A Guide to Risk Management in Construction Projects
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==Abstract== | ==Abstract== | ||
| − | Along the history, construction has been one of the most revenue generating industries in the world and like many other businesses, is being transformed to meet the highest demands of the twenty-first century. Only in the United States, more than 11.1 million people were employed by the construction industry in 2018<ref name=''labor''> ''Bls.gov. (2019). Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity. [online] Available at: https://www.bls.gov/cps/cpsaat18.htm [Accessed 17 Feb. 2019].'' </ref>, the industry spending topped $1.23 trillion in 2017<ref name=''spending''> ''Construction spending in the United States from 1996 to 2017, s. (2019). U.S. construction spending: public and private sectors 2017 | Statistic. [online] Statista. Available at: https://www.statista.com/statistics/226355/us-public-and-private-sector-construction/ [Accessed 17 Feb. 2019].'' </ref> and it accounted for between 7% of total U.S. GDP<ref name=''GDP''> ''2018 FMI Overview, Featuring FMI’s Fourth Quarter 2017 Construction Outlook. (2018). [online] Available at: https://www.fminet.com/wp-content/uploads/2018/01/Overview2018_FINAL-1.pdf [Accessed 17 Feb. 2019].'' </ref> | + | Along the history, construction has been one of the most revenue generating industries in the world and like many other businesses, is being transformed to meet the highest demands of the twenty-first century. Only in the United States, more than 11.1 million people were employed by the construction industry in 2018<ref name=''labor''> ''Bls.gov. (2019). Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity. [online] Available at: https://www.bls.gov/cps/cpsaat18.htm [Accessed 17 Feb. 2019].'' </ref>, the industry spending topped $1.23 trillion in 2017<ref name=''spending''> ''Construction spending in the United States from 1996 to 2017, s. (2019). U.S. construction spending: public and private sectors 2017 | Statistic. [online] Statista. Available at: https://www.statista.com/statistics/226355/us-public-and-private-sector-construction/ [Accessed 17 Feb. 2019].'' </ref> and it accounted for between 7% of total U.S. GDP.<ref name=''GDP''> ''2018 FMI Overview, Featuring FMI’s Fourth Quarter 2017 Construction Outlook. (2018). [online] Available at: https://www.fminet.com/wp-content/uploads/2018/01/Overview2018_FINAL-1.pdf [Accessed 17 Feb. 2019].'' </ref> Furthermore, today's construction industry involves more dynamic and uncertain planning than ever before. Decision-makers and project managers require better knowledge and systematic tools, not only in project management, but also in risk management, a discipline that has an special complexity in construction projects. |
| + | This article has the goal of giving project managers and decision-makers within construction industry a more detailed guide to fulfill the needs of any projet they manage, where they can identify and reduce cost and time over-runs and security risks, in order to optimize the chances of project success. The guide follows the Project Management Institute (PMI) standards in the PMBOK® Guide. | ||
==References== | ==References== | ||
<references /> | <references /> | ||
Revision as of 21:58, 17 February 2019
Abstract
Along the history, construction has been one of the most revenue generating industries in the world and like many other businesses, is being transformed to meet the highest demands of the twenty-first century. Only in the United States, more than 11.1 million people were employed by the construction industry in 2018[1], the industry spending topped $1.23 trillion in 2017[2] and it accounted for between 7% of total U.S. GDP.[3] Furthermore, today's construction industry involves more dynamic and uncertain planning than ever before. Decision-makers and project managers require better knowledge and systematic tools, not only in project management, but also in risk management, a discipline that has an special complexity in construction projects. This article has the goal of giving project managers and decision-makers within construction industry a more detailed guide to fulfill the needs of any projet they manage, where they can identify and reduce cost and time over-runs and security risks, in order to optimize the chances of project success. The guide follows the Project Management Institute (PMI) standards in the PMBOK® Guide.
References
- ↑ Bls.gov. (2019). Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity. [online] Available at: https://www.bls.gov/cps/cpsaat18.htm [Accessed 17 Feb. 2019].
- ↑ Construction spending in the United States from 1996 to 2017, s. (2019). U.S. construction spending: public and private sectors 2017 | Statistic. [online] Statista. Available at: https://www.statista.com/statistics/226355/us-public-and-private-sector-construction/ [Accessed 17 Feb. 2019].
- ↑ 2018 FMI Overview, Featuring FMI’s Fourth Quarter 2017 Construction Outlook. (2018). [online] Available at: https://www.fminet.com/wp-content/uploads/2018/01/Overview2018_FINAL-1.pdf [Accessed 17 Feb. 2019].
