Project Management in Construction: Risk Register and Mitigation Strategies

Running head:PROJECT MANAGEMENT IN CONSTRUCTION
Project Management in construction
(Scottish Parliament Building)
Name of the student:
Name of the university:
Author Note

1PROJECT MANAGEMENT IN CONSTRUCTION
Executive summary
The following report demonstrates a risk register that is helpful for SPB or Scottish Parliament
Building in Scotland. It is a popular construction initiative and its project management, scopes, sizes
and designing are analyzed. Further, various types of immense overruns and cost and time of the
project is also analyzed. Further, the main problems are also understood for future projects.

2PROJECT MANAGEMENT IN CONSTRUCTION
Table of Contents
1. Introduction:......................................................................................................................................3
2. Risk register of current management strategies at SPB:....................................................................3
3. Understanding scopes, size and significance of design:....................................................................6
3.1. Reflecting on the current design:................................................................................................6
3.2. Critical risks where the design, procurement and management would be subjected:................8
3.3. Means to minimize project risks:................................................................................................9
4. Analyzing the subject to immense cost and time overruns:............................................................13
4.1. Understanding time and cost overruns:....................................................................................13
4.2. Understanding data collection and analysis:.............................................................................15
5. Risk in SPB (Scottish Parliament Building)....................................................................................16
6. Conclusion:......................................................................................................................................21
7. References:......................................................................................................................................22

3PROJECT MANAGEMENT IN CONSTRUCTION
1. Introduction:
The commissioning, development, procurement and origin of SPB or Scottish Parliament
Building in Scotland, is a well documented initiative in current era. Further, it has been one of the
most problematic cases.
In order to analyze various risks, a register is devised here for employing to prevent
mitigation of different stakeholders coming from various interests and powers. Next, the importance,
size and scope of the design are investigated. The, the study demonstrates why there has been
immense overruns in time and cost for the project. Lastly, the primary problems in SPB are
understood here that is helpful for future projects.
2. Risk register of current management strategies at SPB:
The following risk register of management techniques are to be employed at SPB. This is to
prevent migrating of different stakeholders.
Ris
k
Id.
Risk Description Mitigation Plan
(what to do to
avoid the risk
occurring)
Contingency Plan
(what to do if the
risk occurs)
Impact (what
the impact will
be to the
project if the
risk occurs)
Likeliho
od of
occurre
nce
(e.g., %,
or high /
medium

4PROJECT MANAGEMENT IN CONSTRUCTION
/ low)
1 Technical risks:
These risks includes
that has restricting
SPB from
developing products
needed by their
clients.
There should be
finding of risks that
has been most
likely affecting
projects and risks
that are needed to
be documented and
important on the
same way.
Here, the risks has
been occurring in
changes in project
requirements and
scopes and there
are designing of
omissions and
errors.
This has been
including
uncertainties of
various
resources along
with
availability of
materials,
improper site
analysis and
insufficient
designs
High
2 Financial risks:
There is availability,
social taxes and
inflations along with
fluctuations in
various foreign
exchanges that re the
probable economical
risks. This has been
occurring in SPB.
This should include
planning and
quantification.
Further, there must
be anakysis of risks
to be done carefully
and determine
effects that those
risks have been
possessing on
Since, they have
been working on
the project
globally, it has
been vital to make
sense of the
foreign currency to
get exchanged.
Besides, taxes
are to be
considered by
SPB, before
they begin the
project. These
finances have
been going to
look at various
aspects that are
Medium

5PROJECT MANAGEMENT IN CONSTRUCTION
. occurrences. to be worked in
Scotland.
3 Socio-political risks:
There have been
various customers
and restrictions to
import various types
of complexities. This
has disposed tools
that are consisting of
socio-political
issues. These are
faced during the
construction project
of SPB.
Response control
and monitoring is
the smartest step
here. Here the risk
responses are to be
monitored. Here,
the risk controlling,
monitoring,
effectiveness and
milestones are to be
considered for
various activities of
risk management.
Here depending on
where the projects
have been placing,
there are various
codes and
regulations that
should be
followed.
Every project
must have same
regulation and
codes. However
considering this
can be a rude
awakening.
Low
First of all the key players include the managers. They must include investment funds that are
hedging risks. They must perform risk management through market based techniques and solutions.
Here the main objective is to assure and develop enterprise values and investments through denoting