Civil Engineering Practice for Risk Management- myassignmenthelp

Question: Discuss about theCivil Engineering Practice for Risk Management. Answer: Uncertainties are a common occurrence in any construction project and thus call for readiness and strategies that would ensure such risks are effectively contained. Risks have an overall effect on the goals of the project and could either be of positive or negative potential(Monoharan, 2012). Either potential is an important concept since it is natural to be trapped into risks with negative effects. On the other hand, risks that create positive opportunities tend to make a project more streamlined, smarter and also more profitable to the project developer. For the successful management of risks, five basic steps can be followed. These steps would ensure effective control and management of the uncertainties as to and when they occur. The likelihood and the consequences of a risk are the main determinants of the magnitude of any risk. Among the risk management processes include(Goodman, 2016); Identification of the Risk: This is the initial step in the risk management process. It involves uncovering, acknowledging as well as defining uncertainties that are likely to affect the development of the commercial project or its outcomes. Identification of risks can be done through various techniques. The company would start preparing its Project Risk Register in which is documented the already identified potential risks and their likely extent of impact on the project development(Andresen, 2010). Analysis of the risks: upon identification of the potential risks, the consequences of each of the risks are determined besides their chances of occurrence(Frigenti, 2012). From such information, the company would be having an in-depth understanding of the nature of the potential risks and how much they would be able to impact on the objectives and the goals of the project. This data is also documented in the Project Risk Register. Ranking the Risk: the risk magnitude is a fundamental aspect in the evaluation of the magnitude of the risks. The magnitude of the risk is determined by the interaction of the consequences in case of occurrence and the likelihood of the occurrence of the risk. Such an interaction is important in determining whether the risk would be acceptable should it occur or there is a serious reason to believe that its occurrence would have such heavy impacts that raise the need of a treatment. In ranking risks, the company would take into consideration the likelihood and consequence considerations of the risks(Hillson D., 2012). Treating the Risk: The company would assess the risks ranked highest and come up with a working plan on how to treat or change the risks in such a way that they can be too acceptable levels. It would involve lowering the chances of occurrences of the negative risks and at the same time increasing opportunities or positive risks. During this process, strategies for risk mitigation, contingency plans and plans aimed at preventing the risks are created. Risks ranked highest or most serious are added to the Project Risk Register. Monitoring and Reviewing Risks: The Project Risk Register is deployed in the thus process and used in the monitoring and reviewing of the risks. At this stage, the risks recorded and reviewed, their occurrences and corresponding consequences monitored to find out any chances of improvements that can be made(Mawby, 2015). Quality Management Involves activities and processes that ensure the needs and purpose for which the project is undertaken taken are satisfied. It encompasses those activities along the overall management line aimed at determining the objectives, quality of policy as well as the responsibilities of the management in the success of the project(Kloppenborg, 2012). These activities are implemented through such mechanisms as quality improvement, quality control, quality planning and quality assurance a contained within the quality system. In order to ensure the company successfully meets the quality management requirement of the project development, the following major processes for quality management would be undertaken; Quality control: The Company would monitor certain results of the project to find out if such results are in compliant with the set-out quality standards. Those that do not meet the quality standards are to be eliminated on the basis of failing to meet the satisfactory performance standards. Quality control would ensure that quality is maintained throughout the project development phases(Hillson D. D., 2012). Quality planning: The company, with the help of the available regulations and building codes of the specific task would identify the quality standards that need to be met during the development process. In this process, the company would also determine how it would ensure it meets the quality standards that are set out. This would ensure the construction goes on uninterrupted and that unsatisfactory performance that would lead to any additional costs is avoided. Quality assurance: This is where the company would be conducting an evaluation of the overall performance of the project as frequently as possible. This is done to build confidence in the different phases of the project and ascertain that the project will meet the relevant quality standards up to and upon completion(Mansor, 2012). Each of the processes above interacts with each other and requires that the company have a team of professionals or individuals who would interject as much effort as would be deemed fit by the nature of the project. Each of the processes would take place at least once at every stage of the development of the project hence the need for the professionals at every stage of development. Along the line of quality planning, the company would consider such factors as schedule or cost adjustments or even a comprehensive analysis of a risk in an identified problem in order to meet the desired quality of management(Wilson, 2012). In order to achieve the required levels of grade and quality, the company team responsible for the management of the project would familiarize itself with complements of modern quality management that complement the modern project. Besides that the company would attach importance to satisfaction of customers, processes within phases, prevention as opposed to inspection and management responsibility. The company would comprehend, manage and influence the quality needs in such a way that they meet or even exceed the expectations of the client(Nohe, 2011). This would call for conformity to the specifications for project development i.e. the project has to generate what it is said it would generate and safety for use which insinuates the project has to meet the real needs for which it was developed(Persse, 2010). On management responsibility, all the members of the form the company tasked with the management of the project would have to take an active role to ensure successful delivery even though the management is tasked with the responsibility of ensuring all the required resources are availed to facilitate delivery. It is less expensive to avoid mistakes than correcting them thereby promoting the prevention as opposed to inspection philosophy. Efficiency Efficiency in project management is all about doing things in the most cost-effective way that would see the overall project cost reflect the value for money injected into the project. Economical projects would are attractive to consumers and would thus ensure the client does not incur losses as a result of the development(Goodman, 2016). In order to achieve efficiency, the project team management from the company would; Do away with any unnecessary costs affiliated with the project, ensuring the work is done in such a way minimal cost is incurred while quality is maintained. The project manager of the company would ensure the project is kept under the allocated budget and ensure the budget does not grow out of control. Still, efficient project management from the company would ensure there is the efficiency of work by the contracted contractors and ascertain that the highest quality of work is delivered at the best cost(Rose, 2014). This would be achieved through the collection of bids from the most qualified bidders. Another way through which the company would ensure efficiency is by ensuring it hits the set-out deadline and keeping the project goals within sight. The use of technology and software would see this a success by enabling the company to keep on target the project and meet the goals and objectives as set out. The company would acknowledge the fact that the client is likely to lose a lot of money should part of or the whole of the project gets off schedule. Generally speaking, efficiency in the management of the project would see the company complete the project on time, at the highest quality and within the provided budget. The company would be able to ensure the project is under full control however much inefficient or unfocused the project began thereby saving the client of any financial losses(Wilson, 2012). In conclusion, the successful management of any project is not rocket science but instead an integration of the various aspects of management that occur at various stages of the project development. Commitment and focus by the project management team would see the project meet the required specifications as well as hit the fitness for use target of the client. The various project management phases are adequately followed would ensure a cost-effective and successful project. Client satisfaction and meeting the specific quality standards of the project form the basis of operation of the project management team. References Andresen, M. A. (2010). The Process of Risk Management for Projects. London: GRIN Verlag. Frigenti, E. (2012). Practice of Project Management. Oxford: Kogan Page Publishers. Goodman, F. A. (2016). Process-Based Software Project Management. New York: CRC Press. Hillson, D. (2012). Practical Project Risk Management: The ATOM Methodology, Second Edition. Washington DC: Management Concepts Inc. Hillson, D. D. (2012). Managing Risk in Projects. Paris: Gower Publishing, Ltd. KENDRICK, T. (2009). Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project. London: AMACOM Div American Mgmt Assn. Kloppenborg, T. J. (2012). Managing Project Quality. New York: Management Concepts Inc. Mansor, Z. B. (2012). Project Quality Management Planning Practices in IT Projects. Beijing: GRIN Verlag. Mawby, W. D. (2015). Decision Process Quality Management. Manchester: ASQ Quality Press. Monoharan, K. (2012). Review on Project Quality Management Planning: Software Quality Planning. Salt Lake: GRIN Verlag. Nohe, M. (2011). Implementation of Quality Control Measures in Project Management and Its Impact on Customer Satisfaction. New York: GRIN Verlag. Persse, J. (2010). Project Management Success with CMMI: Seven CMMI Process Areas. Berlin: Pearson Education. Rose, K. (2014). Project Quality Management: Why, What and How. Manchester: J. Ross Publishing, Incorporated. Royer, P. S. (2010). Project Risk Management: A Proactive Approach. New Delhi: Management Concepts Inc. Wilson, R. (2012). The Operations Manager's Toolbox: Using the Best Project Management Techniques to Improve Processes and Maximize Efficiency. New York: FT Press. Wysocki, R. K. (2014). Project Management Process Improvement. Chicago: Artech House.