Project Execution and Control - Risk Identification and Management

This report discusses the Lewis project constructed by Robert L. Frank Construction company which was over budget. It identifies the risks and their impact, provides a risk register, and strategies for managing the risks.

Running head: PROJECT EXECUTION AND CONTROL
Project Execution and Control
Name of the Student
Name of the University
Author Note:

1PROJECT EXECUTION AND CONTROL
Table of Contents
Introduction..........................................................................................................................2
Discussion............................................................................................................................2
Risk identification............................................................................................................2
Impact of possible risk.....................................................................................................2
Risk identification in Risk register..................................................................................3
Risk probability and impact risk Matrix..........................................................................4
Risk management and reporting......................................................................................5
The Strategies for managing the risk...............................................................................5
Stakeholder appraisal for project ongoing risk management activities...........................6
Conclusion...........................................................................................................................6
References............................................................................................................................7

2PROJECT EXECUTION AND CONTROL
Introduction
The following report mainly deals with Lewis project constructed by Robert L. Frank
Construction company which was seriously over budget. Man-hour focused on expended to date
for running 30 percent over the given project. The project was not working sufficiently for
satisfying the customers. Material deliverables come up with several slippages. The unofficial
indication of the project schedule was mainly due to delay in delivery for several items of a
project. The completion data for coal liquefaction was not considered to be possible in nature.
In the coming pages of the report, a list of risk has been identified along with impact of
risk. After that, a list of risk has been identified in the risk register. Impact of risk and risk
probability has been discussed in brief. The last part of the report mainly deals with list of
strategies for dealing with risk.
Discussion
Risk identification
There is large number of risk which is identified in this Lewis Project which was running
over budget. Man- hours focused on expending the project over 30 percent of the project. The
project was progressing insufficient for satisfying the customers (Wysocki, 2012). There is large
number of material deliverables that have result in slippage and any kind of unofficial indication
for project scheduler. It mainly results in delivery delays on the key items of the given project.
The completion date focuses on coal liquefaction which is no longer clearly visible.
Impact of possible risk
Delay in this construction project that is Lewis can easily result in large number of effects
like cost overrun, dispute, attribute and lastly proper litigation.

3PROJECT EXECUTION AND CONTROL
Cost overrun: In the various construction stages of Lewis project, both client and
contractor are encountering cost overrun. It can be stated as an unexpected cost which can occur
in the excess of the budget as a result of cost underestimation. Cost overrun is very much related
to time overrun as the given project cannot be completed in the given time.
Dispute: In construction industry, Lewis project can be delay due to any kind of dispute
between the contract parties and relevant parties. This particular disputes can arise due to failure
of client payment which is made to contractor.
Attributes: In the present delay of projects, a large number of contract parties do not
emphasize or focus on the made decision and they tend to make proper kind of attribute.
Attribute also tend to make certain number of decision for solving large number of problems.
Risk identification in Risk register
Risk Owner Reason Effect Probabilit
y
Level of
risk
Risk Strategy
Delay in
project
Investor Delay in
design work
due to scope
and design
Will affect
the design
process
5-40 % Medium Earlier diagnosis
of the situation.
Organizing
meetings and
design process
Over
Budget
Investor Budget of
Lewis project
may not be
Reduces
the overall
quality of
40-70% High Reducing the
scope design of
the project.

4PROJECT EXECUTION AND CONTROL
sufficient to
carrying out
delay of
project
the design
of the
project
Conflict
among
the
design
team
Design
officer
Insufficient
amount of
information
among the
Will affect
the design
process of
the project
0-5% Low Response to
team leads to
understanding
conflicts.
Risk probability and impact risk Matrix
High probable Moderate Major Severe
Probable
Possible
Unlikely
Low Medium Very High

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Risk management and reporting
Robert L. Frank Construction need proper framework that comes up with good kind of
internal control (Snyder, 2013). The organization mainly focus on the responsibility of risk for
various kind of internal control function for the organization. Robert L. Frank Construction focus
on adopting certain number of policies and control which is needed for understanding the various
kind of risk. The function focus certain number of responsibility which is needed for monitoring,
analyzing and lastly reporting risk
Strategies for managing the risk
There are large number of steps which are needed for tackling cost overrun in Lewis
project like
Attention to project planning: Proper planning is considered to be an important part of
the project. It can be biggest tool for tackling cost overrun and delay in this Lewis project. As
soon as the stakeholders of the project are defined, then an idea can be gathered about all the
stakeholders of the project.
Understanding vendor capabilities: In some of the complex project like Lewis, the
project manager needs to have an idea regarding vendors which are being used in project (Project
Management Institute, 2013). Any kind of insignificant changes in the project can effect
significant amount of changes in the project.
Making use of schedule tool: Proper scheduling can be considered to be an effective
tool for managing complex projects. A Gantt chart for Lewis project can be considered to be
helpful in effectively managing the project.

6PROJECT EXECUTION AND CONTROL
Keeping the stakeholders in this project: Effective communication among the
stakeholders of the project can be considered to be helpful in reducing the overall delays in
project (Heldman, 2013). It can easily work by any kind of avoiding wrong things and making
the whole scheduling method much better.
Stakeholder appraisal for project ongoing risk management activities
There are large number of ways which can be used for tackling data in this Lewis project
like
 Providing Objective data
 Focusing on the benefits of this project
 Setting up deadline.
Conclusion
From the above pages of the report, an idea has been provided regarding Lewis Project.
The project has been carried by a construction organization that is Robert L. Frank Construction.
In the above pages of the report, all the risk of the project has been properly checked and
identified. After that, an identification has been done with respect to impact of risk for this Lewis
project. Risk register matrix has been used for rating and priority the given risk. A list of
strategies has been identified by the help of impact matrix for rating and prioritizing the risk. The
last section of the report mainly deals with a list of strategies which can be used for tackling the
identified risk in the project.

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References
Heldman, K. (2013). PMP Project Management Professional Exam Study Guide (7th ed.).
Indianapolis, IN: Wiley.
Project Management Institute. (2013). A guide to the project management body of knowledge
(PMBOK Guide®) (5th ed.). Newtown Square, Pennsylvania: Project Management
Institute.
Snyder, C. S. (2013). A project manager’s book of forms: A companion to the PMBOK guide
(2nd ed.). Indianapolis, IN: Wiley
Wysocki, R. K. (2012). Effective Project Management: Traditional, Agile, Extreme (6th ed.).
Indianapolis, IN: Wiley.