Proper risk allocation is essential for ensuring project viability, sustainability, and long-term success. Inappropriate risk allocation can undermine the success of civil infrastructure projects by increasing costs, causing delays, reducing quality, stifling innovation, and damaging relationships.
The Collaborative Project conducted several industry workshops and one of the key themes that has come up is ensuring risk allocation is assigned to the party best placed to manage and price the risk. These types of risks can include delays caused by weather , unforeseen ground conditions among others, which can significantly impact project delivery.
The Collaborative Project, along with members of the Risk, Innovation, Scheduling & Estimating (RISE) team, will be conducting an industry survey to understand the problematic risks that industry find difficult to price, and provide greater clarity on the indicative cost of each risk to TMR.
The survey will provide a better understanding of the risks that are the most difficult to price and look at innovative ways to improve the management and pricing of these risks in infrastructure projects. These findings will be presented at the forum.
