Project Execution and Control - Risk Management Report

This report discusses the identification and assessment of risks associated with the Glasgow Science Centre project. It also includes risk response strategies and stakeholder communication.

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

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PROJECT EXECUTION AND CONTROL
Table of Contents
1. Risk Identification and Assessment.................................................................................2
1.1. Identified Risks.........................................................................................................2
1.2. Risk Register.............................................................................................................3
1.3. Risk Probability and Impact Matrix.........................................................................7
2. Risk Management and Reporting....................................................................................8
2.1. Risk Response...........................................................................................................8
2.2. Apprising the Stakeholder........................................................................................9
References..........................................................................................................................10

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PROJECT EXECUTION AND CONTROL
Part B Risk Management Report
1. Risk Identification and Assessment
The Glasgow Science centre is built in the reclaimed land of the Pacific Quay in the heart
of Glasgow in Scotland. The implementation of this project was quite complex as the Glasgow
Science Centre Tower is the tallest freestanding structure of the company. The report discusses
the identification and the assessment of the different risks associated with the project (Turskis,
Gajzler & Dziadosz, 2012). After proper risk identification, the risk response strategies are
identified in the report.
1.1. Identified Risks
The different risks associated with the Glasgow project are as follows (Walker, 2015)-
1. The major risk associated with the project is the critical technical risk that was
identified in the initiation of a project.
2. Schedule Risks were identified in the project execution stage
3. Potential liquefaction risk is identified before the initiation of the project which
evaluates whether the strength and stiffness of the soil is reduced due to earthquake (McNeil,
Frey & Embrechts, 2015).
4. Safety Risks of the Workers
5. Scope changes
6. Quality management risk

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PROJECT EXECUTION AND CONTROL
7. Ineffective communication among the team members
8. The risk of Scope creep
These are the major risks that the project faced during its implementation. In order to
manage the project is a proper way, the project was divided into four phases, the inception phase,
development phase, implementation phase and the closeout phase (Mahendra, Pitroda, &
Bhavsar, 2013).
1.2. Risk Register
The Likelihood of occurrence and Impact is rated in a scale of 1 to 5 where 1 has the
lowest rating while 5 is rated the highest (Serpella et al., 2014).
Risk Ranking Risk Description of
Risk
Likelihood of
Occurrence/Probabilit
y
Impact
1. Technical Risk Since the
Glasgow tower is
the tallest free
standing structure
of the country,
the project is
technically
complex. The
Glasgow tower
was built ten time
taller than the
4 5

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PROJECT EXECUTION AND CONTROL
base width which
was a major
technical risk
associated with
the project.
2. Schedule Risks The schedule of
the project
appeared to be
very loose due to
the lack of initial
Funding
4 5
3. Liquefaction Risk The possibility of
soil structure is
not appropriate
for the
construction
3 5
4. Scope The change in the
scope was
identified in the
implementation
phase of the
project that was a
major roadblock
in the project
implementation
4 4
5. Safety Risk Since the project 3 3

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PROJECT EXECUTION AND CONTROL
is complex and is
associated with
the working in
height,
maintaining
proper safety of
the workers is a
major risk
associated with
the project.
6. Risk associated
with Quality
management
Quality
management is
one of the major
criteria of the
project and
therefore,
management of
proper project
quality is
essential for
successful project
execution.
2 4
7. Ineffective
Communication
Ineffective
communication
among the team
members might
4 3

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PROJECT EXECUTION AND CONTROL
result in not
execution of the
project according
to the project
plan. Proper
communication is
needed to be
ensured for the
successful project
implementation
8. Scope Creep Scope creep
might bring a lot
of changes in the
project which
might in turn
delay the project
schedule
4 3
9. Budget revision Inappropriate
budgeting is a
major risk
associated with
the project as it
might hamper the
normal project
schedule. The
Glasgow project
5 4

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PROJECT EXECUTION AND CONTROL
did face budget
revision
Table 1: Representing the Risk Register of Glasgow Project
1.3. Risk Probability and Impact Matrix
Risk Probability and Impact Matrix
Probabili
ty Rating
5 -
Very
High
Budget revision
4 -
High
Ineffective
Communication,
Scope Creep
Scope change Technical Risk,
Schedule Risks
3 -
Moder
ate
Safety Risk Liquefaction
Risk
2 -
Low
Risk associated with
Quality management
1 -
Very
Low
Very
Low
L
o
w
Moderate High Very High

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PROJECT EXECUTION AND CONTROL
Impact Rating
Table 2: Representing the Risk Probability and Impact Matrix of the Identified Risks
2. Risk Management and Reporting
2.1. Risk Response
The table below represents the risk response process of the identified risks of the
Glasgow Project (Zhang & Fan, 2014)-
Identified Risk Response Strategy
Technical Risk Mitigate- By ensuring technical risks are
identified at the beginning of the project and
project plan is made keeping in mind the technical
risks identified for the project
Schedule Risks Accept- It is necessary to accept the schedule risk
to re-schedule the project according to the project
requirements
Liquefaction Risk Avoid- The risk needs to be avoided by
undergoing proper inspection of the site before
project implementation
Scope Accept- The changes in the scope will be accepted
in order to re schedule the project
Safety Risk Avoid- This risk is avoided by ensuring presence
proper safety measures to the workers
Risk associated with Quality management Transfer- A quality control team can be appointed

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PROJECT EXECUTION AND CONTROL
for supervising the quality of the project
Ineffective Communication Mitigate- The risk can be mitigated by the
ensuring the developing a proper communication
plan
Scope Creep Accept- The Project plan should be made
accordingly
Budget revision Accept- The project should include scope for
budget revision.
Table 3: representing the Risk Response Strategy
2.2. Apprising the Stakeholder
Regular meetings will be held that will keep the stakeholders informed about the project
progress. The risk mitigation strategies will be dictated to the stakeholders by the method of
formal communication. The project stakeholders will be updated about the risk response in due
time.
References

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PROJECT EXECUTION AND CONTROL
Mahendra, P. A., Pitroda, J. R., & Bhavsar, J. J. (2013). A study of risk management techniques
for construction projects in developing countries. International Journal of Innovative
Technology and Exploring Engineering, 3(5), 139-142.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts,
techniques and tools. Princeton university press.
Serpella, A. F., Ferrada, X., Howard, R., & Rubio, L. (2014). Risk management in construction
projects: a knowledge-based approach. Procedia-Social and Behavioral Sciences, 119,
653-662.
Turskis, Z., Gajzler, M., & Dziadosz, A. (2012). Reliability, risk management, and contingency
of construction processes and projects. Journal of Civil Engineering and
Management, 18(2), 290-298.
Walker, A. (2015). Project management in construction. John Wiley & Sons.
Zhang, Y., & Fan, Z. P. (2014). An optimization method for selecting project risk response
strategies. International Journal of Project Management, 32(3), 412-422.