An observational model for managing risk

The observational method, which has its roots in geotechnical engineering, is shown to be a particular instance of a generic approach applicable to the management of a range of construction project risks. A methodology is described for ensuring robustness in the observational method process, by applying the same principles on which it is based in a holistic way to the management of all project risks, not only those associated with the ground. A model is presented of the broader application of this approach to risk management and a practical example is given of a successful application of the developed methodology to a project with a complex range of risks.