Risk Management for UAE Fast Track Projects - Case Study Example

The definitions of risks, risk management, fast track projects are highlighted in this chapter. The chapter also gives the methodologies that are used for managing fast track projects. Under these methodologies, Frame’s risk management process is expounded on. Apart from the Frame’s risk management process, the chapter also discusses the other risk management models, which are RAMP and PRAMP. There is also a section in which the different risk identification methodologies are discussed.

The risk assessment methodologies section highlights the way risks are assessed in past studies. The other areas in this section are the risk breakdown structure, types of risks, risk significance, comparison of international and local companies, risk allocation, other risk assessment methods, risk control and the summary of the chapter.4.1.1 Overview of risk management and fast track projectsRisk refers to any factor that has the potential of interfering with the successful accomplishment of the project.

It is, therefore, not seen as a problem or a problem that has already occurred. Instead, it is the acknowledgment that a problem is likely to occur. It is important for the project manager to always recognize potential problems in a project so that it becomes possible to take proper actions to avoid the occurrence of a problem.Risk management refers to the process of identifying, analyzing and either accepting or mitigating an uncertainty or a risk in investment or project decision-making. Risk management occurs essentially any time a project manager analyzes and tries to quantify the probability of losses in a project and takes the suitable action or inaction considering the project’s objectives as well as risk tolerance.

With an edge in risk management, construction projects can be fast-tracked to success. This fast-tracking of projects is now common in the United Arab Emirates. Therefore, there is a need for project managers and construction planners in the United Arab Emirates to be acquainted with or to be familiar with the common methodologies that can be employed in obtaining an edge in risk management so that their projects can always be fast-tracked to success.2004).