Assembling integrated project teams for joint risk management

Exhaustive risk allocation cannot be achieved through contract conditions, because all risk items cannot be foreseen at the planning stage. Effective management of unforeseen risks/events at post-contract stage needs the collective efforts of all major contracting parties. The attitude and motivatio...

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Bibliographic Details
Published in:Construction Management and Economics 2005-05, Vol.23 (4), p.365-375
Main Authors: Motiar Rahman, M., Kumaraswamy, Mohan M.
Format: Article
Language:English
Subjects:
Construction contracts
Construction industry
Integration
joint risk management
procurement
Project management
relational contracting
Risk assessment
Studies
supply chain management
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Summary:Exhaustive risk allocation cannot be achieved through contract conditions, because all risk items cannot be foreseen at the planning stage. Effective management of unforeseen risks/events at post-contract stage needs the collective efforts of all major contracting parties. The attitude and motivation of project participants are critical to such collaborative arrangements. Project 'partners' need to be conditioned, starting with their selection processes, by incorporating appropriate 'soft' or relational qualities as important selection criteria. They would then need to work under suitable teambuilding protocols, with flexible contract conditions and appropriate adjustment mechanisms that would all be tailored to suit each specific project. The theoretical construct so developed is examined through a series of recent Hong Kong based studies on 'joint risk management'. Results lead to the development of a framework for building a coalesced team that includes owners, consultants, contractors, subcontractors and suppliers.
ISSN:0144-6193
1466-433X
1568-5551
DOI:10.1080/01446190500040083