Risk Management for Infrastructure: How to Make Informed Decisions for Infrastructure Facilities at Organizational, Program and Project Levels

Risk management can help technical professionals and managers make better and more informed decisions. The benefits of applying risk management principles and tools include savings in resources (both, cost and staffing), accelerated schedules, fewer performance issues, reduced disputes and improved organizational and stakeholder communication and consultation. In today’s world, words like sustainability, service/design lives, asset management and risk management receive increased attention and emphasis by infrastructure owners in the private and public sectors. However, these terms are not fully mainstreamed into practice nor applied to full potential by many organizations and individual professionals and managers. Although the risk management process is mainstreamed into the culture and policies/procedures of many organizations, it has to a large degree, been underutilized, misapplied and often misunderstood by many infrastructure managers and technical specialists.