Evaluating Risk: Hampden Bridge Project Using Risk Management Matrix

This report provides a comprehensive analysis of the risk management strategies applied to the Hampden Bridge project. Part 1 identifies potential risks using a risk management matrix, considering factors like environmental hazards and funding limitations. The report highlights the risk factors and their corresponding risk rankings. Part 2 delves into the effectiveness of the risk management matrix in evaluating risks, emphasizing its role in identifying funding sources and addressing safety concerns. It also critically examines the limitations of using a risk management matrix, such as the potential for subjective scoring and the lack of consistency in determining risk scores, which can impact the accuracy of risk assessments and decision-making. The report concludes by emphasizing the need for effective risk assessment techniques to mitigate potential threats to project performance, including costs, quality, safety, and timelines, and is available for students on Desklib.

Crisis Management and Disaster
Relief

Table of Contents
PART 1.............................................................................................................................................3
Risk management matrix to identify the poses Hampden Bridge...............................................3
Risk management matrix with use of relevant rating highlighted. ...........................................3
PART 2.............................................................................................................................................4
How risk management is helpful to evaluate the risk at Hampden Bridge.................................4
Description on limitations of using risk management matrix. ...................................................4
REFERENCES................................................................................................................................6

PART 1
Risk management matrix to identify the poses Hampden Bridge.
The selected project is based on Hampden Bridge is a remarkable example of Victoria
engineering and this also unique demonstration that creates romanticised structure within
beautiful remote rural location (Hubbard, 2020). In addition to this, the risk has been identified
with help of questionnaires survey in order to identify the impact on project schedule and cost.
The wagga city council has banned over the access to part of the Hampden bridge understructure
in terms to managing the safety. Additionally, the council has also asked to enhance efforts to
secure funding so that bridge can be upgraded. At this bridge the safety risk has been occurred
due to significant deterioration of the timbers. This bridge closed to all the public access in
august 2006 due to safety concerns. Therefore, wagga city council is taking initiatives to prepare
a management plan that is inclusive of western abutment to restored and maintained. Henceforth,
the risk has been outlined as are-:
 The one of the major risk risk identified is natural climactic conditions and environment
hazards as there is deterioration of the timbers.
 The ineffective quality of material has been used due to lack of government funding.
Risk management matrix with use of relevant rating highlighted.
The risk matrix to the Hampden bridge has been outlined as-:
Risk factor Risk rank (1 to 10) Risk factors Risk value
Unavailability of fund 3 There are differing site
conditions.
Low
Poor site management
and supervision
4 Inadequate amount of
the project financing.
Low
Inadequate site
investigation
2 Ineffective cost
estimation.
Low
Construction 5 Issues in relation to
internal cash flow
Moderate
Defective work 4 Lack of qualified
personal
Moderate

Insufficient
technologies
3 Inappropriate contract
terms
Low
Political instability 6 Claims and related
issues
High
Unstable government
policies
8 Quality issues High
Financial delays 6 Ineffective project
planning
High
Unrealistic cost
estimates
7 Issues in terms to
labour productivity.
High
PART 2
How risk management is helpful to evaluate the risk at Hampden Bridge.
The risk management matrix adds to identity sustainable funding sources in order to
restoring and maintain abutment at the Hampden bridge with help of successfully implementing
risk management matrix the safety concerns in terms to public access towards bridge has been
successfully identified (Malik, Zaman and Buckby, 2020). It is the assessment matrix that
suppose to put focus over category of probability or livelihood against the consequences in
addition to these it can been defined as mechanism that increase the visibility of risk and also
assist management decision making. Risk is condition that caused with uncertainty efforts that
can be taken to reduce the impact of these risk can be outlined as to get engaged in risk
management activity
Henceforth, it can be stated the main purpose behind using risk management matrix is to
analyse the risk of bridge development.
Description on limitations of using risk management matrix.
Risk management is one of the effective tool that can aid to identify the causes of risk
although it has also some limitations. Risk matrix can mistakenly assigned higher qualitative
ratings to quantify smaller risk. In addition to this risk with negative correlative frequencies can
be worse than useless and it can lead to worse then random decision. Risk assessment analysis

can assist project managers to take initiative to prepare to deal with events that can negatively
impact project schedules. Limitation to the analysis process can be inclusive of lack of
comprehensive data, insufficient time and training to conduct and detect managing events that
has huge impact on project deadlines. Thus, it can be stated that effective risk assessment is
highly depend on identifying the limitation of techniques that used. The one of the major
limitation of risk management matrix is lack of consistency to determine risk scores. In addition
to this, it can be stated that there are various types of risk that can be helpful to look-over to
identify the likelihood and know the extent of a threat visually (de Araújo Lima, Crema and
Verbano, 2020). Thus, it can be said that business can better define the methods, controls and
resources available to manage risk so that risk can be mitigated. Henceforth, this has been
analysed that risk pose a potential threat to performance of project in terms of cost, quality,
safety and time.

REFERENCES
Books and Journals
Hubbard, D.W., 2020. The failure of risk management: Why it's broken and how to fix it. John
Wiley & Sons.
Malik, M.F., Zaman, M. and Buckby, S., 2020. Enterprise risk management and firm
performance: Role of the risk committee. Journal of Contemporary Accounting &
Economics. 16(1). p.100178.
de Araújo Lima, P.F., Crema, M. and Verbano, C., 2020. Risk Management in SMEs: a
systematic literature review and future directions. European Management Journal. 38(1).
pp.78-94.
Hubbard, 2020 Malik, Zaman and Buckby, 2020 de Araújo Lima, Crema and Verbano, 2020.