Risk Management Plan for Construction Project - Desklib

Running head: RISK MANAGEMENT PLAN
Risk Management Plan
Name of the Student:
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Table of Contents
Introduction......................................................................................................................................2
Risk Matrix for Construction Project..............................................................................................2
Consequence Table for Construction Project..................................................................................4
Likelihood Table for Construction Project......................................................................................5
Escalation Table for Construction Project.......................................................................................6
Assessing top 10 risk for Construction Project................................................................................7
Risk Register Table for Construction Project..................................................................................9
Required Time Contingency..........................................................................................................10
Required Cost Contingency...........................................................................................................10
Conclusion.....................................................................................................................................11
Bibliography..................................................................................................................................12

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Introduction
The risk management plan is helpful for developing the identification of the operations
and aligning with the formation of the effective and improved mitigation process (McNeil, Frey
and Embrechts 2015). The risk management comprises of identifying the probable factors of risk
or any measure of uncertainty on project objectives. The prospect of construction of the
underground hole would be done while considering the implication of the effective and smart
alignment process. The utilization of proper and successive management would allow the ease of
modifying the tools and techniques for digging the underground holes.
The following assignment has been developed on the case of construction of digging an
underground hole by XYZ organization and it would include the formation of risk priority
matrix, consequence table, likelihood table, escalation table, assessing top 10 risk, risk register
table, required time contingency, and required cost contingency. The alignment has been
successful for implementing the usage of proper and effective management process.
Risk Matrix for Construction Project
The risk matrix is a specific tool for deciding the evaluation of the risk for listing final
development process (Lam 2014). The influence of the improved functional and development
management is helpful for listing the management process. The risk matrix would be developed
for aligning with the utilization of risk factors and forming the management process. The matrix
would be implied for listing the proper and identical management process. The utilization would
be managed for forming the analysis of the proper risk identification. The probable risk factors
are rate of excavation, underground services, larger amount of rock when compared to soil,
equipment damage, weather, site access, contaminated soil, person getting injured by excavator

3RISK MANAGEMENT PLAN
or falling into excavation hole, delay in completion, and economic loss. The following is the risk
matrix that can be used for analysing the risk in the construction projects,
Rating Low Medium High
Severity
Likelihood
Minor Moderate Major Severe
Almost
Certain
(Above
70%)
underground
services
Likely
(45%-70%)
Delay in
completion
rate of excavation
larger amount of
rock when
compared to soil
weather
Unlikely
(20%-45%)
economic loss
equipment
damage
Rare
(5%-20%)
contaminated
soil
person getting injured by
excavator or falling into
excavation hole
site access
Table 1: Risk matrix for Construction Project
(Source: Created by the author)
The matrix development would be formed for listing the probable implication and
development. The management would be effectively managed for providing the utilization and
usefulness integration (Agca et al. 2016). The risk matrix would be deployed for aligning the
utilization of the proper integration process. The identified risk has been classified into