Risk management is generally a part of other management system such as quality management, environmental management system. So, risk management must be implemented during the project process. The Offshore construction projects are characterized as very complex which involve more risks and uncertainties such as planning and design complexity, resource availability, different roles of parties, political environment, economic environment etc. For all of these reasons, a very careful risk management is needed to ensure that the construction work can be successfully implemented. The offshore fabrication projects in Vietnam contain lots of risks. That is the reason why, conducting a good risk management in offshore fabrication project management is highly needed.
Mr. Nguyen Van Kinh made a case study which main objective is to develop a framework to assess and analysis risk management in order to make decision related to oil and gas offshore platform installation services. His study focused on several specific objectives as follows:
• To identify the risk factors in the offshore platform installation project;
• To conduct a risk management study for offshore platform installation project.
Conclusions
While many researches has focused on some stage of project such as conceptual planning, feasibility studies, design and engineering, procurement, this project study endeavored to identify major risks and conducted a risk management study for fabrication stage of offshore platform project. Besides, the author proposed appropriate strategies to mitigate these major risks.
Identify major risks and strategies to mitigate them
On the basis of statistics data of many offshore fabrication projects in recent years and discussion with project team members in PTSC, many major risks were identified on a comprehensive assessment of their likelihood of occurrence. The purpose to support the owner proposes appropriate strategies to mitigate them. The results are shown in Table 1 and Table 2.
Recommendations
The findings of this study are expected to contribute to identify major risks and more effective risk management process in fabrication stage of offshore platform project in PTSC. To achieve this objective, this study proposes some recommendation:
- Clients should always determine the objectives of the project they want and clearly define it in the conceptual stage and in brief.
- Designers and engineering consultant should carry out in-depth investigation of site conditions; articulate the clients’ need in a technically competent way within the limitation of the clients’ resource and work collaboratively to minimize the design and cost variations.
- Clients should know that high commitment of all people involved in all processes of project is very important to solve complex conflicts and problems occur in fabrication stage. In addition, hand over authority to make decision for managers to help them make decisions quickly.
- Clients should train and educate to enhance the knowledge, skills and to update new knowledge, and new technologies. On the other hand, the clients should build effective project team to manage the project.
- Contractors need to be involved in the project as soon as possible to make sound preparations for developing valid fabrication programs. Besides, contractors need to establish a highly cooperative fabrication team in which competent specialist contractors and skills labors are staffed.
His thesis abstract is copied and posted.
Abstract
Risk management is an important part of the decision-making process of all construction companies. Risk and uncertainty can potentially have damaging consequences for some construction projects. Risk can affect productivity, performance, quality, and the budget of a project. Risk cannot be eliminated, but it can be minimized, transferred or retained (Burchett, 1999).
In the Project management, risk management is a very important sector using particular method to achieve the best practices in the project of company. Risk management is a systematic approach to managing unexpected related to a threat, through a sequence of processes including: Risk management planning, Risk identification, Risk analysis, Risk respond planning, Risk monitor and control.
The purpose of risk management is to reduce different risks. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. On the other hand it involves all means available for humans, or in particular, for a risk management entity (person, staff, and organization).
