Risk Assessment and Control Strategies for London Eye Project

The London Eye is a successful project that demonstrates good planning, control, and delivery within constraints of time, budget, and quality. The project was divided into four parts: safety, shareholders, physical, and organization, with subordinate level breakdowns for major tasks. Risk assessment identified financial, human resources, and technical risks, which were managed effectively to ensure the project's success.

Project Management

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
PART 1............................................................................................................................................3
Background of the project ..........................................................................................................3
Assumptions................................................................................................................................3
Budget.........................................................................................................................................4
Approaches .................................................................................................................................4
Roles and responsibilities............................................................................................................4
Stakeholders................................................................................................................................4
Time plan....................................................................................................................................5
Risk assessment ..........................................................................................................................5
CONCLUSION ...............................................................................................................................5

INTRODUCTION
Project management is regarded as the discipline that is associated with initiation,
planning, execution, control as well as closure of work related with team in order to attain
particular targets and achieve the success from the project. The major challenge of the project
management is towards attainment of all goals related with projects in the provided constraints.
In the present report the project that has been discussed is London eye. The report is comprised
of Background of the project, the budget as well as assumption that were being made when
carrying out the particular project.
PART 1
Background of the project
London Eye project has the structure of 443 feet and the wheel has diameter of 394 feet.
London Eye tower was designed by various architects which is one of the major attraction points
of such country. This project was opened by Prime Minister namely Tony Blair. The London eye
is one of the giant Ferris wheel. This stands on the South Bank of River Thames within L5ndon
among Westminster as well as Hungerford Bridges. The London eye is standing 135 meters high.
The London eye is considered as the huge project that was developed by architectures David
Marks as well as Julia Barfield (Nanthagopan, William and Page, 2016). The major purpose was
towards this is towards making representation of the modern architectural design as well as
engineering of the first within the millennium century. The London eye was considered as the
tallest Ferris wheel across the globe that possess the height of 135 meters. The construction of
the London eyetook 16 months in order to get finish. It was considered as the Millennium wheel.
In the initail year of the operation number of visitors were approximately 3.2 million. Thus it has
gained popularity in attracting the visitors within UK.
Assumptions
This has been assumed that the project has three variables that can make estimation of
specific time of the project, limited by budget as well as meet the requirement associated with
the quality. The features within the procedure of construction of London eye can be evaluated as
the project due to the reason of existence of constraints that is budget as well as time, no

repitition of construction, need of several skills and experience. It can be summarized that
London eye is considered as the project.
Budget
The cost of production of the London eye is 75 million pounds and it took 50 percent of
time lesser in comparison with the normal finish of the project (Pollack and Adler, 2016). Such
has made the project of London eye much interesting for measure and examined within the
procedure of the project management. But the cost of building was not considered as the problem
as the major aim of such is towards opening on time and to be the biggest Ferris wheel across the
globe.
Approaches
The Iron triangle is considered as the traditional tool in order to make evaluation of the
project performance that possess three variables. This is comprised of time, cost as well as scope
that assist in keeping balance with one another. In case of changes in one of the three variable
then such influence other two as well (Young, 2016). In case stakeholders desires for lesser time
related with construction then they are required to increase the budget or make reduction in the
scope. The London eye took 16 months in finishing the process of construction.
Roles and responsibilities
Several human resources that is project manager, architectures were being given the
responsibility to monitor and review the project. This is for the sake of determining that whether
the project is being carried out in proper direction of not.
Stakeholders
The London eye project stakeholders are being categorized on the basis of level of
interest as well as power. The major players in such case is British airways who offers support in
terms of financial and has the ability to keep control over the project. Bank and financial
institutions such as Summitomo bank as well as Westdeutsche landesbank were involved in
providing the loan. The Power was not possessed by the press as well as local community.
However the project has greater influence in their living directly (Chen, Chen and Lin, 2016). In
similarity with the government they also do not offer financial support but possess ability to

make collection of taxes by the means of project. Londoner as well as customers can be within
the group of minimum efforts.
The success of the London eye involves management of the stakeholders. The
stakeholders management is not the only factor but there is existence of certain other factors that
leads to success of the project.
Time plan
Project planning and scheduling
The planning of the project is regarded as one of most significant variable that needs lists
of time, quality as well as cost. Project management planning is dependent upon the size and
type of the project. The role of the project management can be categorized into three areas. This
is reflects handling of the operational need for the sake of meeting the satisfaction among the
customers (Gollenia, 2016). Further it demonstrates that project needs to be accomplished within
time. Along with this it reflects that control and delivery of the job on earlier set of constraints
budget. Good planning in relation to the project can assist in attaining success. The work
breakdown structure of London eyes is being divided into four parts. This includes safety,
shareholders, physical as well as organization. Further there are greater subordinate level
breakdown into every major tasks. For instance in physical tasks as well as construction of
wheel capsules as well as foundation can be presented at the lower task at every level.
Risk assessment
There were several risks that have been assessed in the present project. This is associated
with finances, human resources, technical etc. When making arrangement of the funds the major
problem was being faced towards determining the individuals from where the money can be
borrowed in order to carry out the project plan in smooth manner (Samset and Volden, 2016).
Along with this issue is being faced in relation with human resources. This implies that lack of
skilled employees has resulted in creating greater issue in carrying out the project plan. This has
been assessed that through management of the risk the implementation of the plan has been done
in an effective manner.

CONCLUSION
The London eye is regarded as the most successful project in several aspects. This is one
of the most successful in architect design of the 21st century. The major component of the
London eye is assembled above the Thames river that needs higher technology for handling the
project. The original plan of the London eye was required to be accomplished within 2 years but
it real terms it has been accomplished in 16 months. It was not considered as the ordinary project
for both suppliers as well as project management plan. Shareholders as well as investors of the
project needs to spend greater amount of money in order to make justification to the risk that is
associated with the project. It has been examined that project has suffered from various risks that
has affected it to some extent. Not only management of the stakeholders but planning and
scheduling has assisted in attaining of success from the project.

REFERENCES
Journals and Books
Chen, H. L., Chen, W. T. and Lin, Y. L., 2016. Earned value project management: improving the
predictive power of planned value. International Journal of Project Management. 34(1).
pp.22-29.
Gollenia, L. A., 2016. Business Transformation Management Methodology. Routledge.
Nanthagopan, Y., Williams, N. L. and Page, S., 2016. Understanding the nature of Project
Management capacity in Sri Lankan non-governmental organisations (NGOs): A Resource
Based Perspective. International Journal of Project Management. 34(8). pp.1608-1624.
Pollack, J. and Adler, D., 2016. Skills that improve profitability: The relationship between
project management, IT skills, and small to medium enterprise profitability. International
Journal of Project Management. 34(5). pp.831-838.
Samset, K. and Volden, G. H., 2016. Front-end definition of projects: Ten paradoxes and some
reflections regarding project management and project governance. International Journal of
Project Management. 34(2). pp.297-313.
Young, T. L., 2016. Successful project management. Kogan Page Publishers.