Understanding Risk Analysis And Risk Management In Construction Projects

The Analysis of Risk in Construction Projects

The analysis of risk is considered as one of the basic techniques, which is used to properly identify and also assess the factors that could easily and promptly put in threat or jeopardize the criteria of success of any specific project or for achieving the goals or objectives (Kerzner & Kerzner, 2017). This particular technique of the risk analysis can also help to define the several measures of prevention for the purpose of minimizing the possibilities of each and every factor in the project. The most significant factors are occurrence or identifying the few counter measures for perfectly dealing with the major constraints when they are being developed to avert the probable negative effects on the competitive advantages or competitiveness of that specific company (Burke, 2013). FRAP or facilitated risk analysis process is considered as one of the most effective and efficient methodology to perform the technique of risk analysis in a project. There are few extra efforts that are being considered to properly develop the accurately quantified risks and all of these are quite expensive in respect to the other techniques. The high consumption of time is the major drawback that makes this technique often problematic for a project (Marchewka, 2014). In the process of facilitated risk analysis, the entire risk documentation process is extremely voluminous for any practical use and the estimation of losses is not at all needed to determine when these controls are needed. Whenever these processes of identification as well as categorization of the risks are being completed, the entire team of risk analysis could identify the several controls to mitigate the various risks (Larson et al., 2014). Several significant methods are present that could effectively and efficiently mitigate all types of risks within any particular project.

The process of risk management can be stated as the perfect identification, prioritization and finally evaluation of several risks, which is being followed by the coordinated and the economical resource application with a core purpose to reduce, monitor and even manage the overall probability and impact of the various unfortunate actions or even the realization of opportunity maximization (Walker, 2015). All of these risks generally arise from several kinds of sources such as risks for the project failure, deliberate attacks, uncertainty within the financial market, uncertain or unpredictable root causes, credit risks and many more. Two kinds of events are present, known as positive events and negative events (Harrison & Lock, 2017). Positive events are known as opportunities and negative events are known as risks. The several standards of risk management, which are used to deal with the various financial risks, procurement, technology, safety, contracts, innovation as well as design risks. The various goals, objectives and methods vary according to risk management method in project management, financial portfolios, safety and security (Heagney, 2016). Few strategies are present to manage the threats and uncertainties in a project.

The Process of Risk Management in Construction Projects

The major and the important aspect of the project management is known as project risk management (Mir & Pinnington, 2014). The project risks are the uncertain events or conditions that when occur have the positive effects or negative effects on the project objectives and goals. The project risk management is responsible for helping to resolve any type of risk such as operational as well as financial. The risk management process of a project generally initiates either with the proper identification or recognition of risks or by simple examination of the opportunities (Nicholas & Steyn, 2017). The proper analysis of the various options as well as the cost generation is substantially done within this kind of risk management in a project. The following report will be outlining a brief discussion about the risk analyses and risk management for the construction organization of XYZ Ltd Company. This specific organization eventually constructs various buildings, houses, stadiums, shopping malls, designs interiors and many more (Leach, 2014). This report will be providing the perfect elaboration of the identification of risks and also will be describing about few risks. A risk response plan would also be developed and the risk plan will be implemented for XYZ Ltd Company. The report also outlines a TMC system for one risk in a real incident.

1. Description of the Scenario

XYZ Ltd Company is one of the most popular and significant construction companies in Australia that constructs or gets various types of projects. Recently, they have got a project for constructing a shopping mall in Melbourne Australia. This is a major and one of the largest projects that they have got in their tenure. For this purpose, the Chief Executive Officer or CEO of the company, Mr. John has decided to build the entire project plan properly, so that there should not be any type of issue or loophole. He has also decided he himself would be looking at the cost breakdown structure of the project. Moreover, apart from this project, XYZ Ltd Company is also constructing a housing complex. Mr. John wants to make sure that for this project, the progress of the existing project should not be hampered at any condition. The shopping mall will be comprising of all types of new processes and will be one of the most advanced shopping malls in Australia. Mr. John even wants that the workers should be well trained beforehand and proper safety precautions are to be taken, since the shopping mall will be of 20 storeys. He has thus set the contract of Guaranteed Maximum Price or GMP and has also signed the sharing clauses of 50-50 for insuring the risks within the project. He has also set the delivery contract of Design Bid Build. For the purpose of identifying as well as analysis of all the risks present in the project, Mr. John has recruited a risk management consultant to handle all types of subjective or objective risks and identify them to take the proper decisions.

Project Risk Management

2. Overview of the Organization, Products or Services and Key Stakeholders

XYZ Ltd Company is a construction company, which takes up various types of projects and constructs several buildings, houses, stadiums, shopping malls, designs interiors and many more (Hwang & Ng, 2013). They even provide services of construction project management to the various projects, which utilize special techniques of project management for overseeing the entire plan, design or the construction of project right from the initiation stage to the end. The major purpose of this construction project management is controlling the time, budget and quality of the project. XYZ Ltd Company eventually designs their products as well as the material specifications (Pemsel & Wiewiora, 2013). Currently, this company has got a new project to construct a shopping mall in Melbourne Australia with all types of new and advanced amenities. The Chief Executive Officer or CEO of this company, Mr. John wants to assess and evaluate the various risks, which could be vulnerable for the project. Furthermore, he even wants to train the employees or workers of this project so that the project does not face any issue (Kerzner, 2018). Mr. John also does not want to hamper the progress of their pre existing project of a housing complex.

The services or the products of the specific organization of XYZ Ltd Company majorly include the constructions of various projects like building stadiums, shopping malls, buildings, housing complexes and many more (Beringer, Jonas & Kock, 2013). They even provide the service of construction project management for other construction projects so that they could make the plan, budge and time of that project. This is one of the major help in any construction project and hence XYZ Ltd Company has gained fame and popularity in only 20 years (Martinsuo, 2013). The various stakeholders of a particular company are those groups or individuals, who are directly linked to that company or have significant concern about the company. All of the stakeholders can subsequently affect or is affected by several policies, procedures, objectives and actions of that particular company. There is a negative impact over the stakeholders, when this organization needs cutting the expenses and then planning for the layoff rounds (Binder, 2016). Several significant or noteworthy modifications or alterations are only possible within the organization when the stakeholders are agreeing to those changes. The major stakeholders of the construction company of XYZ Ltd are the Chief Executive Officer or CEO, Mr. John, shareholders, owners, creditors, customers, employees, government bodies, agencies, resource communities and finally suppliers (Schwalbe, 2015). These stakeholders are eventually linked with the development of XYZ Ltd Company. 

XYZ Ltd Company and Its Projects

Mr. John has selected the contract of project delivery of design bid build. The design tender or design bid build is one of the major methodologies to deliver construction projects, in which the enterprise or the owner of the project makes contract with various entities to design and construct (Rose, 2013). This specific project delivery contract is absolutely dissimilar from the delivery type of design build. In the methodology of design bid build, three distinct sequential phases are present, namely, design phase, bidding or tender stage and finally construction phase. Within the phase of design, the project owner retains a project architect to design and also to produce the documents of bidding such as construction drawings as well as technical specifications (Martinelli & Milosevic, 2016). The various general contractors bid for these specifications and drawings t execute the project. These completed documents of bidding are then coordinated by project owner or the architect to issue all general contractors within the next phase of bidding. The fees of designing are generally within the percentages of 10 to 15 of the entire project expenses. The second phase of the design bid build project delivery is tendering or bidding phase, in which the general contractors substantially bid on the project to obtain the bid documents’ copies and then to put these copies to the subcontractors to bid over the project sub components (Kerzner, 2017). As soon as the bids are being received, the specific project architect reviews the bids and asks for any clarification regarding the bidders. He even investigates regarding the experiences and qualifications of contractors. The project owner might also reject all the bids (Morris, 2013). Some of the alternatives are also present for the project owner that is re tendering or rebidding of the project, reissuing the respective work orders to allow the architect to revise the design to make the project more effective and smaller and also choosing the contractor of the lowest bid or an skilled estimator of expenses to assist project architect with relevant design modifications. The last or final phase within the method of the design bid build is construction (Hill, 2013). As soon as this construction of any particular project is awarded to general contractor, the documents of bidding such as approved construction drawing or technical specification are not modified any more.

Mr. John of XYZ Ltd Company has also selected the specific contract type of the GMP or Guarantee Maximum Price for this project. It is a cost contract, where the respective contractor is being compensated for original expenses, which are incurred with fixed fees (Heldman, 2018). The contractor is majorly responsible for cost overrun, until the GMP contract is increased by the order of formal changes. Mr. John as even set the specific sharing clauses of 50-50 within the project. 50-50 sharing clause is considered as one of the safest and the popular clauses, which is present within the CARIP or Constructions All Risks Insurance Policy (Edwards & Bowen, 2013). This particular sharing clause helps the owner of the project by safeguarding the basic raw materials, the project in progress, the respective capital investments, which are brought together to use in this project against any kind of damage or loss. 50-50 sharing clause is also responsible for saving any project by also safeguarding the liabilities against all types of the third party claims, which may arise from construction activities (Sears et al., 2015). The insurance from fire is also involved in this sharing clause to cover the various damages or losses that are caused from fire. Moreover, when the raw materials are arriving at the site of construction, the policy holder will also inspect these materials to find that all the materials are proper and does not have any damage for the transit (Eskerod & Jepsen, 2016). This particular company of XYZ Ltd Company will be getting various advantages by involving 50-50 sharing clauses.

Stakeholders in Construction Projects

3. Elaboration on the Risk Identification with Various Examples

The process of risk identification can be utilized for determining the various risks that can easily prevent the project, enterprise, program and investment for the purpose of achieving all the objectives or goals (Braglia & Frosolini, 2014). The first or the most important objective of this process of risk identification is properly identify the events that when take place have the impact impacts over the project ability from obtaining all the expected performances or outcomes. All of the kinds of risks generally come from the various external sources and even from the internal sources (Alias et al., 2014). Several varieties of risk evaluation or assessment are eventually present within any project such as risk assessment to support the decisions of investments, risk assessment of programs, uncertainties due to budget, analysis of alternatives, program risk assessment and various others.

The most vital and significant technique for the risk management procedure is the technique of risks’ identification (Ahern, Leavy & Byrne, 2014). This specific process of risks’ identification is responsible for assessing the consequences and probabilities of all recognized risks or threats to a high level and completing the assessment of risk impact. When this step is over, all the consequences could include expenses, technical performance impacts, project schedules and various other important factors (Kaiser, El Arbi & Ahlemann, 2015). This process of risk identification needs matching the assessment type, which is mainly needed to support the process of decision making. The first phase is identifying the objectives or goals of that project and then the common understanding could be fostered within the project team for knowing about the main requirements of a successful project (de Carvalho, Patah & de Souza Bido, 2015).

The risks are noted in a risk register. These risk registers can be stated as the living documents that are continuously updated throughout the project life cycle (Lientz & Rea, 2016). This is the most important part of every project document and is even included in historical records that could be used for any type of future project. It is very important for the consultant of the risk management of a project to learn about the external and internal risk sources; as it would help him is mitigating the identified risks. The significant responses of the risks and the categories of risks are also present within the risk register (Besner & Hobbs, 2013). Each and every updated risk category is responsible for storing those risks, which have the possibility to be present in the project. There are four types of risks categories in a project, which are unforeseeable risks category, technical risks category, internal risks category and the external risks category. The unforeseeable risks category is completely unknown to the manager of the project or even to the project clients (Tenera & Luís Carneiro, 2014). These risks exist for only 9 to 10 percent in a project and hence cannot be evaluated beforehand. The second category is technical risks category, in which the major or the minor technology oriented changes are noted. The third category is internal risks category that is linked to qualities, services, and budget and customer satisfaction (Morris, 2013). Finally, external risks category is closed related to regulatory, the government, existing market and the environment in the company.

Project Delivery Contract: Design Bid Build

Few of the most noteworthy as well as important tools or techniques are present within the process of this risk identification (Teller, 2013). The main tools or techniques of the process of risk identification for a project are given below:

1. i) Reviewing Project Documents: The first as well as the foremost important technique to identify all types of risks within a project is by reviewing the project documents (Mkrttchian & Stephanova, 2013). This is a standardized practice, which helps in identifying the main threats by properly reviewing the several project documents such as resources of the project, assets of the organizational process and various others. All these project documents are then needed for knowing regarding the current position of the project (Boyle, 2017). This reviewing of project documents is eventually considered as the most common and efficient technique to identify the various risks in any project. Each and every organization uses this particular technique to identify the risks in their projects. A regular documentation reviewing is extremely important for all organizations to eventually maintain a completely risk free business and also to detect as well as prevent the possible risks or threats (Martinsuo & Killen, 2014).
2. ii) Information Gathering Technique: Another important and significant technique for risks identification within any project and also for executing the process of risk management is the distinct technique to gather relevant and valid data (Silvius & Schipper, 2014). Various methods are present for this particular technique and all of these methods are as follows:
3. a) Brainstorming: This is the first as well as one of the main methods to gather information within a project (Müller, Glückler & Aubry, 2013). Brainstorming is the typical method of a group’s creativity and innovation, by which the significant effects are being made for finding out the specific conclusion to any issue. This is done by gathering number of ideas, which are being contributed by all team members. It is a situation, where all the members of a project meet to generate the new and innovative solutions or ideas (Guo et al., 2014). For the purpose of risk identification, this particular group finds out all the possible and vulnerable risks or threats within a project.
4. b) Taking Interviews: The second important or noteworthy method for gathering valid information is by taking interviews (Pinto, 2014). This is extremely effective or efficient since the stakeholders of the project are being interviewed to gather the information required. Moreover, the other members of this project or the experts of risk analysis are also interviewed to identify the probable risks.
5. c) SWOT Analysis: The next significant or noteworthy method to gather the valid information about a project is SWOT or strength, weakness, opportunity and threat analysis (Bryde, Broquetas & Volm, 2013). This type of analysis can easily determine the respective strength, weakness, opportunity and threat of the particular project. The valid information is extremely vital for learning about risk determination in the project. A perfect identification of each and every strength, weakness, opportunity and threat of the project is extremely vital for the projects for identifying, analyzing and finally resolving these risks (Holzmann, 2013).
6. d) Analysis of Checklists: The fourth method to gather information is by analyzing the checklists. There is a significant checklist of each and every category of risk and this checklist is used to come up with all extra risks or threats present in the project (Portny, 2017). This specific checklist is also helpful for documenting the several categories of risks in that project.
7. e) Delphi Technique: The fifth method for gathering the information for risk identification is Delphi technique, in which the experts’ team is consulted within the project secretly. Then, the list of all important information is sent to that specific experts’ team (Badewi, 2016). In the third step, each and every response is complied and lastly, these results are returned to these experts for better reviewing unless and until the consensus is being reached.
8. f) Analysis of Assumptions: The sixth methodology for information gathering is stated as the recognition of several assumptions of a project to successfully determine the respective validity and then helping to properly identify the threats and risks in the project (Teller, Kock & Gemünden, 2014).
9. g) Root Cause Analyses: Another popular method to gather information for risk identification in a project is the analysis of root cause. The root cause is determined for each and every identified risk in the project (Marle, Vidal & Bocquet, 2013). These root causes, which are being determined with this particular analysis, are then used to eventually identify the additional risks.  

All the above mentioned techniques or tools for this procedure of the risks identification are extremely important as well as popular for each and every project type (Chih & Zwikael, 2015). All of these kinds of projects such as lean productions, process engineering, quality management, optimization, automation and many more could easily deploy the techniques and tools to perfectly identify the probable risks within the project. Furthermore, several other techniques are also there, which could be helpful in the analysis of risks, only when these risks are properly identified (Lock, 2016). The various noteworthy and major techniques and tools to properly analyze the identified risks within a specific project are the probability or impact matrix that could be helpful in identifying the typical risks, which require direct as well as immediate responses. This probability or impact matrix is generally customized according to the requirements of the project and then the managers of project leverage all the standard templates of the matrix (Drury-Grogan, 2014). The other technique of risk identification is performing the qualitative risk analyses that could be helpful in identifying the risk responses of the immediate attention as well as risk exposure for the project. The various vital techniques and tools to analyze the risks within a project are assessment of risks data quality and the performing of quantitative risk analyses (Heldman, 2018). Within all of the two techniques, the reliability and quality of data of all projects are being determined as well as integrity of data is also checked. Furthermore, in the quantitative risk analyses, the specified numerical analyses of the various risks are being done.

4. Few Significant Risks with their Details for XYZ Ltd Company

Some of the major and significant risks or threats, which are extremely common for all contracts and projects, are present (Lappe & Spang, 2014). These risks of projects are the several uncertain conditions and events that when take place have respective negative impacts and effects on each and every project objective or goal. This procedure of the risk management eventually focuses over the thriving identification and assessments of risks for the project and thus the risk management is possible to reduce the overall impact of that project (Samset & Volden, 2016). The organization of XYZ Ltd is the construction company, which constructs various types of buildings, stadiums, shopping malls, housing complexes and many more. The Chief Executive Officer of the company, Mr. John has taken the core decision of building a proper plan for the new project of shopping mall that is being given to them by a popular Australian organization. He even decided to provide a cost-breakdown structure for developing this new project. Several complexities could be present within the project and hence risks could easily arise within it (Glukhov, Ilin & Levina, 2015). To resolve this issue, the CEO of XYZ Ltd Company, Mr. John has recruited a respective consultant of risk management to properly and successfully identify or analyze all the risks or threats in this contract and project. 

Two specific kinds of risks are present in a project, which are objective risks and subjective risks (Eskerod & Vaagaasar, 2014). The first type of risk is objective risk that can be easily or promptly measures or evaluated in both directly and indirectly and even could be quantified. Almost each and every specific risk to a project could be objective whenever the numbers of all these kinds of incidence become static for statistical estimation of the probability. Simultaneously, the second type of risk is subjective risk that is less quantifiable (Calvo-Mora, Navarro-García & Periañez-Cristobal, 2015). Moreover, subjective risk cannot be easily evaluated directly and indirectly. This particular organization of XYZ Ltd Company may be facing several types of risks in the new construction project of shopping mall. As they have decided to take the contract of project delivery of design bid build as well as contract of GMP or Guarantee Maximum Price with the 50-50 sharing clause; there are various risks related to this contract and project (Hajdu, 2013). The major risks for this new project of XYZ Ltd Company are as follows:

1. i) Dispute for the Redesigning Costs: The first as well as the most important risk for this contract of design bid build of the new project of shopping mall within the company of XYZ Ltd is the dispute for the redesigning costs (Parker et al., 2013). These redesign expenses can be disputed when the respective contract of this project’s architect is eventually not addressing the revision issues, which are needed to properly reduce the various redesign costs. Hence, the project is being delayed subsequently and also the project resources such as costs, time and uses are extremely high.
2. ii) Selecting the Lowest Price Bid: The second prominent and important risk of threat for this new project of shopping mall within the organization of XYZ Ltd Company is the selection of the lowest cost bidder for the project (Hu et al., 2013). The significant development of all types of cheap products is better; this is the utmost thought of all general contractors when they bid for any specific project. Thus, the main tendency is to seek out to the lowest price sub contractor in the existing market. However, within the strong markets, these general contractors comprise of the capability to be selective about the projects’ choice that is to be bid (Floricel et al., 2014). For obtaining profit within the project, the contractor will definitely select the lowest cost bidder. Thus, there is a major increment within the risks or threats for all general contractors and can even compromise with specific construction quality in the project. This organization of XYZ Ltd Company could also claim disputes for these products and hence the overall quality of their finalized product is much degraded for making this company facing losses (Hagen & Park, 2013).

iii) Lesser Input Opportunities: The next important or vital risk for this new project of shopping mall within the organization of XYZ Ltd Company is the lesser input opportunities (Backlund, Chronéer & Sundqvist, 2014). Since, the project delivery contract type is design bid build, there is extremely less opportunity to provide inputs or changes after the designing phase of the method of design bid build. The contractors are always brought to the project team after the phase of designing and hence input of more alternatives is not at all possible (Rolstadås et al., 2014). As this type of changes or alterations are not possible in the project after designing phase, XYZ Ltd Company has to be extra concerned about their progress; else they will be facing major issues within the project.

1. iv) Dispute for Excessive Pressure: Another significant risk for this new project of shopping mall within the organization of XYZ Ltd Company is the dispute for the excessive pressure given to the construction and designing teams (Palacios-Marqués, Cortés-Grao & Carral, 2013). These pressures may exert from several competing interests, which may lead to disputes in the architect or the general contractor of that project. Hence, project delays could easily occur here and complexity would increase.
2. v) Failure in the Designing Team: The fifth distinct risk for the contract of design bid build for the new project of shopping mall in XYZ Ltd Company is in the respective failure of designing team of that project. The construction costs as well as the potential costs can increase due to this type of failure in the design phase of the design bid build contract (Lee et al., 2015). Moreover, the project delays are also common for this type of risks and the construction documents is to be redone for minimizing or reducing all the risks. XYZ Ltd Company could eventually face this type of issue in this project.

All the above stated risks are extremely common and popular for the project contract type of design bid build in XYZ Ltd Company’s new project (Kendrick, 2013). Although, in spite of these mentioned risk, some other risks are even possible to execute the project properly in the organization of XYZ Ltd Company. All of the risks are given below:

1. i) Disruptions or Delays in the Supply Chains: The first and the most important risk that could be common for the new project of shopping mall in XYZ Ltd Company is the disruption or delay within the supply chains (Calderón & Ruiz, 2015). This particular risk is solely responsible to affect the respective supply chains within the project eventually. All of these risks are then sub divided to two important areas that are delays and disruptions. These delays can occur for the issues of transportation and can also occur from quality control issues with the respective suppliers of the organization of XYZ Ltd Company for the new project of shopping mall (Varajão et al., 2014). This company must choose those suppliers, whose location is much closer to the organization for the purpose of avoiding as well as minimizing the risks to a greater level. Furthermore, the frequent issues of quality control with various suppliers may also indicate that it is time for finding a new supplier for the project to properly eradicate the existing issues of those suppliers. The second type of risks is the disruptions. These disruptions can be more difficult to predict. The major examples of these disruption risks could be natural disasters, sudden accident of fire and labour strikes (Muller, 2017). All of these risks are extremely tough for avoiding; however, with the involvement of few precautions, all of the risks can be easily minimized or reduced.
2. ii) Presence of the Third Party Vendor: Another important risk for the new project of shopping mall in XYZ Ltd Company is the significant presence of a third party vendor (Gareis et al., 2013). The proper control or management of any third party vendor should be substantially done by this organization as per the risks posed by these vendors. XYZ Ltd Company should even focus on their billing or payroll of the project and even undertake the financial information or the vendor related information seriously. This organization also should ensure that the regulatory risk is taken into consideration and the vendors should not change their locations under any circumstances (Alsudiri, Al-Karaghouli & Eldabi, 2013). A complete and a proper risk assessment should also be conducted by the organization regarding these third party vendors and the due diligence should be performed for reducing the probable risks.

iii) Managing Staffs: Another important and significant risk for the new project of shopping mall in XYZ Ltd Company is the proper management of their staffs (Pitsis et al., 2014). The significant profit margins could be eventually improvised with all the internal procedures and external procedures. As the staffs or labours are the major assets of this construction project in XYZ Ltd Company, this organization must control the staffs perfectly and also check for the issues and problems (Klein, Biesenthal & Dehlin, 2015). As, the CEO, Mr. John is not wishing to hamper or affect the previously existing project of the housing complex, he must check or verify that the staffs are not burdened with this new project.

As, Mr. John is selected the project contract of Guaranteed Maximum Price with the 50-50 sharing clause, some other risks are also possible in this project of XYZ Ltd Company and these are as follows:

1. i) Variation Nature: The first and the most significant risk, which is extremely common for GMP contract is this nature of variation (Batselier & Vanhoucke, 2015). The respective instructions of the architect or the project engineer are being classified in the GMP variation, which is liable to adjust the approved target cost values within the design phase and within the contracts. The specific risk of the variation nature can thus lead to the specified dispute source in the contract schemes of Guaranteed Maximum Price (Seymour & Hussein, 2014). Furthermore, various modifications within the installation of building services and even the frame erection of the structural building can be classified as items of design development, which could not alter the value of GMP contract. The costs are higher for the changes and XYZ Ltd Company will face significant loss due to this risk.
2. ii) Clarity or Quality within the Tender Documents: Another contractual risk for the new project of shopping mall in XYZ Ltd Company is the lacking of clarity or quality within the tender documents of this project (Conforto et al., 2016). The particular document of contract consists of the various tender documents to allocate the risks. Whenever there is an occurrence of such risks in the contract, a massive number of disputes and conflicts eventually take place in that project and all the unimportant variations in contract could even take place within the phase of post contract (Dybå, Dingsøyr & Moe, 2014). The specific contract of this organization of XYZ Ltd Company should cover this particular risk of inaccuracy and inappropriateness of the several firm quantities in BOQ of the project.

iii) Changing the Project Scope: The next important and noteworthy risk, which can be possible for GMP contract in the new project of XYZ Ltd Company, would be the change in project scope (Harris, 2017). The disputes can easily occur for such changes in the project scope. Whenever the several standardized specifications of architect or client are getting changed, the respective standard of these GMP contract project would even alter or modify subsequently. Moreover, due to these specific changes, the estimations of costs are also changed and the project budget is increased to a high level (Klein, Biesenthal & Dehlin, 2015). XYZ Ltd Company could face significant losses in their project and even the project could bring disputes.

1. iv) Sudden Fluctuations within Price of Materials: The next important and specific risk to the new project of XYZ Ltd Company is the sudden or the major fluctuation within the costs of the materials. It is extremely common in any construction project. These types of fluctuations within the material cost might affect the project owner or contractor due to the huge increase of costs (Alsudiri, Al-Karaghouli & Eldabi, 2013). As the CEO of XYZ Ltd Company, Mr. John has set the 50-50 sharing clause for risk insurance, this particular threat would be absent in their project. All types of losses and damages are prevented by this loss and it also secures the raw materials from damages.

All the above mentioned threats eventually demonstrate that the risks types that are possible for the new project of XYZ Ltd Company.

5. Development of the Risk Response Planning

There are five distinct procedures of risk management, which are risks identification, risks analyses, risks assessment and evaluation, risks mitigation and risks monitoring (Calderón & Ruiz, 2015). Some of the most important and significant approaches and techniques are present for the risk management process. Whenever several risks of this particular project are recognized perfectly and the entire procedure of risks management is eventually deployed; four significant strategies are being applied in that project. All of these strategies are termed as the risks management approaches. The first or the most important approach of risk management is the risk avoidance (Palacios-Marqués, Cortés-Grao & Carral, 2013). By taking the help of this approach, all the risks are easily deflected to properly avid the disruptive and the expensive consequences. The second important approach of the risks management is the reduction of risks, in which the various risks could be minimized over all the procedures of any project. Another important approach of the risk management is the sharing of risks, in which all the risks could be shared with the respective third party such as vendor (Backlund, Chronéer & Sundqvist, 2014). The final approach is the retaining of risk that helps in retaining the level of risks in the project.

The planning of risk response for all the identified risks from risk identification process for XYZ Ltd Company’s new project is as follows:

Serial No.	Identified Risks	Risk Description	Risk Impact	Risk Response
1.	Dispute for the Redesigning Costs	The dispute within the redesigning expenses only when the project or contract architect is not at all addressing any type of revision issue perfectly and thus all the increased expenses are the major causes for the project disputes (Hagen & Park, 2013).	Moderate	Mitigation
2.	Selecting the Lowest Price Bid	Many a times the respective owner of the project chooses the lowest cost bid or bidder within any project and then increments the overall risk related to quality or consumption of time within that specific project. Furthermore, the client could even claim dispute in the project if he is not satisfied (Parker et al., 2013).	High	Avoid
3.	Lesser Input Opportunities	As each and every general contractor is eventually brought to this respective project team only after the design phase is over; there is extremely lesser scope for giving the inputs on all the efficient options, which are being subsequently presented.	Low	Avoid
4.	Dispute for Excessive Pressure	The next risk that is possible in this project of XYZ Ltd Company is the disputes for the excessive pressures. The respective construction as well as designing teams for each and every competing interests may even lead to the project disputes either for the architect, or for the client and even for the specific general contractor in this project (Calvo-Mora, Navarro-García & Periañez-Cristobal, 2015). This is considered as one of the most common risks for contract of project delivery of design bid build.	Moderate	Accept
5.	Failure in the Designing Team	The team of designing of this project could even fail for completing the entire work with their approved project budget as well as the construction expenses get incremented to a high level. Hence, major project delays would occur (Lappe & Spang, 2014).	High	Transfer
6.	Disruptions or Delays in the Supply Chain	The disruptions or the delays within the supply chains of the project are majorly responsible to affect the entire supply chain within any specific project majorly. These delays within the project eventually occur for any type of transportation issue and can also occur from the several issues that are related with the controlling of quality with the specified supplier in this particular project (Drury-Grogan, 2014). The next kind of project risk is disruption that is extremely difficult to predict within the project. The major and the most significant examples of these types of risks are the sudden occurrence of fire, labour strikes and natural disasters.	High	Transfer
7.	Presence of the Third Party Vendor	The significant controlling as well as management of each and every third party vendor should be completed by these vendors based on those risks that all the third party vendors are posing. The organization of XYZ Ltd Company must even concentrate over the billing department or the payroll department of the project and also consider the sensitive or finance related data regarding the choosing of their vendors (Marle, Vidal & Bocquet, 2013). Since, the third part vendors are solely responsible to bring out the most effective and efficient project changes, the work progress in this project is even affected for this project.	High	Avoid
8.	Managing Project Staffs	Another important and significant risk within this new project of shopping mall for the organization of XYZ Ltd Company is the management of staffs. Each and every staff of this project must be perfectly controlled as well as controlled and must be verified that these staffs are not at all pressurized unnecessarily (Teller, Kock & Gemünden, 2014). Although, the work progress is important in the project, extra pressure should not be given to the staffs. Furthermore, if any staff is leaving this project, he should be undertaking the position or place. It is considered as the most significant risk in this particular project.	Low	Avoid
9.	Variation Nature	The respective instructions of the architect or the project engineer are being classified in the GMP variation, which is liable to adjust the approved target cost values within the design phase and within the contracts. The specific risk of the variation nature can thus lead to the specified dispute source in the contract schemes of Guaranteed Maximum Price (Bryde, Broquetas & Volm, 2013).	High	Avoid
10.	Clarity or Quality within the Tender Documents	The particular document of contract consists of the various tender documents to allocate the risks. Whenever there is an occurrence of such risks in the contract, a massive number of disputes and conflicts eventually take place in that project and all the unimportant variations in contract could even take place within the phase of post contract (Guo et al., 2014).	High	Avoid
11.	Changing the Project Scope	The disputes can easily occur for such changes in the project scope. Whenever the several standardized specifications of architect or client are getting changed, the respective standard of these GMP contract project would even alter or modify subsequently. Moreover, due to these specific changes, the estimations of costs are also changed and the project budget is increased to a high level (Müller, Glückler & Aubry, 2013).	Moderate	Mitigation
12.	Sudden Fluctuations within Price of Materials	It is extremely common in any construction project. These types of fluctuations within the material cost might affect the project owner or contractor due to the huge increase of costs. As the CEO of XYZ Ltd Company, Mr. John has set the 50-50 sharing clause for risk insurance, this particular threat would be absent in their project (Mkrttchian & Stephanova, 2013).	Low	Transfer

Table 1: Risk Response Planning for XYZ Ltd Company

According to the respective risk response plan of the organization of XYZ Ltd Company, four distinct risk responses are possible in this purpose. All of these four responses of risks are given below:

1. i) Avoid: This particular risk response eventually refers to this factor that this particular risk must be eradicated and then this project must be protected from the impact of this risk (Teller, 2013). There are various common actions to this type of threat eradication like changing the scope of project and completing the project on time.
2. ii) Transfer: This particular risk response eventually refers to this factor that this particular risk must be moved or transferred to the respective third party. There are some of the direct methodologies, which can be utilized for performance bonds, insurances or warranties (Besner & Hobbs, 2013). However, the indirect methodologies eventually utilize the unit price contract and not the legal or lump sum contract.

iii) Mitigation: This particular risk response eventually refers to this factor that the impact of this particular risk must be minimized and the specific balance must be maintained perfectly for this threat.

1. iv) Accept: This particular risk response eventually refers to this factor that this particular risk must be accepted within the project as each and every project consists of some of the major risks in the project (Lientz & Rea, 2016). This is the strategy, which gives a better output for this project.  

6. Implementation of a Risk Plan in XYZ Ltd Company

Some of the major, significant and noteworthy standards of the risk management are present. From the starting of the year of 2000, several industries and government bodies have subsequently expanded the regulations for the compliance of regulatory that could check the plans and processes of risk management in the company (Ahern, Leavy & Byrne, 2014). The owners and the directors of the company require for reviewing and also reporting the adequacy of the various procedures of risk management. Thus, the risk analysis, risk assessment types and even the internal audit have subsequently become the major elements of any particular strategy in the business. The several standards of risk management are then developed by the companies to manage or monitor the project risks. The most significant risk standard is the AS/NZS IS031000:2009 (Braglia & Frosolini, 2014). These types of risk management standards are then designed to help out the several organizations for properly identifying some of the major risks and threats, assessment of the unique vulnerability to successfully and perfectly determine the risks, implement the efforts of risk reduction process and also identify the ways to perfectly reduce these risks within any project according to the strategies of a company (Edwards & Bowen, 2013). Several frameworks are also provides by these standards or principles to improve the complete risk management procedure that can be eventually used in any type of project. 

The implementation of risk plan for XYZ Ltd Company is as follows:

1. i) Dispute in the Redesigning of Costs: The response to this particular risk is the mitigation that means this risk should be mitigated eventually for the purpose of reducing the overall impact or effect of this risk.
2. ii) Selecting the Lowest Cost Bid: The response to this particular risk is avoid that solely depicts that this risk must be eradicated and thus this project must be saved and secured (Heldman, 2018).

iii) Lesser Input Opportunities: The response to this particular risk is avoiding that depicts that this specific risk must be eradicated and hence this project must be saved easily.

1. iv) Failure of the Design Teams: The response to this particular risk is transferring that depicts that this specific risk must be transferred to the third party vendor by the indirect methodology of the contract of unit price (Morris, 2013).
2. v) Disruptions or Delays in the Supply Chains: The response to this particular risk is transferring that depicts that this specific risk must be transferred to the third party vendor by the indirect methodology of the contract.
3. vi) Presence of Third Party Vendor: The response to this particular risk is avoiding that depicts that this risk must be eradicated and this project must be saved and secured.

vii) Variation Nature: The response to this particular risk is avoiding for the organization of XYZ Ltd Company that depicts that this risk must be eradicated and this project must be saved and secured (Schwalbe, 2015).

viii) Lacking Clarity or Quality in the Tender Documents: The response to this particular risk is avoiding since the problems must be resolved easily and promptly by XYZ Ltd Company.

1. ix) Changing the Project Scope: The response to this particular risk is mitigation that means that this risk must be mitigated perfectly.

7. Development of Risk Tracking, Monitoring and Controlling (TMC) System

This system of risk TMX is needed for tracking, monitoring as well as controlling the several recognized risks (Beringer, Jonas & Kock, 2013). There are some of the major requirements of the system of the risk TMC like ensuring of perfect execution of various risks plans and finally evaluating the efficiency of risk reduction, keeping track of every risk and monitor the triggering conditions. Moreover, the residual risks are also monitored and the additional risks are identified after process asset up gradation (Martinsuo, 2013). Various policies or procedures are also followed in this system of TMC. The major inputs of this system are as follows:

1. i) Risk Management Planning
2. ii) Risk Register

iii) Approved the Requests of Change

1. iv) Information related toWork Performance

The several techniques and tools to set up this system of risk tracking, monitoring and controlling are given below:

1. i) Risk Reassessment
2. ii) Risk Auditing

iii) Variance as well as Trend Analysis

1. iv) Reserve Analysis
2. v) Status Meetings

The various outputs of the system of the risks TMC are given below:

1. i) Update of Risk Register
2. ii) Corrective Actions

iii) Suggested Preventive Actions

1. iv) Request for Change inProject
2. v) Update ofOrganizational Procedural Assets
3. vi) Update of theProject Management Plan

All of these above stated factors eventually complete the total system of the risk TMC or tracking, monitoring and control for a specific project in an organization.

8. Identification of One Incident Related to One Identified Risk with Details

The lack of quality or clarity within the tender documents in a project is considered as one of the most important or significant risk, which is extremely common (Pemsel & Wiewiora, 2013). The stage is tendering is the most important phase in all construction projects that require more information or exchanging of the documents. This specific process, which is eventually used by all construction customers to obtain the price or program for building all projects, is termed as tendering in those projects. These customers give the respective general contractor with the tender documents to propose a bid for which this contract is being executed (Hwang & Ng, 2013). All of these kinds of the tender documents consist of that information that is based on the project plan of that client so that this general contractor can price these. However, these tender documents are always sufficient, consistent, clear and proper. Thus, the total tender program evaluation or price of the construction projects is extremely difficult for the project members (Mir & Pinnington, 2014). The poorer quality of all tender documents is extremely vulnerable for the project growth and development. All of these tender documents subsequently consist of the requirement specification or design specification according to the client. The price is also calculated with this document by the bidder (Larson et al., 2014). The several documents such as schedule rates, instructions to the tender, specifications, drawings, bill of quantities, contract forms, conditions of the contracts and even the respective list of the enclosures.

Within the organization of Logi World Pvt Ltd, a specific construction project has suffered major losses for the lacking of quality as well as clarity within the tender documents. These tender documents of the Logi World Pvt Ltd had various disparities in the BOQs, technical specifications and drawings (Walker, 2015). Moreover, the several technical specifications were written in an extremely poor manner and hence various major issues were being raised in the project. The first and the most important issue within this organization of Logi World Pvt Ltd was the inaccuracy in the estimation of budgets, higher bidding margins or the claims (Harrison & Lock, 2017). These specific issues were extremely difficult to be dealt easily and promptly and thus major losses were being faced in the project. The most unfortunate incident that occurred for this particular risk of lacking of quality or clarity within the tender document was the dispute within the project. The respective consultant of risk management was eventually unable for providing the appropriate project budget estimation and thus this budget was incremented to a great level (Nicholas & Steyn, 2017). Furthermore, the specific project’s general contractor has raised the bid with extremely high price in this project and this again raised the issue to other high level. The total expenses of this project thus increased massively for this issue and hence the investors took the major decision of cancelling this project in mid way (Marchewka, 2014). Hence, this particular company of Logi World Pvt Ltd took the significant decision of implementing the significant system of risks TMC or tracking, monitoring as well as controlling for the purpose of handling and dealing with this specific incident.

9. Elaboration of Effectiveness of TMC System to Handle and Deal with this Incident

This company of Logi World Pvt Ltd undertook the decision of implementing the significant system of risks TMC or tracking, monitoring as well as controlling in their project to properly handle and deal the risk for lacking the quality as well as clarity within their tender documents (Kerzner & Kerzner, 2017). This particular system of risk TMC makes sure that this risks planning is done perfectly and thus the efficiency of the risks plan is calculated. The company of Logi World Pvt Ltd verified their tender documents to check for the risks by providing risk registers as well as changing requests.

The risk registers are the respective scattered plots, which are being used as the most significant technique to manage the risks and also to fulfil the various regulatory compliances that are acting as risk repositories after their identification (Burke, 2013). The risk registers comprise of the contingency, mitigation, impact and even the probability of all identified threats within a project. Thus, the searching for the major risk within the project is extremely easier within this scenario. Several items are present within a risk register such as risk breakdown structure identification number, risk categories to the similar risks group, consequences or impacts of all risks, proper description of these identified risks, likelihood or probability of this risk occurrence, risk response, risk score and proper mitigation techniques for these risks (Walker, 2015). This company of Logi World Pvt Ltd tracked their risks like lacking of quality as well as clarity within their tender document by the proper implementation of risk register as well as by involvement of risk TMC system. This process of risk TMC was helpful for them to monitor the recognized risks and even in recognizing the extra risks (Harrison & Lock, 2017). A better risk response plan was also possible with this system and efficiency of the plan of risk management was eventually achieved easily.

The respective inputs of all approved requests for changes were also given in this project. The alterations were extremely important for them as this organization was suffering from major losses (Hwang & Ng, 2013). The system of risk TMC included several changes such as schedule, work methodologies, scope and contract terms. Thus, all the issues were resolved and the new risks were recognized.

10. Summary of the Key Issues of the Given Scenario

The organization of XYZ Ltd Company is majorly responsible for constructing various building, shopping malls, stadiums, housing complexes and many more. They even do interior designing and provide the service of construction project management (Kerzner, 2018). These services have made them extremely popular for the client and hence they have become successful in only 20 years. The Chief Executive Officer or the CEO of this company Mr. John has got a new project for building a shopping mall in Melbourne Australia.  This new project will be the most advanced and the most popular project that they have got in recent years (Binder, 2016). However, Mr. John does not wish for hampering the previously ongoing project of a housing complex and for this purpose he wishes to train all employees and staffs. Mr. John has thus selected the contract of Guaranteed Maximum Price with the 50-50 sharing clause and even the contract of design bid build for project delivery (Martinelli & Milosevic, 2016). The CEO of XYZ Ltd Company has also selected the specific contract type of GMP or Guaranteed Maximum Price for this project. It is a cost contract, where the respective contractor is being compensated for original expenses, which are incurred with fixed fees. Mr. John has recruited a particular consultant for risk management to identify as well as analyse all the major risks within this project or contract. He even wants to highlight the respective objective risks and the subjective risks, which are to be handled and dealt for this project execution. All the stakeholders of the company of XYZ Ltd Company are the CEO or Chief Executive Officer, Mr. John, employees, suppliers, owners, shareholders, resource communities, creditors, agencies and even the government (Alias et al., 2014). This complete procedure of the risk identification is perfectly explained in this research report within the company. Several risks such as the lack of clarity or quality within the tender document, presence of third party vendor, changing the project scope, project delays, variations nature and many more are properly recognized as well as quantified for this organization of XYZ Ltd Company (Ahern, Leavy & Byrne, 2014). Furthermore, a plan of risk response or implementing the risks plan is being done for this company. The proper system of risk TMC or risk tracking, monitoring and controlling is also developed and an example of real incident is provided that is linked to the threat of lacking the clarity as well as quality within the tender document is also recognized (Kaiser, El Arbi & Ahlemann, 2015). In the final part of this research report, the proper explanation is given to handle or deal the risk with the help of the risk tracking, monitoring and control system for that particular incident. 

Conclusion

Therefore, from this above report, conclusion could be drawn that the entire process of the risk management is responsible for proper identification, management and assessment of the several threats and risks for the capitals and earnings of a specific company. All the risks can easily or promptly initiate from the huge collection of sources like the errors in strategic management, uncertainties in financial sector, legal liabilities, accidents and natural disasters. The various risks or threats related to information security as well as data could be eventually resolved or reduced by implementing the strategies of risk management within any project.

Some of the most significant target areas or principles are present that must become the several parts of the entire procedure of risk management according to the standard of AS/NZS IS031000:2009. The target areas majorly involve that the procedure should create the project value, these target areas should be the integral parts of the life cycle of a project, should also address these uncertainties. Moreover, these target areas also should be systematic and structured, must be based on the information that is being gathered by using some of the most important techniques, they should consider the various errors and must be adaptable. Furthermore, they must be transparent for the project stakeholders.

The five specific steps within the entire procedure of the risk management for a particular project are identification of risks, analysis of risks, assessment and evaluation of risks, mitigation of risks and also monitoring of those risks. The identification of risk helps to identify those risks that could negatively affect this project. The next step is to analyze the risk, in which each and every identified risk is being analyzed to perfectly understand the risk consequences. The third important step within the risk management process is the assessment and evaluation of these analyzed risks. This particular step helps in determining the total occurrence likelihood of the threats only after taking into consideration the various consequences. The entire procedure of decision making is dependent on this step. When these risks are substantially assessed as well as evaluated, a specific plan is to be made to mitigate those risks completely by taking the help of few risk controls. These risk plans majorly include the process of risk mitigation, tactics of risk prevention and contingency planning. The last or the final step within this process of risk management is the risk monitoring. Main part of this plan of risk mitigation includes the follow ups on the plan and even the risks to continuously monitor or track the previously existing or the new risks. Some of the major risk management approaches are risk reduction, risk retaining, risk avoidance and risk sharing.

This above research report has clearly demonstrated the complete case study of a construction company, known as XYZ Ltd Company. This particular construction company is quite popular in Australia for their work. Recently, they have got a project to build a shopping mall from another popular organization in Australia and for this particular purpose, the CEO of the organization, Mr. John has recruited a risk management consultant to properly identify, evaluate as well as manage the possible risks in this new process. Furthermore, he is also worried regarding the subjective or objective risks within this project. The report has thus perfectly analyzed this scenario of XYZ Ltd Company and also identified the products, services and the key stakeholders of this organization. Some of the major risks are recognized here for the construction project and a risk response plan is being developed. A distinct risk plan is also implemented for all the identified threats and the risk tracking, monitoring and control system or TMC system is being developed for XYZ Ltd Company. Finally, one incident related to one threat is being identified in this particular report with its mitigation with TMC system. 

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