- Maximum 200 words - Convey the principles of the topic - Critically reflect th
ID: 1709741 • Letter: #
Question
- Maximum 200 words - Convey the principles of the topic - Critically reflect the learning experience and how it influences your perceptions, understanding, or behaviour - Critically reflect how the knowledge and learning experience can be applied in the construction industry contextUse the following images to help write the reflective statement. We should minimise reactive management... Reactive risk and issue management volatlty V High React! That came about quickly! Were our actions effective, or were we lucky? Hmm...what's our appetite for risk? We don't know. React! Did we We can't see make a anything on the Calm horizon yet. Calm Calm V Low Time And proactively manage risk to achieve objectives Proactive risk management predctabity V High Show a tangible contribution towards achieving objectives Anticipate possibilities Act Act early earl Use risk appetito to guide decisions Measure Anticipate achieve objectives of actions ACTION HANGES THINGS V Low Time
Explanation / Answer
Project Management Institute classifies Risk Management in one of its nine areas of knowledge. In the construction project management framework it is an ample and organized approach of detecting, evaluating and reacting to risks to attain the project objectives. For a project engineer in this enormously complex construction industry, handling risks should be one of the main job priorities. This is all about collaborations. Working together is the right approach to focus on the risks that matter most. Use of different management tools & matrices helps to be more effective risk analyst. The biggest mistake in risk management will be procrastination; here quicker responses create big differences.
The four basic elements of cultural of risk are Tone at the top i.e. commitment to have shared risk appetite statement and rewards for the champions in this field to have more influential impacts, Governance will put effort to understand the project structure that encourages risk management, Competencies will agree opportunities of training and tools for members, Decision-making – to provide the environment for members to see the insights.
*** If you want to expand little more, add safety risk hierarchy for construction management from the example point***
Hope you find this helpful.
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