The importance of risk management on tunneling and underground construction projects
Mining Engineering, 2014, Vol. 66, No. 12, pp. 162-162
Several major impediments threaten the successful delivery of tunnel and underground construction projects. In addition to technical design and construction risks associated with tunnel projects, many of which are well understood, budgetary pressures, funding constraints and the complexity of procuring, administering and executing multiple concurrent projects in a large program could also have a catastrophic impact on the program’s objectives. Contributing factors often include poorly managed design, procurement, construction, managerial, organizational, market and stakeholder risks, as well as nonconforming inputs or outputs to the costs and schedule, or any other potential inabilities to deliver the required or desired results.
A strategy to prevent ‘failure’ of a project requires a proactive and holistic approach to risk management. Through planning, identification, analysis, management, monitoring and control of the project’s risks (both threats and opportunities), attention to management of risk will increase the probability and impact of positive events and decrease the probability and impact of events adverse to a project’s objectives.
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