A management approach to enhance international project risk assessments

International construction projects are managed most effectively by addressing the risks that occur to all participants across the project's entire life cycle. Many of these risks are jurisdictionally specific, and to be properly managed, they must first be identified and assessed. However, few management tools exist that consider the portfolio of life-cycle risks encountered by owners and contractors working in an increasing global marketplace. In order to address this need, the Construction Industry Institute with funding from the Center for Construction Industry Studies, and the Design-Procurement-Construction Specific Interest Group of the Project Management Institute formed the International Project Risk Assessment (IPRA) Project Team (PT 181) to produce a user-friendly, systematic management tool to identify and assess the risks specific to international construction with the ultimate goal of improving project performance. This paper discusses the development of the IPRA management tool including the me
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