Level 2 Flashcards
Doing
Talk me through how you have identified risks?
For Children’s Theatre at Bournemouth Hospital, I identified risks by undertaking team workshops and monthly risk management workshops with the key stakeholders including; Client and design team. Including review of project information including the stage 2 current stage of the design, outstanding information required, surveys (matter port survey, construction survey, topographical survey, asbestos survey). we brainstormed ideas and These were listed out in a risk management schedule.
Talk me through what risk you identified for the Children’s Theatre project at Bournemouth Hospital? What are the specifics of this risk? How was the risk mitigated.
I identified a risk that additional fire officer requirements due to lack of engagement into the current designs and workshops. The potential additional fire officer requirements included the upgrading of existing compartment walls in line with the fire strategy. This risk was mitigated by implementing engagement of the fire officer into the risk management workshops and design requirements by the architect. Also site condition surveys (non intrusive) or intrusive surveys. Reassessing the risk following design improvements engagement with fire officer and condition surveys. I identified that late engagement could result in delays on site. Apply prolongation costs - preliminaries.
How do you measure risk? What are the different types of risk ?
Provisional sums, risk percentages, optimism bias sheets to calaulate the design risks, preliminaries risk percentages based off base cost estimate. Refer to NRM 1.
Can be different types of risks:
Design development (design development, estimating data, planning requirements, delays in tendering).
construction (access restrictions, boundaries, existing occupants, surveys)
employer change risks (changes in scope works or brief changes in quality or time)
employer other risks (early handover, availability of funds)
What did you learn during risk management cpd? Process of RM. Benefits of RM. Including what is QCRA QSRA?
Company AECOM I learnt about risk management techniques and quantitative risk analysis.
Benefits including better budget, realistic programme, communication better, and better decision making.
Risk management process:
Identification
Qualitative anlaysis - impact / likilood
Quantitative analysis
Treatment (responses)
Monitor and review
Mitigations to be planned - cause, risk event, impacts, cost performance and time.
Can have a positive or negative impact a threat or opportunity.
Quantitative cost risk analysis and quantitative schedule risk analysis.
QCRA
- Forecasting technique predict project costs for contingency using Monte Carlo analysis.
- Uses law of averages and large numbers.
- Uses risk title, description, probability of occurrence, cost impacts (fixed, min and max or min most likely and max) 1 to 3 point estimates. and preferred distribution methods. (transfer, share, avoid etc)
What is QCRA
Quantiattive cost risk analysis is a statistical technique that helps project teams assess the cost uncertainty and potential cost outcomes of a project.
What is QSRA?
Quantitative schedule risk analysis
- predicts project dates and estimate completion of project
Includes risk title, description, prob of risk occurrence, time impacts 1 to 3 point min, most likely and max., distribution method, last agreed schedule, risk mapping.
Enables realistic completion date for project programme.
forecast bad news early stage
better decision making
Have you been involved with QSRA / QCRA or Monte Carlo.
I have been involved into the RM schedule input data which feeds into these simulations undertaken by an external company who has the programmes.
What potential issues did you face / negatives of risk management undertaken on your projects?
Subject to personal bias.
Not hard data - subjective
Over reliance on numerical outcome
Correct in that point of time and has to be regularly updated to be relevant to the project
Risk culture and maturity of the client dependent for through investigation.
