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The book analyzes, compares, and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report. By classifying and categorizing risk within these levels it is possible to drill down and roll-up to any level of the organizational structure and to establish the risks that each project is most sensitive to, so that appropriate risk response strategies may be implemented to benefit all stakeholders. \"The new edition of this book provides a clear insight into the intricacies of corporate risk management and the addition of the case study exemplars aids understanding of the management ofmultiple projects in the real world.\" — Professor Nigel Smith, Head of the School of Civil Engineering, University of Leeds

Project finance has spread worldwide and includes numerous industrial projects from power stations and waste-disposal plants to telecommunication facilities, bridges, tunnels, railway networks, and now also the building of hospitals, education facilities, government accommodation and tourist facilities. Despite financial assessment of PF projects being fundamental to the lender's decision, there is little understanding of how the use of finance is perceived by individual stakeholders; why and how a financial assessment is performed; who should be involved; where and when it should be performed; what data should be used; and how financial assessments should be presented. Current uncertainty in financial markets makes many sponsors of construction project financings carefully consider bank liquidity, the higher cost of finance, and general uncertainty for demand. This has resulted in the postponement of a number of projects in certain industry sectors. Governments have seen tax receipts drastically reduced which has affected their ability to finance infrastructure projects, often irrespective of the perceived demand. Equity providers still seek to invest, however there are less opportunities due to market dislocation. Due to the demand for global infrastructure it is believed that project financings will return to their pre-crunch levels, or more so, however lenders' liquidity costs will be passed on to the borrowers. Lenders will also be under stricter regulation both internally and externally. The steps outlined in the guide are designed to provide a basic understanding for all those involved or interested in both structuring and assessing project financings. Secondary contracts involving constructors, operators, finance providers, suppliers and offtakers can be developed and assessed to determine their commercial viability over a projects life cycle. Special Features a structured guide to assessing the commercial viability of  construction projects explains economic metrics to use in the decision making process detailed case study shows how stakeholders apply the concept of project finance

Investment in any new project invariably carries risk but the construction industry is subject to more risk and uncertainty than perhaps any other industry.   This guide for construction managers, project managers and quantity surveyors as well as for students shows how the risk management process improves decision-making. Managing Risk in Construction Projects offers practical guidance on identifying, assessing and managing risk and provides a sound basis for effective decision-making in conditions of uncertainty.   The book focuses on theoretical aspects of risk management but also clarifies procedures for undertaking and utilising decisions. This blend of theory and practice is the real message of the book and, with a strong authorship team of practitioners and leading academics, the book provides an authoritative guide for practitioners having to manage real projects.   It discusses a number of general concepts, including projects, project phases, and risk attitude before introducing various risk management techniques. This third edition has been extended to recognize the reality of multi-project or programme management and the risks in this context; to highlight the particular problems of risk in international joint ventures; and to provide more coverage of PFI and PPP.     With case studies and examples of good practice, the book offers the distilled knowledge of over 100 man-years of experience in working on all aspects of project risk, giving sound practical guidance on identifying, assessing and managing risk.

The book analyzes, compares, and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report. By classifying and categorizing risk within these levels it is possible to drill down and roll-up to any level of the organizational structure and to establish the risks that each project is most sensitive to, so that appropriate risk response strategies may be implemented to benefit all stakeholders.\"The new edition of this book provides a clear insight into the intricacies of corporate risk management and the addition of the case study exemplars aids understanding of the management of multiple projects in the real world.\"—Professor Nigel Smith, Head of the School of Civil Engineering, University of Leeds

Project finance provides a method of financing projects, relying on the revenues generated by the project to repay lenders. Organisations utilising project finance are exposed to risk and uncertainty over the life cycle of the project. The commercial viability of such projects can be assessed in terms of their economic parameters, those being the Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PB) and Cash Lock Up (CLU).In both the United Kingdom and Germany under the relevant Private Finance Initiatives (PFI’s), usually on the basis of Public-Private Partnerships (PPP’s), projects now are being procured or considered in bundles rather than on an individual, stand-alone basis. For the purpose of financial analysis, bundled projects can be considered as portfolios of projects. When projects are considered individually, some may be commercially viable as stand-alone projects and others may not. However, when projects are bundled together, an overall portfolio of projects may meet a promoter’s Minimum Acceptable Rate of Return (MARR) and be deemed commercially viable.This study reviews the concepts of project finance, risk management, portfolio management and the PFI in relation to assessing the commercial viability of portfolios of projects. A questionnaire is used to determine current methods of assessing portfolios, in this study respondents from 60 organisations provided data which was duly analysed by the author.A mechanism is developed to determine the economic parameters of a portfolio or bundle of projects by assessing the worst, base and best case scenarios based on the risks associated with each individual project forming part of the portfolio.The computer software, Computer Aided Simulation for Project Appraisal and Review (CASPAR) is combined with spreadsheets to model portfolios and simulate different scenarios in terms costs, revenues, durations and financial instruments.

The petroleum industry is one of the fastest growing sectors in the world in terms of private participation and financing. The risk and uncertainty associated with the crude oil supply and product demand influence the overall economic viability of petroleum refinery projects. Issues associated with the security of a project's cash flow are of primary concern to investors using project finance in the procurement of petroleum refineries. This article reviews the characteristics of petroleum refinery projects, the concept of project finance, and issues associated with its application, with emphasis on the investigation and appraisal of the arrangement of supply and off-take contracts in relation to risks and economic returns. A mechanism is developed to aid contractual arrangements of supply and off-take strategies in support of project finance transactions in the procurement of petroleum refineries. The mechanism is tested in a case study through computer simulation. [PUBLICATION ABSTRACT]

The management of risk is one of the most important issues facing organizations today. This article focuses on the need for risk management at corporate, strategic business, and project levels within an organization. The authors interviewed personnel from 25 FTSE-listed organizations from different industry secotrs to survey current risk management practice. The model described in this article utilizes the findings from those interviews. [PUBLICATION ABSTRACT]