Title: Risk Task
(a)Introduction
Risk can be defined as uncertainty of outcome and it can be either a threat or an opportunity within or without an organization. Since the Victorian Public Transport network as an organization, is embarking on a project, which includes replacing an old railway station with a new railway station, there are risks that are tagged to it. It is not assured of what might pop up during or after the process. The existing telecommunication services at the new railway station will need to be transitioned to the new railway station. This might be in the positive or negative aspect. The telecommunication infrastructure consists of 10 phone services to a dedicated PABX with the transport network, an IP connection to the NTS ticketing network, a connection, IP connection to a railway operator private network.Thus, risk should be identified analysed and responded to with immediate effect for the construction of the project to thrive. This can be done by going through a detailed risk assessment process.
Discussion
(b)Project scope
The project has clearly outlined the endeavours of the Victorian public network transport in that it will reconstruct a new railway station and transition telecommunication services to it. It has therefore established strategies highlighting the direction of the project. However, it has failed to brainstorm on the barriers that might deter progression.
(c)Risk process
Risk identification
This involves brainstorming by the construction practitioners. Through a viable survey and related knowledge, they will be able to pinpoint major ideas from external environment of the organization. A risk event statement should be developed stating what might happen in the future or calculating the possible impact on the project. For instance, bad weather, high cost of construction equipment, incompatibility of IP connectors, poor phone services, meagre resources committed to the project and procurement problems, lack of suitable equipments or legal implications. All the findings are supposed to be recorded in a risk log.
Risk evaluation
This step involves the stakeholders of the Victorian Public Transport Network determining the probability of the outlined risks having an observable impact on the construction project. . A risk assessment informational log should be adopted to show the specific impact the risk could have on the budget scope and quality and whether a feasible plan can be enacted to counter or support it. The impact should be measured in terms of the overall time consumption of building the new railway station, whether the risk will affect the quality of the output in the organization and the competitive advantage it has compared to other transport networks. An examination on the cost of resources is also valid.
Risk response
After evaluation of the risks, the Victorian public transport network must undertake certain actions to sustain the process. Actions taken in response to the risks are recorded. The risk is terminated by doing things differently. For example, the Victoria public transport networks can source for compatible equipments can reschedule operations concerning the weather if necessary or can outsource for funds for more resources.
(d)Recommendation
The Victorian public transport network can also manage the risks through a third party and the project manager should ensure that the issue is identified, recorded in a systematic way, ownership is recorded, the impact is analysed and the issue is classified in an understandable manner.
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