1. The Engineering project chosen for my task is about the management of risk associated with the INDIAN RAILWAYS. This project was chosen because of the fact that Indian Railway manages to be the fourth-largest railway network in the world by size with more than one lakh kilometers of total track. It runs with more than 13,000 passenger trains daily, on both long-distance and suburban routes, from about 7000 stations across India. India being a highly populated country requires utmost care in this sector for financing, construction, electrification, station development, rail infrastructure passenger, freight train operations, IT & communications, Catering & tourism etc
2. Risk management is the process by which the areas involving risks are analysed and are found out ways for eradicating them. It can be considered as a management tool which can be used to identify different sources by which the risks and uncertainty can occur, also the impact of the risk can be determined, and this can also be used for developing a suitable risk management plan or risk managing response. Railway projects are very dynamic and it involves a lot of people including passengers, officials, organizations, parties who are actively involved. The main steps associated with risk management include:
? Risk identification; identifying the areas of risk involved in the project and classifying it as high, medium and low risks
? Qualitative risk analysis; The main steps involved in the quantity analysis include
1) Interviewing the passengers for the assessment and survey
2) Analysis of the survey
3) Probability occurrence and estimation
? Quantitative risk analysis: By numerically formulating the results obtained and identifying the areas of high risk and finding the solution
? Risk monitoring and control; The actions forwarded to maintain the risk in control
3. The main risk associated with this project includes:
? Financial risk: For the railways a separate budget is allocated by the ministry. However the inflow of cash from the top to the bottom level and corruption in the various levels shows an unmanageable situation. The change in interest rates, labor charges, contractor failure etc is some of the risk factors.
? Design risk: It is the most important risk that is to be considered while dealing with a project like this. Comparatively more amount of time required for this phase of the project as there will be site surveys. Hence for a perfect design, the surveying is to be done on timely basis for eliminating the chances for the design failures. In this project, a large amount of weight is to be transferred. So the analysis of those data is a must. Hence more amount of time has to be consumed for the designing and surveying to eliminate all chances of mere failure.
? Human resources risk: Human resources are the main area of concern when it’s a project. It is really a challenging job to hire skilled labors as the completion of the project highly depends on human resources. In this area, the risk to be considered is regarding the employees quitting the job prior to the completion of the project which would highly affect the progress of the project. Even if the new employees are hired, it takes time and expenditure for the new employee to be fit for the job after suitable training.
? Site Safety risk: The erection of railway tracks, construction of railway lines, ballast and permanent way can be dangerous in extreme situations. Moreover accidents are very common due to the large number of trains running. Safety measures are to be implemented for the proper working of the project without any delays and the workers should be given a tool box talk prior to the start of work every day explaining the work and the safety risk associated with the work and also the safety procedures to be employed.
? Material risk: This is one among the important risks associated with railway projects. As the major part of materials involved in production is steel, there are chances for risks in quality. The material used for the construction should confirm to the standards and ensure quality. Inspection should be carried out ensure that the material does not have any kind of visible defects. The material should be durable and ensure perfect handling at the site. Often the material may not adapt to the conditions at site and have high risk while handling and usage
The major risk factors associated with cost, time and quality are:
Cost Time Quality
Limited time for project Limited time for project Limited time for project
Design variations Inadequate program scheduling and executing Low efficiency of contractors
Price inflation of materials Excessive approval delays Unavailability of skilled labor
Inaccurate cost estimate Design variations Lack of coordination
Corruption Unexpected holidays Lack of material confirming to standards
Variations of client requirements Incomplete approvals Improper procedures followed at site.
Of the above risks the design risk serves an opportunity for the designers for effective utilization of time. If the designs are proper and on the required time estimated a lot of time for the completion of the project could be saved and it can be effectively utilized for maintenance and quality assurance. A proper design at the beginning stage with minimum errors and corrections can make the project execute within the stipulated time reducing the total cost of construction and time required.
4. The risks identified can be treated by the following ways:
Financial risk: The financial risk is associated with each and every project. The turning government, organizations, private consultancies, contractors etc can cause abrupt changes in the financial budget estimated for the project. However inaccurate estimates and expenditures for unwanted and scrap entities should be avoided. The expensive material usage can be avoided at areas of low risk not compromising the safety. Unexpected wastage of money and materials can be avoided by suitable planning beforehand.
Design risk: The risk of redesign should be avoided at any cost so that the delay for completion of the project can be avoided. The design approval and completion should be in perfect time so that the time delay for construction of other components could be avoided to a considerable extent. Indian railway carries tons of loads daily and the expected users per day are also considerably high thus demanding a design which is highly efficient and standardized. Therefore the design should be accurate and reliable.
Human resource risk: The sudden change in the officials or the trained personals for the project can make the project completion at stake. Therefore proper bonds can be made with the consultancies and leading officials in charge to ensure the completion of the project at the stipulated time given. The number of trained people for the execution of the project should be decided beforehand and surplus amount should be trained to ensure that project won’t stop all of a sudden even if some leaves at certain point.
Site safety risk: To ensure the safety of the workers and to avoid accidents proper safety measures have to be taken at site. The workers need to be provided with boots, helmets, safety jackets and all other necessities depending on their field of work. Proper insurance should be taken by the company for their workers beforehand and accidents should be avoided with proper maintenance and inspection daily
Material risk: To ensure the safety of the users the materials used for construction should be of the intended use and quality. To achieve such a risk engineers of railway department should first aware about the purchasing of the materials, the dealers of the material should be approved by certification. Also they should provide the quality certificate for each material, like ballast, sleepers, rail etc. which are majorly used in lying of railway lines.
• The other risk associated with the project include:
Organization management risk: The railway ministry tenders the contract to the private entities, and private entities work in their comfort with the available resources. Sometimes resources may not be available on time and therefore to mitigate such a risk they should provide alternate options to dealers available, so that project will not stop due to unavailability of resources.
Construction risk: These are very common in construction industries; generally such a risk happens at the time of construction execution phase of the projects. The specification given in the drawings and design reports may not confirm to the site conditions which will lead to misunderstanding.
Legal risk: Many of government agencies / civic bodies etc have to grant various approvals for the project which is a complex and time consuming process during the construction period.
Environmental risk: This risk may not affect majorly on projects as the railway ministry are carrying the design phase only in rainy seasons and execution phase in non-rainy seasons. But to reduce the environmental pollution created by the execution work, the ministry and other contractors should ensure to follow the environmental acts at suitable locations at the site.
Indian railway is one of the busiest networks in the world transporting more than 50 lakh passengers daily. It is the world’s eighth largest employer in the world. The high complexity in construction and lying makes it more susceptible to a lot of risk. Proper planning and execution of the project is necessary so as to avoid any delay and chaos. Out of the number of risks identified the main risks are to be avoided whenever possible. A sound management plan and risk analysis can be effective in controlling the risk to a large extent. The other risk like management risk and construction risk happens to be a part of all projects and are to be taken care of while during the execution of the project. If utmost care is taken for the execution of the projects and proper maintenance standards are adopted, Railway tends to be an important factor for tourism development, growth of market shares, internal trade, employment, strategic and social importance for the nation.
• Importance of sound risk management plan
An effective risk management strategy allows identifying a project’s strengths, weaknesses, opportunities and threats. By planning for unexpected events that take place while a project proceeds we will be ready to respond if they arise at any time. To ensure the project’s success proper definition should be there as to how we will handle potential risks, mitigate or avoid problems when a particular unexpected situation arises. Successful project managers recognize the fact that risk management is very important because achieving a project’s goals depends a lot on proper planning, preparation, results and evaluation which can contribute to achieve strategic goals.
Risk management plans helps to a project success by establishing a list of major and minor risks. This plan typically includes the identification of potential risks, probability of its occurrence in the future, potential impact and proposed actions to reduce it. Low risk events will have a very little impact on cost, schedule and performance. Moderate risk can cause some increase in cost, disruption of scheduling or degradation of performance. High risk events are most likely to cause a remarkable increase in the budget, disruption of the entire schedule and performance. By identifying, avoiding and dealing with potential risks in advance we ensure that employees can respond effectively when challenges emerge and require immediate actions.
By defining risk management we make success more likely by minimizing and eliminating negative risks so that the projects can be finished on time. This enables to meet our budget and fulfill all the targeted objectives. When we are not having risk management strategies, our projects get exposed to a lot of problems and are vulnerable. Effective risk management strategies allow any company to maximize their profits and minimize expenses for activities that can’t produce them a return.
2. QUESTION 2 STARTS FROM THE FOLLOWING PAGE
Table of contents
1. Organizational profile 20
1.1 Experience 21
1.2 Values 22
2. CONSTRUCTION PROJECT -RISK MANAGEMENT 22
2.1 Risk Management 23
2.2 Benefits of Risk management 23
2.3 METHODOLOGY 24
2.4 BACKGROUND OF STUDY 24
2.5 Stake holders / Our Team 25
2.6 Facilities of the current project 25
2.7 Specifications of the project 26
2.8 RISK IDENTIFICATION 28
2.9 Challenges of the project 28
2.10 Major Risk involved 29
2.11 Minor Risks: 30
3. Assessing potential risks 31
3.1 Risk Assessment of the project 33
3.2 Priority list from the assessment 34
4. Evaluating and treating of potential risks 35
4.1 Risk treatment options/control measures 36
4.2 Risk action plan: 38
4.3 Risk management documents as per the proposal 39
5. REFLECTION OF THE PROPOSAL 40
TE GROUP OF COMPANIES
1. Organizational profile
TE (Tycon Realtors ; Engineers) group of companies was established in the year 1998. It has various branches across kerala, southern part of India and Middle East countries like Abu Dhabi and Sharjah. It has vast national ; international experience to play leading role in the field of contracting services like civil works, electrical works, building constructions and maintenance, Consultancy and Engineering Service, etc.
The company serves its customers at every project phase right from planning through design, project management and till the final implementation. Best practices and professional integrity is ensured in the company to deliver quality. Customer satisfaction plays a major role in development of integrity to the company profile.
There are more than 70 full time employers in the company now engaged in various sectors of the construction process. The key areas of our expertise include the following:
• Construction/project Management
• Quality Assurance according to standards
• Financial Controlling and cost estimation studies
• Project/departmental Managers
• Contracts Administrators/workers
• Civil/mechanical Engineers
• Quantity Surveyors/Estimators
• Architects and Draftspersons
• Schedulers and Safety Personals
• Site Supervisors
About 20 years of experience in the construction field the company brought out a list of notable completed and ongoing projects like
• Nakshatra Villa project ( 20 villas in 1.2 acres of land) at Trivandrum,kerala
• Commercial warehouse for Skoda showroom, Bypass Road, Trivandrum
• Cordon Project(25 Storey flat construction), Trivandrum, kerala(ongoing)
• Studios cornice( hotel , Abudhabi)
• Al Jazira club hotel, Abudhabi
• Renovation works at Sharjah complex (ongoing)
• Renovation Work at Trivandrum International Airport(ongoing)
Quality is king at TE Group. The expectations of the client are delivered with utmost care and at high standard of workmanship in a timely manner. The products and materials that meet or exceed the requirements of the contract documents are ensured and for this staffs are trained. All works are in compliance with ISO 9001-Quality Management Systems.
2. CONSTRUCTION PROJECT -RISK MANAGEMENT
Cordon-Kings Villae Apartment Project
2.1 Risk Management: Risk Management includes managing all the risks that might happen in the working environment. A proper management of the company gives importance to the most valuable assets of the project including their employees. Financial crisis and injuries are expected due to a failure in proper risk management. Risk assessment is therefore very crucial in protecting the workers and the requirements of the legal issues. It helps to asses and distinguishes the most important risk in a project which can hamper the entire work culture. The project cannot be made totally risk free but ensured that precautionary steps are taken to meet those unfavorable situations.
2.2 Benefits of Risk management
• Helps in improved planning and effectiveness
• Cost efficiency
• Improved relationships between team members
• Decision making at correct time
• Enhanced reputation is ensured
• Ensuring the safety of the people in the work place
• Beneficial to the society by creating a balance between the profit made and the risks related to it.
• ?Ensuring creativity in construction
• Enabling the understanding to take immediate action in case of failure to manage risk.
Risk Management is a continuous process, in which potential risks are assessed,
Identified, and addressed as shown in figure above. The framework of developing a risk management plan usually serves as the basic guideline for each project or area of consideration in a company.
2.4 BACKGROUND OF STUDY
Cordon (Kings villae) flat construction is a 25 storey project extending over an area of 32 cents with each floor of 2350 square feet area. Each floor having a single apartment and is totally a Reinforced Concrete structure with laminated wooden flooring. The cost estimate is around 25 crores. The project is located at Pipinmoodu, Trivandrum which is barely 5 kilometers from the main city, international airport, railway station and industrial areas
2.5 Stake holders / Our Team
Internal team members of the company
Sl no. Position Numbers required
1 Project Manager 1
2 Project Coordinator 2
3 Site Engineer 3
4 Project designers 3
5 Site Supervisor 5
6 Safety Supervisor 2
7 Draftsman, Geotechnical engineers 9
8 Surveyor 7
9 Estimators 3
10 Department and construction Manager 1
2.6 Facilities of the current project
• One apartment in each floor with 2350 square feet area
• Elegantly furnished lobby with internet facilities
• Video Door phone with interconnection facility
• Biometric Entry Access at lobby and front door
• Surveillance cameras in the main lobby and over the external surroundings including the parking floors
• Fully automatic high speed bed lift with access controlled Entry and Exit
• Children’s Play Area in the downstairs entrance
• Landscaped Garden at Terrace and car porch area
• Fully equipped Air Conditioned Fitness center with trainers and yoga specialists
• Indoor Games / Reading Rooms in the first floor
• Fully Air Conditioned Bedrooms and provision in the living and dining area
• Laminated wooden flooring in the Living Room
• Air conditioned Multi Purpose Hall at the ground floor
• Sensor lighting system for detection in the car parking area
• Covered Car parking for each apartment
• Provision for Solar paneling for Common Lighting
• Water purifier in all apartment kitchen
• Security / Care takers room
• Gas leakage dictator
• Pure Green building concept is adopted
2.7 Specifications of the project
Structure: Reinforced concrete construction with interior panel walls employed by 3D paneling techniques. Columns resting on pile caps with hollow/solid partitions.
Flooring and tiling: Vitrified tile flooring mainly for lobby and apartment interior floors with size of 60 cm x 60 cm. Satin finished tiling mainly in the toilet walls.
Sanitary and Plumbing: High quality sanitary and plumbing equipments from Parryware comp. Provision for hot water and all the facilities in the attached toilet spacings.
Electrical : concealed three phase wiring with ISI marked superior. Provision for telephone and internet shall be provided in all the living room and master bedroom. Power backup with generator will be provided for all common services and for individual apartments.
Painting :Acrylic/cement based putty with Emulsion paint shall be provided for inside area and weather shield exterior grade paint for the external surface of the villae.
Elevators: Two elevators of which one is the passenger lift and other bed lift with automatic doors.
Air Conditioning: AC Live point is provided in all Master bedroom
Water Supply: Bore well and KWA water supply based on govt. norms.
Cable TV: Provision for Cable TV connection in main living room and master bedroom.
Car Parking: Covered car parking will be provided for inhabitants
Security: Provision for Intercom from Security cabin to all the individual apartments, Access control system for all the Lobby areas, CCTV Visitor tracking.
2.8 RISK IDENTIFICATION
In construction, risk usually refers to the factors that may hamper the objective of the project which may be regarding time, cost and quality. Identification of the risk is therefore important to get alert and prepare in advance for the uncertainties that may arise with time. Identification of risk forms the first major part of risk analysis. In the project, the risk management architecture (principles, framework and process for managing risk) described in AS/NZS ISO 31000:2009 Risk management – principles and guidelines is used.
2.9 Challenges of the project
1. The main challenge of the project is to finish the project in the estimated cost as the client gave a tight deadline that any increase in cost won’t be afforded
2. The deadline given for the completion of project is by two and a half year after the starting. The tight time schedule is one of the major challenge
3. As Trivandrum have monsoon season by 3 months past the scheduled time of starting, the work cannot be carried out. This is yet another challenge due to environmental problems
4. Technical risk like the availability of laborers and contractors within the specified time
5. Price increase of materials in the new budget of the government in the next year
6. Availability of materials at the right time of construction and according to the specification provided by the designers
7. Unexpected delays due to hartals and other uncertainties
2.10 Major Risk involved
According to our team the major risks identified were
1. Political/ Governmental: The governmental rules and regulations change within five years, so by the year end rules are expected to change for the building construction and maintenance. The risk of delay in approval by the administrative authorities is thus expected.
2. Financial Risk: Financial risks are mainly associated with the cash flows, capital supply, interest rates, credit ratings, rentals etc. The involvement of various local partners, customers, suppliers, contractors, etc increases the risk of cash inflow and corruption. The success of the project rests on the reliability and creditworthiness of the local partners and the people involved.
3. Legal Risk: These are associated mainly with the contractual clauses, codes and regulations, issue and approval of the drawings which are done by various authorities’
4. Managerial Risk: Managerial risks are mainly associated with the human resource management, productivity, cost and quality control. Safety risks, quality of work, faults, productiveness and competency are considered as the major risk parameters associated.
5. Technical Risk: Technical risks are associated with the various technical factors related with the construction process, such as technology failure, design failure, equipment breakdown, error in estimation, etc. Location of site, accessibility etc also some of the risks coming under this category.
6. Environmental risks: Environmental risks deals with the soil conditions, weather condition and other environmental impact risks. The effect of the environment in the project like conditions of rain, snow, ground water table etc should be analyzed before any construction starts.
2.11 Minor Risks:
1. Utilities- Non availability of fuel, electricity and utilities not relocated at time delays the work of the day.
2. Noise- Repetitive, excessive noise causes long term hearing problems in labour and can be a dangerous distraction.
3. Material & Manual Handling- Materials and equipment is being constantly lifted and moved around on a construction site, whether manually or by the use of lifting equipment. Different trades will involve greater demands, but all may involve some degree of risk.
4. Disputes: Both internal and external disputes within company staffs, Laborers, contractors, supervisors etc
5. Redesign: often redesigning due to site conditions can cause delay in construction
6. Misuse of resources
7. Unexpected accidents, fire, water drawdown, scaffolding failure etc at site
8. Adequate construction waste management not carried out at site
9. Inadequate parking facilities at site for supply of materials
10. Unexpected delay in transportation and erection of materials at site
3. Assessing potential risks
Once the risks are identified they are evaluated using the likelihood of the event occurring and the possible consequences. This provides information as to which requires treatment and others to be accepted as it is.
A Almost certain
B Will probably occur
C Moderate Should occur
Rating DESCRIPTOR DESCRIPTION
1 Insignificant No Injuries and financial losses
2 minor Minor losses
3 moderate Moderate losses
4 major High financial losses, high attention required
5 catastrophic Dangerous losses, requires immediate attention
3.1 Risk Assessment of the project
SL NO. RISK ASSOCIATED
CATEGORY CONSEQUENCE LIKELIHOOD CONSEQUENCE
RATING LEVEL OF RISK
1 Political major Change in rules and byelaws,
Delay in approval. Will probably occur 3 B HIGH
2 Financial major Cash flow,
Interest rate. certain 4 A VERY HIGH
3 Legal major Specifications of codes and regulations,
Delay in approval. certain 4 A VERY HIGH
4 Managerial major Human resource management, quality control. certain 3 A VERY HIGH
5 Technical major Design failures, error in estimation etc
Moderately occur 3 C HIGH
SL NO. RISK ASSOCIATED
CATEGORY CONSEQUENCE LIKELIHOOD CONSEQUENCE
RATING LEVEL OF RISK
6 Environmental major Risky weather conditions for work Moderately occur 2 C MEDIUM
7 Utilities minor Unavailability of fuel, electricity etc at site unlikely 2 D LOW
8 Noise minor Disturbance to public Moderately occur 2 C MEDIUM
9 Material handling minor Improper handling construction unlikely 4 D HIGH
10 Disputes minor Delay unlikely 1 D LOW
11 Redesigning minor Delay unlikely 3 D MEDIUM
12 Misusage minor Delay rare 2 E LOW
13 Accidents minor Loss of life and materials rare 5 E HIGH
14 Waste management minor Environmental degradation moderately occur 1 C LOW
15 Parking for unloading minor Delay unlikely 1 D LOW
16 Delay in transportation minor Delay unlikely 1 D LOW
3.2 Priority list from the assessment
Based on the level of risk assessed in each of the risk identified our team prioritized it into numbers ranging from 1 to 16 and is tabulated below:
No. Risk involved Level of risk Priority assigned
1 Political High 5
2 Financial Very high 1
3 Legal Very high 3
4 Managerial Very high 2
5 Technical High 4
6 Environmental Medium 8
7 Utilities Low 11
8 Noise Medium 10
9 Material handling High 7
10 Disputes Low 16
11 Redesign Medium 9
12 Misusage of resources Low 12
13 Accidents High 6
14 Waste management Low 13
15 Parking for unloading Low 14
16 Delay in transportation Low 15
4. Evaluating and treating of potential risks
Proper methods to monitor and control the potential risk should be evaluated before the execution of the project to ensure proper execution of the project subjected to uncertainties or risks. The following table shows some of the methods to treat the risk involved within the project.
4.1 Risk treatment options/control measures
SL NO. POTENTIAL RISKS LEVEL OF RISK ASSESSED POSSIBLE TREATMENT OPTIONS/STEPS
FOR RISK MINIMIZATION PERSON RESPONSIBLE FOR IMPLEMENTATION MEASURES TO MONITOR
1 Political High Minimizing the delay for approval from government authorities
2 Financial Very high Proper usage of cash inflow, salary and cost management techniques Project construction manager/ department managers Project manager should verify each days register of financial consumption
3 Legal Very high Proper use of codal provisions in the design Design engineers Design should be verified by senior engineers before submission
4 Managerial Very high Ensuring the quality at site by adopting proper quality control measures like NDT testing, rebound testing etc Project coordinator
Safety supervisors Testing under the observance of senior safety professionals ensuring adequate safety measures
5 Technical High Minimizing faulty design and error in cost estimation Design engineers, surveyors, draftsman, estimators. Approval of design from senior design engineers in compliance with specifications and standard
6 Environmental Medium Minimizing delay in construction Site engineers
Site supervisors Extra time given for the delayed hours in supervision with engineers at site
7 Utilities Low Avoiding delay in construction for long hours by suitable remedial actions Site engineers
surveyors Alternate arrangements should be provided under project coordinator
8 Noise Medium Usage of sound less and less sound operating machines Site supervisor Monitored by engineers
9 Material handling High Careful erection and handling techniques will be adopted at site. Lifting and hoisting equipments are used whenever needed Site engineer
In presence of Engineers only on site
10 Disputes Low Minimize disputes Project manager
11 Redesign Medium Minimize redesigning Design engineers
Misusage Low Close observation of materials and resources and proper M book keeping Site supervisors
Site engineers Verified each day by the engineer in charge at site
13 Accidents High Minimizing hazardous objects at site and being careful to avoid accidents Project manager
Proper precautions to be taken at site
14 Waste management Low Proper waste treatment methods to be adopted at site to ensure waste disposal Site supervisor and engineers
15 Parking for unloading Low Clearance of space beforehand for unloading Site supervisor
16 Delay in transportation Low Transportation preferably at low traffic times should be promoted Site supervisor
4.2 Risk action plan: A few of the risk where classified as very high. A proper risk action plan is required in such a case and the recommended action plans according to our team is as below
Risk Financial Managerial Legal
Risk priority 1 2 3
Impact on the project A financial instability can make any project still. Finance is the first and foremost factor in any construction Quality assurance is highly recommended in construction. Less quality work can make the company earn low and customer dissatisfaction The specifications in the codes are liable to be followed else legal approval delays will occur and certification of the company will be disabled at severe cases
Strict monitoring in cash inflow, corruption, unwanted losses,
Quality testing such a NDT , Rebound hammer, etc in concrete. Proper usage of certified materials like steel, aluminium, brick, wood etc at site
Proper usage of specifications in Codes and implementation at site is to be ensured
Resource requirements Cash book registers, expenditure analysis, cost estimate
Testing equipments at site, material quality assurance register Codes and Standard books for Construction
Responsible persons Project construction manager/ department managers Project coordinator
Safety supervisors Design engineers
Time Throughout the execution of the project During construction with the material intended Throughout the design works
Monitoring/reporting Project manager should verify each days register of financial consumption Testing under the observance of senior safety professionals ensuring adequate safety measures Design should be verified by senior engineers before submission
4.3 Risk management documents as per the proposal
Risk register : A risk register is required as part of all proposals which has all the details like the Category Risk – what and how can it happen, Consequence, Likelihood ,Existing Controls Consequence Rating, rating of Likelihood, Level of Risk, Risk Priority etc. This is maintained throughout the project and risks should be treated according to the priority. Refer Appendix 1 for the risk register format.
Risk treatment schedule and plan: The treatment register is maintained to schedule and plan the risks identified. It has details like Possible Treatment Options, Preferred Options, Risk Rating BEFORE Treatment, Risk Rating AFTER Treatment, Cost/benefit Analysis, Person Responsible for Implementation, Monitoring etc. Refer Appendix 2 for the format
Risk Action plan: For the risks which are classified as very high and requires much attention the risk action plan is prepared. Refer Appendix 3.
5. REFLECTION OF THE PROPOSAL
TE group of companies is one of the pioneer groups in the construction industry having an experience of over 15 years and having a wide range of construction specializations and National & Oversees relations. The stake holders of our company are expertise in the field of construction and have vast experience. Most of the projects completed by us have always received appreciation and recommendations in both National & International levels. Our team aims to provide maximum benefits to the customers and assure quality in the limited time allocated for the completion of the project.
The Cordon Villae project is a highly distinguishing and unique project put forward to us by the Cordon Group of shareholders. The project aims to provide residential apartments to its customers. The time taken for completion of the project as given by the client was two and a half year with utmost perfection. The project is therefore an opportunity for our company to show our professionalism and proficiency.
Our team headed by me, Glyan James (Project Manager) and thirty five other professionals in various key areas of construction consider this as an excellent opportunity to accomplish our expertise. The most challenging part of the project is the time and cost management.
According to the plan of the building suggested the cost estimate is around twenty five crores which is fairly consistent. But the inflation of price of the materials in the forthcoming year and revision of codal practices by the government authorities in the year following can generate turbulence. Therefore the key rule will be to limit the undesirable expenditure.
The major facilities provided and the structural specifications of the project are exceptional to all other apartment project in the city. The fully automated water recycling and purifying system is a new approach developed in the construction and the concept of green building is being incorporated in the construction. We plan to provide automated 3D construction printing to the interior walls which is a new approach. We hire experienced structural engineers, tilt panel specialists and geotechnical engineers in case of structural and geotechnical instabilities at site. Solar panels will serve as an excellent source of renewable energy for the building. Waste management and biogas recovery plants will be made for environmental safety.
The risk management plan was prepared for the project by our team headed by myself. We identified the potential risks and prioritized it by ranking. The risks identified were mainly based on our previous years of experience, knowledge and social relations. We recommended possible treatment options and made a risk action proposal for the possible very high risks in the project. The treatment options we incorporated in the project are the most practical, economic and effective ones from our outlook. All the risk management guidelines were adopted as described in (AS/NZS ISO 31000:2009 Risk management – principles and guidelines). Proper risk action plan were adopted for those risks which were of very high priority. The detailed actions and ways to monitor the risks were discussed within the team members before drafted. We hope that according to the risk management done the uncertainties could be reduced to a large extent and the project could be finished conveniently.
The project when completed will surely be an accomplishment for the Cordon Developers as this is a project with ultimate perfection, resilience, luxurious and versatility. The Kings Villae project is in the prime location with barely 5 kilometers from the main city, international airport, railway station and industrial areas and therefore will be the inhabitant’s paradise. This will be the first ever green building concept developed in the city when completed.