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Mgt8077 Risk Management Assignment Sample

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Mgt8077 Risk Management Assignment Sample

Introduction - Mgt8077 Risk Management

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In running a project, the company plans for its growth and implements strategies for sustaining the competition. To run the project smoothly, the company must plan for risk and other hurdles coming in the way. The risk management team plays a crucial role in finding out the root cause of the issue and planning strategies to overcome that risk. The risk can be various in nature, and that is directly related to the execution and production of the company. If the production does not meet the standardized quality, the company will not be successful in the selling process too. All the departments of the company are correlated with each other and have to surpass all the stages to achieve the end result. Laing O’Rourke is Australian based international construction company. Dealing with heavy machinery leads them to numerous risks in their way. They have a risk management team to develop the risk management plan.

Organizational context

Organizational information

Laing O’Rourke is an Australia-based construction company that was established in 2001. It was the extension of John Laing Plc, a construction firm established by R O’Rourke & Son, whose origin can be found in 1978. They work for clients located in the Middle East, Australia, and the U.K. They build shopping malls, buildings, private property for individual clients and organizations.

Project details

The construction-based company Laing O’Rourke has undertaken a project named Darlington Bridge Upgrade Project in Australia. According to Chatterjee et al. 2018, the nation has observed the most challenging infrastructure project in terms of grandeur of the length. They have implemented modern techniques, unique methods of construction, and industry-leading designs and ideas.

The construction-based company is implementing techniques and new methods to build a 3,000 tonne, 180-meter bridge. This method is never seen in the entire nation before.

Risk analysis of the project

The risk that the company is undertaking is a huge amount of finance, skilled labor, using expensive modern machinery, shortage of resources and violating government policies, and many other terms and regulation. The companies have hired the best panel of experts to combat the risk coming in front of their execution process. As per the view of Vladimirova et al. 2018, the experts learn about the nature of risk, whether it is internal or external, for the risk identification. As per the view of Wang et al. 2020, The risk identification process leads to analyzing the scope, methodology, communication of the organization. It has a huge impact on the execution process of the company. 

Literature review

Initial scanning of resources

Article name

year

peer - review

Relevance to the case study

Assignment topic

Relevance to the topic

Other notes

Study on Risk Assessment of Bridge Construction Based on AHP-GST Method. IOP Conference Series.Earth and Environmental Science, 189(4),.

2018

no

high

1

high

Used in the literature review

Loss Assessment for Sustainable Industrial Infrastructure: Focusing on Bridge Construction and Financial Losses. Sustainability, 12(13), pp. 5316.

2020

No 

High 

high

Compared and contrast in the literature review

Risk estimation of large complex bridge construction based on factor analysis. IOP Conference Series.Materials Science and Engineering, 780(7),.

2020

no

high

1

high

Used in literature review

. Information Management Strategy of Bridge Construction Technology Based on Big Data. Journal of Physics: Conference Series, 1852(3),.

2021

no

high

1

high

Compared and contrast in the literature review

Safety risk Assessment for Construction of Highway on Plateau Mountainous. IOP Conference Series.Earth and Environmental Science, 643(1),.

2021

no

high

1

high

Compared and contrast in literature review

Risk Assessment on the Construction of Vacuum-Aided Concrete Filled Steel Tube Pouring. IOP Conference Series.Earth and Environmental Science, 455(1),.

2020

no

high

1

high

Used in literature review

Study on Identifying Significant Risk Sources during Bridge Construction Based on Grey Entropy Correlation Analysis Method. Mathematical Problems in Engineering, 2021.

2021

no

high

1

high

Compare are contrast in literature review

The articles are evaluated in the literature review and their strength and weakness are highlighted in the report. This has helped the chosen company to formulate its risk factor.

Risk identification

Many numbers of traditional companies have tended to overlook the risk factors associated with the project. The risk can be generated by unpredictable events that will fail the company’s planned strategy. The companies have realized the unforeseeable risk that comes in their way and creates problems in surviving in Civil Industry. Accordion to LI et al. 2020, the competition is immense, and the risk factor is considered severely by many Multinational Companies; hence, they are taking many measures to combat the situation. The sustainable construction concept offered by the company gives long-term economic feasibility, high-quality product, eco-friendly production. Here, two journals have been taken, and compare and contrast have been made to identify the risks a bridge project may face.

The first journal that has been selected is “Study on Risk Assessment of Bridge Construction Based on AHP-GST Method” by HUANG et al. (2018), which was published in 2018 and was a peer-reviewed article. According to HUANG et al. (2018), the risk factors are clearly identified associated with the complexity of the project’s geographical location, the participants in the execution of the project, and the large cost scale of the project. The company provided Construction with All Risks insurance to the members associated with the project as the protection coverage from any sort of damages. The company’s risk management focuses on the Superstructure, that is, economic constructibility and safety of building a bridge. The construction cost must meet the cost of the resource and labor. The time span plays a crucial role as if the construction period is extended, the relative cost of construction will increase. Combating with natural calamities like floods and typhoons are the major risk factors in the construction process. The company’s risk management team uses a natural Disaster Assessment Network Map. A particular description of all the expected risk factors in the journal serves as the strength which can be the guiding factor of many scholars experts in this field. The weakness of the journal is less recommendation in dealing with the adjoining risk of the project.

The second journal that has been selected is “Information Management Strategy of Bridge Construction Technology Based on Big” by MENG (2021). In comparison to HUANG et al. (2018), in MENG (2021) journal, the risk factors are clearly addressed in the journal covering all the grounds of the project, such as project plan accuracy, problems related to remote sites, issues in the water supply, using new technological assistances can create the problem, construction machinery failure, power failure can delay the finishing schedule of the project, there can be a mechanical collision and damaging in the construction site, most important climate factors like storms, fires can damage the project. The strength of the journal is the research data, the numerical statistics of the risks associated with the project. The weakness of the journal is not sufficient fundamental information of the risk factors given.

Risk analysis and evaluation

The risks must be identified and taken into consideration at the time of planning the project. A risk assessment or evaluation process has several factors, such as analyzing the factor what if the situation comes another way. The alternate process only avoids the risk factor in the execution of the project. The fault tree analysis examines the source of the risk; failure mode event analysis examines the construction plan process; hazard operability analysis discusses the issues coming from the surrounding of the project. Analyzing the risk factor helps to cope with the many possible risks. It provides the ground to recheck the strategies of the company's risk management.

The first journal that has been selected is “Safety risk Assessment for Construction of Highway on Plateau Mountainous” by TIAN et al. (2021); the risk analysis is given in the index form. The construction of highways in the offbeat domain like plateau faces the bad condition of construction plan and the natural diversities like a landslide, collapse, and other geological disasters. Total analysis of disaster risk is evaluated in the journal, including manage risk, economic risk, social risk, disaster risk, and topographical risk of the project. The risk matrix method is implied to get the idea of the importance of the risk. The risk columns are used to analyze the degree of risk influence and to build a safety risk assessment. The strength of the journal is the description of the mathematical interpretation of the risk factors in the project. The weakness of the journal is not focusing on the alternate plan in avoiding the risk of the project. The second journal that has been selected is “Study on Identifying Significant Risk Sources during Bridge Construction Based on Grey Entropy Correlation Analysis Method by WANG et al. (2021) analyses the risk factor during bridge construction. The systematic risk factor determines all the aspects of the census process the safety risk event in the construction process. This occurs by the corresponding risk source. IN the journal written by WANG et al. (2021), in comparison to TIAN et al. (2021), it has been seen that the company has undertaken the survey process, which is dynamic in nature, to analyze the source of the risk factor, the company evaluates the risk with scientific calculation to get accurate and specific results to identify the source of the risk. The strength of the journal is the total evaluation of the risk and methodical analysis of the factors of the risk. Theweaknessof the journal is not sufficient recommendation or the alternator plan to execute the project.

Recommendation

The risk factors of the project are evaluated by the number of different risk management tools and techniques. The risk is supposed to be inherent while planning and executing the project. Risk management is the methodology adopted by the companies at the beginning of the project to ensure safety to the members associated with the project. The project managers respond to the risk and adopt suitable strategies to get a better outcome for the project. The tools the company adopts for risk management are as follow:

Root cause analysis: the root cause analysis is the factor identifying the fundamental risk which is incorporated in the true essence of the project. After analyzing the risk management team plays a crucial role. They should not be only responsive but also preventative as well. Lack of efficiency in the management team can identify the root cause after the arrival of the issue. It mainly addresses the cause of the risk and not the symptom. The tool highlights the question of “what is the risk? How did it occur? Why did it occur?” etc. After getting the answers to these questions, Laing O’Rourke can easily develop a secondary plan to overcome the risk factor in the execution process (HUYMAJER et al. 2022). The company has appointed experts from the domains of science, technology, engineering, mathematics, and civil to get the best insight in dealing with the risk factors.

SWOT: It is the tool that analysis the strength, weaknesses, opportunities, threats to identify the risk factor. As per the view of BREDESEN et al. (2017), tells to implement the tool to determine the strength factor of the project. Simultaneously after getting the strength factors of the company, weakness automatically comes up in the critical evaluation. The weakness exposes the ground where the company can work to get effective results. The ground where the project is lacking or some missing factors can be detrimental to the execution of the project. This gives the platform for the negative risks. Opportunities are referred to as positive risks, and threats are considered negative risks. The findings of the SWOT can be classified in a four-squid grid. Laing O’Rourke has studied the four-squid grid before planning the project. The company mainly focuses on the strength to overcome their weakness.

Risk assessment: the tool has been developed to examine the nature of the risk. The risk factors can be social, economic, technological, legal, political, and environmental. All these grounds have their own risk and dispute factors. These factors are directly related to the project the business of the company. ZHANG and SONG (2020) further mentioned that these factors are correlated to and influenced by each other. The risk factor is evaluated by the risk management team to find out preventive measures of the risk. Laing O’Rourke has been running their business successfully over the decades and faced numerous risk factors in the construction sites. They implement tactics strategic plans to analyze the nature of risk and act accordingly.

image of Describing the risk management process

Figure 1: Describing the risk management process

(Source: B M Y MOHAMMAD et al. 2019)

In the above figure, it is clearly pointed out the risk management process in a systematic way. First, the risk factors should be identified, then proper analysis and assessment of the risk are important to get the end result. Then risk should be controlled, and lastly, the review of the whole process is articulately described to complete the cycle.

Conclusion

The Australian construction-based company Laing O’Rourke has undertaken a project named Darlington Bridge Upgrade Project. This report seriously evaluates the risk factor compared with the other journals. The predominating risks are identified in the evaluation process. The risk assessment identifies the nature and source of the risk, but in the conclusion process, one needs to consider that risk management is an ongoing process and cannot be solved within a stipulated time or in one time period. Risk management can also be termed as the crisis management of the project. The calculations, matrix, data give an overview of the ongoing risk factors. The company takes the help of scientific invention to mitigate the risk factor and to become specific in their approach. Literature review gives an authentic approach to the analysis of the report. The recommendation is given with the perception to strengthen the loopholes of the company, and implementing the tools will give effective results.

Reference list

B M Y MOHAMMAD, A., REDZUAN, Z.B.M., MUHAMMAD FIKRI, ,B.K. and NUZUL, A.H., 2019. A review of application of risk management in Malaysia construction industry. IOP Conference Series.Earth and Environmental Science, 357(1),.

BREDESEN, R.E., DRAPALIK, M. and BUTT, B., 2017. Understanding and acknowledging the ice throw hazard - consequences for regulatory frameworks, risk perception and risk communication. Journal of Physics: Conference Series, 926(1),.

Chatterjee, K., Zavadskas, E.K., Tamošaitien?, J., Adhikary, K. and Kar, S., 2018. A hybrid MCDM technique for risk management in construction projects. Symmetry, 10(2), p.46. Available at: https://www.mdpi.com/2073-8994/10/2/46

HUANG, R., PENG, K. and ZHOU, W., 2018. Study on Risk Assessment of Bridge Construction Based on AHP-GST Method. IOP Conference Series.Earth and Environmental Science, 189(4),.

HUYMAJER, M., WOEGERBAUER, M., WINKLER, L., MAZAK-HUEMER, A. and BIEDERMANN, H., 2022. An Interdisciplinary Systematic Review on Sustainability in Tunneling—Bibliometrics, Challenges, and Solutions. Sustainability, 14(4), pp. 2275.

LI, Q., LEI, J., TIAN, W., YAN, Y., ZHANG, H., ZHANG, H. and XIANG, Q., 2020. Risk estimation of large complex bridge construction based on factor analysis. IOP Conference Series.Materials Science and Engineering, 780(7),.

MENG, F.,2021. Information Management Strategy of Bridge Construction Technology Based on Big Data. Journal of Physics: Conference Series, 1852(3),.

TIAN, J., LI, Z. and XI, J., 2021. Safety risk Assessment for Construction of Highway on Plateau Mountainous. IOP Conference Series.Earth and Environmental Science, 643(1),.

Vladimirova, I., Zemskov, P. and Tsygankova, A., 2018. Model of risk management of construction project based on transaction costs. In MATEC Web of Conferences (Vol. 193, p. 05025). EDP Sciences. Available at: ://www.matec-conferences.org/articles/matecconf/abs/2018/52/matecconf_esci2018_05025/matecconf_esci2018_05025.html

WANG, J., HE, J., HAN, Y., DENG, L. and LI, W., 2020. Risk Assessment on the Construction of Vacuum-Aided Concrete Filled Steel Tube Pouring. IOP Conference Series.Earth and Environmental Science, 455(1),.

WANG, K., L.U., C. and LI, Q., 2021. Study on Identifying Significant Risk Sources during Bridge Construction Based on Grey Entropy Correlation Analysis Method. Mathematical Problems in Engineering, 2021.

ZHANG, H. and SONG, X., 2020. Applications of Monte-Carlo method for risk assement of buildings at service stage. Journal of Physics: Conference Series, 1549(3),.

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