Project Risk and Opportunity Management: The Owner's Perspective

Effective risk and opportunity management is essential for successful engineering and construction projects. This book explores how to manage risk and capitalize on uncertainties, including simple projects and megaprojects. It emphasizes the importance of managing opportunities in these situations, making it a valuable resource for students, professionals, and project managers.

Format: Paperback / softback
Length: 150 pages
Publication date: 10 April 2019
Publisher: Taylor & Francis Ltd

Effective risk and opportunity management is a crucial aspect of the successful completion of any major engineering and construction project. This comprehensive book explores how all stakeholders involved can effectively manage risk and capitalize on the opportunities that uncertainty presents. The authors emphasize the importance of managing uncertainties rather than avoiding them, as they can lead to valuable opportunities. The book examines a range of projects, from simple ones with a small team to large-scale megaprojects involving hundreds of people. It delves into the consequences of delays and unforeseen costs, highlighting the potential risks and rewards associated with each.

While it is evident that obvious risks can be planned for, the authors argue that it is often the opportunities in these situations that go unexploited. This book takes a unique perspective, focusing on opportunity management from the owners' standpoint. It is an invaluable resource for students studying engineering at both undergraduate and postgraduate levels, providing valuable insights into project management strategies. Moreover, it is a valuable tool for professionals working in project management and the construction industry, offering practical guidance on how to navigate uncertainty and seize unexpected opportunities.

One of the key themes of the book is that there is opportunity in uncertainty and possibility in the unexpected. The authors encourage stakeholders to embrace change and view challenges as opportunities for growth and innovation. They highlight the importance of being proactive and taking calculated risks, rather than waiting for perfect conditions to arise. By adopting a flexible mindset and being open to new ideas, stakeholders can create new opportunities and achieve exceptional outcomes.

The book is organized into several chapters, each covering a different aspect of opportunity management. The first chapter provides an introduction to the concept of opportunity management and its significance in engineering and construction projects. It explains how uncertainty can create both risks and opportunities and outlines the steps that stakeholders can take to identify and evaluate these opportunities.

The second chapter focuses on risk management, emphasizing the importance of identifying and assessing potential risks. It provides practical strategies for risk identification, analysis, and mitigation, including risk reduction techniques, risk transfer strategies, and risk monitoring and control. The authors also discuss the role of risk appetite and risk tolerance in decision-making and how they can be used to optimize risk management strategies.

The third chapter explores opportunity identification, highlighting the importance of scanning the environment for potential opportunities. It provides techniques for opportunity identification, including market analysis, customer feedback, and scenario planning. The authors also discuss the role

The fourth chapter delves into opportunity evaluation, emphasizing the importance of assessing the potential benefits and risks of each opportunity. It provides frameworks for opportunity evaluation, including benefit-cost analysis, risk-benefit analysis, and value engineering. The authors also discuss the role of decision-making in opportunity evaluation, including the use of decision trees

The fifth chapter explores opportunity management in practice, providing case
examples and case studies of successful opportunity management in engineering and construction projects. It highlights the importance of collaboration and communication in opportunity management, emphasizing the role
role of stakeholders in identifying the success of opportunity management. It also discusses the challenges and limitations of opportunity management and provides strategies for overcoming
overcoming these challenges and limitations.

The sixth chapter provides a conclusion, summarizing the key points discussed in the book and highlighting the importance of opportunity management in engineering and construction projects. It emphasizes the need for a proactive and flexible approach to opportunity management, emphasizing the importance of collaboration, communication, and a willingness to embrace change.

In conclusion, this book is a valuable resource for anyone interested in opportunity management in engineering and construction projects. It provides a comprehensive and practical guide to opportunity management, focusing on the owners' perspective. It offers valuable insights into the potential risks and rewards associated with uncertainty, and encourages stakeholders to embrace change and view challenges as opportunities for growth and innovation. By adopting a proactive and flexible mindset and being open to new ideas, stakeholders can create new opportunities and achieve exceptional outcomes. This book is an invaluable resource for students studying engineering at both undergraduate and postgraduate levels, as well as professionals working in project management and the construction industry.

Weight: 250g
Dimension: 233 x 158 x 9 (mm)
ISBN-13: 9781138365827