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 This 1-hour webinar sheds light on some of the risk management strategies that facility owners are employing during capital project delivery.
One of the findings revealed that 33% of the time, owners use the "Throwing Money at the Problem" technique, which implies requesting a budget increase to manage project or program risks.
Takeaways include:
- Using past history as a guide for understanding future risk
- Random (unexpected) events will happen and these are likely to devastate a project or program
- It is much easier to plan, obtain financing, and hire service providers by ignoring the possibility that a "Black Swan" type event may take place - but they will occur
- Focusing on well-defined sources of uncertainty is the normal practice in the industry where numerous experts prepare writing and research to identify an all encompassing list of design and construction risk
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