MGMT6019 Engineering Risk Management Analysis Report
Question:
- Identify and analyse risk (financial, legal, environmental, HR)
- Create a plan for measuring and monitoring performance;
- Describe the process used to analyse strategic issues;..
Criteria
- Identification and analysis of risk (financial, legal, environmental, HR)
- Plan for measuring and monitoring performance
- Clear description of the process used to analyse strategic issues
- Understanding of research principles and methods applicable to MBA
- High level of personal autonomy and accountability Learning Outcomes
- Critically examine key issues which have a significant impact on risks associated with engineering activities including safety and environmental management systems.
- Effectively employ identification and risk management tools to propose and analyse realistic risk scenarios and develop risk management strategies.
- Critically analyse the usefulness, applicability and limitations of risk assessment as a decision-making tool.
- Critically analyse risk perception and risk communication and effectively develop risk communication plans and skills.
Answer:
Interim Decision
As per the meeting conducted on 20th December 2006, the interim decision has been taken to assess all the risks associated with the project before the contractor is given the green light to initiate the project. A supervisor has also been appointed to monitor the project plan and the site of the project and report to the project manager accordingly.
Special Instructions
|
Follow Up Implementation | |
|
Who will act: Project Manager Contractor |
Who will give feedback: Supervisor Finance Manager |
|
When During monitoring the progress of the project |
How Project progress log, documented reports |
|
When During project assessment at the end of each week |
How Team meeting |
Interim Decision Formulation
1. Most Serious Consequences Requiring Control
Disasters inside the mine or at the site of the construction may result in loss of lives of a huge number of people (workers and on field officers).
2. Time Available for Decision
The maximum time available for decision is 1 week.
3. Purpose of Decision
The purpose of the decision is to ensure safety and welfare of the workers as well as the other on site officers involved in the project.
4. Possible Decisions
Possible decisions include providing protection gears for the miners, installation of disaster recovery camp near the site, providing constant supply of budget and man power and others.
Problem Seriousness Assessment
|
The problem will affect |
What affect? |
How seriously? |
|
Within Organization: 1. Workers 2. Officers 3. Departments 4. Machines 5. Operations / Services 6. Finance 7. Targets |
1. Site accidents 2. Operations 3. Over allocation of duties 4. Technical issues 5. Scope creep 6. Budget overshoot 7. Tight schedule |
1. Extreme 2. Moderate 3. Moderate 4. High 5. High 6. High 7. Medium |
|
Outside Organization: 1. Customers 2. Reputation 3. Competitors 4. Society 5. Environment 6. Political Setup |
1. Lack of supply of product 2. Major accidents 3. Increase in efficiency 4. Proximity to gold mine 5. Negative impact on others 6. Political issues |
1. Low 2. Very High 3. Medium 4. Medium 5. Very High 6. High |
References
Brindley, C. (2017). Supply chain risk. Routledge.
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction. Routledge.
Carvalho, M. M. D., & Rabechini Junior, R. (2015). Impact of risk management on project performance: the importance of soft skills. International Journal of Production Research, 53(2), 321-340.
Chatterjee, K., Zavadskas, E. K., Tamošaitien?, J., Adhikary, K., & Kar, S. (2018). A hybrid MCDM technique for risk management in construction projects. Symmetry, 10(2), 46.
Cui, Y., Chen, Y. Q., & Xu, B. B. (2015). Research of risk management in construction project: current situation and future directions. Journal of Engineering Management, 29(2), 77-78.
De Azevedo, R. C., Ensslin, L., & Jungles, A. E. (2014). A review of risk management in construction: opportunities for improvement. Modern Economy, 5(04), 367.
Glendon, A. I., Clarke, S., & McKenna, E. (2016). Human safety and risk management. Crc Press.
Golub, B., Greenberg, D., & Ratcliffe, R. (2018). Market-Driven Scenarios: An Approach for Plausible Scenario Construction. The Journal of Portfolio Management, jpm-2018.
Gupta, D., Sharma, M., & Trivedi, A. S. (2015). Risk management in construction projects of developing countries. Journal of Civil Engineering and Environmental Technology, 2(14), 24-26.
Hillson, D., & Murray-Webster, R. (2017). Understanding and managing risk attitude. Routledge.
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Hughes, W., Champion, R., & Murdoch, J. (2015). Construction contracts: law and management. Routledge.
Hwang, B. G., Zhao, X., & Toh, L. P. (2014). Risk management in small construction projects in Singapore: Status, barriers and impact. International Journal of Project Management, 32(1), 116-124.
Kelly, J., Male, S., & Graham, D. (2014). Value management of construction projects. John Wiley & Sons.
Langford, D., Fellows, R. F., Hancock, M. R., & Gale, A. W. (2014). Human resources management in construction. Routledge.
More, S., & Hirlekar, T. (2017). EFFECTIVENESS OF RISK MANAGEMENT AND CHOSEN METHODS IN CONSTRUCTION SECTOR.
Osipova, E. (2014). Establishing cooperative relationships and joint risk management in construction projects: Agency theory perspective. Journal of management in engineering, 31(6), 05014026.
Sansakorn, P., & An, M. (2015). Development of Risk Assessment and Occupational Safety Management Model for Building Construction Projects. World Academy of Science, Engineering and Technology, International Journal of Civil, Environmental, Structural, Construction and Architectural Engineering, 9(9), 1240-1247.
Serpella, A. F., Ferrada, X., Howard, R., & Rubio, L. (2014). Risk management in construction projects: a knowledge-based approach. Procedia-Social and Behavioral Sciences, 119, 653-662.
Taylan, O., Bafail, A. O., Abdulaal, R. M., & Kabli, M. R. (2014). Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies. Applied Soft Computing, 17, 105-116.
Walker, A. (2015). Project management in construction. John Wiley & Sons.
West, G. H., Lippy, B. E., Cooper, M. R., Marsick, D., Burrelli, L. G., Griffin, K. N., & Segrave, A. M. (2016). Toward responsible development and effective risk management of nano-enabled products in the US construction industry. Journal of nanoparticle research, 18(2), 49.
Wynne, B. (2016). Misunderstood misunderstanding: Social identities and public uptake of science. Public understanding of science.
Zhao, X., Hwang, B. G., & Low, S. P. (2015). Enterprise Risk Management in construction firms: A proposed implementation framework. In Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate (pp. 917-924). Springer, Berlin, Heidelberg.
Buy MGMT6019 Engineering Risk Management Analysis Report Answers Online
Talk to our expert to get the help with MGMT6019 Engineering Risk Management Analysis Report Answers to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
