Introduction
The paper mainly reflects on the building of a Melbourne to Sydney high speed rail system.
It is found that high speed of rail system will be generally modelled on the TVG French network that is generally capable of providing travelling speed of 320Km/hr.
Risk management plan is generally required to be developed for the project in order to identify the risks that are associated with the project.
Risk management plan
Risk management plan is needed for the project that generally will include the risk treatment options in order to minimize the risks that are associated with various construction operation phases
The risk management assessment will be conducted in order to identify the risks that are associated with the project
Risk management model
The risk management models are f four types which are listed below:
- Strategic risks
- Business risks
- Business support risks
- Compliance and integrity risks
Risk management model that is used in the project
It is found that business risk management model is mainly utilized
In order to resolve the risks and challenges that are associated with the building of a Melbourne to Sydney high speed rail system and for meeting the objectives of the project
Risk management model that is used in the project
This risk management model is mainly utilized as business risks are mainly connected with the sector of operations as well as within the operations of the organization.
With the help of this risk management model the risks and challenges that are associated with the project can be
Steps for integration off business risk management model
The framework for the integration of business risk management model within the company are mainly listed below:
Pre-strategy risk assessments
Business risk assessment
Treatment of risks
Monitoring of risks
Risk identification
The risks that are generally associated with the building of Melbourne to Sydney high speed rail system are reflected below:
Improper requirement analysis
Improper estimation of project resources
Inappropriate development of blueprint
Presence of inexperienced team members
Risk identification Contd.
Schedule slippage
Lack of budget
Improper quality of materials
Environmental risks
Description of the risks
The risks that are generally associated with the building of Melbourne to Sydney high speed rail system are reflected below:
Improper requirement analysis: It is found that due to improper requirement analysis, it is difficult to accomplish the objectives of the project.
Improper estimation of project resources: If the resources are not estimated properly then the time that is needed for finishing the project will get extended.
Description of the risks Contd.
Inappropriate development of blueprint: Due to the development of inappropriate blueprint, it is very much difficult to execute the project successfully by accomplishing the objectives.
Presence of inexperienced team members: If the team members are inexperienced then number of issues can be occurred as they are incapable of managing the project.
Schedule slippage: If the schedule of the project is not properly followed then it will be quite difficult to finish the project on time.
Lack of budget: Due to lack of budget, it is quite difficult to finish the entire project on time and lack of budget can also raise financial issues which can obstruct the progress of the project.
Improper quality of materials: If the quality of the material are not of good quality then quality related problems can occur within the project.
Environmental risks: It is found that due to the building of Melbourne to Sydney high speed rail system, number of environmental issues can occur which needs o be managed.
Steps for considering the risks
The steps are elaborated below:
Utilization of proper quality of materials
Hiring experienced team members within the project
Estimation of the project resources should be done properly in the planning phase
Steps for considering the risks Contd.
Proper management of project so that the entire project can be completed within the expected budget and time.
Proper analysis of the project requirement
Testing must be done after the completion of each step
Quality of the materials needs to be checked before using them within the project.
Coclusion
It can be concluded that business risk management model is mainly utilized in the project
This risk management model is mainly utilized as business risks are mainly connected with the sector of operations as well as within the operations of the organization.
In addition to this, the rirks that are associated wih the building of a Melbourne to Sydney high speed rail system are identified and evaluated.
References
Stulz, R.M., 1996. Rethinking risk management. Journal of applied corporate finance, 9(3), pp.8-25.
Embrechts, P., McNeil, A. and Straumann, D., 2002. Correlation and dependence in risk management: properties and pitfalls. Risk management: value at risk and beyond, 1, pp.176-223.
Doherty, N.A., 2000. Integrated risk management: Techniques and strategies for managing corporate risk. New York: McGraw-Hill.
Miller, K.D., 1992. A framework for integrated risk management in international business. Journal of international business studies, 23(2), pp.311-331.
