University’s expertise applied to projects on contracting and risk
2 min read
- Risk management
13 December 2018
Four university student interns are working on two exploratory projects about contracting and risk in New Zealand’s building and construction industry.
The students – L to R: Rebecca Cui, Jack Skerman, Jackie Excell, Ella Liang – are part of the summer internship programme at Te Pūnaha Matatini (TPM) a Centre of Research Excellence at the university. They have been engaged by the ITA to undertake the projects over the summer period.
ITA programme leader Karla Falloon says risk allocation and management is a key focus for the ITA. “We are excited to be working with TPM and accessing their expertise in data and complexity, risk, and uncertainty to see how this can be applied to the building and construction industry.”
The students will work on two new projects – Optimal Contracting and Contracting Networks.
The Optimal Contracting project is about how to optimise the spread of risk across contracting in the building industry. It will investigate how contracting arrangements spread risk across the parties involved in construction projects, and optimising this for different outcomes (for example, the likelihood of project completion, efficiency in time, cost).
The Contracting Networks project will characterise failure of building industry contracting networks. Failure in one project can cascade through to others, so understanding the contractual connectivity of the industry will provide insights about the resilience of the industry to cascading failure.
Karla says these projects may elicit new information about practices in the building and construction industry in New Zealand which can be applied to managing risk better.
Read more about the ITA’s work in improving risk management.