Project Management: Analysis of Time, Cost, Quality and Risk for The Richmond Interchange Project

This report analyses time, cost, quality and risk of The Richmond Interchange Project. It includes risk treatment, expected cost of each activity, Gantt chart, network diagram, and analysis of cost, time, risk and quality.

Project management

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Risk treatment..............................................................................................................................1
Summary table - cost and time....................................................................................................2
Expected cost of each activity.....................................................................................................3
Gantt chart...................................................................................................................................4
Network diagram.........................................................................................................................5
Analysis of cost - based on the elements calculated....................................................................6
Analysis of time...........................................................................................................................7
Analysis of risk............................................................................................................................7
Analysis of quality.....................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Project management is planning, organising and controlling available resources of a
corporate for moving particular event towards completion. Its purpose is to plan together with
manage project in successful manner to carry out listed deliverables in determined time and cost.
It comprises determining addition to managing risks, smart budgeting, clear communication
between stakeholders and careful resource management (Ravankar, Imai and Ravankar, 2019). It
entails sequential of actions for leading a group of people for hitting goals along with complete
deliverables in set timeframe. Project management allows team members to emphasis on
activities which matters the most, free from distractions arises due to tasks going off track or
estimated budget spinning out of control. The aim of the report is to analyse time, cost, quality
and risk of a project. For understanding about project management, considered project is The
Richmond Interchange which aims to connect two major motorways. In this, various number of
ramps as well as bridges were constructed for providing connection among each motorway for
approximate of 130000 vehicles traveling on roads each day. The intersection comprises of seven
bridges in which majority are constructed through precast concrete super T-beams supported on
piles.
The report highlights project scope including Work Breakdown Structure and scope control.
It also comprises schedule overview including scheduling, milestones, dependencies, project
plan and schedule monitoring. At last, it discusses about resource management and budget
planning covering cost estimation, budget breakdown and cost control.
MAIN BODY
Risk treatment
Risk treatment is termed to a process of choosing and executing measures for the purpose
of modification of risk (Kononenko and Kpodjedo, 2020). Measures of risk treatment comprises
avoiding, optimising, transferring along with retaining risk. It is also said to risk control which is
part of risk management in which decisions are devised about ways to deal with risks in external
or internal environment. For a project, it is significant expense as several kinds of skills are
required to be recruited and maintain for ensuring that risks inherent in project are being treated
or mitigated effectively. In project of The Richmond Interchange, risk treatment is essential as it
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assist managers to forecast probable issues, avoiding catastrophic events, enables growth and
better budgeting. In aspect to The Richmond Interchange Project, risk treatment is as follows:
Priority Treatment Type of treatment
Strategic risk Mitigation  Assume and accept
 Watch and monitor
 Preparedness and response actions.
Operational risk Transferring  Making leaders accountable for the risk.
 Indemnification clause in contracts.
Financial risk Controlling  Diversifying investments.
 Analysing actual and forecasted budgets to
maintain adequate emergency funds.
 Maintaining financial health of project.
Environmental risk Acceptance  Prioritising situations.
 Understanding environmental regulations and
complying with legislations.
 Monitoring circumstances (Tomašević and
Et. Al., 2018).
 Putting environmental concerns at forefront.
Management risk Limiting  Deciding key matters.
 Consultation with stakeholders.
 Understanding probability of happening as
well as restricting consequences which might
occur (Klünder, Dörseln and Steven, 2019).
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Expected cost of each activity
Resource Name Group Std. Rate Quantity Calculation Cost/Use
Group: Human Human $6390.00
Labour Human $60.00/hr 4 60*4*7 $1680
Surveyor Human $80.00/hr 3 80*3*7 $1680
Form worker Human $60.00/hr 2 60*2*6 $720
Spotter Human $60.00/hr 2 60*2*7 $840
Dogman Human $70.00/hr 3 70*3*5 $1050
Site Engineer Human $70.00/hr 1 70*1*6 $420
Group: Machine Machine $8448.00
Snow White Crane Machine $1,000.00/hr 5 hour 1000*5 $5,000.00
24tExcavator Machine $150.00/hr 2.67 Hour 2.66*150 $400.00
Mobile Crane Machine $140.00/hr 2 Hour 140*2 $280
Buildozer Machine $160.00/hr 3 Hour 160*3 $480
Pile Driver Machine $420.00/hr 2 Hour 420*2 $840
Single Drum Smooth Machine $95.00/hr 1 Hour 95*1 $95
Semi Trailer Truck Machine $285.00/hr 2 Hour 285*2 $570
20t Transport Truck Machine $125.00/hr 3 Hour 3*125 $375
20t Truck Machine $102.00/hr 4 Hour 4*102 $408
Group: Material Material $64,899.75
Precast piles Material $0.00/hr $200.00
Soil Nail Material $0.00/hr $600.00
Parapet Material $0.00/hr $1,000.00
OGFC Material $0.00/hr $40.00
Asphalt Material $0.00/hr $12.00
Concrete(32Mpa) Material $0.00/hr $340.00
Beaching Stones Material $0.00/hr $110.00
Scaffolding Material $0.00/hr $38.00
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Storage Shedding Material $0.00/hr $45.00
Excavate Reduce Level
Light Soil
Material $0.00/hr $14.10
Excavate Pits In Light
Soil
Material $0.00/hr $66.50
Backfill Excavated
Materials
Material $0.00/hr $16.15
Reinforcement
Delivered Cut To Size
Material $0.00/hr $2,880.00
Drainage Trench
Backfilling
Material $0.00/hr $60.00
Sewer Drainage
CastIron100mmDia
Material $0.00/hr $98.00
Super Team Material $0.00/hr $58,800.00
Retaining Wall Slabs Material $0.00/hr $180.00
Road Furniture Material $0.00/hr $400.00
From the above table, it is analysed that the total machine, labor and material amount
plays key role in The Richmond Interchange project.
Work breakdown structure
Work breakdown structure
In The Richmond Interchange project, use of work breakdown structure provides visual of
whole scope, facilitates faster development of schedule through allocating effort estimates to a
particular section and organises work requirements. With this tool, project managers are able to
make project more manageable. In aspect to The Richmond Interchange project, work
breakdown structure is as follows:
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Gantt chart
Gantt chart is a type of illustrated bar chart that is used for project planning. It shows about
the work deadlines and what work scheduled on what day. It gives overview of overall project,
also summarize where activities overlap with other activity (Feise and Graf von Hatzfeldt
Trachenberg, 2019). In Richmond Interchange Project, with use of Gantt Chart, managers
identify the relationship between the task and then put together all the task in form of timeline in
the spreadsheet, including all the dates or relevant information that needed to be tracked and
keep it updated regularly. Gantt Chart of Richmond Interchange Project is as follows:
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Network diagram
Network diagram shows that how one activity is related to other activity and it performs
the task in a sequence of activity also one need to perform the task before other (Bru and Hella,
2020). In The Richmond Interchange Project, it portrays as a chart with boxes and arrows. This
tool is use to map out the work sequence of the project, it graphically represents of the project
which compose the series of interlinked arrows which describe inter relation between the
activity. Network diagram of Richmond Interchange Project is below:
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Analysis of cost - based on the elements calculated
Cost analysis for Richmond Interchange Project are as follows:
Activities Cost (In $)
Establish site/Site preparation 2500
Excavation 2000
Pile Foundation 1500
Installation of capping beam 1000
Filling material, abutment 3000
Installation of nail retaining wall 1800
Stone beaching 2200
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Deep precast super T-beam 800
In-sit decks lab 1750
Ground preparation, entry ramp 2000
Road surface 3000
Road elements 1250
Finalizing site 1390
Total cost activities 24190
+10% GST 2419
5% Contingency 1209.5
Insurance 4.5% 1088.55
Project Manager Fee 7% 1693.3
Total cost 30600.35
Profit 7%: 2142.024
From the above table, it is analysed that cost of different elements are used in
construction of project. All the elements are categorizing in human, machine and material which
are using to calculate total cost of this project. In the calculation add GST, contingency,
insurance and project manager fee. After all the calculation get total cost and calculate profit
which was 7% of total cost. It is helping to analysis the overall cost f the project and help to
management to take key decision in proper manner.
Analysis of time
For Richmond Interchange Project, analysis of time is identified through start time, finish
time and critical path that are presented in excel sheet.
Analysis of risk
Risk analysis is said to an action undertaken by managers of project for identification as well
as analysing potential issues or hazards which can negatively impacts essential initiatives of
project (Rezania, Baker and Nixon, 2019). In order to carry out risk analysis, it is important for
managers of project to identify possible threats which they might face, further make
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approximation of their likely impacts, in case, they are to happen and lastly predict likelihoods
which threats will materialise. In The Richmond Interchange project, performing risk analysis
comprises of considering possibilities of adverse events that can cause through natural processes
or inadvertent business practices. One of essential part of analysis risk in project is identifying
potential harm from the events and likelihood which they will occur. For The Richmond
Interchange project, it is important as it guides in anticipation along with reducing effects of
harmful outcomes from adverse situations and planning responses for equipment or technology
failure or some losses that are caused from natural environment or human resources. With risk
analysis, project manager of The Richmond Interchange project can improve its security in
ample number of ways. It depends on kind and extent of risk analysis, businesses could be
outcomes for identifying, rating addition to comparing overall effects of risks of company,
enhance communication addition to decision making processes as they are concerned with
information security. Mentioned below is risks analysis for The Richmond Interchange project:
Risks Effects Likelihood Consequences Mitigation actions
Strategic risk Reduces
efficiency of
project
High Major  Establishing KPIs:
Better KPIs offer hits
to project manages hat
assist in drilling down
measurement of results
(Hudson, Sutrisna and
Chawynski, 2020).
 Watching and
monitoring: With this,
managers of The
Richmond Interchange
Project could watch
and monitor strategies
for completion of
project.
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 Integrated reporting
and monitoring:
Managers of the
project are required to
monitor results on
continuous basis for
mitigating risks and
grasp opportunities
when strategic risk
arise.
Operational
risk
Manufacturing
issues
High Major  Managing equipment
failure: To mitigate
operational risks,
managers of the project
can reduce operational
risks through adhering
regular maintenance
together with ensuring
that small issues are
addressed fastly
(Pearlson, Saunders
and Galletta, 2019).
 Knowing and adhering
regulations: When
project managers will
stay updated with state
together with federal
regulations which are
related with business,
operational risks can be
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easily mitigated.
Financial risk Loss of capital
to interested
parties
Medium High  Diversifying
investment: In a
project, diversification
is prudent and
significant ways for
mitigation financial
risk.
 Having other funding
sources: Project
managers by arranging
funds from other
sources results in
arranging required
level of funds and
mitigating the risk
(Tong and Linderman,
2019).
 Maintaining financial
health: Financial
health plays important
function in managing
risks in project. When
finance manager
maintains adequate
health of The
Richmond Interchange
Project, financial risk
could be mitigated
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easily.
Environmental
risk
Influences
project
completion
Medium High  Wastage tracking
forms: Project
managers must use
wastage tracking forms
for determining amount
of waste addition to
recycled materials for
sites (Shmatko,
Yanovskiy and
Shamina, 2018).
 Considering weather
forecasts: Through
taking consideration of
weather forecasts,
managers of project
can take decision for
scheduling practices
leading to mitigate
environmental risk.
Management
risk
Work
completion
hampers
Low High  Planning and
prioritising: Planning
ahead and correctly
assist in mitigating
management risks in
project.
 Appointing
professional
management team:
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With recruitment and
selection of
professional
management team with
experience in field will
result in mitigating
management based risk
in project completion.
Analysis of quality
In a project, deliverables are termed to all the outputs which are submitted within scope
(Pearlson, Saunders and Galletta, 2019). In other words, it is project based results that are
submitted in any phases of project. Within The Richmond Interchange project, deliverables
contribute in project quality through charting out path for reaching objectives and provide ability
of using server for managing complete schedule. It assists manager to focus on quality from
beginning to end of project as well as perform inspections for determining defects.
Milestone is particular point in life cycle of project that is used for measuring progress
towards end objective or goal (Ekstedt, 2018). In The Richmond Interchange project, milestone
is used as signal posts for start and end date, budget checks, external reviews and submission of
major deliverables. With this, project managers are able to keep track of schedules, deadlines
together with reach critical KPIs. When desired milestones of project are achieved successively,
they contribute in project quality by guiding management to maintain a more correct
understanding of the ways the project is advancing as per initial plan.
Project materials are termed to anything required to be brought into existence for the
purpose of completion of tasks or activities of a project. Well defined materials generate
significant cost savings as well as improve project quality effectively and efficiently. In aspect to
The Richmond Interchange Project, materials contribute effectively and efficiently in project
quality as they ensure planning, designing, manufacturing and financing practices are undertaken
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on time and at right place. They also assist in overcoming limits addition to constraints in
designing and other paths of project in which transformation becomes significant in project life
stages.
Project equipment are said to furnishings, machinery, fixtures as well as other property
that belongs or used in completion of any project. In The Richmond Interchange project,
equipment has overall responsibility to manage quality process as they act as quality expert to
ensure that all the working is designed and completed as per required standards. At same time,
project labour is defined to employees that contribute skills and knowledge to complete tasks in
specified expertise and excellence level. Labour of project are key of every operation because
they represent people (Tomašević and Et. Al., 2018). They contribute effectively and efficiently
in project quality by reinforcing values essential in success.
CONCLUSION
From the above information, it has been concluded that managing a project includes
breakdown of project in activities and assigning them to fellow members resulting to completing
ultimate goal. Without proper project management, huge complexities are faced related to work
completion on time and available resources. Risk treatment serves purpose of reducing,
removing addition to transferring risk to achieve success. In a project, role of gantt chart is to act
as planner and schedule that assist in assessing how long a project might take, plan order and
determine resources for completing tasks. Analysis of risks helps in anticipating along with
neutralise possible hazards. Project managers uses costs analysis for determining and evaluating
all revenues and expenses which could be generated in project.
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REFERENCES
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Journal of Managing Projects in Business.
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Managing Project Teams.
Hudson, F. S., Sutrisna, M. and Chawynski, G., 2020. A certification framework for managing
the risks of non-compliance and non-conformance building products: a Western
Australian perspective. International journal of building pathology and adaptation.
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engineering: insights from a mixed-method analysis of a student project. International
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Klünder, T., Dörseln, J. N. and Steven, M., 2019. Managing Uncertainties in the Project 4.0
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Fourth Industrial Revolution (pp. 119-140). IGI Global.
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