Appropriate Appraisal and Apportionment of Megaproject Risks
Publication: Journal of Professional Issues in Engineering Education and Practice
Volume 123, Issue 2
Abstract
The increasing internationalization, magnitude, and complexity of engineering projects has resulted in a review of risk management strategies. This paper develops and describes strategies for appraising the synergistic potential and risk-carrying capacities of prospective project participants, whether in joint ventures or otherwise, and for identifying, analyzing, and responding to risks by an appropriate apportionment to those best equipped and motivated to control them. Multidimensional frameworks are proposed to help professional engineers appraise the potential participants and the project risks, and to appropriately allocate the latter to the former. It is noted that such appraisals may indicate that certain projects are vulnerable to unsustainable risks in which case those projects may be abandoned at that stage itself.
Get full access to this article
View all available purchase options and get full access to this article.
References
1.
Adler, N. J. (1991). International dimensions of organizational behaviour. PWS/KENT Publishing Co., Boston, Mass.
2.
Chen, J., Raftery, J., and Wills, D. (1994). “Joint ventures in China.”Rep., Discussion Paper at CIB W55 Working Commission, Hong Kong Polytechnic, Hong Kong.
3.
Fleming, B. (1994). “Comparison of the Tate's Cairn Tunnel and Western Harbour Crossing build operate transfer (BOT) projects.”Seminar on Route 3 Privatization, Asian Construction Management Association, Hong Kong.
4.
Joynt, P. (1985). “Cross-cultural management: the cultural context of micro and macro organizational variables.”Managing different cultures, P. Joynt and M. Warner, eds., Universitetforlaget AS, Oslo, Norway.
5.
Kumaraswamy, M. M. (1994). “Appropriate procurement strategies for construction projects in Asia.”LAWASIA Conf. of the Constr. Law Standing Com., Kuala Lumpur, Malaysia.
6.
Kumaraswamy, M. M., Miller, D. R. A., and Yogeswaran, K.(1995). “A construction risks `underview' (of ground conditions risks in Hong Kong).”Constr. Law J., 11(5), 334–342.
7.
Merna, A., and Smith, N. J.(1994). “Concession contracts for power generation.”Engrg. Constr. and Arch. Mgmt. J., 1(1), 17–27.
8.
O'Reilly, M.(1995). “Risk, construction contracts and construction disputes.”Constr. Law J., 11(5), 343–354.
9.
Sit, R., and Sapstead, G. A. G. (1993). “Risk management and engineering insurance for major projects.”Profl. Builder, Chartered Institute of Building (Hong Kong Branch), Hong Kong.
10.
Sridharan, G. (1992). “Conflicts in joint project management: issues and solutions.”Rep.,1st World Congr. on Cost Engrg., Orlando, Fla.
11.
Tiong, R. L. K.(1995). “Risks and guarantees in BOT tenders.”J. Constr. Engrg. and Mgmt., 121(2), 183–188.
Information & Authors
Information
Published In
Journal of Professional Issues in Engineering Education and Practice
Volume 123 • Issue 2 • April 1997
Pages: 51 - 56
Copyright
Copyright © 1997 American Society of Civil Engineers.
History
Published online: Apr 1, 1997
Published in print: Apr 1997
Authors
Metrics & Citations
Metrics
Citations
Download citation
If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download.