RISK MANAGEMENT: Risk Management for San Diego Waterfront Project
According to Guide (2001), risk is any uncertain event that may face a project and may positively or negatively impact the project in terms of achieving its objectives. Regardless of the type of project, it is very important for project managers to work with other stakeholders to device ways to manage the potential risks.
This essay examines the risks that are likely to face the San Diego Waterfront Project from the comments that have been left by the stakeholders and also provides the responses to the potential risks.
Risk Management for San Diego Waterfront Project
Negative risk can either by eliminated, avoided, reduced, and the positive risk can be managed by increasing its chances of occurrence or maximizing its benefits. The Construction of the waterfront in San Diego is expected to face various risks including the cost changes.
According to the comment of one of the member of the public, the project is having high cost than the anticipated benefits of the project. Cost has become a major challenge in implementation of different projects especially due to the fluctuations of the price of goods and services in the market. This means, it is very important for managers to be ready to tackle the issue of cost when implementing the project. In conducting the cost risk, the management should consider the different costs associated with the project such as labor, material and administration. My main focus will be comparing the various prices in the market and choosing the right price that will help the company to save significantly, in order to avoid delays due to cost problems.
One member of the public commented on the pollution that is being caused by the project. Although it is very hard to perform any activity with zero pollution, we will collaborate with contractors to ensure that they maintain a very low level of pollution. The two main pollution types that are likely to be faced in the construction of the San Diego Waterfront are Water pollution and noise pollution. In countering the pollution risk, I will implement various measures by establishing rules such as controlling the dust in the workstation; implement a rule that will require contractors to use modern machines that operates quietly as well as protect all drains on the site (Guide 2001). Minimizing pollution is important for boosting the image and support for the project by the public.
Risk Terrorist activities
Because the San Diego waterfront project is a major project in the City, the project is prone to terrorist attack. This is why as the manager, it is very important to have an effective strategy for countering any terrorist attack that may be directed towards the project. I will basically work with the various contractors to install various security measures to help in countering the attacks. Additionally, I will work with the law enforcement agencies and security companies to establish strong security systems in the project.
The risk or working within the budget
Because working under the budget is advantageous to the construction of the waterfront, therefore as the manager, my target will be to increase the chances of working within the set budget. By working within the budget, the project will not only be able to save a significant of money, but also be able to accomplish the project on time. Working on budget requires combining efforts with the consultants who will help in establishing cost and benefits analysis on every process of the project.
Meeting the high quality standard
Meeting the anticipated quality standard is beneficial to both the public and the management of the project. I will establish a highly experienced and competent team to work on the project to ensure that the quality of the project is met. Additionally, I will establish a performance appraisal system that will be used to evaluate the quality and general performance of the project. In order to meet quality, I will also collaborate with other stakeholders to establish a powerful culture so as to foster strong relations in the operations of the project (Adams-Schoen 2016).
It is very important for every project managers to have an effective method for countering the potential risks in a project whether the risk is positive or negative. The implementation of San Diego Waterfront will experience both negative and positive risks, the negative risks will be cost risks, terrorist and pollution risks and the positive risks will be risk of working on budget and meeting the anticipated quality. For effective operations of the Waterfront project, I will have to establish a strong communication channel that will help to establish strong relationships with the stakeholders in the organization.
Adams-Schoen, S. (2016). Taming the Super-Wicked Problem of Waterfront Hazard Mitigation Planning: The Role of Municipal Communication Strategies. CONTEMPORARY ISSUES IN CLIMATE CHANGE LAW AND POLICY: ESSAYS INSPIRED BY THE IPCC, 123, 123-141.
Guide, A. (2001). Project Management Body of Knowledge (PMBOK® GUIDE). In Project Management Institute.