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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 - Essay Example

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The number of 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. The possibility of registering…
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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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Extract of sample "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"

Download file to see previous pages On that note, it is wise to examine the possible risks that may be associated to a construction contract.
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. 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 execution 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. All these elements amount to platforms that may eventuate to serious occurrence of significant 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.
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 ...Download file to see next pagesRead More
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