Railway Case Study
meet the safety requirements applicable to the railway system in its set,
identify specific risks related to their business,
identify and manage potential future and local risks.
Good management of such projects should consist of consistent arrangements, adoption of ad hoc policies, structured implementation processes and operations and the allocation of responsibilities between different areas of activity. Moreover, projects are dynamic and subject to continuous development. There is a constant need to adapt and improve all processes relevant to the projects. To do this, projects need to ensure the design and monitoring of the implementation and operational processes through leadership and the effective participation of staff.
Risk assessment can help to anticipate future developments and threats such as potential disruptions and pressures and the …show more content…
Contestants were asked to rank the 35 risks recognised and to review the effect of these risks on project management plan for new railway link between Heathrow and Gatwick. Contestants like clients, consultants and contractors then inquired to recognise these risks important for project management plan for new railway link between Heathrow and Gatwick on a 0-4 point Likert scale with 0=not important and 4=extremely compulsory.
Data gathered from contestants assessed through an empirical method to decide Relative Importance Index (RII) of every risk. RII has been utilised to rank the risks as recognised by contestants of their value and to cross-compare the comparative value of these risks as supposed through customers, contractors and consultants. This ranking can be useful in setting the priority and level of planning to reduce the consequences of risk.