Life Cycle Considerations to Optimize Risk Assessment and Management for International Projects

Although the demand for assessing risks across the entire life cycle of international projects is apparent, a limited body of research and non-proprietary management tools exist to address these issues. This paper investigates the initial results of an on-going research project to facilitate systematic risk assessment to improve decision-making on international projects. The study underscores the need for suitable risk assessment methods throughout the project life cycle, and findings to date show that international construction performance can be enhanced when owners and contractors consider risks across the spectrum of a project rather than a one-time effort at the onset. Furthermore, risk assessment across the project continuum provides greater transparency in decision-making and optimizes project governance.