Risk Management, Profitability Improvement, and Innovation in the Construction Industry (Hammond, IN)

To enhance the profitability of a construction company, systematic analysis and control of risks that influence the profitable outcome of a project (or a profit center) is important as part of their long-term business strategy.

Project risk management is a systematic process used for managing risks. However, it is challenging to properly analyze the probable impact of risks due to the inherent uncertainties associated with construction projects. This seminar provides an overview of risk management in construction, specifically risk associated with different stages of a project life cycle. The seminar covers risk analysis and identification, risk assessment, and risk mitigation. Also, this seminar will present a protocol for data collection and analysis of profitability for construction companies highlighting the role of cost and profit centers. This protocol facilitates the analysis of changes in profit as well as identification of problems within an organization that when corrected could improve its overall profitability. Finally, the seminar will touch upon innovation in the construction industry and its impact on risk and profitability. Professionals who attend this seminar will gain a better understanding of some of the important concepts of risk management, profitability improvement and the need for innovation in construction. 

Campus Map:

https://www.pnw.edu/visitors-guide/wp-content/uploads/sites/41/pnw-hammond-campus-map.pdf

Parking and Directions: Due to construction, the University recommends using the lot off of 173rd.  Once parked, walk towards the Student Union & Library building.  Upon entering the building, take a left at the Cafeteria and the presentation will be in room 150D.

Prof. Makarand (Mark) Hastak, Ph.D., P.E., CCP

Professor and Head of the Division of Construction Engineering and Management / Purdue University

Dr. Hastak is Professor and Head of the Division of Construction Engineering and Management as well as Professor of Civil Engineering at Purdue University. He has assisted the construction industry for the past 30 years through consulting, research, teaching, and service to the community. He is a world renowned expert in the area of construction engineering and management and a licensed Professional Engineer (PE) and a Certified Cost Professional (CCP). Prof. Hastak has worked on numerous projects sponsored by the Construction Industry Institute (CII), NSF, State DOTs, and City Agencies.

He has authored over 200 publications and reports in his area of expertise as well as co-authored and edited three widely used books (1) Infrastructure Planning, Engineering, and Economics (McGraw-Hill 2006 and 2015), (2) Skills and Knowledge of Cost Engineering (AACE 6th Ed. 2015), and (3) CCP Certification Study Guide (AACE 2nd Ed. 2016). He served on the AACE Education Board from 2004-2016. He was also the Editor-in-Chief of the ASCE Journal of Management in Engineering (2009-2016). He is one of the founders and the past chair of the Global Leadership Forum for Construction Engineering and Management programs (GLF-CEM) (http://wpvcemweb01.itap.purdue.edu/glf/default.aspx). Dr. Hastak served as the Chair of the National Consortium of Housing Research Centers (NCHRC) (2008-2010) and was the invited Scholar-in-Residence at the National Association of Home Builders (NAHB) Research Center in 2006. In addition, Prof. Hastak has developed and currently manages several websites as a public service to the construction industry including: (1) Emerging Construction Technologies, (2) Academic Breakthroughs in CEM, (3) Purdue Index for Construction (Pi-C). As a prominent educator and consultant, he has given over 40 keynotes and invited lectures around the world.

Dr. Hastak received his BE (Civil) from Nagpur University, India, MSCE from the University of Cincinnati, and PhD (Civil) from Purdue University, USA. In addition, he is a trained university planner through SCUP and has received training at Cornell University in Executive Leadership, Financial Management, and Advanced Strategic Human Resource Management. He has worked on the faculty at Georgia Tech, NYU, University of Cincinnati, and currently at Purdue University.