Risks Management Analysis of the Channel Tunnel Project - Term Paper Example

This serves to mitigate the risk of resource shortage for the project, through the application of the principle of maximizing utilization of the resources, to ensure that they fit into the project schedule. Program monitoring and control is yet another vital risk mitigation concept under the construction phase, which entails consistent and regular evaluation of every single aspect of the project and the timely correction of any errors, to ensure that the construction process progresses without safety threats (Yan-juan, Ding-li, & Jian-jun, 2009 p3). This calls for the full adoption and implementation of the principle of project management discipline, which requires that the project, is monitored consistently in every single activity and aspect of implementation, to notice and eliminate all the issues that could be a risk factor to the project. This is meant to avoid future problems, which could have been addressed at the earlier stages (Clifton, 2011, p.49).
The operational phase entails the active implementation and management of the benefits of the Channel Tunnel Project, which entails the control of the excessive hierarchical bureaucracy, to ensure that the whole project is achieved without any undue complexities, which emanates from following the hierarchical order within an organization (Eisner, 2000, p.14). The minimization of the bureaucracy of the project ensures that unnecessary delays are not experienced. The effective management of bureaucracy and hierarchical order of the project management process helps in the effective application of scheduled time and resources, thus mitigating the risks associated with resource shortages for the project. Focus on details forms another fundamental risk mitigation activity during the operational phase, considering that there is a high risk that issues that are of significance to the project might be overlooked during the operational stage, which is then set to cause problems after the closure stage of the project lifecycle (Canonico & Soderlund, 2010, p.795). The complete application of all details of the project operation can only be achieved through the implementation of full coordination between the project implementers. While people are working on different activities of the project, there is always a tendency to assume that the other party will undertake a certain activity, and thus one party ignores the same (Winch, 2013, p.5). This can only be overcome through full coordinated operations.
The first proposal touches on the management of the benefits obtainable from the project, since the benefits are a major source of conflict, especially between the implementers and the actors (Stannard, 1990, p.47). The aspect of project benefits management extends beyond the construction and making the project operational since it looks at the aftermath of having the project in place. The proposal is that project benefits management should be introduced as an incentive towards making the project operational, by setting benefit realization as the main goal (ProQuest, 2012, p.5).