Managing Risk in Modern Construction Projects: A Project-Based Approach

Question

There is a need to manage and mitigate risk throughout the design, construction and operational phases of construction. In addition, the role of technology has created new areas of risk that must be recognised and managed. As one of the largest global employment sectors, construction involves many individuals and organisations undertaking different roles throughout the lifecycle of a construction project. Risk is both an individual and an organisational issue that must be addressed in different ways. This unit will enable students to consider the types of risk that are present within modern construction and explore methods of assessing, managing and mitigating those risks. Through engagement with the theme and topics, studentswill have the opportunity to undertake work that will embed the knowledge and skills necessary to manage a project.

TASKS

LO1 Formulate a projectthat will provide a solution to an identified problem (This covers: project identification, research methods, feasibility studies, and project brief and specifications).

TASK 1

(a) Project Identification: Identify and explore a construction based project following the theme stated above and select a project aimed at its solution. Also give the reason of your choice.

(b) Research Methods Background reading to see how others have tackled similar problems. Sources could include journal articles, articles in trade publications, newspapers, information from work or observation of construction processes. It may even be possible to undertake primary research to test if something works.

(c) Feasibility studies Test the alternative approaches suggested for the construction process to ensure  that they work within the context of a given construction situation. Here comparison with similar processes given in published work would be of great assistance.

(d) Brief and Specification Clearly set out the aims of your project, giving reasons for the project. You will identify the main components of your project and define these in a clear project specification. In addition, you will need to explain why the clear specification of the project is a key to approach a successful outcome. As part of project process, you are asked to evaluate the relationships that may arise between project identification, feasibility, planning on time and resources.

LO2 Manage a project within agreed timescales and specification, documenting the process throughout. (This covers: Resources and resource planning; costs and cost planning; Work plan: Gantt charts, PERT charts, CPM; Project tracking: progress tracking (including log book) and Milestones.)

TASK 2

(a) As part of your project scope identify the potential resources needed, costs, personnel and timescales involved.

(b) Identify and describe a range of techniques for potential solutions and stating them clearly indicating the costs and cost planning involve.

(c) Prepare and update as an ongoing project management plan with standard systems of time and resource tracking include work plans possibly using Gantt Charts, Project Evaluation and Review Technique (PERT) charts or Critical Path Method (CPM).

LO3 Evaluate potential Project Management Solutions (This covers, PERT analysis and CPM analysis)

TASK 3

(a) Undertake an evaluation of potential project management solutions using PERT or CPM this can be initially done within the log book then summarised in the main report

(b) Justify the selection of your preferred project solution with reference to your initial stated project specification as clearly provided earlier in your project scope.

(c) Make a comparison of the outcomes of your initial planned resources, timescales and costs with your actual outcomes of these criteria. This will contribute your performance review.

LO4 Produce a project report and deliver a presentation of the final project outcome (This covers producing a report format and the report; presentation format and presentation techniques).

Task 4

(a) Produce a written report of your project stating each stage of the project or process.

(b) As your report may be shared with clients, it is critical that appropriate forms of referencing and citation are used throughout. The Harvard referencing system is recommended. Information on Harvard referencing is available from the library and on moodle for other styles of referencing.

(c) In your presentation, to the company board of directors, you are asked to present your final project  outcomes using industry standard software.

(d) Present your final project outcomes and recommendations to a select audience. Presentation should not be more than 10 minutes be summarised in a maximum of 12 Power Point Slides.

(e) Evaluate and appraise your own performance in managing your project, drawing some conclusions and make key recommendations that would further assist you to improve your performance in the future and clearly stating these in both your report and in your presentation.