Constructing a Culture of Ethics

Constructing a Culture of Ethics: Message from the CEO

 

In our practice in construction management, ethical decision‐making is a crucial factor for us at KEN International. Ethics is gradually becoming more important in the 21st century: The construction industry has expanded onto diverse international markets and global supply chains; Moreover, multinational management companies, as KEN international, are increasingly employing managers with different cultural backgrounds or engaging in joint ventures with domestic companies. With this augmented complexity in conducting our work, the business has become a high‐risk affair that only companies with a proven track record of reliability and integrity will survive over time.

The construction sector is infamously known for ill‐practices: It has a reputation for schedule delays, late payments, budget overruns, conflicts of interests, industrial disputes, among others. The global expansion of the industry has exposed it further to potential unethical behaviors. For instance, cultural relativism in business practices has become a more pressing issue. Relativism refers to the fact that universal truths or moral values do not exist; Instead, they vary from one culture and situation to another. Thus, the diversity of customs and moral standards across cultures and sub‐cultures of business partners may cause problems in managing projects and personnel along all stages of the construction activity.  

Since ethics can be a subject of contestation, in particular in a globalized environment, management companies need a uniform basis to determine whether an act or a decision is good or bad, right or wrong. In some ways, the law represents a particular society’s code of ethics; however, for us at KEN International, the law is a mere least common denominator: In my 20 years of experience, I have sought to transcend it, to encompass Morality which informs sound and just human behavior. Although each company usually develops its own ‘code of ethics’ depending on its own specificities, we at KEN have found that Ethics in the construction management sector can have a unique framework. 

Based on Sustainability’s triple bottom line principle (Economy, Ecology, Equity), we have broadened the framework to encompass ethical judgment as a pillar in its own right, as well as an infused practice in other pillars as well. KEN’s own framework is comprised of the following 4 E’s:  

 

  • Economy: KEN abides by an ethical conduct in financial management in order to preserve the interests and material betterment of all involved stakeholders and safeguard the long-term profitability of all construction projects. This effort pertains to all financial aspects of all activities involved under scope of services, including budget and finances, schedules and deadlines, conflicts of interests, and risks and hazards in construction and occupancy.

 

  • Ethics: Refers to respecting all human dimensions in work, in particular their personal, cultural, spiritual, and social values. In all its business relationships, KEN attempts to achieve social cohesion between groups and individuals of diverse ethnic and social backgrounds, whether with impacted communities or the company’s own managers and employees. Strategies include supporting initiatives, building a culture of inclusion, and employing social contracts to create long-term mutually beneficial and trusted partnerships with all stakeholders.

 

  • Environment: KEN’s view is that human activities should not deplete Nature’s ability to replenish its resource. As a result, aspects of mitigation and pollution prevention, environmental protection, resource-use efficiencies, and the improvement of eco‐systems and natural habitats as a result of construction activity should be taken into consideration in the scope of each project. Ethical stances in approaching environmental issues (i.e., Green Behavior) and their management in all stages of construction will ensure the long-term viability of projects.

 

  • Engineering: The last pillar refers to the quality of design and construction work itself. Issues range from structural integrity to suitable materiality, high quality specifications and finishing, reliability, and product durability. KEN adopts the strictest rules in ethics to ensure its professional services and the final constructed edifice meets the highest criteria attainable and international acclaim of best practice. 

As the Chinese proverb says, “The strength of a nation derives from the integrity of its own people”, so do we at KEN International solemnly believe that our strength as a company and our long-term commitment to excellence can only be built on the solid foundations of Ethics. 

 

SMEs: Engaging with Success

SMEs: Engaging with Success

Stakeholder engagement has become one of the pinnacle project management practices of our times: It literally means the process by which companies interact with all groups which have a ‘stake’ in achieving desired outcomes. As of recent, the practice has been grabbing the attention of management boards: In a study by McKinsey, 58% of CEO’s reported stakeholder engagement to be a top priority on their business agendas. So, what determines the success of stakeholder management, and why do SMEs naturally outrival everyone in its practice?

 

The Principles of Stakeholder Engagement

Through stakeholder engagement, all participants in a project understand why the project exists, who is involved and affected by it, what are its key objectives, and how they will be achieved. Engagement is a key ingredient to the success of any construction management project due to the sheer benefits it provides. These are numerous, ranging from building mutual trust and confidence, to information accessibility, effective project implementation and adoption, improved productivity and competitiveness, long-term partnerships, and increased investments to name just a few.

Successful stakeholder participation is based on several principles:

  • Sensitivity to Changes: The everchanging nature of culture, market, and politics are important to understand to ensure effectiveness and adaptation. The company should exert effort to communicate with well-informed persons to understand a project’s environment dynamics;
  • Tailored & Effective Communication: Different stakeholders require varied levels of engagement according to stage, size, type and so on. Categorizing stakeholders for instance by influence and interest can go a long way in devising successful approaches for easy and effective communication and involvement;
  • Constant Engagement: Proactiveness and transparency in communication helps build mutual trust and common commitment. It is crucial that the firm interacts often to instantly resolve problems as they arise;
  • Long-Term Relationships: Building solid relationships helps create sustainable business ventures which guarantee long-term prosperity for all. Content and satisfied stakeholders will keep coming back for future work opportunities;
  • Sincerity & Empathy: Mutual understanding and honesty can be instrumental in enhancing participation and involvement as customers/employees who feel their needs are well understood and accounted for are more likely to own the project and its goals as well as accept accountability.

 

The Four Advantages of SMEs

Primarily due to the robustness of their efficient sizes and operations, Small and Medium size enterprises (or SMEs)- such as KEN International – are well positioned to engage both their internal and external stakeholders. According to us at KEN, SMEs have four main advantages that allow us to reap the maximum benefits from engaging with our stakeholders. These are:

    1. Exclusiveness: The relatively smaller number of stakeholders involved in a typical SME-led engagement plan, a more exclusive nature of relationship develops, particularly with clients. Accordingly, SMEs become more intimately involved with their clients’ projects and agendas. Personally-dedicated staff manage to deliver better quality services specifically tailored to the intricacies of their clients who they eventually become very familiar with. The exclusivity is also beneficial in creating longer-term business relationships than larger firms in the same industry.
    2. Flexibility: Small practices are more nimble, adaptive, and responsive to the sensitive needs of stakeholders, due to their size and speediness in the manner in which work is processed. This helps them react quickly to the sometimes instantaneously changing needs of their clients, staff, as well as service markets and contextual environments. Also, approaches to problems are almost never systematic: Solutions are tailored to clients’ specific contexts and usually display more inventiveness than standardized tactics of bigger firms.
    3. Collaboration: Owing to their flat organization structure, stifling bureaucracies and complex reporting protocols are virtually absent, which renders SMEs much more collaborative in nature. This is advantageous in that it helps stakeholders be consistently This horizontal association tends to favor more freedom in ideas sharing and cross-fertilization, better mutual support, trust, and good relationships among stakeholders, cross-disciplinary coordination and synergies, not to mention improved conditions for innovation and creativity.
    4. Directness: Due to the absence of multiple layers of management, communication between all involved parties is direct. Accordingly, SMEs understand well the particular needs of its clients and devises effective strategies to meet them, without meaning, intents, and expectations being lost in lengthy communication protocols. Moreover, challenges and dissatisfactions can quickly be resolved owing to effective and short communication conduits between all concerned parties.

 

In conclusion, by their very nature, SMEs are better poised to reap the benefits of stakeholder engagement. Their very success is rooted in their intrinsic ability to be exclusive, flexible, collaborative, and direct which give them a competitive advantage over larger firms in the same sector. Aware of this capacity, we at KEN International are keen on adopting best practices in stakeholder engagement to ensure that all individuals, groups, and communities that are involved with us achieve success, each in their own special way.

KEN Launches New Offices in Athens, Greece!


We are thrilled to announce that, due to our continued growth in the market, we are expanding in Athens, Greece!

As part of Ken International’s expansion plan, we always look forward to enabling new projects, enlarging our network, and employing our expertise in various parts of the world. Our clients and partners in Greece will be better serviced by having a local KEN International team, whose expertise can open doors for the region and provide an invaluable knowledge for the community. Along with the support of our business-associate partner office in Madrid, Spain, and our established headquarters in Abu Dhabi, UAE, the new branch in Athens will only strengthen our footprint and offer a dedicated team for our clients and partners, servicing them with all our project management services. The expansion is also in conjunction with our continued investment in developing our people, creating job opportunities, and responding to the growing need of a project management firm in Greece.

“Our third office is a manifestation of the trust our clients have granted us and of the dedication and passion with which our team is driving our advancement in the region. This not only pays tribute to the promising region, but it also gives us the opportunity to serve our clients in Greece directly from our local hub.” -George Lampropoulos, Ken International Founder and Managing Director.

How to contact our new office in Athens?

Ms. Ioanna Karatzoglou

Mail: ioanna@kenint.com

Phone: +30 693 6710 915

Address:

2-4 Mesogeion Avenue, 11527

Athens Tower, 6th Floor

Athens, Greece

Our Partnership With L35 Architects

Our partnership with L35 Architects, which was established in 2013, is one that we are truly proud of, and is indicative of the level of design innovation that is encapsulated in our projects. With over 12 offices worldwide, L35 is an international team of architects that have defined the trends of our age in the field of architectural design, through their involvement in almost a thousand major construction projects around the globe during the past five decades. The highlights of their work include a €400 million renovation of the Santiago Bernabeu football stadium in Madrid, the “Reinventer Paris” competition winner “Italik” urban regeneration project in France, the Turkiye Finance corporate tower in Istanbul, the 18000 m2 La Roca Village retail center in Spain, the Gdansk museum in Poland, the 60000-attendees Sheikh Mohammed Bin Rashid Al Maktoum Stadium in Dubai, and the 285-meter-high Brooklyn Tower in Sao Paulo, Brazil. 

Over the course of the years of working together, L35 has not only managed to repeatedly meet the vision of our clients, but also to amaze the whole world of engineering and architecture with their pioneering designs, constantly setting new trends and introducing new aesthetical standards. With the help of our talented and experienced team of architects and engineers at Ken International, our partnership with L35 allows for great collaboration on all types of large-scale construction projects, all over the globe.

Qualitative and Quantitative Risk Analysis in Construction

The Risk Management process involves many sequential steps that constitute a carefully structured plan, like the one that we have developed in KEN International through our extensive experience and in-depth knowledge. Unlike simplistic and generalistic approaches, we opt to go back and forth between the spectrum of the qualitative and quantitative risk analysis, in an effort to establish a robust system of insightful evaluation and achieve the subsequent risk management plan optimization. Here is what each of the two elements involve, according to our plan of action.

Qualitative Risk Analysis

Identifying the associated risks presupposes the development and laying out of the complete work items plan, and pre-execution planning is in the core of our expertise. Assessing an identified risk element from a qualitative point of view means considering its probability and impact, test various assumptions that the team comes up with, and rate the data as to their precision. The outcome of this process is the deduction of the overall risk rating (necessary for the feasibility evaluation), as well as the identification of any trends which help in optimizing the prioritization of the identified risks.

We conduct this type of analysis by developing a risk probability and impact matrix, conducting an FMEA (Failure Mode and Effect Analysis) on specialized software, and by drawing Ishikawa diagrams (for root-cause analysis), and fault trees so the risks can be prioritized with precision. Our probability and impact evaluation is not limited to a “yes or no” outcome, but positioned on a scale of severity, allowing for further optimization and categorization. The impact is also split into categories underpinning the impact on cost, schedule/progression, and work performance. The total aggregate helps us tag the risk item with the corresponding identification rating.

Quantitative Risk Analysis

Following the qualitative, we proceed to the quantitative risk analysis which helps us express the probability of each identified risk item and its scope of impact numerically. Rough estimates and long-shot predictions have no value in efficient engineering, and KEN International wins the trust of its customers not by randomly betting and making promises, but by presenting actual numbers that support the proposed management plan.

Not only risks are evaluated in this step though, as the probability of achieving a specific objective or even a set of goals is actually of equal importance, as it’s the other side of the same coin. Our considerations during quantitative risk analysis include the results of a sensitivity analysis, the results of a decision tree analysis, and many hours of simulation on risk assessment software tools. This helps us prioritize the list of the risks, run a probabilistic analysis on firm ground, identify trends, and finally come up with a golden number that indicates whether achieving the cost and time objectives is doable or not. Also during this step, we implement all of our mitigation techniques, as the bow-tie diagram that we develop help us put the source of hazards in order against the consequences of each control measure path that we can take.

Environmental Sustainability in Construction

As a firm, we have developed and followed a comprehensive environmental sustainability plan in each of the construction projects that we have undertaken thus far. Protecting the environment and minimizing the construction footprint is one of the core values of our company, so we perceive this responsibility to be of utmost importance while following the underpinning regulations is only the outcome of our methodical approach and not just an obligation. This is proven by the fact that we often go well beyond the limits and requirements of the environmental protection standards followed in construction, adding more value into it if it makes economical and architectural sense to do so. Naturally, this approach comes with a set of benefits that extend to the well-being of the society and the overall cost of the project. Where others see the requirements of environmental protection to be merely a costly obligation, we see an opportunity to actually reduce the execution and operation costs by being more efficient in all steps of the way.

Here are the main benefits that derive from the practice mentioned above:

Environmental benefits

• Less damage done to the land, air, and water
• Less demand for materials as we pay attention to the life-cycle of the project
• More materials getting recycled, so there’s less demand for new
• Developing a biodiversity promotion and natural beauty protection and development which can actually improve the local environment
• Reduced greenhouse gas emissions by spending less energy for the site operations

Social benefits

• Local communities are less annoyed by the construction, leading to less official objections and fewer delays due to complaints
• Site workers are infused with an environmental protection mentality, perhaps applying these good practices on future projects as well
• Gaining the trust of the local authorities and the environmental committees easier, and possibly developing long-term relationships to the benefit of all parties

Economic benefits

• Fewer non-compliance fines and minimum delays caused by discrepancies with the legislation
• Reduced site operations cost through efficient energy management
• Better material resourcing from more reliable suppliers
• More in-depth tendering and opportunities identification thanks to the analysis of the associated section in risk management

To reap those benefits though, a solid environmental sustainability plan is required. We at KEN International have considered all aspects of construction management and incorporated interventions and policies in all key areas. Here are a couple of examples that showcase our know-how:

• Evaluating existing buildings – We consider the possibility of reusing or repurposing existing buildings, after evaluating their structural capacity and determining the extent and the cost of the required reconstruction and renovation. While this may not concern the critical structures of a project, it may serve for auxiliary power stations, storage points, or even as bases for the construction teams.

• Evaluating existing natural features – If we identify trees, or ponds, or other beautiful natural formations, we assess the potential of retaining and highlighting these elements instead of replacing them. If this is against the proposed architectural design, we explore the possibility of adjustments or enrichment that will offer a better aesthetic result using the indigenous natural elements while staying within the budget limits.

• Improve access to site and facilities – We collaborate with the local traffic planning authority to arrange the best plans for the project workers and the construction equipment to reach the site on a daily basis. This helps in reducing our carbon footprint throughout the duration of a project’s work.

• Minimization of wastes – By developing an accurate material sourcing and procurement plan, combined with a vigorous recycling practice, we end up having minimal waste materials. These are appropriately stored and transported to specialized recycling facilities/units, so nothing gets dumped to the environment.

• Optimization of energy expenditure – By monitoring our energy expenditure and comparing it against the work schedule, we can easily identify wastages and set up an energy spending mitigation plan. During the day, the site worker’s facilities are powered by solar panels, covering the lighting, cooling, and ventilation needs almost entirely through renewable sources.

• Minimization of dust and noise pollution – By utilizing complete pollution control systems of combined technologies, we achieve high levels of dust containment and noise dampening, and we also implement multiple reduction techniques.

• Use Eco-friendly materials – When we are responsible for the selection of the building materials, we always opt for Eco-friendly solutions, and when we’re not the ones to decide we make our case known in the form of a proposal report. For the selection of the materials, we pay attention to the relevant legislation and select those that are non-toxic, non-carcinogenic, were produced with low-NOx manufacturing practices, and do not contribute to the ozone depletion.

• Develop a biodiversity plan – Whether we are dealing with elements that we found on site and retained, or entirely artificially-created environments, we always develop a detailed biodiversity management and maintenance plan to help whatever ecological side of the project thrive.

Integrating Risk Management with all Construction Management Functions

Construction is filled to the brim with risks, meaning that the risk management process needs to be integrated to all functions otherwise something important is bound to get missed. All uncertainties are associated to one or more functions of the construction project management, and each of them has the potential to negatively affect the scope of the work, the schedule for completion, and the estimated cost.

To achieve an optimal risk identification, establish an effective assessment process, and then develop a comprehensive action plan, the whole process of risk management needs to be integrated into the construction management functions. Our approach is to fragment and distribute this step of the work to the associated engineering teams, essentially integrating risk management in all of our distinct operational areas, and then reunite everything on a common risk management platform for an overall assessment and correlation.

Here are the eight pillars of risk management integration as applied in KEN International:

1. Scope of work – What are the client expectations, and what is the feasibility of the project?
2. Quality Assurance – What are the requirements and designated standards?
3. Time – What are the milestone objectives and what the time constraints?
4. Cost – What are the budget restraints and how is the financial plan laid out?
5. Contract Management – What are the associated services and material orders?
6. Human Resources – What is the productivity availability and how can it be formed?
7. Information Control – What is the data exchange plan and how is accuracy assured?
8. Project Management Integration – What are the life cycle and environment variables?

Having dedicated teams work in each of the above sectors and associating possible risks with their scope of functionality is key to completing the integration quickly and effectively. All of the identified risks are added in the section of the PMS (Project Management Software) tool, so the association and determination of the linkages between each field are carefully evaluated in the next step.

By following this carefully structured method of risk management in large-scale projects, and by maintaining our standard level of transparency which allows clients and stakeholders to check everything that is being done in real time, we have clearly identified numerous benefits that arise from it. For example:

• We are enabled to allocate risks to the most appropriate engineering team.
• We focus on internal auditing programs.
• We focus more on risk reduction/elimination rather than risk recovery/mitigation.
• We gain a more in-depth insight on which are the new opportunities that can be grasped.
• We have the capacity to develop a mechanism to review the risks and their status changes.
• We can enhance the communication between contractors, suppliers, and the client.
• We can present a more systematic business planning strategy.
• Our clients are reassured that their project is professionally handled from day one.
• We can support decision making on how to utilize the available resources effectively.
• All stakeholders have a common platform for communication.

Ken International launches Executive Architect Services with Private High End Villa

Ken International has just recently been awarded and signed the contract agreement dated on October 02, 2018 for the scope of Quantity Surveying Services and Executive Architect of the following project:

• Project Information: Private High-End Villa, located at Jumeirah Bay Island, Dubai, United Arab Emirates
• Plot MV68 & MV69 with an area of 1,613m2 & 1,612m2
• Perspective of the Project (depicted in north & south elevation photos below)
• Design Intent Description: Modern/classic Contemporary yet simple design and practical water features and dramatic spaces. Floor plan to be friendly for eventually disable circulation and usage. Integration of the landscape with the architecture.

We are proud of our participation in this project, and we are focusing our efforts on the deliverance of absolutely high-quality results. The trust that the client showed us is vindicating our efforts so far in the field of construction management, and we intend to justify it this selection.

We are also glad to be working along with other successful companies and engineers, being part of a multidimensional team which consists of many talented people who are engaged in the field of construction. The first coordination meeting was held on October 15, 2018, and here’s a snapshot.

Participating Members:
• Client Representative – COHAES
• Lead Architect & Interior Design – KM2K
Quantity Surveying & Executive Architect – KEN International
• Architect of Record – AMEC
• Structural – ROBERT BIRD GROUP
• MEP – CSA CONSULTING ENGINEERS
• Landscape – SOUTH LANDSCAPE
• Lighting – POINT OF VIEW
• AV/Home Automation – SALT-TS

KEN and LCA

Ever since our conception, we have paid attention to novelty parts of construction management that others may consider as unnecessary, or at least not absolutely important. Life Cycle Assessment is one of those things, and it is an indispensable component of our work in all of our previous projects. But what is LCA exactly?

From the extraction of raw materials to their manufacturing, their use in the construction of buildings, the operation of these buildings and their maintenance, and to the end with the demolition, this is the total life cycle. Standards such as the ISO 14040, the methods and guidelines of which we follow in order to measure the life cycle of a building define life cycle as the “compilation and evaluation of the inputs, outputs and the potential environmental impacts of a product system throughout the duration of its life”.

The importance of LCA
Why is it important to consider a building’s LCA and why is KEN spending time and resources to do it? There are multiple important reasons why it’s crucial to determine and report on the LCA to the stakeholders, so here are the four major of them:

• Promoting sustainable engineering practices in real projects and not just in promotional material that has marketing targets. KEN International is conducting tangible work to help society prosper, economy grow, and the environment to stay healthy and protected.
• LCA reports help contractors get to know how to prevent issues relating to environmental factors, waste management, etc.
• Home builders can get a clear picture of how energy and resource savings are achieved through sustainable engineering design and construction.
• Building owners are happy with their investment, seeing that the impact of their creation on the environment is minimal.

For KEN International, LCA has another important function which is to drive our internal team’s innovation. LCA reports often unveil opportunities to increase efficiency and/or quality on a specific step, and this further increases our efficiency and budget effectiveness. Finally, it can potentially help us make more solid decisions during the design and construction phases.

How we determine LCA
We determine the context of LCA by considering the guidelines of ISO 14040, 14041, 14044, EN 15804, and EN 15978. Simply put, these standards provide the guidelines on how to analyze the impacts of all factors to the surrounding environment. This spans from the extraction of a material, to its maintenance, and to the end of its service which comes with the demolition.

The software tools that we use for this evaluation (analysis, impact assessment, results) include the following:

• BEES – For material LCA comparison and evaluation
• Athena and eQuest – For whole building LCA
• Ecoinvent – Database for environmental-orientated choice support
• CEDST – For structure of selection table for segment table/level
• BREEAM – For overall life cycle cost and service life planning

How we improve LCA
Evaluating LCA is one thing, improving it is another. Of course, KEN International has already accumulated enough experience to be able to take proactive action to improve LCA during even the first stages of pre-execution planning, and one realization or success on a previous work is leading our way on the next project. Here are the main ways through which we achieve a decisive improvement of LCA:

• Opting to use higher quality building materials that are environment-friendly and have a relatively low environmental impact on the long term.
• We use comfortable safety factors during the building design, minimizing the need for maintenance and the associated energy losses.
• We minimize fuel and water consumption, both during the construction phase and during the operation of the building.
• We take all measures possible to bring C02 emissions to the lowest possible levels achievable. This concerns both the construction phase and the operation of the building, and of course, our consideration also includes the manufacturing process of the selected materials.
• Dust emission is another critical factor for LCA, so we take all precautions that have the potential to tone it down to a minimum.
• Finally, we minimize the produce waste on the construction site, following all of the established recycling methods. Moreover, we consider waste rates during manufacturing when selecting our materials.

Risk Analysis in Construction Management

Risk Analysis in construction management can be basically summed up to the elimination of uncertainty. This of course is not as simple as it sounds as uncertainty engulfs everything at the start of the planning phase. We can surpass the associated difficulties by putting our meticulous pre-execution planning and previous construction management experience to work. Of course, to this endeavor, we enjoy the support of sophisticated software tools and management platforms that can unify multiple elements of construction, associate teams and work tasks, locate overlaps, and identify risks beforehand.

Using our Procore custom platform as well as other quality and risk management tools that we utilize in the field, we ensure that all construction data is collected and taken into account from the planning to the execution phases. In KEN, we believe that tracking the performance on all levels is key to identifying risks early on and taking proactive action to mitigate their effects or to completely eliminate them. Through vigorous monitoring, we pinpoint the problems and resolve even the most complex of issues. In this context, our data reporting is truly in-depth, and the trends analysis is incorporated into it for justification and improvement proofing. Following our standard approach on being completely transparent with our clients, these reports reach them in the same time that they are generated by our software tools, and all live data is available to them at any time.

Identification
Identifying a risk is the first step in the process of risk management. After we complete the pre-execution planning, copies are distributed to our team of experts and then they are all asked to contribute their predictions and outcomes. We are using databases of previous projects containing previously identified risks, associate similarities and finally identify the most expected risks.

Analysis
The next step after having identified and pinpointed the risks is to analyze them. To maximize our efficiency in this step, risks are grouped into three categories, underpinning a.) time, b.) cost, and c.) the scope of the project. These risk categories will determine how each risk item will be further evaluated in the next step, as our team members now undertake one of the three categories to speed up the process. From there on, categories are further broken down to subcategories, including occupational risks, financial risks, contractual risks, project risks, stakeholder risks, natural disaster risks, and competition risks.

Evaluation and Ranking
Having identified and categorized the risks, we proceed to the determination of their magnitude or importance. Here, we evaluate the risks by using visuals like diagrams that associate the risks with the negatively affected areas. Some risk items have greater damage potential than others, and some are more likely to occur than others. This process enables us to identify which is which, and rank the items accordingly. Impact and probability are both considered in this phase, as both play a critical role in the ranking of a risk item. For example:
• How likely is the construction site to suffer from a flood during the designated construction period, and what would be its impact in the project work schedule and additional costs?
• What is the chance of a sudden increase in the price of construction steel, and what would the percentage of that increase be in the worst case scenario? What would be the maximum damage to the profit margins in this case?

Proactive Action
In this step, we are taking proactive action to either eliminate the risk item entirely, or mitigate its effects as much as possible. Through in-depth analysis, we can evaluate the potential outcomes of our treatment/mitigation strategies, and how this will place a specific risk item in the ranking. Sometimes, risks can be avoided entirely by changing the planning as required. Others, risks can be transferred to other parties through insurances or relevant contractual agreements. Mitigation of risk items is mostly achieved with the training of the personnel and the construction of additional protective elements. For the risks that cannot be handled in any way, like natural disasters, we accept them and simply strengthen the depth of our construction planning so as to accommodate unforeseen changes as we go. Of course, in this phase, we do not just mitigate negative risks, but we also look into opportunities and ways to enhance their effects as well.

Monitoring and Reviewing
Finally, having done the risk management planning as described above, we closely monitor the risk items in every step that encompasses them. This allows us to evaluate whether our measures were indeed adequate or not, and how a risk item develops throughout time and in relation to the project goals. Thanks to this methodical work, this stage is when our predictions are confirmed instead of a time of surprises and missed opportunities.