Project Management: Risk Assessment, Cost Estimation, and Schedule

Running head: PROJECT MANAGEMENT
Topic- Project Management
Name of the Student
Name of the University
Author’s Note

1
PROJECT MANAGEMENT
Executive Summary
The paper mainly focusses on three different projects. It is found that the first project mainly
focuses on the construction of 700 Bourke Street which is generally located at the corner of the
Bourke Street whereas the paper also reflects on the second project that deals with the
construction of Victoria one which is situated in Melbourne Victoria. The third project deals with
the construction of Q1 which is one of the privately owned construction organization that
generally specializes in the construction of a number of the industry as well as commercial
developments across different sectors. It is identified that the projects can face number of faces
and challenges including improper design of the buildings, changes within the decision of the
project stakeholders, Failure in finishing the work of the project by following the contract,
objections by the common people, inappropriate environmental analysis, amendments in the laws
and regulations, late delivery of materials as well as overrun cost in construction. All this
problems, as well as issues, can be mitigated or resolved by taking proper steps as well as
strategies. It is found that the entire construction of the high rise buildings will be successfully
completed within the time period of 5 months by using the design-bid-build method. The
schedule, as well as budget that is developed, are attached below.
Schedule of the project
The schedule that is provided below reflects that the time that is generally necessary in
order to construct the high rise buildings.
Task Name Duration Start Finish
Construction of high rise
buildings 106 days Mon 04-03-19 Mon 05-08-19

2
PROJECT MANAGEMENT
Scope definition 52 days Mon 04-03-19 Mon 20-05-19
Requesting bid documents 11 days Mon 04-03-19 Tue 19-03-19
Receiving bid documents and
deciding to plan for bid 10 days Wed 20-03-19 Tue 02-04-19
Brief bid stakeholders and
participants 12 days Wed 03-04-19 Thu 18-04-19
Site evaluation project visit 10 days Tue 23-04-19 Tue 07-05-19
Design or construction
preparation build strategy 12 days Tue 23-04-19 Thu 09-05-19
Engineering preparation bid
design 9 days Wed 08-05-19 Mon 20-05-19
Estimation 31 days Wed 08-05-19 Thu 20-06-19
Quantity take off and BOQ 14 days Wed 08-05-19 Mon 27-05-19
Pricing standards for bid 15 days Wed 08-05-19 Tue 28-05-19
BOQ pricing 12 days Fri 10-05-19 Mon 27-05-19
Project planning 16 days Tue 21-05-19 Wed 12-06-19
Project risk assessment 12 days Tue 21-05-19 Wed 05-06-19
Set allowances and
contingency 15 days Tue 28-05-19 Tue 18-06-19
Preparation of draft bid
documents 17 days Tue 28-05-19 Thu 20-06-19
Review 47 days Tue 28-05-19 Thu 01-08-19
Meeting for bid clarification 25 days Wed 29-05-19 Wed 03-07-19
Reviewing bid with the help
of stakeholders 28 days Tue 28-05-19 Fri 05-07-19
Conversion of draft to final bid 25 days Thu 13-06-19 Wed 17-07-19
Senior management review 30 days Thu 06-06-19 Thu 18-07-19
Finalize bid for the review of
CEO 32 days Wed 19-06-19 Thu 01-08-19

3
PROJECT MANAGEMENT
Submission 32 days Fri 21-06-19 Mon 05-08-19
CEO final review 3 days Fri 21-06-19 Tue 25-06-19
Finalization of documents for
bid submission 2 days Fri 02-08-19 Mon 05-08-19
Submission of bid by 12 noon 1 day Thu 04-07-19 Thu 04-07-19
Budget
The estimated budget for the project is reflected with the help of the table that is provided
below:
Descripti
on
N
o
s.
An
nu
al
Sal
ar
y
(in
$)
W
ee
kly
Pa
y
(in
$)
Annu
al
Leave Super
annua
tion
(in $)
Pa
yr
oll
Ta
x
(in
$)
Ins
ura
nce
To
tal
Co
st
(in
$)
Ho
url
y
Pa
y
(in
$)
Ove
rhe
ad
Cos
t
(in
$)
Wor
k
Hou
r
Net
Hou
rly
Pay
(in
$)
Co
st
(in
$)
Bid
Coordinat
or 1
12
50
00
58
96 4127 11563 62
50
937
5
15
63
15
91 14 1864 105 195
720
Bid
productio
n
manager 1
65
00
0
30
66 2146 6013 32
50
487
5
81
28
4
47 7 1440 54 777
60
Productio
n assistant 1
60
00
0
28
30 1981 5550 30
00
450
0
75
03
1
44 7 1360 51 693
60
Design
Engineers 8
94
20
0
44
43 3110 8714 47
10
706
5
11
77
99
69 11 168 80 134
40
Construct
ion
Engineers 3
91
00
0
42
92 3004 8418 45
50
682
5
11
37
97
66 10 472 76 358
72
Contracts
1
88
50
0
41
75 2923 8186 44
25
663
8
11
06
72
64 10 304 74 224
96
Scheduler 1 72 34 2404 6734 36 546 91 53 8 568 61 346