Case Study on the Risk Management 2022

Running head: RISK MANAGEMENT
RISK MANAGEMENT
Name of the Student
Name of the university
Author note

1RISK MANAGEMENT
Table of Contents
Executive summary....................................................................................................................2
Introduction................................................................................................................................3
Overview....................................................................................................................................3
Purpose of the Report.................................................................................................................4
Risks identification methods......................................................................................................5
Identified risks for the Lewis Project.........................................................................................6
Conclusion..................................................................................................................................6

2RISK MANAGEMENT
Executive summary
Risk management serves as a vital field in the construction industry and recently
gained much importance as per the latest studies conducted. This new field needs a lot of
attention in order to be beneficial to the industry. Construction projects face numerous risks
having negative affects on the objectives of the project for example quality, time and cost.
This study is based on the risk management strategies related to the case study provided. The
report considers the case study of Robert L. Frank Construction Company which is involved
in engineering and construction works and serves chemical, petroleum, iron and steel,
petrochemical, food-processing, mining and pharmaceutical firms. The report has a
conclusion discussing on the findings of the case study.

3RISK MANAGEMENT
Introduction
Risk is termed as the exposure to the loss or the gain or the related probability of the
loss or the gain multiplied by the magnitude of the gain or the loss. Events are certain to
happen if their occurrence probability if 100 percent and these are considered uncertain if
occurrence probability is 0 percent. The uncertainty varies in between a range of 0 to 100
percent. At present, there are various types of informations that can be made use of to assess
the risks. Construction business involves numerous risks. There are various factors on which
serve as a parameter to decide whether a construction industry has been successfully
implemented. Projects related to the construction industry are thought to be associated with
intrinsic risks as this industry involves more than one contracting parties for example owners,
contractors, suppliers, designers and many more (Glendon & Clarke, 2015). The report
discusses on the construction company named Robert L. Frank Construction Company which
has received a work after a long time gap. Since the year 1998 Frank has seen a decline in its
orders. The Rovery Project which had a value of $600 million had been the reason behind the
increase in the employment of the company in the year 1997. The Rovery Project got
completed in the year 2001 and since then the company had not received any such big orders.
The Lewis Project was seen as an opportunity which could change the prevailing conditions.
This paper will be focusing on the risks associated with this project and what could be the
possible ways these risks be dealt.
Overview
The risk management procedure in this specific industry type is important. The risk
measure involves determining the level of risk as per the objectives and the estimation of the
risk analysis by the help of various technology and associated approaches. The process of risk
control effectively checks the performance of the risk control. Identifying the risks is the