Risk Management Case Study 2022

Running head: RISK MANAGEMENT
RISK MANAGEMENT
Name of the Student
Name of the university
Author note

1RISK MANAGEMENT
Section 1:
Where
In a project not only the owner and the contractor but also other stakeholders play an
important role. This study will refer to the toll project at the Semarang-Solo toll road to get an
idea of the project risk management framework (Walker, 2015). The risk perceptions of all
the stakeholders is important and in this project the main stakeholders were contractors,
owners, supervisory consultants, community residing near the project area and design
consultant.
Who
The project should have analyst and uncertainty management support or in other
words it is that a team should be there for addressing the risks that can happen during a
project. The team may include the main stakeholders like in this case of toll road construction
it can be owners, supervisory consultants and the design consultant.
Why
The parties want to achieve proper and smooth functioning of the project proceedings.
Speaking specifically about the project it can be said that the parties should check on proper
and timely proceedings with work, variation of price of construction materials need to be
calculated and the project stakeholders must be ready to handle the project at any situation of
price hike (Gulghane & Khandve, 2015). Theft at the construction site is one of the major
concerns and this also has to be taken care of.
What

2RISK MANAGEMENT
This includes proper documentation of the project risks or making a risk charter. The
risks in a construction project can be categorized from different perspectives such as
contractors, the owner’s perception, and perception of the society, perception of the design
consultants and the perception of the supervisory consultants. For instance the perceptions of
the society is required as destroying the pavements while doing the project may be one of the
reasons for protest from the ones residing nearby (Mok, Shen & Yang, 2015). The common
risk is delay in giving inputs may be by the supervisory consultant or design consultant that
can affect the project proceedings.
Which way
Category Risk Probability Impact Risk
assessment
Safety
hazards
Loss of life
of the
workers
3 3 High
Poorly
written
contracts
Dispute
amongst
partners
2 2 Medium
Increase in
the price of
materials
Less supply
of materials,
lack of
resources
2 3 High
Theft of
materials,
tools and
Loss of
materials
2 3 Medium

3RISK MANAGEMENT
other
equipments
Poorly drawn
architecture
Difference in
the project
thought and
the project
developed
1 3 Low
Risk probability is in between 1 to 3, 1 being unlikely and 3 being most likely.
What resources used
This requires considering the resources that are mandatory to implement risk
management. In this case the resources that are necessary are the human resource and they
have to be both in numbers as well as be experts to handle the complexities of the project.
Information systems and associated software, the methods of construction, finding the
projects and the associated customers, financial organization and many such resources are
important in this case.
When
The risk management should be done in the starting of the project so that various risks
in the project can be found out and the proper measures can be thought of to mitigate the
same (Mhetre, Konnur & Landage, 2016). The project uncertainty management capability is
important in the starting phase as then only the uncertainties can be found out in initial stages
and experts can work on these to see to it that these do not affect the proceedings of the
project.
Section 2: