Risk management in a petrochemical plant construction

Abstract

This thesis studied the risk management in petrochemical plant construction of a case organization, which provides various services for clients in a construction field. This includes a consultant for the project that the client requires support on technical knowledge. The objective of this thesis is to prepare the appropriate risk managment in order to manage the risk for main task by focusing on the quality risk, cost risk and schedule risk. From the investigation of example execution plan of case organization, risk consideration is still non-systematic. This tesis proposes a systematic risk managment for project management by starting from the selection of experienced representatives of each department (engineering. procurement and construction). The Australian and new Zealand Risk Management Standard (AS/NZS 4360-2004) is used as a guideline for this study, which composes of the following steps: (1) Establish Goals and Context of the project. (2) Identify Risks in various aspects by brainstorming. (3) Analyze Risks and Estmate Risk Level by consideration of likelihood and consequence. (4) Evaluate Risks by indicate the causes of significant potential risks. (5) Treat Risks by the use of risk treatment option and propose the feasible action plans. (6) Monitor and Review the risks into acceptable level. The expected results of the proposed risk management system are to achieve the objectives of quality, cost and schedule, and to be a framework for further project. The proposed study is considered and interesting, which is feasible to be adapted into the organization in order to achieve systematic risk management.