Identifying and Analyzing Project Risks

Project Risk Identification 4-5

Project Risk Analyses 6

Project Risk Response Strategy 7

Project Risk Motoring 8

Project Risk Communications Plan 9

References 10

RISK MANAGEMENT JUSTIFICATION

With a large concern on the occurrence of the accidents due to the weaknesses in building it is important to conduct and write this risk management plan (Gerardus, 2018). On average, various accidents occur due to same failures in building or the construction. It is hence important to outline such failures occurring due to the ignorance of these subcontractors and contractors. The contractors and all persons in the construction of a public infrastructure needs to take some caution in order to save the lives of the people as well save their properties. The procedure hence needs to be outlined in developing options and actions to enhance the proper opportunities to evade any threats to the objectives.

In this project mitigation and contingency. This means that we try to eliminate or reduce any probability of occurrence of the peril. For contingency, we can try the best to find any other solutions to the peril (Gerardus, 2018). For my risk management plan the method I have chosen will be the waterfall risk management method. The waterfall risk management is most effective in traditional projects such as construction and other examples of more common engineering projects due to the uncomplicated nature of these projects.

PROJECT RISK IDENTIFICATION

There are several risks associated with the building of a bridge. From relatively small issues like severe weather, missed payments, or late deliveries to big problems like accidents on job sites or structural failures, people who do inspection, maintenance, and construction work on bridges face an extraordinary number of risks every day. Most contractors experience inconsistent cash flow at one time or another. Cash flow issues are not usually the result of ineffective money management. Instead, they’re caused by past due payments or not getting paid in full for work that’s been completed. This issue often leads to bankruptcy or the complete failure of the business. Workplace safety should be the number-one priority on every bridge construction site. Inadequate safety practices can lead to serious injuries or even death. Accidents on a job site can cause traffic and construction delays, along with added time to investigate and resolve issues, work stoppages, penalties and fees, increased insurance rates, low morale on the job, and significant harm to a contractor’s reputation. Every contractor tries to avoid it, but it inevitably happens: Work done on a bridge site doesn’t meet regulatory standards or contractual specifications. It costs time and money to fix the mistake. Even more, substandard work can hurt a contractor’s reputation. From small power tools to cables and connectors to vehicles, the equipment used on bridge construction sites is an attractive target for thieves, including workers onsite and people not affiliated with the job. Like other risks faced by bridge contractors, theft can have a broad impact. There are costs to replace stolen items. In addition, theft can result in delays while waiting for replacements and reduced productivity because workers don’t have the equipment they need to complete their tasks. It often leads to higher insurance rates as well.

The analysis of subcontractors is important in the building (Steven, 2014). The durability is strongly based on the durability and the quality of the structure under construction.

In this risk identification, several things can be done. The problems associated to the potential and the currently occurring risks. Bridges are very common. Bridges are currently collapsing due to formation of cracks. This is caused by improper mixing of the contents into their correct ratios (Steven, 2014). Sand: gravel: cement ratios are very important in this construction as it relates to the final strength and support of the final structure. Similarly the foundations of the different structures is very important. It proves the stability of the structure. It is also important to check on the permeability of the structure to fluids and especially water.

Similarly the type of materials used as the requirements is necessary. The design of the structure further proves the support of the building (Steven, 2014). There are aspects to be checked which includes; cost, performance, as well as the supplier capability, and technology. These aspects at some cases may influence the project.

PROJECT RISK ANALYSES

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PROJECT RISK RESPONSE STRATEGY

(TBD)

PROJECT RISK MONITORING

(TBD)

PROJECT RISK COMMUNICATIONS PLAN

(TBD)

References

Gerardus Blokdyk (2018) Risk Management Plan a Clear and Concise Reference pp34

Stephen J Manyall (2014) Therapeutic Risk Management: Civil and Building pp. 46