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Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. (Cole, 2020).

The control and containment of risk is critical to project success and it is the task of risk management to manage a project's exposure to risk. (Office of Government Commerce, 2009)

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Cole, B., 2020. Risk Management. [Online] Available at: https://searchcompliance.techtarget.com/definition/risk-management [Accessed 10 March 2021].

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According to the International Electrical Safety Foundation, the highest rate of electrocution occurs among construction contractors. In the United States, the Agency of Labour Statistics registered electricity as the major cause of death between 2003 and 2011 with a record of 40% of cases. (Zhao, et al., 2016)

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Zhao, D., Mccoy, A., Feng, Y. & Kleiner, B., 2016. Integrating safety culture into OSH risk mitigation: a pilot study on the electrical safety.. Journal of Civil Engineering and Management, 22(6), pp. 800-807.

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Not having M&E services running correctly performing correctly can lead to an unsatisfactory environment in the building and increased energy consumption, increasing the lifecycle cost of the equipment. Results indicate that the operational cost of M&E services is twice that of the capital expenditure.  Maintenance and replacement costs contribute approximately 42% of the whole life value of the project (Marsh, 2016).

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Determining an accurate value for the supply and installation of mechanical and electrical services is a difficult task due to the level of specialisation and variance within this sector of the industry. The level of specialised knowledge and the ever changing technology has prevented the Quantity Surveyor from taking a firm hold on the cost estimation of these services. Cost estimates have previously been prepared by consultant services engineers or based on costs provided by these consultants. (Mitchell, 2015)

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Some equipment may require a specialist contractor to install. Working with specialist contractors can pose challenges. Due to the specialist nature of some projects, it often lends itself to contractors possessing more control than usual such as being able to command a higher fee and have more control of their schedule.  The more the project depends upon the individual technical and managerial contribution of the specialist contractor, the more their design, value engineering and management capabilities should be scrutinised and weighed in the selection process. (Davis 1994)

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Office of Government Commerce, 2009. Managing Successful Projects with PRINCE2. 2009 Edition ed. London: TSO.

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Mitchel, C. (2015) An Introduction to defining Cost Estimates for Mechanical and Electrical Services using the NRM1, University of Salford 2015 (MSc. QS (M&E). doi:10.21427/erdb-jy53

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Findings from studies such as PROBE (Post Occupancy Review of Buildings and their Engineering) which assessed 23 buildings previously featured as ‘exemplar designs’ in the Building Services Journal between 1995 and 2002, revealed that actual energy consumption in buildings is often twice as much as predicted. (Designing Buildings Wiki, 2020)

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Designing Buildings Wiki, 2020. Designing Buildings Wiki. [Online]
Available at: https://www.designingbuildings.co.uk/wiki/Performance_gap_between_building_design_and_operation
[Accessed 12 March 2021].

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Davies, M., 1994. Construction Management : The Role of the Trade Contractor. London, SBIM Conference.

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Dianne Marsh, A. P. H. M., 2016. Life Cycle Cost of Mechanical and Electrical, Edinburgh: CIBSE Technical Symposium.

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Brandon (2000) said “... we realise that we cannot actually forecast the future particularly well” ... “our job is to assess what the risks might be in the future but, at the same time, bring in management processes that allow us to minimise the risk or adapt to changing circumstances” ... “there is a world of difference between predicting the future and thinking intelligently about it, and I wonder whether sometimes we place too much emphasis on trying to get tools which will predict (sometimes you have to do that), but what we should be doing is thinking intelligently about it and creating the paradigms that will allow us to have an improved society in the future"

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This is an example of a risk management process.

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Brandon, P S (2000) First keynote speaker, Bizarre Fruit Postgraduate Research Conference on the Built Environment, RICS Foundation, 9-10 March, Built and Human Environment Research Centre, University of Salford.

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Cost data from one hundred and sixty-one Bills of Quantities were collated and statistically analysed. The outcome of the research shows that an average of 65.83% of bills prepared by quantity surveyors for electrical installations, sampled within a six-year period, were computed using provisional sums while a percentage relative to 34.17% were measured in detail. The findings further showed statistically significant association between the method of estimating and level of accuracy. With significant disparity in the levels of accuracy of provisional sums allowed for electrical installations in bill of quantities (24.35%) compared to estimates generated through detailed measurement (9.77%). The study outcomes reinforced the need for systematic cost breakdown and financial management of electrical works in the procurement of buildings (Amadi Alolote Ibim, 2020)

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Amadi Alolote Ibim, K. D., 2020. Assessing the cost accuracy of electrical works towards sustainable procurement of building services. [Online]
Available at: https://www.tandfonline.com/doi/full/10.1080/15623599.2020.1760758
[Accessed 14 March 2021]

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Pollock, M., 2019. Facility Executive. [Online]
Available at: https://facilityexecutive.com/2019/08/electrical-safety-hierarchy-of-controls-occupational-safety-health/
[Accessed 14 March 2021].

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Depending on the severity of the risk, possible outcomes and cost of managing it, the risk management team may seek to deal with the risk through one of the following: