Cost Effective Risk Allocation for Coastal Engineering Projects

by Robert J. Smith,



Document Type: Proceeding Paper

Part of: Coastal Engineering Practice

Abstract:

Project participants will benefit significantly by routinely taking a more systematic, structured, and global view of risk than is sometimes done at present. Enhanced and broadened cognizance of the wide range of risks that could materialize during the planning, design and construction phases of a coastal project will result in enhanced permitting and planning, better informed and more prudent and buildable designs, improved specifications, better informed bids, and improved project relationships and communications. It is axiomatic that all of these should contribute to fewer nmisunderstandings and unfulfilled expectations, less acrimony, and therefore less time and money spent dealing with attempts to mitigate the adverse consequences of unanticipated risks. The entire project benefits. T`e modest investment of resources for identifying and allocating risk will be repaid many times over.

Subject Headings: Project management | Risk management | Coastal engineering | Construction costs | Resource allocation | Construction materials | Systems engineering

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