Risk Management Risk Of The Sydney Opera House

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.

risks and determine the likelihood and consequence of that risk occurring during the project. The

A project is a temporary endeavour that creates a unique result. Time, budget, resources, and performance specifications, to meet requirements made by stakeholders, limit a project (Project Management Institute, 2013, pg.3). Project management is the application of tools, techniques, and knowledge to help achieve the three main constraints of scope, cost and time (Project Management Institute, 2013, pg.5). This applies managerial process and gives project managers the opportunity to make a project successful. However, there are still numbers of project failures both big and small projects. This failure does not only affect finances but also demoralizes employees who have laboured diligently to complete the work. The case of Wembley Stadium project failure will be analyzed in this paper to illustrate project management difficulties a project can encounter if appropriate tools and techniques are not successfully developed, implemented, and evaluated within the project management processes. The major problems concerning the Wembley Stadium project were scope, time, cost, quality, and stakeholder issues (Carter, 2002). However, this paper would be focusing on scope, time and cost issues. The format of this paper will include the project analysis, which will provide brief description of the Wembley stadium project, and main reasons why the project failed. This will be followed by the analysis of how the issue of the project failure is related to project management knowledge

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

Snøhetta are concerned with the social dimension of architecture and this design imaginatively reinterprets the traditional opera houses that “conventionally limit their public spaces to exterior plazas or grand lobbies, often only accessible during opening hours.” What is striking here is that their Opera House succeeds in giving back to the city a public space. The sloping rooftop becomes a new public area: a recreation space and viewing platform that you can walk on, sit on, sunbathe on, even snowboard on. As a result anyone, whether interested in Opera or not, can enjoy the space. The building has been called "a social democratic monument” by founding partner of Snøhetta, Craig Dykers – and one can see why. In a recent television interview, Dykers went on to remark:

The more recent and yet forgotten Todd County, Kentucky staple, the Ole Opera House in Guthrie, Kentucky of the United States, was once a furniture store on the lower level while harboring a stage on the upper level where silent films were featured from 1920-1949. (United States Department of the Interior, 2012) More recently, the building has used as a diner (Brown, 2003), and earlier this year was sold again. Who knows what is in store for the Ole Opera House of Guthrie as a functional future?

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

Apart from the Sydney Opera House and the Sydney Harbor Bridge all other famous places which are stated above were situated within the Melbourne city, which is the second hugely populated city of Australia. It is the capital of the State of Victoria and it is famous for its arts, festivals, education,

In part one of the project I focused on two potential risks, power outage and work stoppage. As a contractor constructing a facility as massive as the Empire State Building, I would need to be aware of many other risks in order to prevent them from becoming events. Anytime an event occurs, it requires resources to be realigned in order to fix the problem and get the project back on track. This results in a slip in the schedule and unnecessary funds being expended. If I am able to appropriately determine potential risks and build an effective Risk Management Plan, I can minimize the

Sydney is located on Australia’s south-east coast. The city is built around Port Jackson, which includes Sydney Harbour, leading to the city’s nickname, “the Harbour City”. This city is a major international tourist destination. It is famous for its beaches and two landmarks: the Sydney Opera House and the Harbour Bridge. The metropolitan area is surrounded by national parks, and contains many bays, rivers and inlets.

In order for a home building project to survive its purpose, risk analysis is essential so that occurrences that may affect the projects in the end can be identified, analyzed, assessed, managed and monitored. Because of the risky processes that are involved in the projects of home building construction, risk analysis and mitigation is the most useful tool in achieving good project and planning in home buildings as well as other constructions. If good risks management procedures are well conducted, the team’s level of confidence will be boosted, and this will enable or project to run and smoothly achieve its goals while facing and tackling each risk. Risk management will also come in handy as time will be saved as well as the

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

Lack of project management clarity: the planning activity had lot of material but lacked content, clear action items and lack of consensus on the milestones. The difficulties in the project only increased with time and a more performance driven style would have kept things on track if introduced early on.

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

The Risk Management plan will show the process identifying, assessing, responding, monitoring, and reporting risks which will cause risk levels to be lowered to acceptable levels, it shows how International Exhibition Centre project risks will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and provides practices for recording and prioritizing risks.