Thesis proposal

RISK MANAGAMENT PRACTICES INVOLVED IN SELECTION OF A PROJECT

By:

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Guide:
Mr. Mohammad Zubair Sheriff
B.E.(Civil), M.S. (Construction Management, UK)
Introduction:
Risk management is an essential and integral part of project management in major construction projects. For an infrastructure project, risk management can be carried out
effectively by investigating and identifying the sources of risks associated with each activity of the project. These risks can be assessed or measured in terms of likelihood and
impact A proper risk mitigation plan, if developed for identified risks, would ensure better and smoother achievement of project goals within the specified time, cost and
quality parameters.
Jannadi and Almishari (2003) Stated that, Risk can be defined as a measure of the probability, severity and exposure to all hazards for an activity .
Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective (US Project Management Institute 2000).

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Simon and Hilson (1997) found that, Risk is an uncertain event or set of circumstances that, should it occur, will have an effect on the achievement of the project's objectives
RISK MANAGEMENT IN CONSTRUCTION :

Risk management is one of the most critical project management practices to ensure a project be successfully completed (Royer P.S 2000) Royer Stated,
Experience has shown that risk management must be of critical concern to project managers, as unmanaged or unmitigated risks are one of the primary causes of project
failure.
As per Miller R & Lessard D(2001) , To undertake the project with fewer resources or to take advantage of an unexpected window of opportunity. Risks are at the very core
of the business: risks and opportunities are linked; there are no opportunities without risks related to them. Thus risks actually raise the value of a project; usually higher risks
bring higher opportunities
An effective project selection process has only three possible outcomes for a new or continuing project.
The first possibility is that the project is authorized and it becomes or remains an active project.

The second option is that the project may require changes (to scope, schedule, or resources) before it becomes or continues to be an active part of the portfolio.

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The third option is rejection; some (perhaps most) project ideas are turned down or postponed for later reconsideration.

Decisions about which projects to select, change, or reject are generally based on the relative costs and benefits of each option.
Aim:

The aim of this thesis is to apply risk management practices in selecting a more suitable project for the organization
Objectives:

Provide a consistent methodology for performing project risk management activities involved during selection of projects.
Provide techniques and tools for project risk management.
Identify data requirements for risk analysis input and for output.
Provide information on how project risk management fits into the overall project management process and especially during the planning stage of the project.
Methodology & Schedule of the Study:
: 4 Weeks (15th August 11th September)

o Literature Review
o Data Collection

: 5 Weeks (9th September 18th October)

o Data Analysis and Conclusion

o Thesis Final Submission

: 4 Weeks (19th October 15th November)

: 3 Weeks (6th December 26th December)

References:
1. Jannadi, O.A. and Almishari, S. (2003) Risk Assessment in Construction Journal of Construction Engineering and Management, Vol. 129(5), pp. 492-500.
2. Simon P, Hillson D (1997) Project Risk Analysis and Management (PRAM) guide , The Association for Project Management, UK.