Risk Management in Traffic Light Reports

This article discusses the challenges and pitfalls of traffic light reports in the context of risk management. It explores the risks associated with the traffic lighting system and provides strategies for identifying, analyzing, and mitigating these risks. The article also emphasizes the importance of effective risk reporting and provides a comprehensive register of identified risks.

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Risk Management in the Challenges and Pitfalls of Traffic Light Reports
Name
Institution

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Risk Management in the Challenges and Pitfalls of Traffic Light Reports
Risk Identification and Impact Assessment
Traffic light is a type of electronic lighting system erected at certain intersection points of
the roads. Traffic lighting has become a popular technology in different parts of the world. The
governments, through the departments of transportation, invest lots of money to acquire, install,
and operate the traffic lighting system because of the important roles it plays in the reduction of
road accidents. The prevention or reduction of the road accidents is a desirable thing because it
enables the government to reduce the rates of injuries or deaths.
However, just like any other technology, the traffic lighting system has been facing lots
of criticisms because of the inefficiencies that have been associated with it. Over the years, there
are certain risks that have been making it challenging for the traffic lighting system to operate
efficiently and discharge its duties in an efficient manner (Williams, 2017). This happens
because of the many risks that are encountered. However, the situation can be addressed if
appropriate measures are taken to identify, analyze, and report he risks for an immediate
intervention within the shortest time possible. Effective risk reporting process should be done by
undertaking the following activities:
Risk Identification and Impact Assessment
Risk identification is the first stage in the risk management process. As its name suggests,
identification simply refers to the unmasking or recognition of the risks that the project faces.
Risk identification should be done and recorded in the risk register. The register should have a
clear illustration of the risk description, probability of occurrence, and the magnitude of the
impacts it causes. In this project, the following are some of the risks that are encountered:

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increase in chances of the occurrence of rear-ends collisions, traffic delays, pollution, high costs
of operations, and diversion of traffic routes to other decongested roads (Maylor & Söderlund,
2016). Each of these risks should be properly analyzed because they negatively impact on the
efficiency of the traffic lighting system.
The following table presents a comprehensive register for all risks identified in the project:
Risk ID Risk Risk Description Category Impact Probability Rating
1. Rear-Ends
Collisions,
Increase in the
number of rear-
end accidents
due to h failure
of the system
Health High 0.30 5
2. Traffic Delays
and Congestions
The waiting time
increases hence
consuming lots
of time
Economic Medium 0.70 4
3. Pollution, The vehicles
release
greenhouse gases
as they stay idle
for some time
Environmental High 0.42 3
4. High Costs of
Operations
The costs of
acquiring,
maintaining,
Economic Medium 0.37 1

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repairing the
gadgets as well
as electricity and
monitoring costs
are high
5. Diversion of
Traffic Routes to
other
Decongested
Roads
Some drivers opt
to divert to other
routes where
they feel there
are no
inconveniences
like traffic
delays
Environmental Low 0.61 2
The illustration shows that the project has been facing five main challenges: increase in
chances of the occurrence of rear-ends collisions, traffic delays, pollution, high costs of
operations, and diversion of traffic routes to other decongested roads (Kliem & Ludin, 2019).
From the analysis conducted, it is evident that each of these risks has different ratings in terms of
probability of occurrence, nature, and the magnitude of the impacts.
Risk Management and Reporting

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Risk management and reporting is also an important activity that should be undertaken
during the risk planning process. Once the risk has been identified and analyzed, the next thing to
do is to come up with a management strategy. In the risk planning process, the authorities should
come up with appropriate strategies that can be relied upon to provide a short and long-term
solution to each of the risks faced in the process of management (Burtonshaw-Gunn, 2017). The
following table presents a detailed illustration of the management process for the identified risks:
Risk
ID
Risk Risk Description Mitigation Owner Impact Status
6. Rear-Ends
Collisions
Increase in the
number of rear-
end accidents due
to h failure of the
system
Provide risk
reduction
awareness
education to
all road
users
Project
Manager
High Open
7. Traffic Delays
and
Congestions
The waiting time
increases hence
consuming lots of
time
Redesigning
of the traffic
light
locations
and
reducing the
number as
possible
through
Project
Manager
Medium Open

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constructing
flyovers
8. Pollution The vehicles
release
greenhouse gases
as they stay idle
for some time
Use
pollution-
free
vehicles;
reduce time
spent at the
traffic light
points
Project
Manager
High Open
9. High Costs of
Operations
The costs of
acquiring,
maintaining,
repairing the
gadgets as well as
electricity and
monitoring costs
are high
Minimize
costs of
operations
by investing
in cost-
effective
modern
technology
Project
Manager
Medium Open
10.Diversion of
Traffic Routes
to other
Decongested
Roads
Some drivers opt
to divert to other
routes where they
feel there are no
inconveniences
Reduce tie
spent at the
traffic light
point
Low

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like traffic delays
Risk management is a lengthy process that involves many activities. Once the risks are
identified, analyzed, and properly understood, appropriate measures should be taken to manage
them well. Risk planning is a key because it can equip the management with information on all
the risks that might hinder the effective implementation of the project (Hyatt, 2018). Upon the
analysis, the management should come up with strategies on how to mitigate the identified risks
(Larson & Gray, 2017). This is exactly what is illustrated in the above table. Each risk should be
approached differently because of its uniqueness and its nature. Once all these are done, the risk
management report should be handed over to the authority for action (Hillson & Murray-
Webster, 2017). The report should provide comprehensive information on the risks identity, risk
description, mitigation, status of the mitigation, and the responsible officers. All these are
necessary for the ultimate mitigation of the risks.

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References
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction. Routledge.
Falkner, E. M., & Hiebl, M. R. (2015). Risk management in SMEs: a systematic review of
available evidence. The Journal of Risk Finance, 16(2), 122-144.
Hillson, D., & Murray-Webster, R. (2017). Understanding and managing risk attitude.
Routledge.
Hyatt, N. (2018). Guidelines for process hazards analysis (PHA, HAZOP), hazards
identification, and risk analysis. CRC press.
Kliem, R. L., & Ludin, I. S. (2019). Reducing project risk. Routledge.
Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process. McGraw-
Hill Education.
Maylor, H., & Söderlund, J. (2016). Project management research: Addressing integrative
challenges. In Designs, Methods and Practices for Research of Project Management (pp.
41-48). Routledge.
Williams, T. (2017). The nature of risk in complex projects. Project management journal, 48(4),
55-66.