The above table gives an overview of the likelihood of occurrence, impact and priority of the risk identified for the project. The likelihood of occurrence of health and safety risk in this project is quite high. This is mainly because of the remote location of the site and the difficulty in accessing the different parts of the site. Although the impact of this risk on successful project completion is considerably less, the priority of mitigating this risk is high as well since the safety of the workers is the responsibility of the project implementation team. The technical risks associated with the project are high as well and the impact of the risk is high. This is because the technical difficulties associated with the project can result in project delays. The risk assessment matrix further provides the idea of likelihood of occurrence, impact and priority of the resource, financial and the schedule and commercial risks associated with this project.
The opportunities identified for the project should be addressed with highest priority as the success of the project largely depends on them. Furthermore, the project is of very high demand in the market and therefore the opportunities of the project are needed to be addressed in a proper manner.
The approaches of risk mitigation include identification of the risk, assessment of the impact of the risk, analysis of risk prioritization and risk mitigation (Zhou, Whyte and Sacks 2012). The different risks mitigation approaches for the identified risks are as follows-
The vulnerabilities associated with the supply chain are as follows-
- Since there is a risk of resource shortage, it is quite possible that the project is not completed in time.
- The remote location of the site can possibly delay the project implementation process.
5. Planned Risk and Opportunity management Principle
For the remaining design and the procurement stage of the project, it is recommended that a planned approach will be undertaken (Haimes 2015). The site inspection should be done prior to the design phase and the project procurement is subjected to the availability of the adequate resources and project implementation on schedule.
The report discusses the different risk a project that is associated with the development of a prison can face. The major reason of occurrence of such risk is the location of the site along with some technical constraints. The report discusses the different process of risk mitigation and the vulnerabilities associated with the project.
A risk and opportunity report is to be prepared for a special purpose vehicle/consortium, which is a consortium of multiple private companies who built and operate prisons and the other public service buildings. The latest project of the client is to design, construct and operate a 1000 cell prison for accommodating male, female and the juvenile detainees who will be serving a custodial sentence of over 3 years. The designing of the prison involves, demolition of derelict industrial or farm building on the site, upgrading a 3km track to form a highway for accessing the roads and corridors of utility provision. The project will also consider the initial security consideration as well. The report gives an overview of the risks and opportunities associated with the project. The key project risks and opportunities are identified and the mitigation approaches for the identified risk is suggested in the report (Harris and McCaffer 2013). The report further evaluates the potential supply chain vulnerabilities and planned risk and opportunity management principle in the report. The different risks associated with this project are elaborated in the following section.
Badri, A., Gbodossou, A. and Nadeau, S., 2012. Occupational health and safety risks: Towards the integration into project management. Safety science, 50(2), pp.190-198.
Haimes, Y.Y., 2015. Risk modeling, assessment, and management. John Wiley & Sons.
Harris, F. and McCaffer, R., 2013. Modern construction management. John Wiley & Sons.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Lock, D., 2017. The essentials of project management. Routledge.
Loosemore, M., Raftery, J., Reilly, C. and Higgon, D., 2012. Risk management in projects. Routledge.
Park, C.S. and Kim, H.J., 2013. A framework for construction safety management and visualization system. Automation in Construction, 33, pp.95-103.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
Zhou, W., Whyte, J. and Sacks, R., 2012. Construction safety and digital design: A review. Automation in Construction, 22, pp.102-111.
Zhou, Z., Goh, Y.M. and Li, Q., 2015. Overview and analysis of safety management studies in the construction industry. Safety science, 72, pp.337-350.
Zou, P.X. and Sunindijo, R.Y., 2013. Skills for managing safety risk, implementing safety task, and developing positive safety climate in construction project. Automation in Construction, 34, pp.92-100.