Risk and uncertainty handling. A common method used by organizations to
manage risks is Enterprise Risk Management (ERM). ERM provides a framework
which typically involves identifying particular events or circumstances relevant to the
organization's objectives (risks and opportunities), assessing them in terms of
likelihood and magnitude of impact, determining a response strategy, and monitoring
progress. The limitations of the method are not discussed here.
The handling of risk at project level differs. A landlord port authority is responsible
for locating the client in the port, creating suitable infrastructure facilities to match
his needs, and maintaining these infrastructures over the entire lifetime. External
agencies, such as consulting engineering firms are often engaged to carry out these
activities that have a wide scope and include feasibility studies, detailed designs,
selection of a contractor, and supervision during execution. These firms may engage
research institutes and specialist sub-consultants to carry out some of the tasks. Four
phases can be distinguished in a large civil engineering project: planning and design,
realization, exploitation and demolition or reuse.