The paper “ Risk Management as a Wide Aspect of Engineering Project Management” is affecting the example of the case study on management. Risks refer to the various cost and health-related effects that emanate from industrial projects. The engineering processes in use during the design of such projects are always the cause for the prevalence of such risks. With the adoption of Control Technologies, the need to design a number of risk management regulations is being highly considered. Indeed risk management in itself is neither a science nor an art since it calls for the integration of various aspects emanating from various perspectives.
Such a skill is not limited to any particular scope of knowledge. With regard to the management of risks in engineering projects, risk management represents a vital sector of the entire profession of engineering. A number of risks tend to focus on the various cost and chronic effects of an industrial project in line with the type of engineering compliance measures implicated in the design of a particular project. In a number of engineering projects, it is assumed that the various risks are effectively quantified such that the total cost of the project is ideally computed in an effort to ensure a type of confidence level.
This is geared at ensuring that the overall cost of the entire project is not in any way exceeded. This paper examines the management of risks in engineering projects with regard to a simplified project pointing to two risks that are independent. IntroductionRisk management is a wide aspect of the management of engineering project management. This field of project management entails the systematic integration of policies, practices, and procedures in an effort to identify, manage, quantify and if need be provide contingencies and further monitor the risk.
The Australian Standard AS4360 is a very ideal model of risk management in engineering projects. With regard to capital, engineering risks may point to the costs and the time overruns that may lead to high costs of service delivery. A number of engineering projects have been reported to point to numerous risks related to both the cost of the project and the diverse effects that emanate from the completion of a project (Morris & Pinto, 2007).
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