Value And Risk Management In Construction Essay

Task And Risk Management

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Task and Risk Management
Tasks and Milestones
Milestones are important checkpoints or interim goals for a project. They can be used to catch scheduling problems early. The project manager plan will evolve so he should be flexible and update on a regular basis. It also helps to identify risk areas for project, for example, things that are unknown but will have to learn. These are risky because there may not be a good sense for how long the task will take. Or, you may not know how long it will take to receive components you purchased for a project. (W. & T. Chase, 2003).
The specifics task and milestones required for your project plans
 Project accepted
 Hardware/Software installed
 Preliminary design/configuration
 Being able to make the first request
 Development/Training instances deployed
 Closing the testing period
 Going live
Risk is a combination of the probability of a negative event and its consequences. If an event is inevitable but inconsequential, it does not represent a risk, because it has no impact. Alternatively, an improbable event with significant consequences may not be a high risk. These two factors are combined in what we experience as the possibility of loss, failure, danger, or peril.
An easy way to reduce risk is to have less ambitious goals. After evaluating risks, one can choose a path of risk avoidance or risk mitigation and management. If we understand the risks on a project, we can decide which risks are acceptable and take actions to mitigate or forestall those risks. If our project risk assessment determines risks are excessive, we may want to consider restructuring the Project to within acceptable levels of risk.
Risks that do not offer the potential for gain (profit?)should be avoided. Risks associated with achieving challenging and worthwhile goals should be managed. One way to reduce risk is to gather information about relevant issues to lower the level of uncertainty. Then we can look for ways to reduce probabilities of failures or to reduce their consequences (Chapman, 2005)
Risk assessment and mitigation
Skill and Competency Gaps
The fact that there is a new suit of software to be learned by the system annalist is a challenge that represents a risk. This is a new application that would have to be learned by the system analyst. The lack of expertise could cause some delay. In order to mitigate the risk associated with facts we are going to Schedule project activities in such a way that there is plenty of time for the critical task and ensure the availability of progress report from the team to detect any possible gap in the process.

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Also training initiative for the critical phase of the project will be implemented to reduce the possibility of of this to happen.

Availability of Network Equipment
The deployment of this project will depend on the availability of a web-server with the necessary tools/module to run the application.
This situation should be Escalated to the sponsors and negotiate with vendors fixed prices so last minute request does not incurs price increase.
Change in Management Priorities
Management could decide to prioritize other project which could result in resources being pullout, thus delaying implementation. In the case that system annalist and network tech are pull out of the project, the solution will be outsource the development of the software application by purchasing an off-the-shelf solution and hire a software consultancy firm to customize the software to meet Providence hospital specifications.
Resources constrain
Constraints are usually thought of as limitations on the ability of a system in its effort to achieve its goal. The project management realm can be thought of as consisting of two levels of systems. First, there is the system that is the project, and around that is the system that is the organization that needs to deliver a number of projects To mitigate any constraint for the project we are going to promote Increasing team commitment: Arrange regular project meetings to keep the entire team updated on the project status and assign Sid the task of tracking project progress.
Request an increase in the project budget, appoint external consultants to review and address database- related issues, and arrange for regular meetings with the project team.

Network Security
One of the risks associated with this project is Security so we have to plan to provide adequate security enabling us to restrict user's access only to authorized function of the system and protect the personnel information stored in database.
Learning point from simulation
A project risk represents an uncertain event or condition that, if it occurs, has a negative effect on a project objective. Risks that are threats to the project may be accepted if they are in balance with the reward that may be gained by taking that risk. This simulation presents the various risks that could affect the implementation of a Bank ATM network integration project. It also illustrates the importance of identifying project risk events and defining appropriate responses. I the learner performed risk identification, analysis, and assessment and implement relevant risk management techniques.
Managing risks on a project is a bit like walking through a minefield. A single wrong step can lead to disaster. In this simulation, I learned how to successfully mitigated risk in Project Integra using the risk management process as prescribed by most project management methodologies.
This process is done in three steps
• Identification: Determine the risks that might affect the project and document their characteristics.
• Analysis: Assess and prioritize the impact of each identified risk on the project objectives.
• Response: Assign mitigation strategies to the identified tasks and ensure continued validity of the strategies.

In the First month, I identified the five most critical risks to the project. Later, you assessed and prioritized the impact of risks on the project objectives. This resulted in the Project Risk Matrix. The Risk Matrix helped you prioritize the risks based on the exposure and identify the most critical risks to Project Integra. Accurate analysis of risks is essential to predict, evaluate, and minimize the impact that the risk could have on the project objectives.
Based on this analysis, I assigned mitigation strategies to steer the project back on track if these critical risks manifested. Any lapse in risk analysis and risk response planning resulted in a critical risk manifesting, with a severe impact on the schedule and cost estimates. In response, I implemented risk contingency plans to minimize this impact and help you achieve Project lntegra's objectives. While doing so, I observed how the cost and urgency of contingency plans escalated as the protect duration increased.
The result of my decisions illustrated the importance of preempting risks by identifying risks, analyzing their impact, and implementing appropriate response plans to manage the project outcomes. That describes, in a nutshell, the risk management process.


References
Durfee, W. & T. Chase, (2003). Project Management - Gantt Chart
Tutorial. Retrieved March 3, 2006 from University of Minnesota,
Web site:
http://www.mne.psu.edu/me415/resources/docs/gantt%20chart.pdf.
Chapman, J. (May 22, 2005). Principle Based Project Management.
Retrieved March 5, 2006 from , Web site:
http://www.hyperthot.com/pm_risk.htm



Risk Management in Construction Projects Essay

2356 Words10 Pages

Risk management is a process used in all industries to reduce the risk. The Risk management tool usage changes from sector to sector and hence each sector has developed their own risk management tools and methodologies to mitigate the risk. But the concept remains the same behind all the tools (Ropel, 2011). The main steps for risk management irrespective of the sector are:
1. Risk Identification
2. Risk Assessment
3. Evaluation of the risk
4. Steps to mitigating the risks
5. Regular monitoring and review of the risks

Here we will discuss risk management in the construction sector and in execution of construction project, project risk management is one of the most critical phase for successful completion…show more content…

Key success factors/ key performance indicators are defined on a project and this forms a ground for identifying the risks. Each member in the workshop is asked to identify the risk from their perspective. Once all the risks are identified, the evaluation of the risk is done and then suggestions are taken for mitigating the risks. This is one of the most practiced ways of risk management processes followed by most of the companies (Wang, 2004). Risk Management is one of the most difficult part of project management especially in constructions projects. Let us take a construction project and navigate down the risk management program developed and executed in that project. The key success factors for a construction project would be completion of the work as per schedule, cost and delivering a quality product that meets customer requirements and other statutory and regulatory requirements.
Construction projects come across many uncertain situations. These factors contributing to the risk on a project can be classified as a) Internal factors of risk
b) External factors of risk Risk is generally defined as any potential uncertain event or condition that can have any positive or negative effect on the objectives of the project. The key stakeholders are the persons who will be responsible for mitigating the risk or the ones who comes out with the possible alternative in managing

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