Risk Management
Assignment Brief on Risk Management 1. The GCC Railway Project
Overview
I need a technical report, with Introduction of 50 words but no conclusion,
First Part is Risk Identification, I have already identified the risk AS highlighted in PINK color, for each type of factor need at least 5-6 lines as main description only no analysis required here. (Refer to Risk Identification). 500 Words
Second Part is Risk Analysis, to select two most important risk from highlighted, a proper analysis required for the chosen risk. (Refer to Risk Analysis). 1000 Words
Third Part is Risk Response in this part need response and recommendation for the risk which has been analyzed (Refer to Risk Response). 500 Words
The topic is Risk Management of GCC Railway project as follow:
Risk Identification
The key risks facing the project should be identified. You can use the risks outlined in the conference paper as a starting point. You may choose to use rich pictures or systems maps to help to illustrate the issues faced.
The output from the section will be a list of risks classified into the following categories:
1. Technical (Interoperability / Operations systems / Supply chain/ standards of construction and operation)
2. Political/Legal (Reputation of the country / Land acquisition-Right of rail way- / Execution duration-target operation date-)
3. Economic/Financial (Capital investment and Operation investment are very high)
You should also add a very brief paragraph describing how you went about the risk identification process.
Risk Analysis
Select TWO most important risks from the above and describe which of them might be suitable for and require a Quantitative Risk Analysis and which would be more amenable to a Qualitative Risk Analysis.
In the case of the risks selected for Quantitative Analysis, state which of the following techniques may be bested suited to each task:
1. Confidence Intervals/MERA
2. Utility Theory/Probability
3. Sensitivity Analysis/Indifference Analysis
Then describe briefly how such an analysis might be best carried out.
In the case of those best suited for Qualitative Analysis select a number of each of the categories present a Qualitative Risk proforma for each.
The output from the section on Quantitative Risk Analysis should include a list of the risks selected for Quantitative Analysis along with the technique recommended and how this would best be carried out giving examples if appropriate. The output from the Qualitative Analysis section will primarily consist of completed Qualitative Risk Analysis Proformas with a brief description of why those risks were selected for analysis.
Risk Response
This section should cover the recommended responses to the risks analysed above. The responses should be selected from the list below:
1. Risk reduction or elimination by changing design or route
2. Change procurement strategy
3. Risk transfer to another party
4. Insurance
5. Risk retention and contingency
6. No action needed
In the case of the Quantitative Risks, this may include recommendations as the amount of contingency required. In the case where the authorities have already acted to deal with certain risks give an assessment of whether this response is adequate for the problem.
The outputs should include a table of the risks analysed with the recommendations selected from the above list with a brief description as to why the recommendations were made.