Developing a Risk Management Plan for Gatwick Airport Expansion Project

PROJECT MANAGEMENT

TABLE OF CONTENTS
Topic................................................................................................................................................1
Background......................................................................................................................................1
Project rational.................................................................................................................................1
Aim and objectives..........................................................................................................................2
Research question............................................................................................................................2
Dissertation structure.......................................................................................................................2
Framework and analysis..................................................................................................................3
References........................................................................................................................................4

TOPIC
To develop a risk management plan for Gatwick Airport Expansion Project (GAEP) London
BACKGROUND
Project risk management can be defined as a process of managing different types of risks
which are associated with the project. These are risk management, determination, analysis,
response planning as well as monitoring and control (Kubasek, Brennan and Browne, 2016).
Major objective of this process is to reduce negative impacts of different uncertainties on project
completion. Kutsch and et.al, 2015 has concluded that “risk management plan comprises of
inputs, tools as well as techniques and outputs” (Kutsch and et.al, 2015). As per this statement,
project manager needs to apply suitable inputs and methods for getting appropriate outputs or
reducing impact of distinct uncertainties of project. Risk management inputs include different
attributes which play an important role for analysing all risks and their impacts on the complete
project and its objectives. Major inputs of risk management plan are project management plan,
project charter, stakeholder register, enterprise environmental factor and organization procedures
and assets, etc. (PMBOK, 2013).
All these elements help in analysing risk in an effective manner by which project
manager can take appropriate actions to resolve the specific problem. Further, there are number
of tools and techniques which can be used by the manager to manage risks of project. These are
expert’s judgement, meetings and analytical techniques. Project manager should allocate
appropriate resources to different teams for managing different types of risks by using suitable
method. Major outcomes of risk management plan are risk register, project documents, work
performance information, change request, organizational process assets updates, etc. All these
outcomes provide assistance in determining that whether project manager has managed
associated risks in an effective manner or not. Overall, it can be said that success of the project
totally depends upon risk management plan (Stettina and Hörz, 2015).
PROJECT RATIONAL
Each and every project is associated with different types of risks which can influence
their outcomes and performance in a negative manner Due to some specific uncertainties, project
cannot attain objectives in an effective manner. So, managing risk is one of the major problems
for the manager of project. It is an issue as manager of organization needs to develop an
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