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Project on Civil Engineering Practice

   

Added on  2020-05-01

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Running head: CIVIL ENGINEERING PRACTICECIVIL ENGINEERING PRACTICE[Author Name(s), First M. Last, Omit Titles and Degrees][Institutional Affiliation(s)]

2CIVIL ENGINEERING PRACTICERisk ManagementUncertainties are a common occurrence in any construction project and thus call for readiness and strategies that would ensure such risks are effectively contained. Risks have an overall effecton the goals of the project and could either be of positive or negative potential[ CITATION Kan12 \l 1033 ]. Either potential is an important concept since it is natural to be trapped into risks with negative effects. On the other hand, risks that create positive opportunities tend to make a projectmore streamlined, smarter and also more profitable to the project developer. For the successful management of risks, five basic steps can be followed. These steps would ensure effective control and management of the uncertainties as to and when they occur. The likelihood and the consequences of a risk are the main determinants of the magnitude of any risk.Among the risk management processes include[ CITATION FAl16 \l 1033 ];Identification of the Risk: This is the initial step in the risk management process. It involves uncovering, acknowledging as well as defining uncertainties that are likely to affect the development of the commercial project or its outcomes. Identification of risks can be done through various techniques. The company would start preparing its Project Risk Register in which is documented the already identified potential risks and their likely extent of impact on theproject development[ CITATION Mar106 \l 1033 ]. Analysis of the risks: upon identification of the potential risks, the consequences of each of the risks are determined besides their chances of occurrence[ CITATION Enz12 \l 1033 ]. From such information, the company would be having an in-depth understanding of the nature of the potential risks and how much they would be able to impact on the objectives and the goals of the project. This data is also documented in the Project Risk Register.

3CIVIL ENGINEERING PRACTICERanking the Risk: the risk magnitude is a fundamental aspect in the evaluation of the magnitude of the risks. The magnitude of the risk is determined by the interaction of the consequences in case of occurrence and the likelihood of the occurrence of the risk. Such an interaction is important in determining whether the risk would be acceptable should it occur or there is a serious reason to believe that its occurrence would have such heavy impacts that raise the need ofa treatment. In ranking risks, the company would take into consideration the likelihood and consequence considerations of the risks[ CITATION Dav124 \l 1033 ].Treating the Risk: The company would assess the risks ranked highest and come up with a working plan on how to treat or change the risks in such a way that they can be too acceptable levels. It would involve lowering the chances of occurrences of the negative risks and at the same time increasing opportunities or positive risks. During this process, strategies for risk mitigation, contingency plans and plans aimed at preventing the risks are created. Risks ranked highest or most serious are added to the Project Risk Register.Monitoring and Reviewing Risks: The Project Risk Register is deployed in the thus process and used in the monitoring and reviewing of the risks. At this stage, the risks recorded and reviewed, their occurrences and corresponding consequences monitored to find out any chances of improvements that can be made[ CITATION Wil151 \l 1033 ].Quality ManagementInvolves activities and processes that ensure the needs and purpose for which the project is undertaken taken are satisfied. It encompasses those activities along the overall management lineaimed at determining the objectives, quality of policy as well as the responsibilities of the management in the success of the project[ CITATION Tim12 \l 1033 ]. These activities are

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