RSK80006 Risk Management Essay

Question:

To complete this assignment you are required to consider the following four topics, based on information contained in the study guide and using any other appropriate resources. You will then prepare a mind map describing your thinking for each topic. You will submit four mind maps in all, one for each topic.
Topic 1. In its broadest sense, risk is speculative. That is there is a chance of beneficial or positive outcomes as well as a chance of negative ones. However, much of the focus on risk in construction and project management is about minimizing the risk of potential adverse situations, either foreseen or unforeseen. Create a mind map describing your thoughts on the role risk management plays in preventing adverse construction and project management outcomes.
Topic 2. Under many regulatory regimes (such as Work Health and Safety, rail and aviation, duty holders under the regulations are required to minimise risks “as far as reasonably practicable”. Create a mind map describing your thoughts on the implications of “as far as reasonably practicable” in relation to the execution of a construction or other project you have been involved in or are familiar with.
Topic 3. Select a risk management tool your are familiar with and create a mind map describing its key features and your thoughts how it should be applied.
Topic 4. Haimes (2009) suggested that management systems fail for a number of reasons he described as “sources of failure”. Consider a business or project you have been involved in, or one you are familiar with, and create a mind map describing your thoughts on the implications of Haimes' failures types in relation to the risk management policies, procedures and systems that were in place in the business or project.

Answer:

Topic 1 – Risk Management in Construction and Project Management

Topic 2 – Minimization of risks in construction or other project

Topic 3 – Risk Management Tool

Topic 4 - Implications of Haimes' failures types

Bibliography

Burtonshaw-Gunn, S.A., 2017. Risk and financial management in construction. Routledge.

Haimes, Y.Y., 2015. Risk modeling, assessment, and management. John Wiley & Sons.

Hillson, D. and Murray-Webster, R., 2017. Understanding and managing risk attitude. Routledge.

Hillson, D., 2017. Managing risk in projects. Routledge.

Hwang, B.G., Zhao, X. and Toh, L.P., 2014. Risk management in small construction projects in Singapore: Status, barriers and impact. International Journal of Project Management, 32(1), pp.116-124.

Sears, S.K., Sears, G.A., Clough, R.H., Rounds, J.L. and Segner, R.O., 2015. Construction project management. John Wiley & Sons.

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