This article was written by Bryan Kelly of suretyinsider.com for those with an interest in nuclear construction contract risk management. This may include owners, contractors, developers, regulatory bodies, third-party intervenors, consumers and their attorneys.
It was written in anticipation of the new round of domestic nuclear energy facility construction, “the renaissance,” in order to advise of the probable convergence of certain concepts and disciplines. It is also meant to facilitate a merger of legal and quantitative risk management concepts in regard to construction projects generally, conceptual breakthroughs typically occur on large, high-risk projects such as the nuclear new build renaissance, and this is somewhat specific to those projects.
It combines the book: Risk Management and Construction by Roger Flanagan and George Norman, three papers from the International Journal of Project Management, and an investigation from the Journal of Construction Management and Economics.
It is also informed by a few recently published books on decision-making, statistics and human cognition, which may be familiar. While recognizing that some of this borders on the esoteric, it is expected these concepts will eventually become more widely understood and adopted as the renaissance proceeds, just as the critical path method (CPM) and other project performance measurement methods considered “new” in the last round or nuclear construction are now commonplace.
There are also certain insurance, probability and legal ideas presented in a new light, as well as discussion of the traditional construction management concerns and, of course, the prudence question.
You can read the full article here.