The current risk management manual provides a road map to the risk associated to the project life cycle of MAB Corporation. The project life cycle is usually divided into five stages that include project assessment, design and planning phase of the project, procurement of the project, implementation of the project, closing phase of the project and finally the operation phase of the project. A road map to the project risk assessment has been also provided that helps in better assessment of the risks. Risks associated to the five stages has been critically analyzed and evaluated in the current risk management manual.
The project assessment is the overall pending method that is used to ensure every aspect of the project is properly planned. All the economic and social aspects of the project properly evaluated with the help of assessment technique. It is common for all business analysis to have proper risk assessment technique that can help to identify the hazards that are involved in all types of project (Islam et al., 2017). In case of MAB corporations, they need to identify the risks that are involved in the overall work of construction in order to make their project assessment plan. With the help of the risk assessment techniques and methods, it is possible to minimize the adverse effects that are involved in the overall process of risk.
Effective design of risk management program needs to be implemented by MAB Corporation that can help the company to ensure full safety for all the employees within the organization and the construction workers who are involved in all type of hazardous activities. The design of the risk management and planning phase includes all types of activities that can help to deal with the hazardous activities that are involved in the overall process (Bandow, 2017).
The risk design plan for the construction industry also needs to incorporate the planning methods that help to minimize the risks that are involved in the overall process of economic and financial growth of the organization (Xiao et al., 2016).
At the initial stage, it is important to identify all the risks related to the work of construction that can cause serious threat to the business of MAB Corporation. It is important to note in this context that the financial and economic crises are one of the major causes of risks that are caused in the all types of construction industry (Deng & He, 2016).
The information that are collected from the risk assessment can help to deal with the overall process of risk design that needs to be incorporated in order to minimize the effects of the risks that are needed within the overall process of planning. It is also possible to mention in the context that in the recent days the construction work has to deal with various challenges that needs to be properly needs to be evaluated.
The procurement of the disc management process is an important part that helps to ensure that all the practical planning process are properly implemented in order to deal with the operational activities of the construction work. The health and the safety management is one of the important part of the risk procurement that help to ensure that no harm are being done on the construction workers, It is important to mention in the context that in the work of construction has various dangerous activities involved. With the help of risk procurement, it is possible to ensure full health safety for the construction workers (Wang, et al., 2016).
The overall effects of risk of financial loss also need to be procured in order to ensure minimal level of harm is done.
During the project implementation phase majority of the risk lies in the weathering and environmental issues that arises during progress of construction (Albogamy, 2014). Further unexpected cost also causes problems for the project for progression. According to Aminbakhsh (2013), builder’s contract exclusion or terms that are unfair also cause problems during the project implementation in property development.
Within MAB Corporation, the weathering and environmental issues are usually dealt with the use of stopping of the construction work as well as using precaution such as using materials that are not usually degraded by the weathering effects. As per Fewings (2013), effective communication is also used as a strategy to communicate with the builders and contractors as well as the engineers to clearly provide the project overview and details of the project delivery to ensure that the project is executed efficiently (Walker, 2015). Further MAB Corporation also looks into the trend of the economic shifts within the market to analyze and evaluate any potential rise in material price of the project or labor price (Hwang, 2013). During increase in labor and material price, MAB Corporation usually outsources workers, labors so that they are not required to be trained, and has adequate expertise and technical skills for a construction and property development project (Kerzner, 2013).
During the closing phase of the project, major risks that are associated include disputes and ongoing issues with existing contractors or engineers of MAB Contractors. As per Kim (2017), conflicts with the contractor’s causes major delay in construction and property development that leads to late delivery of the project and delay in scheduled time of the project.
Such risks and issues with the contractors are usually mitigated using communication and effective relationship management by MAB Corporation. Kuo (2013) stated that usually the engineers and staffs are tactically trained for the politeness during conversation with the client. Moreover, the technical skills are also enhanced within the staffs and engineers of MAB Corporation that helps in tackling difficult constructional issues such as post evaluation of the designs and estimated costing that leads to issues. Hence, the engineers need to revise their theoretical knowledge to ensure they are updated with current technical standards (Paul, 2016).
Zhao (2014) stated that operation of the project involves risks such as post construction structural failure or maintenance cost of the project that has been increased. According to Taroun (2014), in such scenario, the engineers are trained in post construction structural analysis that helps in evaluating the structural problems as well as deal with issues such as avoiding constructional negligence. Moreover, the maintenance cost of the structure is also reduced through detailed analysis of the structure that helps the engineers to reduce the maintenance cost of the structure (Taylan, 2014).
Conclusion
It can be concluded that risks associated to the project is very necessary for the MAB Corporation to understand for mitigating the risks efficiently and further help in learning from the risks that has been faced during previous construction to become cautious in future projects. The current risk management manual ensures that the employees of MAB Corporations get a clear overview of the risks that are anticipated within the project life cycle and their potential mitigation strategies.
References
Albogamy, A., Dawood, N., & Scott, D. (2014). A Risk Management Approach to Address Construction Delays from the Client Aspect. In Computing in Civil and Building Engineering (2014) (pp. 1497-1505).
Aminbakhsh, S., Gunduz, M., & Sonmez, R. (2013). Safety risk assessment using analytic hierarchy process (AHP) during planning and budgeting of construction projects. Journal of safety research, 46, 99-105.
Bandow, N. (2017). How to consider bioavailability in the assessment of construction products.
Deng, L., & He, W. (2016). Risk assessment of reinforcement concrete arch bridge in cantilever casting construction. In Maintenance, Monitoring, Safety, Risk and Resilience of Bridges and Bridge Networks (pp. 409-409). CRC Press.
Fewings, P. (2013). Construction project management: an integrated approach. Routledge.
Hwang, B. G., & Ng, W. J. (2013). Project management knowledge and skills for green construction: Overcoming challenges. International Journal of Project Management, 31(2), 272-284.
Islam, M. S., Nepal, M. P., Skitmore, M., & Attarzadeh, M. (2017). Current research trends and application areas of fuzzy and hybrid methods to the risk assessment of construction projects. Advanced Engineering Informatics, 33, 112-131.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Kim, M., Lee, I., & Jung, Y. (2017). International Project Risk Management for Nuclear Power Plant (NPP) Construction: Featuring Comparative Analysis with Fossil and Gas Power Plants. Sustainability, 9(3), 469-478.
Kuo, Y. C., & Lu, S. T. (2013). Using fuzzy multiple criteria decision making approach to enhance risk assessment for metropolitan construction projects. International Journal of Project Management, 31(4), 602-614.
Paul, V. K., & Basu, C. (2016). Scenario Planning and Risk Failure Mode Effect and Analysis (RFMEA) based Management. Journal of Construction Engineering and Project Management, 6(2), 24-29.
Taroun, A. (2014). Towards a better modelling and assessment of construction risk: Insights from a literature review. International Journal of Project Management, 32(1), 101-115.
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.
Wang, Z., Qiao, L., Li, S., & Bi, L. (2016). Risk Assessment for Stability and Containment Property of an Underground Oil Storage Facility in Construction Phase Using Fuzzy Comprehensive Evaluation Method. ASCE-ASME Journal of Risk and Uncertainty in Engineering Systems, Part A: Civil Engineering, 2(4), 04016009.
Xiao, J., Li, X., & Zhang, Z. (2016). DALY-Based Health Risk Assessment of Construction Noise in Beijing, China. International Journal of Environmental Research and Public Health, 13(11), 1045.
Zhao, X., Hwang, B. G., & Phng, W. (2014). Construction project risk management in Singapore: resources, effectiveness, impact, and understanding. KSCE Journal of Civil Engineering, 18(1), 27-32.
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