Construction Management: Risk Strategies in Infrastructure Development

This discussion paper, prepared for the ARCH_7046 Construction Management and Technology I course, delves into the crucial topic of risk management within infrastructure development. The paper begins with an introduction to the concept of risk and its impact on infrastructure projects, followed by a literature review that explores the definition of risk, the importance of risk management, and the various types of risks encountered in building and civil engineering projects. These risks include natural calamities, security threats, financial and contractual issues, technical and logistical challenges, and health, safety, and environmental concerns. The paper then presents a case study of the Taranaki Gas Turbine Power Station in New Zealand, analyzing the environmental and societal risks associated with the project, the impacts of these risks, and the mitigation strategies employed. The case study highlights the importance of stakeholder engagement and proactive risk management. Finally, the paper concludes by summarizing the key findings and emphasizing the need for effective risk management strategies to ensure successful infrastructure development. The paper underscores the significance of identifying, quantifying, and prioritizing risks to develop appropriate preventative measures and minimize negative impacts, contributing to the overall success of infrastructure projects.