1running Head Risk Management Plan For Building A Bridge10risk Manage ✓ Solved

1 10 RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE MPM344 Project Risk Management Risk Management Plan Charles Williams 11/19/18 TABLE OF CONTENT Risk Management Justification 3 Project Risk Identification 4-5 Project Risk Analyses 6 Project Risk Response Strategy 7 Project Risk Motoring 8 Project Risk Communications Plan 9 References 10 RISK MANAGEMENT JUSTIFICATION With a large concern on the occurrence of the accidents due to the weaknesses in building it is important to conduct and write this risk management plan (Gerardus, 2018). On average, various accidents occur due to same failures in building or the construction. It is hence important to outline such failures occurring due to the ignorance of these subcontractors and contractors.

The contractors and all persons in the construction of a public infrastructure needs to take some caution in order to save the lives of the people as well save their properties. The procedure hence needs to be outlined in developing options and actions to enhance the proper opportunities to evade any threats to the objectives. In this project mitigation and contingency. This means that we try to eliminate or reduce any probability of occurrence of the peril. For contingency, we can try the best to find any other solutions to the peril (Gerardus, 2018).

For my risk management plan the method I have chosen will be the waterfall risk management method. The waterfall risk management is most effective in traditional projects such as construction and other examples of more common engineering projects due to the uncomplicated nature of these projects. PROJECT RISK IDENTIFICATION There are several risks associated with the building of a bridge. From relatively small issues like severe weather, missed payments, or late deliveries to big problems like accidents on job sites or structural failures, people who do inspection, maintenance, and construction work on bridges face an extraordinary number of risks every day. Most contractors experience inconsistent cash flow at one time or another.

Cash flow issues are not usually the result of ineffective money management. Instead, they’re caused by past due payments or not getting paid in full for work that’s been completed. This issue often leads to bankruptcy or the complete failure of the business. Workplace safety should be the number-one priority on every bridge construction site. Inadequate safety practices can lead to serious injuries or even death.

Accidents on a job site can cause traffic and construction delays, along with added time to investigate and resolve issues, work stoppages, penalties and fees, increased insurance rates, low morale on the job, and significant harm to a contractor’s reputation. Every contractor tries to avoid it, but it inevitably happens: Work done on a bridge site doesn’t meet regulatory standards or contractual specifications. It costs time and money to fix the mistake. Even more, substandard work can hurt a contractor’s reputation. From small power tools to cables and connectors to vehicles, the equipment used on bridge construction sites is an attractive target for thieves, including workers onsite and people not affiliated with the job.

Like other risks faced by bridge contractors, theft can have a broad impact. There are costs to replace stolen items. In addition, theft can result in delays while waiting for replacements and reduced productivity because workers don’t have the equipment they need to complete their tasks. It often leads to higher insurance rates as well. The analysis of subcontractors is important in the building (Steven, 2014).

The durability is strongly based on the durability and the quality of the structure under construction. In this risk identification, several things can be done. The problems associated to the potential and the currently occurring risks. Bridges are very common. Bridges are currently collapsing due to formation of cracks.

This is caused by improper mixing of the contents into their correct ratios (Steven, 2014). Sand: gravel: cement ratios are very important in this construction as it relates to the final strength and support of the final structure. Similarly the foundations of the different structures is very important. It proves the stability of the structure. It is also important to check on the permeability of the structure to fluids and especially water.

Similarly the type of materials used as the requirements is necessary. The design of the structure further proves the support of the building (Steven, 2014). There are aspects to be checked which includes; cost, performance, as well as the supplier capability, and technology. These aspects at some cases may influence the project. PROJECT RISK ANALYSES (TBD) PROJECT RISK RESPONSE STRATEGY (TBD) PROJECT RISK MONITORING (TBD) PROJECT RISK COMMUNICATIONS PLAN (TBD) References Gerardus Blokdyk (2018) Risk Management Plan a Clear and Concise Reference pp34 Stephen J Manyall (2014) Therapeutic Risk Management: Civil and Building pp. 46

Paper for above instructions

Table of Contents

1. Risk Management Justification
2. Project Risk Identification
3. Project Risk Analyses
4. Project Risk Response Strategy
5. Project Risk Monitoring
6. Project Risk Communications Plan
7. References
---

1. Risk Management Justification

Building a bridge entails significant risks that can affect stakeholders, construction timelines, financial health, and public safety. According to Blokdyk (2018), risk management is essential because it allows stakeholders to identify, assess, and prioritize risks while implementing measures to minimize their impact. In the construction sector, various accidents can occur due to overlooked failures, leading to injuries, fatalities, and financial losses (Tummala and Schoenherr, 2011). The construction industry often grapples with safety issues, project delays, financial instability from late payments, and regulatory compliance failures, necessitating a robust risk management plan.
The objective of this plan is to establish a comprehensive approach to recognizing risks, evaluating their potential impact, responding appropriately, and ensuring ongoing monitoring. As noted by Ahmed et al. (2013), an effective risk management plan is crucial not only for the successful completion of construction projects but also for maintaining the structural integrity of bridges and safeguarding public welfare. The chosen methodology for this risk management plan will be the Waterfall risk management approach. This methodology is particularly effective for traditional construction projects, which usually follow a linear progression (Benaroya and Liu, 2018).
---

2. Project Risk Identification

The identification of project risks in bridge construction involves analyzing various internal and external factors that could jeopardize project completion. Possible risks include:
1. Severe Weather Conditions: Extreme weather can lead to site hazards impacting construction schedules (Rook et al., 2017).
2. Cash Flow Issues: Delayed or partial payments from clients can threaten project continuity (Gidado et al., 2016).
3. Worksite Safety Risks: Safety violations can lead to workplace accidents, causing injury or fatalities among workers (Roughton and Mercurio, 2002).
4. Regulatory Compliance Failures: Non-compliance with safety and building codes can lead to project penalties or litigation (Costantino et al., 2016).
5. Theft of Equipment: Stolen machinery can needlessly delay construction and impact budget allocation for replacements (Rybnick et al., 2017).
6. Subcontractor Issues: Poor performance or financial instability of subcontractors can affect project quality and timeline (Müller and Jugdev, 2012).
7. Material Quality Risks: Using inferior materials increases the likelihood of structural failure (Mennenga et al., 2016).
8. Structural Design Errors: Design flaws can severely compromise the bridge's integrity (Menches and Anderson, 2015).
The goal of risk identification is to create a comprehensive risk register that encompasses all potential threats to the bridge construction project.
---

3. Project Risk Analyses

Once risks have been identified, it is essential to evaluate their significance and their potential impact on the project. This involves both qualitative and quantitative analysis methods:
- Qualitative Risk Analysis: This phase assesses the likelihood of risk occurrence and its potential impact. For example, severe weather might be categorized as a high probability, while safety violations can have life-altering consequences. This information helps prioritize risks and determine their management strategies (Hillson and Murray-Webster, 2017).
- Quantitative Risk Analysis: This approach employs numerical data to forecast possible outcomes. It might include modeling scenarios using Monte Carlo simulations to predict schedule overruns or analyzing historical designs’ failure rates (Chapman and Ward, 2003).
A Risk Breakdown Structure (RBS) creates an organized representation of all identified risks, categorized by type. This informs decisions on how each risk is managed based on the level of priority as defined in the analysis phase.
---

4. Project Risk Response Strategy

Once analyses are complete, creating risk response strategies is paramount for risk mitigation:
1. Avoidance: This strategy entails eliminating risks through alternative construction methods or designs that do not impose a danger (Kerzner, 2017).
2. Mitigation: Implementing preventive measures, such as conducting regular training on safety protocols, can reduce the probability of accidents (Kendrick, 2015).
3. Transfer: Risk can be transferred to insurance companies or subcontractors for unforeseen circumstances, such as weather disruptions (Chapman, 2001).
4. Acceptance: Some risks may require acceptance, especially if their potential impact is minimal. For instance, slight delays due to supplier issues may be acceptable if addressed promptly (Hillson and Murray-Webster, 2017).
The chosen strategy must align with the project timeline, budgets, and safety standards.
---

5. Project Risk Monitoring

Continuous monitoring of risks during the construction phase is vital. This involves:
- Regular Reviews: Conduct frequent project review meetings to stay updated on risk status and compliance with risk response actions (Kendrick, 2015).
- Key Performance Indicators (KPIs): Establish KPIs to measure the effectiveness of risk management strategies, including safety metrics and budget adherence (Müller and Jugdev, 2012).
- Risk Audits: Periodically assessing the risk management plan through audits helps capture new risks and evaluate the effectiveness of current strategies (Pestana et al., 2010).
The goal of risk monitoring is ongoing enhancement of the risk management plan, adjusting as necessary based on the project’s evolving nature.
---

6. Project Risk Communications Plan

Communication is key throughout the project’s life cycle. To facilitate effective communication:
- Stakeholder Engagement: Regular updates should be provided to stakeholders about potential risks and mitigation strategies (Pinto, 2016).
- Reporting Framework: A structured reporting framework that includes risk identification, assessments, and response strategies should be distributed to all team members (Anantatmula, 2010).
- Feedback Mechanisms: Incorporate channels through which team members can report new risks or share observations regarding ongoing risks (Rook et al., 2017).
Effective communication fosters a culture of safety and accountability throughout bridge construction.
---

References

1. Ahmad, M., Masri, S., & Al-Shyab, A. (2013). "Risk Assessment in Construction Projects". International Journal of Engineering and Management Sciences, 4(1), pp. 1-10.
2. Anantatmula, V. S. (2010). "Project Management Concepts: A Level-up Approach to Manage Projects". International Journal of Project Management, 28, pp. 69-80.
3. Benaroya, H., & Liu, Y. (2018). "Weighting Risks in Construction Projects". Construction Innovation, 18(2), pp. 153-165.
4. Chapman, C. B., & Ward, S. C. (2003). Project Risk Management: Processes, Techniques and Insights. 2nd Edition. London: Professional Project Management.
5. Costantino, N., & E. M. (2016). "Risk Management Frameworks in Construction Projects: A Perspective from the New ISO 31000". Journal of Risk Research, 19(8), pp. 1063-1077.
6. Gerardus Blokdyk (2018). "Risk Management Plan – A Clear and Concise Reference". Productivity Press.
7. Gidado, K. S., et al. (2016). “Construction Project Management: Issues and Challenges”. Construction Management and Economics, 34(9), pp. 673-687.
8. Hillson, D., & Murray-Webster, R. (2017). Understanding and Managing Risk Attitude. 2nd Edition. London: Routledge.
9. Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 12th Edition. New Jersey: John Wiley & Sons.
10. Rook, D., et al. (2017). “Understanding Safety in Construction Projects”. Engineering and Management in Construction, 5(2), pp. 25-33.
11. Roughton, J. E., & Mercurio, J. J. (2002). Safety Management: A Comprehensive Approach to Developing a Sustainable Safety Culture. London: CRC Press.
---
This risk management plan emphasizes the importance of a structured approach to identifying, analyzing, responding to, and communicating risks in bridge construction projects, ensuring stakeholder safety and project success.