Risk analysis and mitigation project | by VAH
Subject Code: MBA643
Subject Name: Project risk, finance, and monitoring Assessment
Title: Risk analysis and mitigation project (Individual)
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:
1. Sydney Metro Northwest: https://www.sydneymetro.info/northwest/project-overview
2. Cross River Rail, Brisbane: https://crossriverrail.qld.gov.au/
3. Hudson Yards, New York: https://www.hudsonyardsnewyork.com/about/building- Hudson-yards/
4. North East Link Melbourne: https://northeastlink.vic.gov.au/
5. Western Sydney Airport, https://westernsydneyairport.gov.au/
The project you will analyze will depend on the LAST digit of your student number:
o 0 and 1 = Project 1
o 2 and 3 = Project 2
o 4 and 5 = Project 3
o 6 and 7 = Project 4
o 8 and 9 = Project 5
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.
There are three parts to the Analysis
Part A: Project Overview
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 a return to its promoters (2 Marks)
• Identify the Key Stakeholders in the project (1 Mark) Required word count is between 800-1,000 words.
Part B: Risk Analysis
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. (4 marks) Students would be expected to produce a risk matrix where the likelihood of potential risks events is mapped against their possible consequences.
Other risk assessment and analysis activities might focus on a range of financial measures associated with the project. (5 marks) The required word count is 600-800 words.
Part C: Risk Mitigation Plan
In this part, students will use the information collected and analyzed in the previous two parts to developing a risk mitigation plan and strategy. Based on the 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 addressed 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.