Assessment 1 Information
Project Initiation, Planning and Execution
Risk analysis and mitigation project (Individual)
|Due Date:||Monday, Week 6 23:55pm AEDT|
You are a project analyst at a large construction company. You have been asked to develop a risk analysis and mitigation plan for one of the below five projects:
- Sydney Light Rail: https://www.parliament.nsw.gov.au/researchpapers/Documents/CBD%20and%20South%20East%20 Light%20Rail.pdf Also see:
- Singapore Sun Cable: https://www.suncable.sg/ Also see:
- Future Frigates (War Ships) https://www.defence.gov.au/CASG/EquippingDefence/SEA%205000%20Phase%201.asp Also see:
- Cross River Rail, Brisbane: https://crossriverrail.qld.gov.au/
- Hudson Yards, New York: https://www.hudsonyardsnewyork.com/about/building-hudson-yards/
- Western Sydney Airport, https://westernsydneyairport.gov.au/
The project you will analyse will depend on the LAST digit of your student number:
- 0 and 1 = Project 1 o 2 and 3 = Project 2 o 4 and 6 = Project 3 o 7= Project 4
o 8= Project 5 o 9= Project 6
There are three parts to the Analysis:
Part A – in which students discuss their allocated project case study (you are allocated one based on your last name) and outline rationale, key features, funding and stakeholders
Part B – in which students develop their risk analysis framework
Part C – in which students identify mitigation measures and proposals for overcoming the risks identified in their case study
The links provided above are just to outline the project. Students are required to conduct ADDITIONAL research into their allocated project to identify and address potential risks, etc. which might reasonably be foreseeable or expected. Students need to take into account commercial considerations when constructing the plan and identify whether the plan is cost effective or has any implementation issues.
The three parts are detailed below:
Part A: Project Overview (10 marks)
For each student’s allocated case study students must be able to identify the following information through their own research:
- The overall budget for the project (real or projected)
- Social and economic rationale: Including benefits and drawbacks for the project (2 Marks)
- Key Statistics: Provide key information about the project: (5 Marks)
- Scope and Size
- Budget and estimated cost
- Time required to complete the project
- Key construction elements or phases (e.g. if you are building a toll road one key element may be the tunnel segment or bridge segment)
- Environmental costs or benefits
- Funding mechanisms: How the project makes money or provide return to its promoters (2 Marks)
- Identify the Key Stakeholders in the project (1 Mark)
Required word count is between 500-700 words.
Part B: Risk Analysis (8 marks)
In this part students develop a risk assessment analysis in which they use both qualitative and quantitative measures to identify potential risks in the project and determine how they should be weighted.
The risk analysis should draw upon principles outlined in the Project Management Body of Knowledge (PMBOK) and material discussed in class in weeks 1 -5.
Students would be expected to produce a risk matrix where the likelihood of potential risks events are mapped against their possible consequences. Other risk assessment and analysis activities might focus on a range of financial measures associated with the project.
Required word count is 500-600 words.
Part C: Risk Mitigation Plan (10 marks)
In this part students will use the information collected and analysed in the previous two parts to develop a risk mitigation plan and strategy. Based on information identified in the risk analysis students will be expected to develop a plan for how they deal with the various identified risks. The mitigation plan should outline which risks need to be address and in what order. The plan should also identify and potential risks that they believe do not require attention.
The plan should then explain how risks might be addressed and by what means. Where possible places should include the reference to time and resource (costs) implications. Students need to take into account commercial considerations when constructing the plan and identify whether the plan is cost effective or has any implementation issues. (10 marks)
Required word count is 500-700 words.
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