USING RISK MANAGEMENT TECHNIQUES TO CONTROL CONTRACT COSTS

A method for evaluating the risk associated with a construction contract has been developed and applied to municipal contracts in Lansing, Michigan. Data on contract costs, change orders, and complexity were collected through an information system developed by the city. These data were analyzed and a number of "risk" nomographs developed based upon the analysis results. The nomographs allow construction management teams to determine the amount of effort that must be expended to monitor a particular project. The information system also allows managers to evaluate the activities of the construction managers and the city's construction program.

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/0742597X
• Corporate Authors:

  American Society of Civil Engineers

  345 East 47th Street
  New York, NY  United States  10017-2398
• Authors:
  • Randolph, D A
  • Rajendra, K
  • Campfield, J J
• Publication Date: 1987-10

Media Info

• Features: Appendices; Figures; Tables;
• Pagination: p. 314-324
• Serial:
  • Journal of Management in Engineering
  • Volume: 3
  • Issue Number: 4
  • Publisher: American Society of Civil Engineers
  • ISSN: 0742-597X
  • Serial URL: http://ascelibrary.org/loi/jmenea

Subject/Index Terms

• TRT Terms: Construction; Construction management; Cost control; Costs; Monitoring; Nomographs; Risk management
• Uncontrolled Terms: Construction costs
• Subject Areas: Administration and Management; Construction; Finance; Highways; I10: Economics and Administration; I50: Construction and Supervision of Construction;

Filing Info

• Accession Number: 00474660
• Record Type: Publication
• Files: TRIS
• Created Date: Oct 31 1987 12:00AM