Risk Management Essay

555 Words3 Pages
Evaluate how well risk was managed in the Regency Plaza project. You should use the four stage Risk Management framework in answering this question. Regency Plaza Project is a mixed – use multi million US dollar project that carried quite high stakes. The “Four Stage Risk Management Process” is used to evaluate how well the risk was managed in this Regency Plaza Project. To make sure that the project wouldn’t over run the time and the budget, and end with a successful result, the risks of the project should be evaluated beforehand and well managed. In Risk Identification stage, Kris Hodgkins, the Project Manager, identified many possible risks that can be directly related to the project objectives. Identification of all possible risks is very important because uncertainties can happen during the project run time. In case of this project, Regency Plaza, the risks can be associated with the design, development, staffing, quality, schedule and budget. Regency Plaza is a mixed – used project. The group by whom this project has been undertaken by, may have lack of experience in running this type of projects. The size and layout of the floor plate is also complicate in terms of the difficulty of designing a structure to accommodate condominiums over the hotel rooms, seated over a parking garage. These constraints fix the elevator core location and column spacing. And also, floor plan efficiency, length of hallways, room locations relationships and windows placement need further more considerations. The schedule for completion would be tight. Hodgkins has to cut 3 months off from the original estimate of 32 months. This is associated with successfully securing the lowest bid from Kelly Construction. It provided minimal changes to the original design. The Marketing Strategy of Hodgkins didn’t have any facts about customizing individual unit to make minimal changes.

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