Project Risk Management: Robert L. Frank Construction Case Study

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PROJECT EXECUTION AND CONTROL
(Part B)
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Table of Contents
Introduction...........................................................................................................................................3
Part B.....................................................................................................................................................4
Risk identification and impact assessment.............................................................................................4
1.Identify and critical analysis of the impact of possible risks...........................................................4
2. Record the risks identified in a risk register...................................................................................5
3. Risk probability and impact matrix to rate and priories the risks...................................................5
2. Risk management and reporting........................................................................................................7
Response strategies to effectively manage identified risks in the case study.....................................7
Identify and describe how the stakeholders will be apprised of the project's ongoing risk
management activities.......................................................................................................................7
Conclusion.............................................................................................................................................9
References...........................................................................................................................................10
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Introduction
This report will be based on the analysis of risk management. It will be based on the case
study, i.e. Robert L. Frank Construction project. After observing risk in the specific case
study this report will be generated. It will describe the risk identification and how the
assessment will be done on the risk impact. The risk register will be able to record the
potential risk. The risk matrix will help shows the probability of risk. This report will be
focused on the risk reporting in which it will explain how the risk will be reduced during the
project and how stakeholder will reduce the probability of risk. This report will increase the
awareness about the risk faced during the construction project.
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Part B
Risk identification and impact assessment
1. Identify and critical analysis of the impact of possible risks
It is considered to be one of the most important steps in the project management that the risks
identified with the project, will be identified on time so that the possible changes would be
run in the project. It will be a helpful step in the successful execution of the project. The
following will be the identified risks and impact of those risks to the project of the company
as well.
Poor management – This project was running on a large scale which made it very important
that the management had to be proper and effective as well but the biggest possible risk was
associated with the project was poor management. The project was not experienced and was
unable to handle the complications to the project (Eastburn & Sharland, 2017).
Financial risks- The project had some financial risks also which lead to increase the project
costs as well. It is very important that the financial management of the project must be proper
but the project manager did not able to handle financial things because the representative
interfered as well.
Poor communication– Communication was poor and not effective as well during the whole
project with the team members. During the finalization, the whole team was on vacation
which interrupted communication. The project manager did not inform higher management
about the failures of the test results as well.
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2. Record the risks identified in a risk register
The following were the risks which must be identified in a risk register.
Poor financial management – It is considered the biggest risks which must be identified and
record in the risk registers. The key of every successful project is the effective financial
management but in this project the project manager was not experienced and not able to
manage the budget because of interfere from the representative from other companies as well.
Failure of the tests – The failure of the tests during the project must be identified as a big
sign which could lead to the failure of the project. It is significantly going to make serious
make bad results as well. If the project manager would inform on time to the higher
management, results or outcomes would be different for sure as well (Lee, et.al., 2019).
3. Risk probability and impact matrix to rate and priories the risks
1 2 3 4
This matrix represents that GREEN refers to higher risks; BLUE refers to moderate risks and
RED refers to low possibilities of the risks as well.
Risks Ranking Impact
Poor communication
Inappropriate operational
management
Poor financial management
Failure of the tests
1
2
3
4
Leads to inappropriate
management of the project
Leads to project failure
Leads to financial failure to the
company
Leads risks to the market image
of the company among
5
4 8 12 16
3 6 9 12
2 4 6 8
1 2 3 4

competitors
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2. Risk management and reporting
Response strategies to effectively manage identified risks in the case study
According to the case study, there are some effective strategies which can be controlled or
monitored by risk management in the construction project.
Efficient communication in the team: Every project requires proper communication in the
team members. Project manager and the team member must need to discuss which is
identified by nay of the team member and resolves before rising nay negative impact. In the
construction project, the project manager needs to collaborate with the labour must be taken
care of their expectations. Open and efficient communication can lead the project
successfully. Due to this case study, it has been analysed that communication is the only
thing which can able to resolve efficiently.
Financial management: After reviewing the case study, it has been analysed that it has
improper financial management for monitoring and controlling risk. Budget management is
one of the causes which increase the risk during the project. Monitoring and controlling the
activities to reduce the impact of risk. Robert L. Frank Construction Company was facing
budget issues. Due to this reason, they were not capable to run its project smoothly (Risk
management, 2014).
Identify and describe how the stakeholders will be apprised of the project's ongoing risk
management activities.
After observing the case study, it has been analysed that stakeholder can able to appraise the
ongoing project and reduce the impact of potential risk in the construction project.
Daily project status report: If every team member prepares its report for the day and
mentioned how much work was completed and how much was remaining. It also needs to
mention what kind of issues faced in the progressive task. If the respective team member
noticed it and discuss with the other team members and identify other alternatives which can
resolve the issue.
Regular meeting: As per the case study the stakeholders are not much serious towards the
meeting and discussion. Due to this their risk continuous increased in the financial
management, in the labour turnover etc. So, Stakeholder needs to participate itself in the
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regular team meeting where they can discuss the project detail and the progress of work.
Stakeholders need to contribute completely and it also increases the communication among
team members and project manager (Sahay & Ierapetritou, 2015).
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Conclusion
This report helps to conclude the effective elements and components of the project
management as well. It addressed the most possible risks identified in the project and their
impact on the successful completion of the project according to the given Robert L. Frank
Construction case study as well. A risk matrix has been used to measure the risks associated
with the project. Along with that few strategies has been discussed as well.
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References
 Eastburn, R., & Sharland, A. (2017). Risk management and managerial mindset. The
Journal of Risk Finance, 18(1), 21-47. doi:10.1108/JRF-09-2016-0114 https://search-
proquest-com.ezproxy.laureate.net.au/docview/1858853782?accountid=176901
 Lee, S., Lee, I., & Han, J. (2019). Design under uncertainty of carbon capture,
utilization and storage infrastructure considering profit, environmental impact, and
risk preference. Applied Energy, 238, 34-44. doi:10.1016/j.apenergy.2019.01.058
https://www-sciencedirect-com.ezproxy.laureate.net.au/science/article/pii/
S0306261919300583
 Risk management. (2014). Nature, 505(7482), 131-2. https://search-proquest-
com.ezproxy.laureate.net.au/results/AF1D9CF3A2B74194PQ/1?accountid=176901
 Sahay, N., & Ierapetritou, M. (2015). Flexibility assessment and risk management in
supply chains. Aiche Journal, 61(12), 4166-4178. doi:10.1002/aic.14971
https://lesa.on.worldcat.org/oclc/5907771620
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