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Table of Contents RISK MANAGEMENT JUSTIFICATION 3 PROJECT RISK IDENTIFICATION 4 PROJECT RISK ANALYSES 6 PROJECT RISK RESPONSE STRATEGY 11 PROJECT RISK MONITORING 14 PROJECT RISK COMMUNICATIONS PLAN 15 References 16

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 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.

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 Medium 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 are 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.

Table 1: Risk Register

Qualitative Risk Analysis

Qualitative risk analysis does not operate on numbers but rather on decryptions and recommendations (McNeil, Frey, and Embrechts, 2015). Analysts rely on available data and their expertise to come up with a systematic and creative plan.

Table 2: Probability and impact matrix

Table 3: Risk register with matrix of risk

Quantitative Analysis

In this research, I will conduct the quantitative analysis using the expected monetary value. This method involves multiplying the probability of a risk occurrence with the value associated with the risk (McNeil et al, 2015). The total value is calculated by summing both positive and negative risks associated with a given project. This analysis will be most effective for my project to determine the amount of money that may be saved from the project or which supplementary amount will be required.

The expected monetary value will give an estimate of the average outcome of the risks mentioned for all events. The data availed also serves as a backup in making the most financially acceptable decisions. With the EMV figures, calculation of the contingency reserve will be based on actual data rather than mere estimations an observed with other methods. Above all, my choice was informed by the cheap cost of the analysis tool given that no specialized software will be required for the calculations.

Quantitative Risk Analysis Results Matrix

Design Risks estimation

Monetary value = 15/100 X 85,000 = $12,750; Period: 18 days

Financial Risks estimation

Monetary value = 22/100 X 120,000 = $26,400; Period: 26 days

Management risk estimation

Monetary value = 10/ 100 X 39,000 = $3,900; Period 13 days

All workers, irrespective of their experience in bridge construction, must be briefed of the associated risks before a project begins. Understanding the risks in advance creates a state of awareness. Creation of awareness is a mitigation strategy that avoids a risk before it happens.

In addition to creating awareness, the project supervisor should keep proper communication reminding workers what is expected of them (Manyall, 2014). Additionally, there should be proper documentation of all tasks before they begin. It is through documentation that any faulty equipment can be identified in advance before they pose a risk to the users. This avoidance strategy also helps to keep track of the implementation process.

Although construction workers are mindful of their own safety, it is important to have a supervisor who is willing to take the safety standards a notch higher. It is also important to be innovative and implement safety procedures that are applicable to the specific type of job.

It is impossible to avoid conflicts in construction since workers come from diverse backgrounds. In bridge construction, contradictions in opinion are common and conflict occurs when each of the parties wants to win (Manyall, 2014). However, there are mitigation strategies that can be used to reduce the impact. In such situations, it is crucial to confront both parties and find a solution to their stand-off.

Facilitating an open communication helps both parties to reach a win-win situation and avoid a repeat of such problems in the future. Avoidance would also be helpful if stakes are low or chances of both parties winning are low. In those situations, a risk management team would look for temporary solutions as they wait to handle the matter later. Supervisors at the construction site should also be trained to improve their listening skills to help in conflict resolution. With active listening, the conflicting parties are given time to express their strong opinions. Once the site managers understand and weigh both sites, they can easily reach to a position that does not favor either side.

Design error is a common error in bridge construction projects. These often occur through design variation, errors by planners, or unclear description of the scope of the work at planning stages. A mitigation strategy in the short term is to contract expert designers to conduct an evaluation of the design. Any flaws observed can be corrected before steel fabrication or project implementation. However, anticipated errors on design changes are unavoidable and can only be addressed through acceptance. Their impact can be reduced by trying to be as much accurate as possible to avoid the likelihood of adjustments. On the other hand, conducting periodic review with the bridge design consultant can serve as a long-term mitigation strategy of design errors.

Joint check agreements are made between the contracting companies with a third party. These agreements justify the contracting company’s ability to furnish the contract. The contracting company can also use consistency as a financial risk management strategy (Manyall, 2014). Consistency means maintaining commitment to its methods of signing new suppliers and following up with the contract owner.

Project managers should ensure proper contract planning, selection, administration, and corrective actions to prevent contractual risks. Contract planning ensures the hiring company gets enough time to evaluate interested contractors. On the other hand, the contract selection phase ensures that project managers go through all documentation of contractors and their employees. It is during this phase that project managers evaluate the price, company structure, and good references of past work. Better preparation not only mitigates contractual risks but also improves financial gains when quality work is done.

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

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative Risk Management: Concepts, Techniques and Tools-revised edition. Princeton university press.

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