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

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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