Scope for Improvement 2011 - Project risk - Getting the balance right

Scope for Improvement 2011, the third report in the Scope for Improvement series,focuses on developing a better understanding of approaches to risk identification, allocation and management and the impact of those approaches on project outcomes. The report also considers how those approaches can be improved.

This latest research aims to develop a better understanding of approaches to risk identification, allocation and management in these projects, and the impact of those approaches on project outcomes. In addition, the report provides guidance on best practice approaches to risk allocation and the effective treatment of risk for the benefit of industry participants and their projects.

The findings of this report come at a time in Australia where the construction, infrastructure, energy and resources sectors have emerged from challenging economic conditions and recently faced further challenges from extreme natural events having a catastrophic impact on our country’s infrastructure.

It is therefore critical that industry approaches to risk avoid or minimise adverse outcomes for individual projects, andreduce inefficiencies and waste in the development and execution of major projects in Australia

The research was conducted by partners at Blake Dawson with support from the Australian Constructors Association, Infrastructure Partnerships Australia and the Energy Supply Association of Australia.