Tender Evaluation: Phase I and Phase Ii Comparison

The last step in a risk management plan is to evaluate the risks. This is a learning step and works to provide experiences gained form working with risks. This evaluation should consider all aspects of the plan and identify best practices. The evaluation should answer the questions pertaining to how the project team did, what could be done better, what lessons were learned, and how can best practices be incorporated into the risk management process. This risk evaluation helps to influence how the organization will plan, prepare and commit to future risk management plans.

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

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

Therefore, the risk process places a high emphasis on risk workshops, initial risks, and how risks are identified throughout the course of the project. The next two sections describe different methods of identifying risks.

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

Risk identification more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project. Some companies and industries develop risk checklists based on experience from past projects. These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team. The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying.

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

In the initiation phase of the project, Anderson and Gable, decided to deliberately present false information to the client in regards to the project specification. Therefore, they both knew the risk that they did not have the capability of satisfying the project specification. However, they decided to go through with giving false information in order to win the tender, armed with the intention of negotiating the specification scope with the client halfway down the project. This approach of managing risk should not be accepted and is not recommended as it shows that the management

Initially starting a new task, we conduct a brief with all parties involved to discuss what is the end goal, how it is to be accomplished, the risks involved, and how the risks are mitigated. During the briefing period, personnel bring up their concerns and personal experiences to assist in the development of the task. The brief allows verification that the system to be worked has potential dangers removed. Training is conducted by walk-throughs to see first-hand potential hazards and give the person executing the task adequate practice time, which minimizes the potential for error or re-work. Execution phase, the person performs the task with a supervisor, and the supervisor monitors for safety and risks not seen by the person executing the activity. Supervisor tracks potential risk and will stop the activity if necessary in order to re-brief or re-trained the tasked individual. Finally, once the task is complete, feedback allows personnel to gather and discuss the pitfalls during the execution or what could have made the evolution

Risk 1: Schedule- At this time, it is unknown the amount of time it will take for the implementation of this new process. My initial analysis is that this will be the area of least concern due to program being housed within my organization and my organization owning the systems and processes that will be implemented. There should be little time spent on process or funding approvals. Once we know all of the modifications that need to be made and implemented we will have a better timeframe and schedule of events.

Within a project, the project’s success and budget belong to and are the responsibility of the customer. The Customer should have the final say in regards to what is acceptable and unacceptable in regards to risk and the quantification of risk. It is however, the contractor’s responsibility to be the primary source of expertise on a project or what they are being contracted to do. The contractor should offer their opinion and recommendations, and the customer should take their contractors opinions and recommendations seriously due to their expertise in the area. Overall, collaboration between the customer and the contractor should be the ultimate way to resolve a matter of dispute. Members from both the customer and contractor side should meet discuss historical events, modeling and simulation to arrive at the appropriate answer. Also, with quantifying risk, the customer and the contractor should be able to go back and look at the data. With risk quantification, there should be very little room for opinion and judgment which should make it easy to base a decision or a resolution based on hard core data. If a solution or an answer is not able to be decided upon, a third party consultation

The work of the project can be divided into small sections(units). The Units that are classified as high risk can be dealt earlier on in the project so that the team is ensured of minimum risk in the later stages of the project.

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.

Previous research has mainly focused on examining the impacts of risks on one aspect of project strategies with respect to cost (Chen et al., 2000), time (Shen, 1997) and safety (Tam et al., 2004). Some researchers investigated risk management for construction projects in the context of a particular project phase, such as conceptual/feasibility phase (Uher and Toakley, 1999), design phase (Chapman, 2001), construction phase (Abdou, 1996), rather than from the perspective of a project life cycle. Moreover, little research has probed risks from the perspectives of project stakeholders. As part of a much larger project aiming to articulate and manage key risks associated with construction projects, this paper presents the results of a questionnaire survey and seeks to identify the potential key risks from the perspectives of stakeholders and project life cycle.

As usual on week eight, we show our progress to the lecturer. He was quite satisfied by our list risks, therefore we could move on to the risk quantification. Risk quantification has been done in-group and risk register work has been shared equally as homework. During the same week, right after the risk register completed, we started writing on the risk responses, monitoring plan and communication plan. After a challenging week, we finally show our work to the lecturer for reviewing during week nine classes.