Risk Assessment

Analysis and management of the construction is very much important for successful completion of a project. This document will address various aspects of a successful construction project. In the aspects of a construction project problems related with the project, solution regarding the problems and the opportunities of the construction project will evaluated in this paper. Analysis of the construction company will be done in this paper. From the analysis the solutions which are required for mitigating the assessed risk will be evaluated and the assessment of the strategies for the proposed risks will be done. Further this document will be discussing the constructing company in a broader way.

In the initial stages the problems related with the construction organization is evaluated. At this stage the main problem with the construction company is meeting the projected deadline for the assigned project. It analysed that the most common issue which the construction organization face is the time management issue (Padalkar & Gopinath, 2016). The time management issue occurs in the construction companies because naturally they handles multiple projects at the same time and it becomes very much difficult to handle all the projects at same time. As the main problem is related with the time management the construction company must solve the issues with the time management.

For a construction organization and for a construction project there are total five major stakeholders (Hande & Phillippi, 2018). These stakeholders are the resource manager, senior manager, project manager, raw materials suppliers and the customers.

Considering the senior manager of the project, the main issue of this case does not affect them because they are technical in the approach to the project outcome. The resource manager will be affected directly as they have the role of the project timeline maintenance. The customer does not have any type of prior role in project timeline maintenance. For the project manager delivering the project is important for saving the cost. Delay of the suppliers can affect the project and can also affect the resource manager.

From the analysis of the client company which is a Construction Company, the main determined issue is the time management. This time management issue occurred due to the multiple smaller sub tasks. Due to this time management issue the client company might miss the deadline of the project. To determine the issues, performed analysis has been begun with gap analysis (Li et al., 2016). The gap analysis shown that the construction company is leaving gap in the meeting. This will surely hamper the reputation of the construction company. This type of issue occurs in the organization mainly for some of the individuals and this includes the resource manager. When the resource manager make delay in outsourcing and arranging the construction materials, then the project would be going to be delayed. Suppliers and the project managers are also in this list. The organizational initiatives are also responsible same for this delay because the senior manager must also provide some training facilities to above mentioned personnel to run all the organizational process fluent (Darling & Whitty, 2016). Training facilities can be used in this case for mitigating the issues of the construction company. In some of the cases the issues can be design-centric. This type of issues occurred because the projects can be very much complex from the architectural view point. To mitigate this type of issues 360 degree performance benchmarking can be used. Kirkpatrick’s four level evaluation can be also implemented for the evaluation purpose of the learning, behaviour and reaction which can help to meet the deadlines.

Important Stakeholders

From the analysis it has been assessed that the solution developed for the problem must be focusing on the problem and it should be taken through the collective impact. By focusing on the problem the developed solutions can help to solve the complex problems (Dave, 2012). Using this steps the problems can be resolved with government departments and by single policies.

Considering the strategies, it is used for building some of the unique relationship which includes alignment of innovative techniques, mind-set and ideas, cooperation and focus on strengthening. Building relationship is one of the step which can resolve the issues by face to face communication and by nurturing the relationship.

In an organizations a group of members or a specific individual member assigned to a specific task and they must be able to perform that task properly. For this reason, they must have proper training and development that are aligned with the organizational roles.

Work environment is another factor for delivering good production. Work environment should be conducive and well lit. Also, it is very much important that each of the job roles should consists proper arrangements of seating.

Feasible study is required for determining whether the project is possible to perform or not within the deadline. Also, the financial feasibility study is required. This construction projects are financial feasible but the main issue in this case is the proper resource usage (Frimpong, 2013). Also, proper critical path is required for successful project execution efficiently.

Risk assessment is one of the main critical aspects of the business processes. Thus the risk assessment is also important for the client construction company. In most of the construction related project risk assessment crucial. In this case a demonstrating the risks hypothetical case is chosen where the construction company faces cost overrun issue. In such of the situation, the project manager fails to assess the cost implications.

This type of issues occurs due to the delay, inefficiencies, waste, mismanagement and inaccuracy. To mitigate this issues some steps can be taken which includes the planning of succession. The succession planning includes strategy for transition and timeline for transfer (“Succession planning roadmap for construction contractors | Insights”, 2018). Training is one of the best solution for the risks. Training can be provide to the employees if needed to fix the project overrun issues. In the context of operations to mitigate the project overrun issues, interdepartmental issues need to be identified (Hwang & Chua, 2011). Lack of communication in the organization is another main reason for the project overrun. Effective communication channel is required for the mitigating the overrun issue. The project overrun issues impacts the internal operation and external reputation of the organization. Thus planning and meeting with the major stakeholders are important for fixing the issues.

This strategies of the risk mitigation holds various type of impacts on the organization. The changes which are implemented for tackling the issues with the budget, quality and productivity, changes the structure of working of the construction company (Cai, Loon & Wong, 2018). Thus some short-term impacts can be seen which includes changed or low production rates as there will be some job role confusion in some initial days. Some new management techniques can be applied for a better response from the employees. The changes which are introduced, also has some long term impact on the organization. These long term changes occurs in the leadership styles, strategic management techniques and changes in competitive advantages. Future policies can be improved bases on the long-term impacts.

Stakeholder’s perspective toward the problem

Lower level employees affected directly by these type of organizational changes and as a result often they lose their develop habits and develop new habits according the new workplace. The managers are responsible for settling down the existing employees. Due to this the organization faces issue with the employee trust. The changes are also significant for the external stakeholders including suppliers and customers. The external stakeholders supports the changes when this is profitable for them (Raza, Khan & Mujtaba, 2018). In such of the cases the impact of the customers remain neutral.

From the project which is assigned to the current construction company it is analysed that there are some serious issues which can elevate the previous cost implications. Actually this increase cost implication raised due to the advanced technologies and equipment (Fulford & Standing, 2014). For this the overall change management strategies got affected because of not yielding the desirable results. Thus it can create dissatisfaction (Lines, Sullivan, Hurtado & Savicky, 2015) among clients.

To fix this scenarios some reassessed solution can be provided for the effectiveness of them. The effectiveness of the solution can be measured upon five factors which are the specific, measurable, attainable, relevant and time specific. When the proposed solution passes all these factors then it can efficiently help the organization to overcome the issues in specific time period.

Conclusion:

From the above discussion it can be concluded that risk management is very much crucial for the successful project completion. The main risks which every construction company faces is the project cost overrun issues which is again the main issue in this case. To manage this type of risk, risk assessment has been done at the initial stages of the project and the analysis of the construction company has been done. From the analysis the solution for the risks has been assessed in this case. Risk assessment strategies are implemented for the for mitigating the assessed risk but these strategies are having an impact short term and long term impacts on the organization which has been discussed properly. Further the measuring of the solution has been done using the five factors which are the specific, measurable, attainable, relevant and time specific.

References:

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Hande, K., & Phillippi, J. C. (2018). DNP Project Timeline Template: A Guide for Successful Completion. Nurse educator, 43(3), 115-116.

Hwang, B., & Chua, P. (2011). Risk Management Software Utilization in the Singapore Construction Industry: Evaluation and Improvement. Journal Of Construction Engineering And Project Management, 1(2), 28-36. doi: 10.6106/jcepm.2011.1.2.028

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Succession planning roadmap for construction contractors | Insights. (2018). Retrieved from https://bakertilly.com/insights/succession-planning-roadmap-for-construction-contractors/