Risk Management Assignment PDF
Added on 2021-02-19
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RISK MANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1BACKGROUND.............................................................................................................................1ANALYSIS......................................................................................................................................4Risk Analysis and management...................................................................................................4Risk identification........................................................................................................................5Risk Assessment..........................................................................................................................5Response Planning and implementation......................................................................................6DISCUSSION OF FINDINGS........................................................................................................6CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONRisk is uncertain which always have probability Risk Management is the identification,evaluation and prioritize of risk followed by coordinated and economical application of resourcesto minimise, monitor and control the probability or impact of unfortunate events or to maximisethe regionalisation of opportunities. It is the practices of determining in advance about thepotential risk (Hillson and Murray-Webster, 2017). It is very important for any task, project ororganisation to evaluate the risk in advance so that they can respond whenever it will be arise.Further, risk are undesirable to the extent that they do not bring opportunity for the company orproject. The success of the project is depends to contributed by the effective risk management.All the practices and methods are encompasses by the management of risk that have beendeveloped so far to control events sensitised to influence negatively the revenues as well as networth of the company or project. This present report is context to the Crossrail case study as it is one of the famousengineering project held in London, United Kingdom. This report will discuss the ManagementOf Risk (MOR) model that helps in evaluating of risk in systematic manner. Further, report willalso discuss on the basis of analysis that was carried out by the project manager. BACKGROUNDCROSSRAIL: A CASE STUDYCrossrail, is the project that is recognised as one of the biggest civil engineering projectheld in London, United Kingdom. The project is about to build under central London to link1Illustration 1: Overview of Crossrail(Source: Overview of Crossrail, 2018)
existing Network Rail Lines to the east and west of the capital. The location of the project isLondon and the value is£14.35 billion. The contacts used are ECC, PSC and FC and it wasstarted in 2009 and finished in 2018. The employer of this project is Crossrail Limited and theProject manager was Benchtel. When it opens in 2018, it renders rail services from Maidenheadand Heathrow in the west to Shenfield and Abbey Wood in the east. The important remodellingwork is required to the outlying the infrastructure of rail network and stations on city's both side.The most modifier efforts of construction is surrounded under new central London over 21Kilometres of new twin tunnels (Overview of Crossrail, 2018). The main purpose of this project is to raise the capacity of rail surface area by 10 percentand must lead to development, growth as well as regeneration. The project of Crossrail has alsodeliverer the superior capacity fast straightly link between City of London, West end of Londonand Heathrow airport and Canary What business area to the east. The project is not only aboutthe crossrail but it is important to appreciate BMI as it has great contribution. BMI is only 3Dmodels and not only about the building but it is all about the project infrastructure. BMI andCrossrail has worked in collaboration as collaboration is the base of UK government. Management Of Risk Framework:The framework for actions which are required to be taken is called risk managementprocess, it is also called route map for risk management. It mainly helps an organization toidentify, monitor, control or eliminate any kind of risk associated with the organization or theproject on which they are working. Crossrail project is one of the biggest project in Europe andthey have faced many types of risks (Larson and Gray, 2017). So, in order to make the projectsuccessful, project manager has prepared the risk management matrix and take proper actionsaccordingly. In this framework, there are five steps that project manager has follows forsystematic management of risk are as follows-Step 1: Identification Of Risk: This is the first step that means to identification of risk thatbusiness has faced operating in the business environment. Project manager also defined theprobability of risk along its impact in the operations, functions as well as outcomes of theresearch (Giannakis and Papadopoulos, 2016). In this stage, project manager start preparing therisk register. By preparing the risk resister, it becomes visible to every stakeholder especiallystaff members within organisation with the aces to the system. Crossrail project has their ownrisk management team who works on their own risk management tool. This tool helps them to2
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