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Risk Analysis and Mitigation Project

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Added on  2020-10-23

Risk Analysis and Mitigation Project

   Added on 2020-10-23

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Risk analysis and mitigationproject
Risk Analysis and Mitigation Project_1
Table of ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1Project overview..........................................................................................................................1PART B............................................................................................................................................6Risk Analysis..............................................................................................................................6PART C .........................................................................................................................................10Risk Mitigation plan..................................................................................................................10CONCLUSION..............................................................................................................................10
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INTRODUCTIONFor the construction companies one of curial essential element to ensure the success ofconstructions project as well as company is to analyse the risk related with specific projects andto develop plan to mitigate the same. This is very importance as without this on one canguarantee the success of the project even with use of the best resource. In the present reportanalysis of project over the Hudson Yard, New York is done. This includes preparation ofbudget, key statistics, funding and stakeholder determination of the construction project.Moreover, a risk analysis is done and plan is developed to mitigate those risk.PART AProject overview1. Overall Budget: The over cost of the Hudson yard project is estimated to be US$200 billion. So far2. Social and economic rationale:The social rationale of this project is to provide a modern and high tech township withsky scrapheap ad all the facilities to the public of new york with latest technologism andfacilitates. This is a project with providing small high end city within New York (7 Steps toCreating a Project Budget, 2018). The economic rationale is that this will definably proveemployment to many people and indirectly contributing the nation gross domestic product(Dziadosz and Rejment, 2015). At the time of operation of this project many of the employeesfrom different sector will be employed. After its opening the shops, restaurants and mall withinthe city will gain a new source of income.3. Key statistics:a. Project scope Hudson Yards is a real estate development in Chelsea and Hudson neighbourhoods ofManhattan of New York City. This is the largest private real estate development in US. Itincludes buildings as 10, 15, 30, 35, 50 55 Hudson yards and The shed. The coverage of thewhole project is 26 to 28 acres. The project will commended in 2018 and will be completed by2023.1
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Illustration 1: Hudson yard master planSource: (Fang, Marle and Xie, 017)b. Budge and estimated costThe estimated cost of completion of the project is US$200 billion. Estimate cost:ParticularCost (in million)Labour cost37000Material cost of the project42000Potential travelling cost30000Estimated the cost of the project office15000Cost of equipments40000Administration cost33000Software cost 3000Total200000 million (200 nillion)c. Time lineActivitiesDurationPlanning to develop west side rail15 daysEnvironmental impact study28 days2
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