Construction Risk Management: Assignment
Added on 2021-06-14
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CONSTRUCTION RISK MANAGENMENT1CONSTRUCTION PROJECT MANAGEMENTBy Institution Course Date
CONSTRUCTION RISK MANAGENMENT2Introduction Construction Projects are initiated and funded to achieve a certain objective. While the desires of every team are to successfully implement projects, project failure and success are all possible outcomes. Construction projects just like any other projects are faced with both risks and opportunities, which determine their failure or success depending on how they are handled. An opportunity in project management is anything within the deliverables of a project that has the potential to unlock or facilitate the realization of a positive impact on a project. Project opportunities are often sought and implemented by the project team. Project risks, on the other hand, refer to anything that has the potential of affecting the realization of project’s objectives (Guo et al., 2014). The project team is also focused on identifying any outstanding risks in order to put in place mitigation strategies. The basis for this report is the construction of a prison to house 1000, male juvenile and female prisoners. Thesis statement: The prison Construction project has both opportunities and risks that require mitigation strategies.RIBA plan of work The RIBA plan which refers to the in construction to brief, design, construct maintain anduse building is made up of multiple stages. Out of these stages, each has specific outputs and tasks that need to be carried out. However, because projects have different requirements, these outputs and tasks involved in construction projects may overlap or vary to suit the specific needs of a project. Sometimes also the variance may be in order to suit the method of procurement used. RIBA stage three offers information to be incorporated into a project’s scheme design and to be discussed with other project consultants (Van Marrewijk et al., 2008). It also provides
CONSTRUCTION RISK MANAGENMENT3information on the possible interdisciplinary coordination, basic specifications. The stage also provides information to be used in cost estimation by other consultants.Key risks and opportunitiesRisksSafety hazards Poor documentation Coordination challenges Unplanned costs Missed deadlines OpportunitiesTranslation of years of experience into industrial success Diversification Assessment of identified Risks and opportunitiesOpportunities Translation of years of experience into industrial success
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