Regency Plaza Case Study - Risk Management Process, Review...

3. Risk Management Process of the Regency Plaza Project Regency Plaza is a mixed-use multi million US dollar project carrying quite high stakes. So the risks of it should be evaluated beforehand and managed well in order to make sure that the project wouldn’t over run budget or time and end with a successful result. Here we use the â€Å"Four Stage Risk Management Process† to evaluate the risk management happened in Regency Plaza project. 3.1 Risk Identification Evaluation: how well the project was analyzed and source of the risk identified. In the below table we will take a closer look at how well the risk was identified by Kris Hodgkins. Description | Identified/Not | Constraints and Remarks | Size the layout of the floor†¦show more content†¦| External Factors | Not identified | It is mentioned that in later phase in the project, sales were low and the local economy was weakening. | Customer Dissatisfaction/Complaints | Not identified | With the deficit manpower and budget overrun, service became slow causing several buyer complaints. | 3.2 Risk Assessment Below is a table for assessing the above-identified risks. Risk | Likelihood to occur | Impact | Effect on the project | 1. Issues regarding size of the layout and floor plate | Certain | High | Project design is affected because of the constraints. | 2. Decisions on number, mix and units of condo to be sold | Certain | High | If 96 units of condominiums to be sold, they would need better marketing and excellent finishing touches.If 72 units to be sold, condo sales might not hit targets Hodgkins was supposed to hit. | 3. Time constraints (Project falling behind schedule) | High | High | Delayed project meant extra cost, which can frustrate the General contractor and customers | 4. Manpower deficiency | Medium | High | Deficit manpower leads to slower work completion and project falling behind schedule | 5. Extra costs and delays | Medium | High for General contractor, Medium for RHG and High for the project | As the General contractor works for Fixed Sum Contract extra costs, which exceeds budget, would goShow MoreRelatedCase Studies67624 Words   |  271 PagesCase Studies C-1 INTRODUCTION Preparing an effective case analysis C-3 CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 ABB in China, 1998 C-16 Ansett Airlines and Air New Zealand: A flight to oblivion? C-31 BP–Mobil and the restructuring of the oil refining industry C-44 Compaq in crisis C-67 Gillette and the men’s wet-shaving market C-76 Incat Tasmania’s race for international success: Blue Riband strategies C-95 Kiwi Travel International Airlines Ltd C-105 CASE 8 Beefing up the beefless