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Risk Management: Reshaping Uncertainty into Opportunity

Large-scale, complex civil engineering projects carry a high level of risk and uncertainty. Unforeseen events can often derail the best-laid plans while project-enhancing opportunities slip by. Navigating these challenges requires a proactive approach. Risk management is a powerful project management tool that aims to identify threats and opportunities, assess their potential impacts, and develop and implement strategies to mitigate or enhance risks. It helps to increase the likelihood of a project being completed within its defined budget, schedule, and scope while meeting project requirements and quality standards. It is critical for project managers, engineers, and key staff to understand and implement effective risk management strategies to mitigate the negative impacts of threats and enhance the positive impacts of opportunities through every phase of the project lifecycle. With changing technology and projects growing larger and more complex, it is not enough to solely rely on past experiences to identify a foolproof path forward. Scenario generation through Monte Carlo analysis can help determine the potential outcome of interdependent risks and plays an important role in helping to provide insight into possible futures. It’s time for the civil engineering profession to embrace risk management as a viable means of reshaping uncertainty into opportunity.



Glenn Goldstein PE, PMP, PMI-RMP
Risk Management Technical Director
Foresight Planning & Engineering Services, LLC


Call: 512-472-8905

Email: office@texasce.org

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