Modeling Risk Management in Sustainable Construction
In this edited volume, we present the state-of-the-art views of the perspective of enterprise risk management,to include frameworks and controls in the ERM process with respect to supply chains, constructions, and project, energy, environmental and sustai
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Desheng Dash Wu Editor
Modeling Risk Management in Sustainable Construction
Editor Prof. Desheng Dash Wu University of Toronto RiskLab Toronto, ON M5S 3G3 Canada [email protected]
ISSN 2191-1436 e-ISSN 2191-1444 ISBN 978-3-642-15242-9 e-ISBN 978-3-642-15243-6 DOI 10.1007/978-3-642-15243-6 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010938731 # Springer-Verlag Berlin Heidelberg 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: eStudio Calamar S.L Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
We are living in a risky world, and it is getting riskier and riskier. As one of my fundamental claims that have been delivered to various audience including scholars, practitioners and government officers, first, risk avoidance system in today’s world is becoming so interconnected; second, it is fully supported by a great of risk issues that have been addressed in this edited volume. Such risk issues, to name a few, include typical financial risk such as credit risk and market risk, construction risk management, supply chain risks, energy risk assessment, environmental risk analysis, risk management and sustainable development. These risk issues altogether form a risk checklist that could support my second claim: risk is unavoidable and business exists to cope with risks in their area of specialization. In William Sharpe’s CAPM (capital asset pricing model) theory, investments are evaluated in terms of both risk and return relative to the market as a whole; the riskier a business stock, the greater profit potential. Thus risk implies opportunity and business exists to seek such risk-based opportunities. Prediction of extreme risk events is almost unlikely. In Taleb’s 2007 book titled “Black swan”, extreme risks are said to be unpredictable like a black swan that lies beyond the realm of normal expectations. Many firms experienced difficulties from black swan bubbles. The most spectacular failure in the late twentieth century was probably that of Long-Term Capital Management [1], but that was only a precursor to the more comprehensive failure of technol
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