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(OWN-2217) Successful Management of Owner’s Risk: Lessons Learned Make a Difference

Primary Author: Paul G. Williams
Co-Author(s): Stephen L. Cabano

Audience Focus: Intermediate
Application Type: Research
Venue: 2016 AACE International Annual Meeting, Toronto, ON, Canada

Abstract: Over the past 10 years, the industry has been enamored with the mechanical analysis of risk and the application of risk analysis tools. These tools have become helpful in assessing the potential impact that risks will have on cost and schedule outcomes. Although these tools have developed into useful analytical devises, the human element of identifying the risks, assessing the impacts of risks and identifying mitigation strategies to minimize or eliminate the risk altogether, is the most valuable aspect of risk mitigation. This paper will draw data from more than 20 independent project reviews and identify trends the industry is experiencing with regard to risks including quality, productivity, execution capability, etc. Project teams need to be aware of these shortcomings and plan accordingly. Mitigation approaches will inevitably impact cost, schedule and resource requirements of projects. The challenge is first to identify risks, then address them to assess the impact these risks and resulting mitigation steps have on project outcomes. This paper will provide strategies to guide project teams in recognition of today’s common risk trends.