Building Phase Of The Construction Phase

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

Having identified the risks and grouped them according to severity, the first trade-off the manager has to make is the decision to forego managing the less severe risks and focus on those which pose the most severe threat to the project. More significant risk may include risks which require the entire redesign of the project, whereas less severe risk may include those which cause little or no material changes to the project. Since the less severe risks are likely to cause little or no material changes to the project and use less resources, it is reasonable to trade-off these risks in favour of managing the more severe risks. On the other hand, these risks will remain and continue to pose a threat to the project, therefore they should be recorded in the risk register and dealt with as secondary risks. Risk response strategies should then be implemented to deal with both the severe and less severe risks which have been previously identified and analysed (Elkington & Smallman, 2002).

When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources

Deliberations on susceptibilities connected to obsolete Operating systems should also be conducted. The system should adopt sophisticated technology that is reliable and proficient.

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk management is an ongoing process that must continue through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring, and control. These processes need to be reviewed throughout the project’s lifecycle as new risks arise throughout the implementation of the project. It is the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited.

Define the scope of each risk posed – how bad would it be for the project and the organisation if the particular risk eventuated?

Cooper, D.F., Grey, S., Raymond, G, & Walker, P. (2005). Project risk management guidelines. Retrieved from The University of Phoenix eBook Collection database.

Risk management needs to be an ongoing process, occurring throughout the project, because of the ever-changing aspect of risk. ATOM process includes both major and minor reviews to maintain the vigilance required when dealing with project risk. Major reviews are designed to occur at key points in the project to review the status of the risks and to evaluate the actions taken. Reviews evaluate the effectiveness of the risk plan and make changes to that plan to keep up with the changes in the risks. The major review is scheduled for major milestone points in the project, identified as part of the risk. management plan. The risk register should have all the current information about the risks when the review begins. In addition, the project manager will provide information with regards to the project status and the review point. The risks will be reviewed with regards to their status, changes in probability or impact, and the actions described for the risks. Any new risks will be assessed and actions will be identified. Because risk needs to be monitored throughout the project and not just at major points, our process would contain provisions for minor reviews too. Minor reviews are designed to fill the gap between the initial risk assessment and the major review and to be ongoing throughout the project. It carries out the reviews of the major review on a less-detailed scale. After a review of both, an updated risk register is produced. Updates to the project plan to better manage potential risks may also be an outcome of the review. We will have risk review meetings also. Performance measurement system for our project would track the following metrics:

Coronel, C. (2013). Database Systems: Design, Implementation, and Management, Tenth Edition. Mason, Ohio, United States: Cengage Learning.

In conclusion, the database project present a few risks. As the project timeline is further along in the process, other risks will arise. As the risks arise, it is important to analyze the probability of the risk happening and if the risk were to occur how damaging or ideal will it be to the

* Any identifiable obstacles and risks (threats) that might prevent the successful attainment of the project goals must be considered. Each risk must be analyzed, quantified, and prioritized as much as possible with the information available at this stage of a new project. Risk responses, including mitigations, risk sharing, risk avoidance, and risk tolerances should be described in this portion of the project proposal.

The meeting was as forum to brainstorm foreseeable project risks as well practical mitigation strategies. I conducted post analysis of this information, including risk categorization, and risk applicability to project stage. This information was compiled and entered into the Risk Register before being shared with all stakeholders.

Stage 1- Site: site inspection is done to ensure that everything is according to the approved plans and services are located according to the council plans. At this stage land surveyor might have positioned building footprint to ensure set back distances as well.

Project Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost and quality. All initial assumptions are, in themselves, risks until they are agreed upon by the project stakeholders. The project risks of Aptus Learning Landscape are present in critical success factors / measures of success ( stated in project charter), initial assumptions of project ( stated in project charter) and also in the risk register of ATL construction works. We thoroughly analyze the construction risk stated in the risk register enlisted at the end of this chapter and observe that none of the risks possess a high likelihood of increasing the budget substantially or affecting the time schedule in a negative way. They are all known, internal and negative risk, and can be easily managed by closely coordinating, monitoring and controlling activities of team members. As these risks have low impact, we are keeping them as watch list.