Risk Management for Changing Urban Precincts in Sydney

Running head: RISK MANAGEMENT
Project: City of Sydney, Changing urban precincts
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1. Introduction..................................................................................................................................2
2. Review of the case organization’s project risk management.......................................................2
3. Development of risk management framework for the case project.............................................5
3.1 Identification of the Risks:.....................................................................................................6
3.2 Risk Measurement:................................................................................................................6
3.3 Risk Mitigation:.....................................................................................................................7
3.4 Risk Reporting and Monitoring:............................................................................................7
3.5 Risk Governance:...................................................................................................................8
4. Evolution of the framework.........................................................................................................8
5. Conclusion...................................................................................................................................9
References......................................................................................................................................11

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1. Introduction
The paper mainly reflects on the case study that focuses on the changing urban precincts.
It is found that there are a lot of current major development sites across the various local area.
The various types of redevelopment that are generally occurring include Star Casino
redevelopment, city transformation, WestConnex, Waterloo precinct, Elizabeth street Redfern,
Bays Precinct and more. It is found that the main aim of the project is to review the risk
management practices for the changing urban precincts that are adopted in Sydney. In addition to
this, the develops a proper risk management framework for the entire project as per the
guidelines of PMBOK.
2. Review of the case organization’s project risk management
It is found that there are a number of risks that mainly occurs due to changing urban
precincts in Sydney. The projects like city transformation, WestConnex, Waterloo precinct,
Elizabeth street Redfern which are undertaken creates a number of risks. It is found that in
Waterfront row project, the government generally plans for high rise hotel with affordable
housing facilities for around 10% residences (Cityofsydney.nsw.gov.au. 2019). On the other
hand, it is found that the Ashmore precinct project have more than 6,000 residents by the year
2025. In addition to this, the Bays precinct include white bay power station, Rozella bay, White
bay as well as Wentworth Park. All these types of development that occur within Sydney creates
a number of risks that poses a lot of challenges.
According to Cityofsydney.nsw.gov.au. (2019), changing urban precincts in Sydney is
synonymous with overcrowding as people moves from other parts to Sydney as they will get
different types of facilities. In addition to this, it is found that pollution is one of the major issues

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that occurs due to rapid urbanization and further deteriorates the environment around us. The air
that are coming after the changing to urban precinct is very much polluted and contains different
types of harmful substances and as a result it is becoming quite hazardous.
It is stated by Cagliano Grimaldi and Rafele (2015) due to changing urban precincts in
Sydney, the city requires more resources including water, food as well as energy. The city will
continue to struggle in the coming future in order to provide different types of resources to an
ever-growing urban population. In addition to this, it is found that haphazard growth will
generally reflect the minimization of the various green spaces within cities that will negatively
affecting the people liveability. Moreover, due to scarcity of fresh water as well as fertile lands,
the prices of the food will escalate that will further hit the poor people. It is opined by Hopkin
(2018) that rapid urbanization helps in straining the basic infrastructure that is mainly coupled
with much more frequent as well as extreme weather events that are mainly linked with the
different types of climatic change which is considered to be exacerbating the impact that are
related with the environmental threats. There are a number of environmental threats that includes
flooding, tropical cyclone, epidemics as well as heat waves.
According to Rodney et al. (2015), when the need for basic resources as well as
resilience against the various types of environmental threats can create uneven distribution of
resources which further cause inequality. One of the most critical as well as significant area that
gets affected due to the change in precinct affects the nation in context to transportation as well
as infrastructure. The entire transportation system within these urban cities are not considered to
be adequate for catering the different types of demanding needs of the people (Arashpour et al.
2017). If one is living in the city of Sydney then they will generally get affected by the
unprecedented traffic congestion as well as delays on the local roads of NSW government and