Reference no: EM132183550 , Length: word count:3000

ASSIGNMENT - REPORT FOR RISK MANAGEMENT

Background and summery of the assignment

This brief describes an assignment to develop a risk management plan for a simulated project. This coursework, designed to be complementary with Coursework 1, is also based on The College development. Please refer to the Coursework 1 Brief for descriptive information.

In this assignment, students are acting in the role of a consulting professional advising the client's team on risk management during RIBA Stage 1 (Forming the Brief). The plan is required so that the client can manage the numerous risk elements associated with the project. One of the key objectives is to ensure design has risk mitigated as much as possible before inquiries go out to the tenderers.

Risk characterisation and management are activities that should start early in the project to help manage the wide variety of uncertainties that could delay, add cost, reduce quality or cause harm. These could be associated with design, financial plan, the site, or interactions with the officials and other stakeholders. Once the contractors, sub-contractors and suppliers have been selected, they will be held responsible for managing their own risk profiles, so as to protect their interests and those of the client.

The project, simulation and coursework background

As no project should proceed without a risk management plan, this coursework is designed to frame this process. The overall objective is to ensure that a general understanding on the risk management process is understood and practiced. The deliverable required by this coursework are twofold. Firstly, to set up a client-side risk management programme that works to reduce risk during the pre-construction design stages and continues as the project progresses and secondly to provide a risk management framework to the contractor so that they can ensure subcontractors, suppliers and others on the appropriate standards for Cost Value Reconciliations (CVR) and other reporting requirements. Complete details of these requirements are included later in this document.

In order to envision the scope of this undertaking, Figure 1 (attached) is included. It contains a graphical representation of the general risks threatening The College project. These general risks will need further elaboration and descriptions specific to The College project.

Figure 1 contains a graphical representation of the risk responsibilities of the core client team and the main contractor, who working together, manage the risk of suppliers, sub-contractors and stakeholders.

The graphic in Figure 1 centres on the core client team for which this plan is required. The identification, characterisation and management of these risks are described in greater detail in the risk management standards BS ISO 31000:2009 and the BS 31100:2011, The New Rules of Measurement (NRM1) and the RICS Guidance Notes for Risk. These can be found in the reading folder for the Risk and Opportunity Learning Package on the module's Moodle site. Further details on The College project, including site drawings and other material, are available through a link to the Master's Field Project on Moodle.

Description of the task required for the coursework

For the following tasks, assume that the project is currently within RIBA Stage 1, where efforts are required in addressing the reduction of risk before final design and mobilisation. Base on other details, such as the development strategy and programme as reported in Coursework 1. The report should contain an early-stage Risk Management Plan (RMP) that contains the following:

1. An introduction to the report, explaining clearly what it is for and how it should be used.

2. The formulation of a set of top-level risk management principles based on best-practice as described in the standards and guides and tailored for application to The College project. Prepare these for dissemination to contractors, suppliers and other stakeholders.

3. Initiate a comprehensive preliminary exercise to identify and characterise the risks for the project.

4. Design and describe a method to rank the risks by order of importance based. This should be consistent with a standard approach in order so that contractors, suppliers and other stakeholders can synchronise their assessment and reporting with the client.

5. Assign the ownership of each risk and provide a framework for management in a risk register. Describe how they are mitigated, controlled, reviewed and reported. Provide further details of the client-owned risks.

6. Provide a section that demonstrates how responsibility for risk management evolves as the project progresses. This can be achieved by means of a flow-chart showing the responsibilities of each risk owner evolves through the project.

7. A plan for a public information project stakeholders and third-party dependencies (the outer ring in Figure 1) on progress and potential problems associated with the project.

8. Include in an appendix of the report four (4) form letters, that contain blank spaces for information to be added where required. These are for regular correspondences required in risk management. a. A form letter to the client for regular reporting. This should include headings for regularly reported items.

b. A form letter for stakeholders and third-party dependencies (the outer ring in Figure 1) to inform them of regular updates to risks relevant to their interests.

c. A form letter to the police, environment agency, HSE to be sent in the event of an incident.

d. A standard form letter that serves as an invitation to sub-contractors, suppliers and consultants for them to supply their own risk management documentation.

Attachment:- Assignment Files.rar