Risk Management Plan
Risk management of the Giza Pyramid project is undeniably critical given the nature and scope of the project. Starting from the extensive supply chain to the construction site, quarries and workshops, risk management is necessary to control the possible dangers. The risk to this project mainly lies on the project workforce mainly because there are huge quantities of materials being moved over long distances and heights. Consequently, there is a high risk of site accidents and there is a poor reputation of pyramid projects to address most of these problems. The result is the inability of the projects to meet deadlines and costs. As seen in previous pyramid construction projects, the risk of failure to meet deadlines and …show more content…
Given the nature and scope of the project, the project manager might be faced with unanticipated workload.
Qualitative Risk Analysis
The qualitative risk analysis for the Giza Pyramid project will involve assigning a probability level and impact level to each possible risk. For this project, the probability of occurring and the corresponding impact on the project objectives will be identified. The table below summarizes the Giza Pyramid project qualitative analysis:
Risk Probability Cost impact Time impact
Financial risk – inflation Moderate Very high Moderate
Financial risk – funding Low High Low
Physical and environmental risks – Flooding and recurring desert storms Moderate Very high High
Construction risks – workers and site safety High High High
Construction risks – delayed deliveries and disruptions, unsuitable construction materials Moderate Very high Very high
Technical risks – pharaoh involvement in pyramid design Low Moderate High
Technical risks - inadequate design and errors in selection of construction materials Low Very high Very high
Performance risks – productivity of labor and labor disputes Moderate Moderate …show more content…
The quantitative risk analysis will be done using the Failure Mode Effect Analysis (FMEA) tabular tool that ranks every risk item on a scale of 1 to 5. The following table summarizes the quantitative risk analysis of the Giza Pyramid project using the FMEA tool:
Risk Failure mode Effect on the project Chance Severity Detection difficulty Total ranking
Financial risk – inflation Inflation increases Increased costs 2 3 1 6
Financial risk – funding The sponsor failing to provide funds Unpaid salaries and suppliers. Stalling of the project 1 5 1 7
Physical and environmental risks – Flooding and recurring desert storms Flooding of the construction site, quarry Destruction of construction materials. Workers accidents. Collapse of the structures 1 5 2 8
Construction risks – workers and site safety Workers and site accidents Personal injuries, construction delays 3 4 3 10
Construction risks – delayed deliveries and disruptions, unsuitable construction materials Inability to access the site, inadequate funding, contract problems Construction delays 1 3 1
Risk management of the Giza Pyramid project is undeniably critical given the nature and scope of the project. Starting from the extensive supply chain to the construction site, quarries and workshops, risk management is necessary to control the possible dangers. The risk to this project mainly lies on the project workforce mainly because there are huge quantities of materials being moved over long distances and heights. Consequently, there is a high risk of site accidents and there is a poor reputation of pyramid projects to address most of these problems. The result is the inability of the projects to meet deadlines and costs. As seen in previous pyramid construction projects, the risk of failure to meet deadlines and …show more content…
Given the nature and scope of the project, the project manager might be faced with unanticipated workload.
Qualitative Risk Analysis
The qualitative risk analysis for the Giza Pyramid project will involve assigning a probability level and impact level to each possible risk. For this project, the probability of occurring and the corresponding impact on the project objectives will be identified. The table below summarizes the Giza Pyramid project qualitative analysis:
Risk Probability Cost impact Time impact
Financial risk – inflation Moderate Very high Moderate
Financial risk – funding Low High Low
Physical and environmental risks – Flooding and recurring desert storms Moderate Very high High
Construction risks – workers and site safety High High High
Construction risks – delayed deliveries and disruptions, unsuitable construction materials Moderate Very high Very high
Technical risks – pharaoh involvement in pyramid design Low Moderate High
Technical risks - inadequate design and errors in selection of construction materials Low Very high Very high
Performance risks – productivity of labor and labor disputes Moderate Moderate …show more content…
The quantitative risk analysis will be done using the Failure Mode Effect Analysis (FMEA) tabular tool that ranks every risk item on a scale of 1 to 5. The following table summarizes the quantitative risk analysis of the Giza Pyramid project using the FMEA tool:
Risk Failure mode Effect on the project Chance Severity Detection difficulty Total ranking
Financial risk – inflation Inflation increases Increased costs 2 3 1 6
Financial risk – funding The sponsor failing to provide funds Unpaid salaries and suppliers. Stalling of the project 1 5 1 7
Physical and environmental risks – Flooding and recurring desert storms Flooding of the construction site, quarry Destruction of construction materials. Workers accidents. Collapse of the structures 1 5 2 8
Construction risks – workers and site safety Workers and site accidents Personal injuries, construction delays 3 4 3 10
Construction risks – delayed deliveries and disruptions, unsuitable construction materials Inability to access the site, inadequate funding, contract problems Construction delays 1 3 1