Name: Bader Mohammed Al Fardan
King Khalid University
Email: bader-5238@hotmail.com
Email: balfardan@kku.edu.sa
Risk Management Practices in Large-Scale Engineering Projects: Trends and Innovations
Abstract:
This research explores the importance of effective risk management in large-scale engineering projects, with a specific focus on the Crossrail project in the United Kingdom. Risk management is critical to the success of large-scale infrastructure projects, given the complexity, high investments, and numerous uncertainties involved. The study utilizes a case study methodology, examining the Crossrail project as a primary example, along with other notable projects like the Big Dig, Hoover Dam, and Panama Canal Expansion, to provide a comprehensive understanding of the challenges and strategies in managing risks in such large-scale ventures. The research identifies key areas where traditional risk management practices, such as risk registers and structured assessment meetings, can be beneficial, but also reveals their limitations when faced with highly complex, interdependent tasks and unforeseen challenges. Specifically, the Crossrail project illustrates how advanced technologies, such as Building Information Modeling (BIM), aided in identifying and managing risks but were insufficient without robust collaboration among stakeholders. Moreover, the research emphasizes the need for proactive, real-time risk management frameworks that integrate predictive analytics, AI, and machine learning tools. By adopting more adaptive approaches, projects can better anticipate risks and mitigate them before they escalate into significant issues. The findings highlight the critical role of continuous risk monitoring, timely decision-making, and communication, especially in the context of complex projects like infrastructure development. The study concludes by providing recommendations for improving risk management practices in future large-scale engineering projects. These recommendations include the development of comprehensive risk management plans that align with organizational goals, fostering a risk-aware culture within organizations, and integrating advanced technologies for more dynamic, real-time risk assessment. Ultimately, effective risk management practices are essential for achieving project success, ensuring timely delivery, and minimizing costs and disruptions.
Key words: Risk Management, Large-scale Projects, Engineering, Predictive Analytics, Adaptive Strategies
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