Level:
Intermediate
TCM Section(s)
7.6. Risk Management
Venue: 2024 AACE International Conference & Expo
Abstract: Progressive contract delivery models have gained prominence in mega-construction projects, particularly in Canada, owing to distinct advantages such as increased market engagement, refined project definition, early risk mitigation, and project acceleration. A robust risk management practice can play a crucial role in the success of these models. The convergence of all relevant parties at a single platform during the iterative progression of project details during the development/design phase offers valuable insights into necessary changes concerning various risks and corresponding risk management strategies, contributing to the overall success of the project along with a well-defined schedule and cost estimate for the implementation/construction phase. Nevertheless, risk management may face challenges during the development/design phase that can minimize the benefits of progressive models. These challenges can emerge as a result of inadequate information, a dynamic and rapid-paced environment, diverse risk cultures, and limited expertise, among other factors. This article's primary objective is to examine risk management challenges in the context of the Progressive Design Build (PDB) model, a variant of progressive contract delivery during the development phase. In doing so, the article benefited from in-depth analysis of the risk management steps, direct contribution of the team and unstructured interviews with project controls and technical teams involved in relevant projects.
TCM Section(s)
7.6. Risk Management
Venue: 2024 AACE International Conference & Expo
Abstract: Progressive contract delivery models have gained prominence in mega-construction projects, particularly in Canada, owing to distinct advantages such as increased market engagement, refined project definition, early risk mitigation, and project acceleration. A robust risk management practice can play a crucial role in the success of these models. The convergence of all relevant parties at a single platform during the iterative progression of project details during the development/design phase offers valuable insights into necessary changes concerning various risks and corresponding risk management strategies, contributing to the overall success of the project along with a well-defined schedule and cost estimate for the implementation/construction phase. Nevertheless, risk management may face challenges during the development/design phase that can minimize the benefits of progressive models. These challenges can emerge as a result of inadequate information, a dynamic and rapid-paced environment, diverse risk cultures, and limited expertise, among other factors. This article's primary objective is to examine risk management challenges in the context of the Progressive Design Build (PDB) model, a variant of progressive contract delivery during the development phase. In doing so, the article benefited from in-depth analysis of the risk management steps, direct contribution of the team and unstructured interviews with project controls and technical teams involved in relevant projects.