Table 2: Associated Risks on the Project
Cost Related Risks:
Index Scores
Tight project schedule
0.67
Design variations
0.49
Project variations from the client
0.46
Unsuitable construction project's program planning
0.42
Occurrence of dispute
0.42
Price inflation of project construction materials
0.41
Excessive approval procedures within the administrative government departments
0.40
Incomplete approval of document and other documents
0.39
Incomplete and inaccurate cost estimate
0.38
Inadequate program scheduling
0.38
Time Related Risks:
Index Scores
Tight project schedule
0.57
Design variations
0.48
Excessive approval procedures within the administrative government departments
0.48
Variations by the client
0.47
Incomplete approval of documents and other documents
0.45
Unsuitable construction project's program planning
0.45
Inadequate program scheduling
0.42
Bureaucracy of government
0.39
High performance and quality expectations
0.38
Variations of construction project's program
0.38
Quality related risks:
Index Scores
Tight project schedule
0.56
Inadequate program scheduling
0.41
Unsuitable construction program project planning
0.38
Incomplete and inaccurate cost estimate
0.38
Low subcontractors management competency
0.36
High performance and quality expectations
0.35
Variations of construction project's program
0.35
Non-availability of sufficient skilled labor
0.31
Design variations
0.30
Lack of coordination among project participant
0.29
Environment related risks:
Index Scores
Tight project schedule
0.39
Variations of construction project's programs
0.28
Non-availability of sufficient managers and professionals
0.27
Excessive approval procedures within the administrative government departments
0.27
Variations by the client
0.25
Insufficient and inadequate site information, which include soil test and survey report.
0.25
Low subcontractors' management competency
0.24
High performance and quality expectations
0.24
Inadequate program scheduling
0.23
Serious noise pollution come from construction activities
0.23
Safety related risks:
Index Scores
Tight project schedule
0.45
Low subcontractors management competency
0.37
Unsuitable construction project's program planning
0.33
Variations of construction project's programs
0.30
General accident occurrence in site
0.30
High performance and quality expectations
0.27
Design variations
0.26
Lack of coordination among project participants
0.26
Excessive approval procedures within the administrative government departments
0.25
Non-availability of skilled labor
0.24
Non-availability of sufficient managers and professionals.
0.24
The data in table 2 reveals that the 51 risks deemed to influence the project objectives. 10 factors were related to the project objectives while 11 factors related to safety. It is evident that many of the risks are repeated within the 51 risks which include:
Tight project schedule which was identified to influence all the five project objectives;
Risks associated with time, quality, cost and safety were also been identified to influence the design variation of the project.
These risks served as the key risks that influenced the project and they were 20 in number. All the risks and their abbreviations are presented in Table 3.
Table 3: 20 Key Risks
Abbreviations
Tight project schedule
TPS
Design variations
DV
Excessive approval procedures within the administrative government departments
EAP
High performance and quality expectations
HPQE
Inadequate project's program scheduling
IPS
Non-suitable construction project program planning
UCPP
Variations of construction project programs
VCP
Low subcontractors management competency
LMCS
Variations from the client
VC
Incomplete approval of critical document and other documents
IAD
Incomplete and inaccurate cost estimate
ICE
Lack of coordination among project participants
LCP
Non-availability of sufficient manager and professionals.
UPM
Unavailability of sufficient amount of skilled labor
USL
Bureaucracy of government
BG
General safety accident occurrence
GSAO
Inadequate and insufficient site information
Occurrence of dispute
OD
Price increase of construction materials
PICM
Serious noise pollution from the construction site.
SNP
6. Output analysis and Discussion
The study identifies 11 risk factors that had the probability of occurring in the Bullring project. Tight project schedule is the most significant risks out of the risks identified. It is revealed that the Bullring is a multi-million pound project and the project was scheduled to complete within three years. The most important strategy used to manage this risk was by formulating the most appropriate feasibility to ensure that the cost budgeted for the project was sufficient to arrive at the project outcomes. Typically, costs are closely correlated with the project schedule. If there are sufficient funds to complete a project, there is a high probability...
The major factor leading to a project failure in a construction environment is to design a lengthy schedule for a project. Thus, Bullring project team realized that a lengthy project schedule could wreck a project outcome. To address this problem, the Bullring stakeholders allocated sufficient
budget and short schedule for the project, and the results was that the stakeholders were able to achieve the project objectives.
Risks related design is another top risks that could affect the project objective. Many projects fail because of defective designs. However, Bullring project teams understood that defective design could affect the project outcome. Thus, the design team and Bullring stakeholders full collaborated about the overall design of the project before starting the project. The strategy made the design team to fully integrate Bullring management objective into the project design. Typically, Bullring management chooses an experienced and responsible designer to minimize the inaccuracy in the project. Moreover, there was an
effective communication between the management and the project design team, and this strategy assisted in completing the project on schedule.
More importantly, the project team carried out the soil test, had sufficient site information before project start date, and ensured that the site was excellent for the project. "Prior to any design scheme, bore hole, soil test and survey with the
government agencies and nearby buildings should be conducted to ascertain the site conditions and reduce unexpected risks"(Zou, 2012 P. 9).
Other top risks are the risks associated with contractor and sub-contractor. The effective methods used to manage these risks were through systematic selection of contractor and sub-contractors. Typically, the Bullring management selected only experienced and competent contractors and subcontractors to carry out the project. Using this strategy, the management was able to minimize uncertainties within the project lifecycle, which successfully translated into successful project outcomes.
7: Recommendation of the Improvement
Analysis of the Bullring project in Birmingham reveals that the
success of the project was due to the effective integration of risk management into the project lifecycle. Based on the successive outcome of the project, this paper recommends that project stakeholders should implement the
risk analysis for a project before embarking on a project. Risk analysis is very critical for a project. To carry out the risk analysis, the following information should be included in the risk register:
Risk impact
Risk probability
Risk matrix score, using risk register spreadsheet to determine the impact and probability of the risks.
Risk priority, using risk register spreadsheet to determine the impact and probability of the risks.
Qualitative impact, which involves descriptive impact of potential risks.
8: Future Work
There is a need to carry out a future work on the strategy project teams could employ to minimize project risks on a project having tight project schedule and used minimum costs to complete the project. It is critical to realize that tight project schedule has been a major source of project failures. Projects with tight schedules and have been successfully completed involve huge costs before the projects were completed. Thus, a future research is very critical to assist project team to complete large project having tight schedule at minimum costs.
9. Conclusions
The project evaluates the risk management tools and techniques used for the Bullring project. The paper identifies that the company used various technique to manage the project risks. The
team leader used both quantitative and qualitative techniques to manage the project risks. Using this strategy, the project stakeholders were able to achieve the project objectives.
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