Project Execution and Control: R.L. Frank Construction Risk Analysis
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Case Study
AI Summary
This case study analysis examines the R.L. Frank Construction Company's Lewis project, identifying and assessing significant risks associated with project planning, scheduling, and financial budgeting. The analysis includes a detailed likelihood and impact scale, risk level determination, and a comprehensive risk analysis table outlining risks such as improper planning, scheduling delays, and contract risks. The document proposes a risk treatment and action plan, assigning responsibilities and timelines for mitigation strategies. The report emphasizes the importance of effective communication, employee training, and adherence to proper planning methodologies. The conclusion highlights the need for proactive risk management by all stakeholders to ensure successful project outcomes. The provided document is a comprehensive report that includes tables, and risk reporting to mitigate project risks.
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Running head: Case Study Analysis of R.L. Frank Construction Company
Case Study Analysis of R.L. Frank Construction Company
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Case Study Analysis of R.L. Frank Construction Company
Name of the student:
Name of the university:
Author Note:
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1Case Study Analysis of R.L. Frank Construction Company
Table of Contents
1.0 Introduction.......................................................................................................................... 2
1.1 Identification and critical assessment of possible risks....................................................2
1.1.1 The likelihood scale.................................................................................................. 2
1.1.2 The impact scale........................................................................................................3
1.1.3 The risk level.............................................................................................................4
2.0 The risk analysis for the R.L. Frank Construction Company..............................................5
3.0 Risk treatment and action plan............................................................................................. 7
4.0 Conclusion..........................................................................................................................10
5.0 References.......................................................................................................................... 11
Table of Contents
1.0 Introduction.......................................................................................................................... 2
1.1 Identification and critical assessment of possible risks....................................................2
1.1.1 The likelihood scale.................................................................................................. 2
1.1.2 The impact scale........................................................................................................3
1.1.3 The risk level.............................................................................................................4
2.0 The risk analysis for the R.L. Frank Construction Company..............................................5
3.0 Risk treatment and action plan............................................................................................. 7
4.0 Conclusion..........................................................................................................................10
5.0 References.......................................................................................................................... 11
2Case Study Analysis of R.L. Frank Construction Company
1.0 Introduction
This part of the report deals with the significant risk that are associated with the
overall Risks that may be identified within the overall construction project. The below report
will be dealing with the overall constraints that are associated with the construction project of
the R.L. Frank Construction Company. This company significantly deals with the engineering
as well as construction firms regarding the carrying out of the project in the sectors of
petroleum, chemical, iron and steel, petrochemical, pharmaceutical as well as food processing
that tends to provide its services worldwide.
In respect to the case study, the Frank organization has adhered a significant project
that is referred to as the Lewis project (Frank Construction company, 2019). There are
potential issues that the client of Lewis is facing in respect to the management of the project
by the Frank organization. These risks will be analysed in the further part of the report.
1.1 Identification and critical assessment of possible risks
The significant risks that are identified in regards to the construction company of R.L.
Frank Construction Company in accordance to the Lewis Project are depicted to be the risk
associated with the proper planning, the schedule of the project, the analysis of each stage of
the project and the financial budget that is required to complete the project. These may be
significant in regards to any construction company like Frank where they are carrying out the
project With Lewis Company. Thus, it might be mitigated for the smooth execution of the
overall functional consequences regarding the stated project. The following risk analysis and
evaluation table will significantly identify the risks in regards to the R.L. Frank Construction
Company.
1.0 Introduction
This part of the report deals with the significant risk that are associated with the
overall Risks that may be identified within the overall construction project. The below report
will be dealing with the overall constraints that are associated with the construction project of
the R.L. Frank Construction Company. This company significantly deals with the engineering
as well as construction firms regarding the carrying out of the project in the sectors of
petroleum, chemical, iron and steel, petrochemical, pharmaceutical as well as food processing
that tends to provide its services worldwide.
In respect to the case study, the Frank organization has adhered a significant project
that is referred to as the Lewis project (Frank Construction company, 2019). There are
potential issues that the client of Lewis is facing in respect to the management of the project
by the Frank organization. These risks will be analysed in the further part of the report.
1.1 Identification and critical assessment of possible risks
The significant risks that are identified in regards to the construction company of R.L.
Frank Construction Company in accordance to the Lewis Project are depicted to be the risk
associated with the proper planning, the schedule of the project, the analysis of each stage of
the project and the financial budget that is required to complete the project. These may be
significant in regards to any construction company like Frank where they are carrying out the
project With Lewis Company. Thus, it might be mitigated for the smooth execution of the
overall functional consequences regarding the stated project. The following risk analysis and
evaluation table will significantly identify the risks in regards to the R.L. Frank Construction
Company.
3Case Study Analysis of R.L. Frank Construction Company
1.1.1 The likelihood scale
Score Flag Range Description
5 Almost Certain 0.67-0.99 Expectation is high to occur
4 Likely 0.33-0.67 Risk is common and will probably occur.
3 Possible 0.15-0.33 Risk may happen under certain situations.
2 Unlikely 0.05-0.15 Risk will probably not occur.
1 Rare 0.01-0.05 Risk is very uncommon and will probably occur under the most situations.
(Image: The likelihood table of risk)
(Source: Created by Author)
1.1.2 The impact scale
Score Flag Financial Impact Political Impact Time Impact
5 Extreme
Huge loss in financial sector Long-term reputational
damage of the
organization
Recovery is possible but
will require a significant
time of around 3 to 5
years
4 High
Significant loss in financial sector
It may be recovered by indulging
in different activities as well as
future endeavors
Long-term damage of
reputation within the
state of occurrence
Recovery is possible but will
require a significant time of
around 1 to 2 years
3 Moderate
Loss is significant. It may be
recovered by indulging in different
activities as well as other units of
the business
Medium-term damage
of reputation
Recovery is possible but will
require a significant time of
around 6 months
2 Low
Minimal loss Minor, short-term
isolated damage in
regards to the
reputation
Recovery is possible but will
require a significant time of
around 1 to 2 months’ time
1 Insignificant Insignificant loss of finance
No loss of
reputation
Recovery is possible within
due time
(Image: The impact table of risk)
(Source: Created by Author)
1.1.1 The likelihood scale
Score Flag Range Description
5 Almost Certain 0.67-0.99 Expectation is high to occur
4 Likely 0.33-0.67 Risk is common and will probably occur.
3 Possible 0.15-0.33 Risk may happen under certain situations.
2 Unlikely 0.05-0.15 Risk will probably not occur.
1 Rare 0.01-0.05 Risk is very uncommon and will probably occur under the most situations.
(Image: The likelihood table of risk)
(Source: Created by Author)
1.1.2 The impact scale
Score Flag Financial Impact Political Impact Time Impact
5 Extreme
Huge loss in financial sector Long-term reputational
damage of the
organization
Recovery is possible but
will require a significant
time of around 3 to 5
years
4 High
Significant loss in financial sector
It may be recovered by indulging
in different activities as well as
future endeavors
Long-term damage of
reputation within the
state of occurrence
Recovery is possible but will
require a significant time of
around 1 to 2 years
3 Moderate
Loss is significant. It may be
recovered by indulging in different
activities as well as other units of
the business
Medium-term damage
of reputation
Recovery is possible but will
require a significant time of
around 6 months
2 Low
Minimal loss Minor, short-term
isolated damage in
regards to the
reputation
Recovery is possible but will
require a significant time of
around 1 to 2 months’ time
1 Insignificant Insignificant loss of finance
No loss of
reputation
Recovery is possible within
due time
(Image: The impact table of risk)
(Source: Created by Author)
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4Case Study Analysis of R.L. Frank Construction Company
1.1.3 The risk level
Low
(1-4)
Minor
(5-10)
Serious
(11-15)
Major
(16-25)
Catastrophic
(>25)
Insignificant
loss of
finance.
Minimal time
for the
recovery,
Reputation
hampered
Minor loss of
finance. Short
time for the
recovery, Both
financial and
political respect
is hampered
Recovery time
needed is
reasonable,
Significant loss
of finance
Consequential loss of
finance. Major
implications in the
environment as well as
significant interruption in
the business. Recovery
time is significant
Severe loss of the
financial terms as well
as the significant loss of
reputation
(Image: The level of risk)
(Source: Created by Author)
1.1.3 The risk level
Low
(1-4)
Minor
(5-10)
Serious
(11-15)
Major
(16-25)
Catastrophic
(>25)
Insignificant
loss of
finance.
Minimal time
for the
recovery,
Reputation
hampered
Minor loss of
finance. Short
time for the
recovery, Both
financial and
political respect
is hampered
Recovery time
needed is
reasonable,
Significant loss
of finance
Consequential loss of
finance. Major
implications in the
environment as well as
significant interruption in
the business. Recovery
time is significant
Severe loss of the
financial terms as well
as the significant loss of
reputation
(Image: The level of risk)
(Source: Created by Author)
5Case Study Analysis of R.L. Frank Construction Company
2.0 The risk analysis for the R.L. Frank Construction Company
Risk
ID Risk Likelihood Impact Consequence Risk
Ranking Risk Level
1
Improper
Planning of the
project
3 5 The project will not be delivered within
time 15 Serious
2 Scheduling the
project 4 3
This will delay the project thus failing
the overall delivery within the assigned
time
12 Serious
3
Analysis of each
stage and
recording it
4 3 This will maximize the delivery time of
the overall project 12 Serious
4 Budget 2 3 This will hamper the project flow in
regards to the execution procedure 6 Minor
5 Contract risk 3 4
This will lead to the loss of project by
the organization thus hampering the
reputation of the organization
12 Serious
6 Technical Skills
of the employees 2 3 The project face severe consequences in
regards to its completion 6 Minor
2.0 The risk analysis for the R.L. Frank Construction Company
Risk
ID Risk Likelihood Impact Consequence Risk
Ranking Risk Level
1
Improper
Planning of the
project
3 5 The project will not be delivered within
time 15 Serious
2 Scheduling the
project 4 3
This will delay the project thus failing
the overall delivery within the assigned
time
12 Serious
3
Analysis of each
stage and
recording it
4 3 This will maximize the delivery time of
the overall project 12 Serious
4 Budget 2 3 This will hamper the project flow in
regards to the execution procedure 6 Minor
5 Contract risk 3 4
This will lead to the loss of project by
the organization thus hampering the
reputation of the organization
12 Serious
6 Technical Skills
of the employees 2 3 The project face severe consequences in
regards to its completion 6 Minor
6Case Study Analysis of R.L. Frank Construction Company
3.0 Risk treatment and action plan
Risk
ID Risk Risk
Ranking
Root
Causes
Risk
Treatment
Risk Control
Measures
Actions to be
Taken
Monitoring
Procedures
Responsible
Person Timeline
1
Improper
Planning of
the project
15
Wrong
anticipation or
delay by the
stakeholders
Proper planning
methodology is
to be adhered
Meetings should be held for
planning the project Analysis of the meeting Project
Management Team 30 days
2 Scheduling the
project 12
Delay by the
relevant
stakeholders
Proper
Scheduling of
the project is to
be adhered by
the project
manager
The schedule should be done
by significant stakeholders
The planning team must
comprise of the potential
leaders such as engineers
as well as project
managers
Project
Management Team 90 days
3
Analysis of
each stage and
recording it
12
Lack of
potential
management
skills
Significant
track of each
stage is to be
maintained
Tracking systems are to be
implemented for each stage
and further updating it (El-
Sayegh & Mansour, 2015)
The planning team must
significantly keep the
track of the per day
project success
Project
Management Team
All throughout
the project time
4 Budget 6
Lack of
financial
budgeting
Proper
budgeting
measures are to
be carried out
by experts
The budget planning module
should be adhered by the
project manager
The management team
must carry out effective
budget planning for
smooth execution of the
project
Budgeting Team 30 days
5 Contract risk 12 Ineffective
communicatio
n
Effective
Communication
methodology is
Communication methods are
to be implemented
Effective
Communication systems
are to be adhered
Project Manager Significant
instances within
the project
3.0 Risk treatment and action plan
Risk
ID Risk Risk
Ranking
Root
Causes
Risk
Treatment
Risk Control
Measures
Actions to be
Taken
Monitoring
Procedures
Responsible
Person Timeline
1
Improper
Planning of
the project
15
Wrong
anticipation or
delay by the
stakeholders
Proper planning
methodology is
to be adhered
Meetings should be held for
planning the project Analysis of the meeting Project
Management Team 30 days
2 Scheduling the
project 12
Delay by the
relevant
stakeholders
Proper
Scheduling of
the project is to
be adhered by
the project
manager
The schedule should be done
by significant stakeholders
The planning team must
comprise of the potential
leaders such as engineers
as well as project
managers
Project
Management Team 90 days
3
Analysis of
each stage and
recording it
12
Lack of
potential
management
skills
Significant
track of each
stage is to be
maintained
Tracking systems are to be
implemented for each stage
and further updating it (El-
Sayegh & Mansour, 2015)
The planning team must
significantly keep the
track of the per day
project success
Project
Management Team
All throughout
the project time
4 Budget 6
Lack of
financial
budgeting
Proper
budgeting
measures are to
be carried out
by experts
The budget planning module
should be adhered by the
project manager
The management team
must carry out effective
budget planning for
smooth execution of the
project
Budgeting Team 30 days
5 Contract risk 12 Ineffective
communicatio
n
Effective
Communication
methodology is
Communication methods are
to be implemented
Effective
Communication systems
are to be adhered
Project Manager Significant
instances within
the project
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7Case Study Analysis of R.L. Frank Construction Company
to be adhered
6
Technical
Skills of the
employees
6
Lack of skills
by the
engineers
associated
with the
project
Proper training
modules are to
be provided to
the employees
Potential training modules are
to be provided to the
employees (Fewings &
Henjewele, 2019)
The human resource
team must focus on the
employee skills
Members of Project
Management Team
Significant
instances within
the project
to be adhered
6
Technical
Skills of the
employees
6
Lack of skills
by the
engineers
associated
with the
project
Proper training
modules are to
be provided to
the employees
Potential training modules are
to be provided to the
employees (Fewings &
Henjewele, 2019)
The human resource
team must focus on the
employee skills
Members of Project
Management Team
Significant
instances within
the project
8Case Study Analysis of R.L. Frank Construction Company
4.0 Risk Reporting
The significant risks that are being analysed in the above risk assessment plan
determines the involvement of the various stakeholders such as the engineers associated with
the project, the prominent team members related with budgeting as well as the overall execution
of the project. Thus, it can be said that it is the noteworthy responsibility of the stakeholders to
effectively plan the project, timely schedule it, execute the project with the proper budgeting
tools as well as appointing efficient employees for the stated Lewis project. The adherence of
the significant strategies by stated strategies will help the organization to successfully complete
the project efficiently as well as effectively.
4.0 Conclusion
Thus from the above report it can be depicted that the overall risks associated with the
development of a project which needs to be mitigated in regards to the fact of the successful
execution of the project. Each of the significant employees should incorporate these risks and
thus make the mitigation procedures for the enhancement of the project. Moreover, the risk
assessment focuses on the different stages of the risk that may tend to occur within a project.
In addition to this the risk treatment as well as the action plan clearly depicts the actions that
can be adhered by the project management committee for the identification as well as
mitigation of the risks for a particular management of the project. Thus it can be concluded
that the organization of R.L. Frank Construction Company must critically focus on the risks
stated above as this organization mainly deals with the overall risks associated in regards to
the project as adhered by it.
4.0 Risk Reporting
The significant risks that are being analysed in the above risk assessment plan
determines the involvement of the various stakeholders such as the engineers associated with
the project, the prominent team members related with budgeting as well as the overall execution
of the project. Thus, it can be said that it is the noteworthy responsibility of the stakeholders to
effectively plan the project, timely schedule it, execute the project with the proper budgeting
tools as well as appointing efficient employees for the stated Lewis project. The adherence of
the significant strategies by stated strategies will help the organization to successfully complete
the project efficiently as well as effectively.
4.0 Conclusion
Thus from the above report it can be depicted that the overall risks associated with the
development of a project which needs to be mitigated in regards to the fact of the successful
execution of the project. Each of the significant employees should incorporate these risks and
thus make the mitigation procedures for the enhancement of the project. Moreover, the risk
assessment focuses on the different stages of the risk that may tend to occur within a project.
In addition to this the risk treatment as well as the action plan clearly depicts the actions that
can be adhered by the project management committee for the identification as well as
mitigation of the risks for a particular management of the project. Thus it can be concluded
that the organization of R.L. Frank Construction Company must critically focus on the risks
stated above as this organization mainly deals with the overall risks associated in regards to
the project as adhered by it.
9Case Study Analysis of R.L. Frank Construction Company
5.0 References
Ameyaw, E. E., & Chan, A. P. (2015). Evaluation and ranking of risk factors in public–private
partnership water supply projects in developing countries using fuzzy synthetic
evaluation approach. Expert Systems with Applications, 42(12), 5102-5116.
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction. Routledge.
De Massis, A., Frattini, F., Pizzurno, E., & Cassia, L. (2015). Product innovation in family
versus nonfamily firms: An exploratory analysis. Journal of Small Business
Management, 53(1), 1-36.
El-Sayegh, S. M., & Mansour, M. H. (2015). Risk assessment and allocation in highway
construction projects in the UAE. Journal of Management in Engineering, 31(6),
04015004.
Fewings, P., & Henjewele, C. (2019). Construction project management: an integrated
approach. Routledge.
Frank Construction company, R. (2019). Robert L. Frank Construction Company [Ebook] (1st
ed.). Chicago: Robert L. Frank Construction Company.
Hughes, W., Champion, R., & Murdoch, J. (2015). Construction contracts: law and
management. Routledge.
Lu, Q., Won, J., & Cheng, J. C. (2016). A financial decision making framework for
construction projects based on 5D Building Information Modeling (BIM).
International Journal of Project Management, 34(1), 3-21.
Zhao, X., Hwang, B. G., & Low, S. P. (2015). Enterprise risk management in international
construction firms: drivers and hindrances. Engineering, Construction and
Architectural Management, 22(3), 347-366.
5.0 References
Ameyaw, E. E., & Chan, A. P. (2015). Evaluation and ranking of risk factors in public–private
partnership water supply projects in developing countries using fuzzy synthetic
evaluation approach. Expert Systems with Applications, 42(12), 5102-5116.
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction. Routledge.
De Massis, A., Frattini, F., Pizzurno, E., & Cassia, L. (2015). Product innovation in family
versus nonfamily firms: An exploratory analysis. Journal of Small Business
Management, 53(1), 1-36.
El-Sayegh, S. M., & Mansour, M. H. (2015). Risk assessment and allocation in highway
construction projects in the UAE. Journal of Management in Engineering, 31(6),
04015004.
Fewings, P., & Henjewele, C. (2019). Construction project management: an integrated
approach. Routledge.
Frank Construction company, R. (2019). Robert L. Frank Construction Company [Ebook] (1st
ed.). Chicago: Robert L. Frank Construction Company.
Hughes, W., Champion, R., & Murdoch, J. (2015). Construction contracts: law and
management. Routledge.
Lu, Q., Won, J., & Cheng, J. C. (2016). A financial decision making framework for
construction projects based on 5D Building Information Modeling (BIM).
International Journal of Project Management, 34(1), 3-21.
Zhao, X., Hwang, B. G., & Low, S. P. (2015). Enterprise risk management in international
construction firms: drivers and hindrances. Engineering, Construction and
Architectural Management, 22(3), 347-366.
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