【正文】
bjective of this critical analysis was to identify an effective risk management strategy for future construction projects. The importance of this study is its multidimensional examination approach. Experience suggests that participants in a project are well able to identify risks based on their own experience. The adoption of a risk management approach, based solely in past experience and dependant on judgement, may work reasonably well in a stable low risk environment. It is unlikely to be effective where there is a change. This is because change requires the extrapolation of past experience, which could be misleading. All construction projects are prototypes to some extent and imply change. Change in the construction industry itself suggests that past experience is unlikely to be sufficient on its own. A structured approach is required. Such a structure can not and must not replace the experience and expertise of the participant. Rather, it brings additional benefits that assist to clarify objectives, identify the nature of the uncertainties, introduces effective munication systems, improves decisionmaking, introduces effective risk control measures, protects the project objectives and provides knowledge of the risk history . Construction professionals need to know how to balance the contingencies of risk with their specific contractual, financial, operational and anizational requirements. Many construction professionals look at risks in dividually with a myopic lens and do not realize the potential impact that other associated risks may have on their business operations. Using a holistic risk management approach will enable a firm to identify all of the anization?s business risks. This will increase the probability of risk mitigation, with the ultimate goal of total risk elimination . Remended key construction and risk management strategies for future construction projects have been considered and their explanation follows. . Hinchey stated that there is and can be no ?best practice? standard for risk allocation on a highprofile project or for that matter, any project. He said, instead, successful risk management is a mindset and a process. According to Hinchey, the ideal mindset is for the parties and their representatives to, first, be intentional about identifying project risks and then to proceed to develop a systematic and prehensive process for avoiding, mitigating, managing and finally allocating, by contract, those risks in optimum ways for the particular project. This process is said to necessarily begin as a science and ends as an art . According to D. Atkinson, whether contractor, consultant or promoter, the right team needs to be assembled with the relevant multidisciplinary experience of that particular type of project and its location. This is said to be necessary not only to allow alternative responses to be explored. But also to ensure that the right ques tions are asked and the major risks identified. Heads of sources of risk are said to be a convenient way of providing a structure for identifying risks to pletion of a participant?s part of the project. Effective risk management is said to require a m