The project is about building construction activities risk assessment. My role was of risk management team. The management of Guan Ho Construction Company is successfully in the assessment of the risk of their project.
Aims and Objectives
The primary aim of the firm is to satisfy all their internal and external stakeholders. It is also important for the firm to make use all their resources in an effective manner and Guan Ho Construction is highly successful in this case.
Time table
The total time taken was around 5 months.
Barriers
Yes I faced few challenges at times and it was resolved in a timely manner. I approach my seniors for resolving all my queries and it was solved effectively. I am grateful to all my seniors and the entire project management team to resolve my issues and queries in a timely manner. The organization Guan Ho Construction makes effective resource planning so that full utilization of resources takes place.
Four learning outcomes
The management of the firm also implements modern version of technology in their respective projects. Apart from this, all the employees are well directed and well adverse about their roles and responsibilities regarding the project. In addition to this, the organization also negotiates with their suppliers before closing the deal. After selecting the best alternative supplier, the organization Guan Ho Construction closes the deal. However, the organization also takes into consideration the quality of raw materials given by the suppliers. If the quality of materials is not up to the mark, then, the firm do not close the deal with that respective supplier. A proper budget is constructed on quarterly basis and the variances are also measured in order to curtail the expenses. The next comes project coordinator members who manages all the activities of the project. These are middle level group of people in case of every project. They play a key role in communication between upper level and middle level. In addition to this, in case of the firm Guan Ho Construction, the process of risk management plan takes place via middle level project coordinators. The last comes field coordinators who are actually workers in case of construction projects. From this, it can be inferred that the organization manages the hierarchies of control in an effective manner. From the project, several reflective questions can be answered. They are as follow:-
I could have interact more and my time management skills would have been better.
I need to learn effective time management skills
The fast delivery of the project stopped me to interact more with the people.
I learned about people management, risk management and team dynamics.
Yes, the experience have achieved my learning goals and all my competencies are met.
Only time management did not go well. I will learn more to enhance the skills.
The organization Guan Ho Construction Company is registered with the Building and Construction Authority (BCA) of Singapore. The main office of the organization is located in main office is located at 395/395A Changi road. The company has been in building business for the last 60 years (Guan Ho Construction Co (Pte) Ltd. 2018).
It has completed over 2 billion worth of projects. The given report will analyze the risk assessment of new project implemented by the organization. It has been seen that there are many risks associated with construction project, therefore, it is of utmost importance to prioritize and manage those risks in an effective manner. Based on this, recommendations will be given and a reflective report of the project will be prepared.
|
Milestone List |
||||
|
Project: |
Date: 04/01/20xx |
|||
|
Milestone No. |
Milestone |
Mandatory/Optional |
Completion Date |
Verification |
|
001 |
Project Start |
Mandatory |
5/1/2018 |
Sponsor Approval |
|
002 |
Complete Gathering Requirements |
Mandatory |
10/1/2018 |
Sponsor Approval |
|
003 |
Complete Design and Risk Management Plan |
Mandatory |
25/1/2018 |
Sponsor Approval |
|
004 |
Prioritizing the risks |
Mandatory |
5/42018 |
Sponsor Approval |
|
005 |
Complete Testing of the risk management plan |
Mandatory |
10/4/2018 |
Sponsor Approval |
|
006 |
Complete Implementation of the plan |
Mandatory |
12/5/2018 |
Sponsor Approval |
|
008 |
Contingency Plan |
Mandatory |
14/5/2018 |
Approval |
|
007 |
Project End |
Mandatory |
20/5/2018 |
Sponsor Approval |
Table 1: Milestones of the project
The main aim of the report is to assess the risks of the project.
The aims and objectives of the project can be evaluated with the help of SMART objectives.
Specific- The objective is to analyze and assess the risks of the project of the organization. Each and every stakeholder associated with the risk assessment plan can understand this.
Measurable:- It can be measured with the help of the feedback of the stakeholders. According to the needs and requirements of the project, the respective milestones have been set. The evidence of completion can be evaluated with the outcome of the risk management plan (Krajewski, Malhotra and Ritzman 2015)
Realistic-It is possible for all project team members to complete all the required tasks in a timely manner and manage the risks within the new project of the organization. The plan is fit into the overall pattern of work of individuals associated with this project (Glendon, Clarke and McKenna 2016)
Time bound-The given risk management plan is set to complete within 6 months of the project. It is feasible to meet this deadline. The next review date will be after 1st four months of the project. It is also appropriate to do this work of risk assessment at this current stage (Schwalbe 2015).
The surroundings of the project was extremely positive as the organization firmly believes on effective team dynamics while making its large project successful for both short run and long run. In addition to this, it can be also inferred that the value of importance for stakeholders have also been realized by the top level management of the organization. It is also important for the firm to collect all the resources before starting the construction project. These are the values that are realized by the firm during the project (Sadgrove 2016)
Learning Outcome #1 – Synthesise and demonstrate skills and competencies required for successful integrated management
The first learning outcome can be evaluated with the help of “Integrated Management”. The first stage is the planning stage. At the every 1st stage, the selection of project team members were done. A team of 20 people was constructed including 1 project manager. All the team members were given separate duties to fulfil the aims and objectives of the project. The given roles and responsibilities are as follows:-
|
Who |
Role |
|
Project Manager |
Will manage the day-to-day operational and tactical aspects of multiple or large-scale projects. Works on client engagements within practice. Reviews high-level deliverables across projects. Stakeholder’s satisfaction. Minimizes our exposure and risk across multiple projects. Manages scope and mitigates risk across projects. |
|
Risk Management Team (10-12 members) |
· Identification of the various risks · Categorize and prioritize the risks · Risk Management Plan · Contingency Planning · Review Report |
|
Other team members |
· Reviewing the project · Financing · Collection of resources |
Table 2: Roles and Responsibilities of team members of the project
After selection of project team members and defining their roles and responsibilities, it is of utmost importance to mediate the plan and consult with the stakeholders. Due to this reason, it is also important to prepare a stakeholder communication plan at the beginning of the project. This can be further explained with the help of the stakeholder communication plan:-
|
Stakeholder |
Communication medium |
|
Customers |
Direct message/online medium/social media |
|
Suppliers |
Via mails |
|
Employees |
Direct message |
Table 3: Stakeholder communication plan
The organization Guan Ho Construction Company uses this stakeholder communication plan in order to communicate with the stakeholders. They have a definite set of measures and definite communication plan in order to complete any kind of construction project. This makes them successful in the long. Apart from this, the stakeholder communication plan and risk management plan goes side by side (Fleming and Koppelman 2016).
It is also important for the firm to solve their problems effectively and in a timely manner. The organization uses a 360 degree feedback approach in order to take feedback from their employees as well as their stakeholders. Apart from this, there are online review systems, from which Guan Ho Construction can take feedback of the suppliers. This helps the organization to manage their internal risks and external business risks associated with construction projects. This can be considered as an effective process for problem solving among the stakeholders undertaken by the organization (Turner 2016)
The organization also implements trial version of risk management process in their project to check whether it will work or not in the long run. Due to this reason, lot of trials is important in order to manage such a huge construction project in a successful manner. In addition to this, it can be also inferred that resource planning is also important along with trails of risk management and project implementation process. The main resources required by Guan Ho Construction for this project are as follows:-
The project management hierarchy is as follows:-
Figure 1: Project Management Hiearchy
(Source: Heagney2016)
From the above figure, it can be inferred that in case of major projects, the project manager is the head of projects in case of project hierarchy. In addition to this, it can be inferred that the next position is of training coordinator and financial head. In case of large construction projects, the role of finance and accounts head is of crucial importance. Large amount of money is at stake in such cases. Therefore, a proper budgeting and collection of financial resources from various sources of funds plays a key role in case of every organization (Kerzner and Kerzner 2017). In case of Guan Ho Construction, the collection of funds is mainly from sources of debt and some parts of equity. (Fuller et al. 2017)
There are several risks associated with any kind of construction projects. These are as follows:-
It is important for the firm to analyze and prioritize the risks in a timely manner. This can be done with an effective project management plan. This can be further explained by identifying the risks and hazards:-
It is also important for the firm to analyze employee and staff availability. The organization Guan Ho Construction maintains an effective roster in order to check the availability of the employees during the project. The organization manages project finance while preparing forecasted cash flows and budget. The organization Guan Ho Construction also manages supplier customer relationships in an effective manner. They take regular feedback from all their suppliers and customers and solve all their grievances in a timely manner. Learning Outcome #4 – Critically apply knowledge about the practical application and synthesise the different abilities required to implement the chosen client based tasks
The organization Guan Ho Construction follows a hierarchical and adhocracy culture to meet the requirements of the stakeholders in this dynamic business environment. In addition to this, this type of culture helps the firm to manage its employees in a dynamic and creative manner. The hierarchical culture helps the firm to follow the chain of command to manage the risks in the given project. In addition to this, it can be also inferred that the organization is successful in managing grievances of all their respective employees (Lock 2017). The employees of the firm follows the concept of Bend over here it comes again rule in order to implement quality drives and waste reduction in the construction project. This also helps the firm to eliminate the risk of waste reduction and lack of quality.
Guan Ho Construction also follows Q x A = E formula to manage change within the organization. If both quality and acceptance is combined together, then, the required change will be effective. They are also in the verge of improvement of methodologies in order to maintain their sustainability. In case of change management, the project management team focus on upon the group of 60 percent who sit on the fence” so to speak, in case of 20/60/20 Rule. The efforts will be upon them, as they are key to success for managing the change successfully as they form the majority of people. Due to this reason, this learning outcome was met successfully.
Description
I have learned about management of risks in case of large construction projects.
I was a part of the risk management team for the construction project for the organization Guan Ho Construction.
The team dynamics was extremely positive as the organization follows a dynamic work culture and they give importance to resolve grievances in a timely manner.
Most of the people was communicating effectively. However, there were few people who were arrogant and not ready to listen to others.
My learning was immense in this construction project. I face several challenges which I was successful to overcome.
*How did I feel and what did I think prior to the group work?
I was not positive before the starting of the project. I felt a bit nervous prior to the group work.
*How did I feel and what did I think during the experience?
I felt very positive during my experience to be associated with this construction project. In addition to this, it can be also inferred that I also learned different types of risk management techniques.
*How did I react during the experience?
I also reacted in a positive manner and I was up for new challengers during the experience.
*How did I feel and what did I think after the experience?
After the experience, I feel very proud to be associated with the project. I have learned many new things during this project.
The learning went well during the experience. On the contrary, hectic hours spend during the project was not good as expected.
My experience went in a positive note. I have learned many things about risk management and team dynamics in this large construction project. Therefore, this project was highly successful in my career as the learning was immensely good.
My risk management team was open for change and we used to react positively in every situation. This can be a positive sign of team dynamics of our project and risk management team.
I believe that my contribution was positive in the entire project. I worked late hours and I gave my best in the project so that it can be successful. It is evident from the success of this project
Other people reactions are also similar to me which is evident from their behavior.
I will do proper research before involving myself in such kind of large construction projects.
Only time management did not go well. It needs to be developed.
I need to groom my time management and technical skills of construction industry.
Yes, I need training in time management
Yes, I need to learn more in future to attain my goals.
From the above four learning outcomes, I have learned that proper utilization of resources and a stakeholder communication plan is of utmost importance for success of various organizations. In addition to this, it can be also inferred that management of finance in a timely manner plays a key role in large construction projects. There needs to be a proper project hierarchy and it is of utmost importance for the firms to prioritize the risks as per the needs of the stakeholders. Apart from this, a contingency plan is also important during long run if things do not work well
References
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.
Fuller, M.A., Valacich, J.S., George, J.F. and Schneider, C., 2017. Information Systems Project Management: A Process and Team Approach, Edition 1.1. Prospect Press.
Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press.
Guan Ho Construction Co (Pte) Ltd. (2018). Guan Ho Construction Co (Pte) Ltd. [online] Available at: https://www.guanho.com/ [Accessed 28 May 2018].
Heagney, J., 2016. Fundamentals of project management. AMACOM Div American Mgmt Assn.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Krajewski, L.J., Malhotra, M.K. and Ritzman, L.P., 2015. Operations management: processes and supply chains. Pearson.
Lock, D., 2017. The essentials of project management. Routledge
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and technology. Taylor & Francis.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Turner, R., 2016. Gower handbook of project management. Routledge
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download