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Construction Project Risk Management Research Paper

… Construction Project Risk Management

Risk management is the process of identification, assessment and prioritization of risk to minimize uncertainties within a project lifecycle. Risk management is a management tool aiming to identify the risks and uncertainties as well as determining the impact and develops appropriate management responses to manage the risks. A systematic approach to manage the risks is to divide the risks into risk identification, risk analysis and risk response. However, risk response is divided into further actions, which include reduction, retention, transfer and avoidance. Contrary to other industry, construction industry is characterized with more risks due to the unique features associated to construction activities and complicated process surrounding the construction project. (Zou, Zhang, Wang, 2010).

Construction projects are categorized as very complex projects…. [read more]


Management Chapter 1-The Influence of the Project Research Paper

… ¶ … Management

Chapter 1-the influence of the project procurement process on the design management strategy

The client may choose one of many available methods of procurement. This may result in different contractual and managerial relationships with the design team. In many instances, each method is unique in its approach and overall direction. Interestingly the entire design team, or design unit, may be within the client's own organization, an independent consultant or part of a contractor's organization. However with the many different facets of project procurement there are similarities as it relates to the overall management strategy. These similarities are common with all procurement processes and should be addressed appropriately with the client. These aspects heavily influence the design management strategy as the often come…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

The nature of the construction market

The nature of the construction tasks makes the sector one-of-a-kind because the production centers or plants mostly need to relocate to the construction website (Chapman, 2001). There are lots of various descriptions of the construction sector, drawn from various expert disciplines. This ambiguity is compounded by the truth that the construction industry includes such a large array of tasks that the sector's exterior borders are likewise confusing (Baloi and Price, 2003). For instance, the term "construction" can consist of the erection, repair work, and demolition of things as varied as residences, workplaces, forms, dams ... And so on. Construction is tough to understand totally due to the fact that the relationships in between the components…. [read more]


Sochi Every Project Has Risk Research Paper

… Today, past data is often gathered and applied to simulations that incorporate a wide range variables, so that the managers can run the simulation multiple times to determine better numbers with respect to both probabilities and damages (Winkelvos, Rudolph & Repp, 2011).

Three Major Risks and Potential Impact to the Project

The project being chosen is the Sochi Olympics. The three major risks are terrorism, construction problems and bad weather. The weather is something that can be studied ahead of time based on past weather. Terrorism is something of an unknown but it would be catastrophic. Construction risk is easier to manage because there are best practices in construction that can be followed.

Suggested Ways to Manage the Risks

There are many ways to manage…. [read more]


Project Management February J. 2014 Research Paper

… (Kerry, 2010). A project manager is an important project leader who communicates a project's vision to the subordinates. A project leader plans a project, measures performances of a project and solves problems that could arise from a project implementation. Common leadership styles used to run a project include:

Charismatic

Transformational

Transactional,

Autocratic,

Situational,

Participative,

Autocratic or Democratic.

To achieve organizational goals from a project, a project leader defines the phase of a project which includes:

Technical work to perform in each phase of a project,

The time of deliverable of each project

Stakeholders involved in each phase,

Strategy to implement control and approval in each phase.

A project sponsor also plays a critical role in the success of a project. Involvement of a project sponsor…. [read more]


Manage Project Risk Essay

… Project Risk Management

Manage Project Risk

Project management is the application of skills and knowledge in activities with the intentions of satisfying the client's needs and objectives set for a certain project. Project management happens in different phases, which include the, conception phase which is including the nurturing of an idea, the definition phase which entails documenting the idea, the planning and organizing phase that involves the project planning in details plus involvement of all stake holders, the implementation phase that entails the project undertaking and work are done, and lastly the project clean up phase that sees all the documentations filed, tools and materials cleared and handover of the project Zwikael and Ahn, 2011()

A core function of the project manager requires them to…. [read more]


Project Management in the Oil Industry Thesis

… Project Management in the Oil Industry

The oil industry has had to adopt various tools in order to survive intense competition in the international market. Conservative efforts to get more profits and gaining customers by relying on size and strength are no longer applicable and only those companies who have successfully implemented project planning and management have been able to get an edge in this industry. Project management is typically a repetitive cyclical procedure which includes planning, implementing and controlling a series of tasks. Project planning and management consists of various processes which can be broadly placed in two parts. These are (a) Process designing to get the desired result, and (b) preparing a schedules and budget for the process. Process definition involves definition of…. [read more]


Project Management Strategies Used for the Sydney Research Paper

… Project Management Strategies Used for the Sydney Harbour Tunnel

This study examines the project management strategies that were used for the construction and administration of the Sydney Harbour Tunnel. The research method used for this purpose consisted of a review of the relevant peer-reviewed, scholarly, corporate and governmental literature concerning the Sydney Harbour Tunnel project. This approach is highly congruent with the guidance provided by various social researchers who emphasize the need to review what is known about a given topic before formulating opinions and to identify existing gaps in the body of knowledge. For instance, Fraenkel and Wallen report that, "Researchers usually dig into the literature to find out what has already been written about the topic they are interested in investigating. Both the…. [read more]


Project Management and the Federal Research Paper

… The argument presented in the UN report that sustainable growth can actually be implemented through cost-effective means is another indictment of the administration's project management aptitude. When the unfortunate course of America's newly launched sustainability project is analyzed from the perspective of project cost management, it becomes readily apparent that a significant portion of the government's project management team likely consisted of individuals with a background in information technology. It is widely known among the project management community that "many information technology professionals often react casually to cost overrun information (because) they know that many of the original cost estimates for information technology projects are low to begin with or based on very unclear project requirements" (Schwalbe, 2011). The fact that so many of the…. [read more]


Woody 2000 -- Project Outline Research Paper

… It is reasonable to suspect that proper risk planning could have worked to identify many of the problems that the project experienced during the planning phase. Another aspect of the project that was also immediately deemed insufficient was the lack of a change management plan or a system developed to control change. In response to these issues the project a new project plan must be administered to bring the project back on track.

Time, Resources, and Cost Issues

There were many additional costs that were incurred beyond that of the actual project. First of all, the project ended up affecting the main business operations which had a serious detrimental effect on the competiveness of the overall business. Therefore not only was the project a failure…. [read more]


Health and Safety in Construction Research Paper

… The construction industry in United Kingdom is regulated by Construction Design and Management (CDM) through its various regulations related to health and safety, CDM is a government body that regulates small and large builders along with contractors, sub-contractors, designers and workers. Another government body, Health and Safety Executive (HSE) provides meaningful resources and publications helping all the stakeholders understand their roles, rights and obligations related to health and safety in construction.

Guidelines related to health include various diseases and disorders seen in construction workers, for example the HSE provides brief guidelines over Asbestos on its website.

In April 2007 CDM announced a new set of regulations related to health and safety replacing the predecessors of 1994 and 1996. These regulations called for an overall improvement…. [read more]


Project Management for Construction Essay

… Construction Project Management

Project Management for Construction

Project management in the field of construction is a task that encompasses each and every facet of the construction project itself -- all the way from research and development to a project's ultimate review and completion. It includes a seemingly endless cycle of decision making and planning, optimizing performance, fragmenting the project management among different areas and specializations, improving productivity, communicating effectively and ensuring quality of both work and performance (Hendrickson, 1998, p.3). The project management process and the procurement process are two aspects of construction that have long been considered to be in "lock-step" with one another, in that neither can function without the evolution of the other (Hairston, 2005, p.1). The procurement process, generally involves five…. [read more]


Project Management and the Transformation Research Paper

… Phillips (2004) asserted that project managers along with the team members come up to the planning processes as many times as they feel a need during the project. Considering the need to continuously modify the planning, experts in project management field recommend that it is the best approach to adopt a continuous planning; this approach has been named as 'progressive elaboration' (Gido & Clements, 2006; Kerzner, 2006a, 2006b; Phillips, 2004; PMI, 2004) in anticipation of the planning baseline has been produced

While going through the planning phase, the project managers and their team members hold meetings, till the time when project is effectual so as to efficiently plan their execution of the project. The activities that take place during planning are, "preparation of the scope,…. [read more]


Project Management Term Paper

… This way the project manager can offer insights as well as get a feel of the work that is expected. If the project manager has been trained to pick up on values then this step could represent a critical opportunity to avoid any miscommunications that could led to costly delays or scope changes. The project manager should have the opportunity to speak directly to as many stakeholders as possible before planning the project so that they know exactly what is expected and can have a feel for the values that are important to the project.

3) Critically discuss how the workshop model presented by Thyssen et al. might be effective for your project and describe what challenges you would expect in utilising such a model…. [read more]


Project Management Assessing the Role Thesis

… Project Management

Assessing the Role of the Project Plan

The intent of this analysis is to assess the role of the project plan and why its location in the project planning phase is optimal for attaining inter- and intra-group collaboration and minimizing shared risk through a project's duration. This analysis will also discuss the challenges a project manager faces in creating a project plan, best practices in developing project plans, and a template for a project management deliverable are also provided. Evaluating tools and techniques, both from a theoretical and empirical standpoint, are also evaluated. This analysis concludes with recommendations for project managers who will be using the proposed project management deliverable for their project. The deliverable is a pro-forma product launch activity plan for…. [read more]


Project Management Accreditation Essay

… (PMI 2011)

In the Closing process group, the PM develops closing procedures, completes contract closure, confirms that all work has been done to requirements, gains formal acceptance of the product, prepares final performance reports, updates lessons learned data base, hands off completed project to on-going management, and releases all resources acquired for the project. (PMI 2011)

The primary certification from the PMI is the Project Management Professional (PMP) designation. An applicant for the PMP must have either: A four-year degree (bachelor's or the global equivalent) and at least three years of project management experience, with 4,500 hours leading and directing projects and 35 hours of project management education. Or, a secondary diploma (high school or the global equivalent) with at least five years of project…. [read more]


Project Management for an Experienced Essay

… Generally, open negotiation consisting of several rounds following an initial evaluation of potential contractors and suppliers is recommended, as this tends to yield the best available price from the most reliable contractors or suppliers. A determination cannot be made in this case, however, as for certain needs and processes a closed-bidding or other procurement process might be best (Bower, 2003). This organization is more than capable of advising on general and specific procurement processes once further discussion of your needs has been carried out.

Contract Elements and Termination

Specific parts of procurement contracts that should be included with your suppliers and other contracted parties as a part of this project include, as mentioned above, penalties for time delays and budget overruns, and these should be…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

Objective of this course work is to explore the strategy to be used for the risk identification and risk management within the construction project. The study discusses risk identification, risk management, data collection and risk analysis. The study uses a case study to demonstrate the importance of risk management within the construction industry. The findings of the case study reveal that risk plan is critical before the project implementation. The risk plan will be used to identify the known and unknown risks during the project lifecycle and the method to manage these risks. The study suggests for further research on the risk management procedure within a complex construction project.

Project Outline

Introduction

: Risk Management Requirements in a Construction Project/sub-project

:Risk…. [read more]


Manage Project Risk Assessment Essay

… Building construction industry is one of the key industries that motivate the Australian economy. Apart from generating employment opportunities for nearly one million people in Australia, the building construction industry is also the fourth largest contributors to the Australian GDP (Gross Domestic Product). In 2009, building construction industry accounted to the 6.8% of the Australian GDP. Building construction industry is also one of the largest employers of labour in Australia. In 2009, there were 984,100 people working in the building construction industry representing 9.1% of the total workforce in Australia. (Australian Bureau of Statistics, 2010).

Despite the importance of the building construction sector for the Australian economy, the building construction is a risky industry, and is embedded with uncertainties due to the internal and external…. [read more]


Restoration Project Office Renovation Essay

… Furthermore, recent studies have indicated the of the PMBOK Guide's nine Knowledge Areas that risk planning is among the top that have the greatest impact upon effective project management (Zwikael, 2009). Since this project is technically challenging and there are potentially many obstacles that the construction crews could encounter, it is reasonable to suspect that a detailed risk management plan may be of vital importance to the project.



In order to prepare a comprehensive risk management plan the literature was surveyed for information about best practices. For complex construction projects such as this, it is critical that the project manager prepare a detailed risk management plan that depicts all of the various risks identified by the relevant project stakeholders. Some of the…. [read more]


Construction of London Olympic Stadium Essay

… Graham and Male mention a project's rank as being vital to its success, as a prioritised project will tend to attract more resources. In this case, the ODA leaflet Olympic Stadium -- Designed to be different refers to it as the heart of the Olympic Park and the Olympics' flagship venue. Considering the Client's high ranking of the project, its success within the programme could be assured (Masterman, 2002).

Other challenging aspects related to programme management are enumerated by Lycett, Rassau and Danson as:

Problems in the relationship between programme and project managers, resulting in inflexibility, cumbersome reporting and creation of a culture of blame;

The success of the Olympic Stadium project will depend on the assignment of a project manager whose role and interaction…. [read more]


Project Planning and Management Analysis Essay

… The Project deliverables

The project deliverables are derived from the project goals. The deliverables are crucial for the goals to be achieved. This step involves the specification of exactly how the project goals are to be effectively delivered. This stage involves the estimation of the estimated time of arrival (ETA) or rather the estimated time of project delivery. A critical analysis of the Highway Expansion Project (HEP) and Next Generation Cell Phone Product (NGP) clearly illustrates that they possess different project deliverables and delivery times. This is because;

a. Highway Expansion Project (HEP) project aims at expanding the NJ Turnpike from 6 lanes to 8 lanes between interchanges 11 and 13.The current highways is to be will expanded by two lanes in each direction. The…. [read more]


Woody's Project Management: The Custom Case Study

… Management's Failure to Create a Cultural Environment:

The failure by Woody's management to create a cultural environment was the second major source of problems associated with the project. This is evident from the strained relations on the site, difficulties for the project management consultant to obtain information from staffs, and the unwillingness of the staff to reveal short-comings. The lack of such an environment that is created by the establishment of effective policies and procedures usually results in problems during project implementation.

Lack of Project Commitment:

The lack of commitment to the project by the company's workforce is an evident source of problems associated with the implementation process. This lack of project commitment can be seen in their unwillingness to reveal short-comings, the scattered information…. [read more]


Vendor Management IT Management Process Research Paper

… Vendor Management

IT management process under the Vendor management system is a recent trend used by various organizations. Many organizations are using this centralized program to control their staffing. According to research conducted on it services vendors, over 91% organizations are currently using the vendor management systems. This trend entails introducing it procurement process in organizations. However, the trend is facing numerous challenges because of the many resources required to adapt it. Evolution and introduction of VMS into corporations occurs because of the varying business environments experienced within the organizations. In recent decades when Vendor management programs took hold of vital business operations, the demand for it services increased. In this respect, VMS became a business approach that enhanced human resources by recruiting competent vendors…. [read more]


Pala Din Inc. Project Management Case Study

… Recommendations

After evaluating these risks, few back up strategies have been devised accordingly. First and foremost, as a primary foundation of project management, planning and budgeting need to be performed in the preliminary phase. Also, the inherent risks to the current situation should be analyzed and are addressed as per last planner model. A new method, often called Last Planner, to cope with the situation met in construction production control, has been developed by Ballard (2000) since 1992. The method has emerged in an inductive manner from a series of industrial experiments (Ballard and Howell, 1998). Considering this theory, following remedial actions are suggested considering that the risks have materialized.

a) In case where outdoor shoots are not permitted by the city government which will…. [read more]


Building of Memory Managing Creativity Through Action Term Paper

… 3. Assess the criticality of the timing of communication in the success of the Yad Vashem memorial site project. Support the response with three (3) specific examples.

The timing of communication was critical to the success of the project. For example, Kornfield left the curators "enough time to make decisions right up until close to casting time of the various concrete elements." This means that the timing of the curators' decisions was fairly precise with respect to avoiding construction delays. At another point, Kornfield needed to have construction problems identified during the pre-qualification process in the search for a contractor. This was necessary because the contractor hired would need to be able to work through these problems -- it was necessary to test the contractor…. [read more]


Project Management Project Information, History Term Paper

… Fig 2: Sample Communication Plan

"Time, Cost and Quality Expectations, use of project network"

"Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of actual and plan throughout the life of the project.

Project status reports depend on reliable estimates as the major input for measuring variances and taking corrective action." (Larson & Gray 2011 p 128)

Project estimate is a yardstick for cost control, project managers often use cost and time estimate for forecasting. Larson & Gray (2011) defines estimates as the process where the project stakeholders forecast costs and time that can be used to complete a project. Types of project cost estimates are:

top-down and Bottom-up approach.

The top management performs a top-down approach…. [read more]


Change Management Fabrication International Case Study

… Such a fixation would prevent capital investment projects that the firm desperately needs to develop its capacity to meet the demands for cost, quality and reliability from its customers. According to Reid & Smith (2008), long-term investors accept a maximum payback period of six years while short-term investors demand a payback period of around one to two and a half years. It is apparent from the board's handling of the CWS project that it failed to deliver on all these counts to its customers, making it even more uncompetitive due to its flawed appraisal process.

Q. 1. (ii) Major Mistakes with the CWS Adoption

The faulty appraisal process and unrealistic assumptions of the board of directors were primarily responsible for the faulty adoption of the…. [read more]


Change Project Essay

… Members must be talented leaders with realistic sense of own to avoid egos, and avoid those that slither and destroy the union in form of snakes.

The third step is the development of a strategy and visions for the specific change. This implies the creation of a well-defined vision and strategy especially in the buy-in step when the project manager uses the expertise and leadership of other coalition members to create a vision and strategy for the project (Cameron & Green, 2012). Vision and strategic plans can arise from active participation of coalition members as they provide value to the decision-making process and from their sense of ownership. For vision to be created, change managers must lead the coalition team to adopt characteristics like desirability,…. [read more]


Project Management What Role Term Paper

… Project Management

What Role Does the Project Manager Play in Construction Safety Standards in Today's Environment?

The Project Manager must coordinate many aspects of the construction process, from the initial consultation with the client to approval of final project closeout documents. They play an integral role in all phases of the construction process and must interface with the client, government entities, and contractors in order to complete the project. They must wear many hats during the construction project. The task of assuring safety on the construction site typically falls on the contractor, and others on the "front line" of the project. However, the project manager plays an important role in construction safety by setting standards on the site in excess of those required by OSHA,…. [read more]

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