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Project management is the art of applying the necessary, cost, scheduling, and other variance identification tools to safely achieve a quality product, on time and within budget. This volume provides an understanding of the risk-management "process," and an outline of the considerations to implement one. No particular type of contract isolates participants from risks. The author presents an evaluation of risks involved in various contract formats, i.e., lump sum, cost plus, etc., and delivery methods, Design/Build and Design/Bid/Build.
The significance of project phases, as well as the links between contingencies and budgets, schedule and schedule allowance for each project phase, the need to plan for risk early in the project life cycle, as well as continuous updating of the risk management plan is emphasized. Design and construction delivery methods are also addressed in order to apply this project technique to identify early, quantify accurately, and effectively attenuate project design and construction risks, thereby mitigating disputes or claims.
