Nobody downloaded yet

Risk management - Assignment Example

Comments (0) Cite this document
Summary
[Title] [University] [Instructor Name] This paper discusses risk management with respect to construction and project management. For this purpose Burj Khalifa is chosen on the basis of which risk management, risk information, data collection, risk identification, risk analysis, output analysis and discussion, recommendation for its improvement and future plans and steps will be talked about in detail…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.6% of users find it useful
Risk management
Read TextPreview

Extract of sample "Risk management"

Download file to see previous pages In management of risk, the recognition, evaluation and prioritization of risks is done which is then followed by synchronized and estimated application of revenue and resources to reduce, supervise and control the probable happening of an unfortunate incident so as to maximize the usage and benefits of opportunities. There are different principles of risk management; the following are as proposed by the International Organization for Standardization. They are: To create value To be an essential part of the processes within the organization To play a role in the decision making process Openly discuss the risks Maintain a structured approach which is systematic Be tailor made The human factors be given importance and acknowledgement The policies should be fool proof BURJ KHALIFA Burj Khalifa which was initially known as Burj Dubai is located in Dubai and its construction was carried out by Emaar Properties. Its construction lasted for six continuous years starting from 2004 to 2009 and it is used for a lot of purposes be it residential, entertainment or business facilities; Burj Khalifa offers all. Its construction was done with the aim of making it into such a building which is diversified and convenient in its use; its interior boasts a dining area, a fitness club that stretches up to four stories, 37 floors that are dedicated for office use, 160 rooms that serves as the residing area for guests, 144 private residential suites, a park of 11 hectare, 6 features of water, swimming pools, a are garage that has the capacity to accommodate 3000 cars, an observation deck and approach to the scrupulously planned Dubai downtown which grants more packages and facilities to the investors of Burj Khalifa. (Frederic, 2010) RISK MANAGEMENT REQUIREMENTS OF BURJ KHALIFA Risk is a term that applies to an uncertain happening that may occur and impose a positive or negative effect on a certain task. Risk has a 100% chance of occurring or otherwise hence risk management aims at contemplating the possible causes that may contribute to a risk; thus strategies are developed to cope with it and prevent. Risk taking is a bold step and is often considered by some organizations during a project since it might in cases produce positive results. Certain risk management strategies are meticulously applied in the construction of Burj Khalifa. A few of them will be discussed here in detail. The frontage of the 01 tower in Burj Khalifa is constructed in a unique manner; the entire facade is perforated with openings which are 1,000 in number. If looked from a distance, these perforations look like O’s however a close glance at them reveals them to be as diamond or oval shaped. This design was an innovative attempt to design Burj Khalifa and was presented by Reiser-Umemoto and RUR Architecture. A competition held by the Dubai Properties gave birth to this exclusive concept in which Shahab Lufti had encouraged the group to come up with a design for the new building that would become the tallest skyscraper in the world. It is a very simple structure in which a diagrid is made of concrete and has openings that change through 4 different scales that range from 2.5m to 6.5m. This would prove to be very beneficial since the concrete frontage was designed in such a manner that would serve the purpose of a sunscreen in Dubai’ ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk management Assignment Example | Topics and Well Written Essays - 2750 words”, n.d.)
Retrieved from https://studentshare.org/family-consumer-science/1418884-risk-management
(Risk Management Assignment Example | Topics and Well Written Essays - 2750 Words)
https://studentshare.org/family-consumer-science/1418884-risk-management.
“Risk Management Assignment Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/family-consumer-science/1418884-risk-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Risk management

Risk Management

...? Table of Contents Introduction ………………...……………………………………….. 2 Step One – Risk Identification ………...……………………………. 3 Step Two – Risk Measurement ……………………..………………. 4 Step Three – Risk Analysis ………………………………………… 4 Step Four – Decisions ………………………………………………. 5 Step Five - Implementation ………………………………………… 6 Step Six - Monitoring ……………………………………………....... 6 Step Seven – Policies …………………………………………………7 Conclusion ……………………..…………………………….……..... 7 References …………………………………………………………… 9 The Fukushima Disaster: Lessons in Risk Management I. Introduction The Fukushima disaster is probably one of the most terrifying nuclear disasters in recent memory. Before March 2011, it was...
10 Pages(2500 words)Essay

Risk management

...?Risk Management Question There is more to the determination of which of the two projects would fetch shareholders much wealth than the amounts of money being invested into the various projects and the expected Net Cash Flow. This hidden factor is the risk associated with each of the projects and this is where the principles of cash assets pricing model plays a lot of important role. The company is advised to invest in the acquisition of the new business in the Latvian logistics because that will increase the overall real assets of shareholders. Again, the company will be in a position to bargain on the premium they would put on the acquisition through the principles of CAPM to ensure that they “demand additional expected return... of...
6 Pages(1500 words)Essay

Risk management

...Risk Management Number Department Introduction It is a fact that the mechanical process of drilling through the seabed as a way of exploring and extracting oil lying in rock formations beneath the seabed comes with risks. The risk that accosts offshore operations are pervasive enough to touch on the very personnel doing the offshore drilling and the larger surrounding population which may be negatively affected by the consequences of offshore drilling. That risks are inextricably concomitant with offshore drilling is a matter that is underscored by the fact that offshore drilling readily presents environmental drawbacks because of the nature of materials...
11 Pages(2750 words)Essay

Risk Management

...? Infrastructure project Risks Risk management Infrastructure project Risks Construction projects are undertaken within sophisticated and dynamic environments and as a result they are often faced with elevated levels of uncertainty. Such uncertainty levels are often compounded further by the constraint demands. Infrastructural construction industry has underwent significant changes over the last few years with much focus being directed towards limitation of risks and challenges encountered during the process. Risk assessment utilizes various tool combinations which helps in identification of those risks considered...
10 Pages(2500 words)Essay

Risk Management

...? Risk Management Supervisor: May 14, Risk Management Introduction Threats to desired stability are common phenomena and their prevention and management of their effects is an essential aspect of risk management. Risk management is important to the financial sector because of the sector’s sensitive scope that identifies vulnerability to threats. While the course has offered diversified elements of risk management, I considered some lessons and themes more significant. This paper identifies the important themes and makes recommendations to the U.S....
5 Pages(1250 words)Essay

Risk management

...as vital area of interest for the top management of firm. Several elements contribute to the success or failure of the company. CSR is one such variable that contributes to the well-being, reputation, and financial performance of the company. This paper seeks to investigate the impact of CSR practices on firm’s performance. A critical analysis of prior literature conducted in the same field will be provided in order to evaluate the causal relationship between the two variables. Impact of Corporate Social Responsibility (CSR) on Financial Performance Ways in which companies implement practices of corporate social responsibility differs from one another. These differences are based on factors such as respective industry...
8 Pages(2000 words)Research Paper

Risk Management

...EasyJet Table of Contents Introduction 3 Easy Jet: An Overview 3 Major Risks of EasyJet 4 Intensity and Impact of these risks: Risk Matrix 11 Strategies: To reduce the possible risk 14 Corporate Governance 17 Conclusion 18 Reference 19 Bibliography 23 Introduction This report aims to offer an insight into the inherent risks of an organisation. The intensity of these risks is very much significant to develop a strategy for the same. The strategies have been discussed in the later part. Shareholders are very much bothered about this risk, as they are worried about their investments. It is the responsibility of the managers to mitigate the risk as much as possible and create shareholders’ value. Carrying out operational and financial... ...
15 Pages(3750 words)Essay

Risk management

...Risk Management Table of Contents Risk Management Table of Contents 2 Risk Assessment 4 Health & Safety Legislation 6 Fire and Rescue Services Act,2004 7 Emphasis on ‘Prevention’ 8 Integrated Risk Management 10 Examples 11 Introduction Risk can be described as combination of threats, vulnerabilities and their impacts. If it is possible to reduce any of the above factors, the risk can be minimized. Threat can be arise due to natural, technological and man-made reason and can harm the assets. And the threat is also exploited by vulnerabilities due to a weak security system. All of these...
10 Pages(2500 words)Essay

Risk Management

...Risk assessment of the Question 1. Three information assets of an organization to evaluate for risk management Data for question 1: Switch L47 connects a network to the internet. It has two vulnerabilities: (1) susceptibility to hardware failure, with a likelihood of 0.2, and (2) susceptibility to an SNMP buffer overflow attack, with a likelihood of 0.1. This switch has an impact rating of 90 and has no current controls in place. There is a 75 percent certainty of the assumptions and data. Server WebSrv6 hosts a company Web site and performs e-commerce transactions. It has Web server software that is vulnerable to attack via invalid Unicode values. The likelihood of such an attack is estimated at 0.1. The server has been assigned... . It is...
5 Pages(1250 words)Case Study

Risk management

...Risk Management Research paper consists of the introduction, main body and conclusion. Introductory passage involves in the subject of the assignment, and provides the information about risk management, factors that determine attitude and probability of risk and the definition of risk and hazard together with the difference between these terms. Cyclists (push bike riders) are under investigation of risk management in this paper. A clear explanation of risk perception and points that influence people’s attitude is presented. The point is that some people consider cycling as a dangerous affair with a high possibility of risk, while others regard cycling as a safe kind of sport. Information about risk communication, and how it helps... in the...
5 Pages(1250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Risk management for FREE!

Contact Us