pursued under public environment, for example, road construction, stadia establishment and events of such relation. The financial risks that may be associated to such projects proceeds beyond the captions that may be availed ...Download file to see next pagesRead More
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Discuss with reference to current working practice how the implementation of good risk management practice on the part of the engineer during both pre and post contract phases of a construction project can minimize financial risk and subsequent costly con
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