Risk Management Plan for a Design‐and‐Build Project Case Background You (i.e. the 3 or 4 member team) are the senior project manager of a large construction company in Singapore. Since its establishment in 1990, it has completed numerous construction projects for the public and private sectors. Most of these projects are awarded based on the …
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Risk Management Plan for a Design‐and‐Build Project
You (i.e. the 3 or 4 member team) are the senior project manager of a large construction company in Singapore. Since its establishment in 1990, it has completed numerous construction projects for the public and private sectors. Most of these projects are awarded based on the traditional design‐bid‐build contractual model. The company has grown to be an established and respectable player in the local construction scene.
Your CEO has just informed that the company has been invited to bid for a large‐scale multi-million dollar luxurious condominium project offering 1,000 residential units in five 45‐ storey tower blocks. The client is a reputable, public‐listed developer firm with a strong track record in the real estate industry. The client has decided to award the contract based on the Design‐and‐Build model under a fixed price condition. The client has also appointed a consultant to advise on this project. If your company is successful in winning this contract, which is larger than any of its previous works, it will enter into the top‐tier contractor league. The CEO is quite determined to secure this contract. He has decided to team up with a leading architectural/engineering consulting firm that will take care of the design aspect of the D&B project while allowing the company to focus on the construction and related works.
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Before putting in the bid, the CEO would like you (i.e. your team) to examine the risk of undertaking this project, which is very sizeable and profitable if completed successfully. Your team has to submit a risk management plan for this project in three weeks’ time. Your risk management plan will include, but not limited to the following information:
- The Objective(s) of the Plan
- Identification of potential risks
- Analysis of their implications
- Response to minimize risks (including response strategies with appropriate contingency and fall‐back plans and related budget reserves)
- Monitoring and control of risk as the situation evolves (including an appended Risk Register listing all potential risks and their methods of management and budget reserves)
It is important that your team brainstorms all the major and potential risks associated with this D&B project. A good plan will help the CEO and his top management to bid/negotiate and secure the project with a good chance of making a decent profit. Conversely, if the plan is not well developed, it will put the company’s future prospects in jeopardy.
Guideline and Instruction to prepare the Risk Management Plan:
- Make reasonable assumptions were necessary in this case and justify your argument in the various stages of the risk management process
- Review some literature on the use of D&B contract and the possible risks/problems related to this contractual model (from there certain project risks could be derived and identified)
- This assignment should be supported by strong justification, given the assumptions made in Point (1) or information available on the case background.
- The report should be within 5,000 words (excluding diagrams such as Risk Management Process, Risk Breakdown Structure, Risk Assessment Matrix, Risk Response Matrix, and Risk Register, all of which should be shown in the Appendix, etc.)