Project Risk Management

Topics: Risk management, Project management, Risk Pages: 14 (4005 words) Published: May 18, 2013
Project risk management plan

Executive Summary2
1.Project introduction2
2.AS/NZS/ISO 31000:2009 - Risk Management Process3
2.2.Establish context4
2.3.Identify risks4
2.4.Analyse risks5
2.5.Evaluate risks6
2.6.Treat risks6
2.7.Monitor and review6
2.8.Communicate and consult6
3.Project risk assessment6
3.1.Inherent risk assessment6
3.2.Risk distribution7
4.Risk analysis8
4.1.Risk Classification8
4.2.Risk Evaluation9
5.Risk treatment9
5.1.Risk treatment strategy9
5.2.Treatment plan10
5.2.1.Risk treatment actions10
5.2.2.Contingency Plan10
6.Communication and consult11
7.Monitoring and Review12
8.Conclusion and Findings12
9.Use of tools13

Executive Summary
This risk management plan identifies, assesses and provides treatment plans for constructing high speed train transportation from airport to city in Adelaide. This project is currently owned by the department of planning transport and infrastructure South Adelaide. As a result of some economic factors and environmental factors, this department has justified the decision to build high speed train transportation from airport to city in Adelaide. To evaluate the potential risks that might occur during the process of the five years long project, it is necessary to analyse the organization, background and stakeholder and preliminarily clarified. For this new transportation project, the comprehensive risk management plan is significantly important because of the project’s involvement in a range of different areas such as planning, design, construction and maintenance. With the purpose of more specific risks at each stages and activities could be explicitly estimated and evaluated, the work breakdown structure (WBS) is drawn. The risk identification is one of the important parts of this report. Some potential damage of this project will be estimated after considering some hypothetical risks. Qualitatively evaluation and quantitatively evaluation will be measured via the detailed risk level. The detailed risk level could be observed by the project operators. With the purpose of minimizing the loss, some associated effective treatments towards each of the potential risk are proposed. Some different strategies will be adopted including avoid, reduce and accept. Under some different circumstances, they will be used at their best fit. They are also under various levels of risk in the application of those strategies. The processes of managing the risks are taken into consideration, including communication, consult, monitoring and review. After considering the potential risks that could still arose, the risk register will be updated carefully throughout the life cycle of the project for the project team. 1. Project introduction

Adelaide is the capital city of South Australia. It is also the fifth-largest city in Australia. According to some research, Adelaide is the most populous city of South Australia and has an estimated population of more than 1.28 million. In the Adelaide’ western suburbs, there is the international airport which is almost seven kilometres away from the city in Adelaide. As the population of Adelaide grows bigger, the increasing numbers of visitors come to Adelaide which relatively increases the transportation pressure from Airport to City. It is necessary to build the high speed train transportation. Moreover, reducing the petrol cost and protecting the environment are also important The project is divided into seven parts, which are project management, detail design, procure, construction, high speed train, and operation and maintenance. In the first planning part, it involves planning, meeting, administration and getting approval of the plan. In the detail design part, software, technical orders, engineering data, management data, user documents, design approval and training will be focused on. The...
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