Project Risk, Financing and Monitoring

Running head: PROJECT RISK, FINANCING AND MONITORING
Project Risk, Financing and Monitoring
Name of Student
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Author Note

1PROJECT RISK, FINANCING AND MONITORING
Table of Contents
Part A: Project Overview.....................................................................................................2
1.1. Overall Budget..........................................................................................................2
1.2. Social and Economic Rationale................................................................................2
1.3. Key Statistics............................................................................................................3
1.3.1. Scope and Size...................................................................................................4
1.3.2. Budget and Estimated Cost................................................................................4
1.3.3. Time Required to Complete the Project............................................................4
1.3.4. Key Construction Elements...............................................................................4
1.3.5. Environmental Costs or benefits........................................................................5
1.4. Funding Mechanism.....................................................................................................5
1.5. Identification of Key Stakeholders...............................................................................5
Part B: Risk Analysis...........................................................................................................6
2.1. PMBOK Risk Analysis.............................................................................................6
2.2. Risk Analysis............................................................................................................7
2.3. Risk Matrix...............................................................................................................9
Part C: Risk Mitigation Plan..............................................................................................11
References..........................................................................................................................15

2PROJECT RISK, FINANCING AND MONITORING
Part A: Project Overview
The chosen project “Building Hudson Yards” is an infrastructure project that is nestles at
the heart of one of the most exciting neighborhood of New York City. The project has
completely redefined that iconic skyline of the city (Hudsonyardsnewyork.com. 2019). The
Hudson yard is constructed on a 28 acres working rail yard. This project is home to more than
100 diverse shops and culinary experiences. Hudson yard has become one major cultural center
of Manhattan’s New west side (Capawana 2016). Nearby areas of Hudson Bay project includes
revitalized food and art scene, hardworking waterfront and hell’s kitchen. Hudson Yards is a
home to more than 100 diverse shops, offices, modern residences, gardens and public plazas.
1.1. Overall Budget
The project of “Hudson Yard” is a real estate development project. The project is
currently an ongoing project or partially completed project as first two phases of the project
opened in 2019. The size of the project is 26 to 28 acres (Riordan 2017.). The overall budget and
the cost estimation of this real estate project is nearly US$20 billion.
Top architects have been hired to implement this project. The first phase of the project
has been already completed and the second phase of the project is yet to start (Mattern 2016).
The project defines an effective use of rail yard. The project is associated with the development
of the office towers, residential spaces and high-end restaurants. The residential building that has
opened in Hudson yards in known as 15 Hudson yards. It is a 960,000 square foot building that is
situated right next to highline.
1.2. Social and Economic Rationale

3PROJECT RISK, FINANCING AND MONITORING
The chosen project is one of the largest private real estate project of New York.
Therefore, this particular project has huge social and economic rationale. It is the largest
development project in New York City. The project aims in expanding to the midtown
Manhattan business district as well (Cervilla Capawana 2016). The residential building
associated with the Hudson yards project offers 40,000 square feet of amenities. Furthermore, the
50th floor of the building is devoted to the wellness pursuits and a children imagination center.
This increases the social rationale of the project.
The project has high economic rationale. The project has economic benefits as well. The
project is associated with development of shopping complexes and residential building and
therefore the project has a high economic rationale as well. The Hudson Yard has become the
cultural center of the Manhattan’s new west side. The neighborhood has completely changed the
way New York looks to the world (Schofer 2014). The Hudson yard project is considered to be
the world’s most ambitious smart city project. This $20 billion project has a positive return of
investment and therefore, the project has high economic rationale. On completion the Hudson
yard project is expected to contribute $19 billion annually to the GDP of the New Work city and
therefore, is capable of generating more than $500 million of the tax revenue of the city. Hudson
Yards model is therefore considered as a cutting edge model for the future of smart city.
1.3. Key Statistics
The Hudson Yard project is a real estate development project and he cost of the project is
$20 billion. The primary developer of the project is Related companies (Kerzner and Kerzner
2017). The Hudson Yard project site was initially intended for other developments and the actual
plan for the Hudson yard was developed right after the failure of the west side stadium. The