Project Risk Management – Holyrood Project

Project Risk Management| M3N313401-12-B| Group report    Jenna McCall : S1O21235 Adelle Kelly : S1023858 Angela Mitchell : S1034517 Luciano Farias : S1306729 Iaponaira de Abreu : S1306726| | | 5103 words Contents 1. Introduction 2. 1 Executive summary 2. Case study . What is project management 4. 2 Successful project management 4. 3 Risk management in projects 4. Project Scope 5. 4 Cost management 5. 5 Time management 5. 6 Project management tools 5. Stakeholder management 6. Conclusion 7. Recommendations 8. References 1. Introduction After the identification of the requirements of the Holyrood parliament building, responsibility for the construction of the project was handed over to the Scottish Parliamentary Corporate Body in June 1999 which took place over the course of 5 years.A project goes through many phases throughout its lifecycle and can be deemed successful if implemented efficiently against initial objectives. This includes cost effective, quality management and co mpletion within the required time scale with the overall aim being to meet stakeholder’s objectives. A project that fails is said to be one that lacks quality, control and management. In order for project management to be effective, both strategic and operational strategies must be incorporated. 1. 1 Executive SummaryProject risk management is a systematic process concerned with reducing the risks and uncertainties involved in business activities, essential if a project is to achieve its objectives which typically include scope, time and cost. It is based on managing people so that a project can be actively managed reducing the risks that could occur. After the objectives have been defined, in order for appropriate risk management to be exercised, a traditional SWOT analysis should be conducted to identify strengths, weaknesses, opportunities and threats involved in the project.This report discusses the foundations of project management and indentifies the Political, Economic al, Social, Technological, Environmental and Legal drivers that can influence project management. In order for the project team to achieve successful completion of the project against delivery time and budget they should follow four steps- identifying the objectives, the projects deliverables, and the schedule and supporting plans. Overall project risk management forms the basis of any successful project. It is used to identify the challenges that the project is particularly vulnerable to in order to ensure impact is minimised.It is vital that the project team makes effective use of risk management in order to manage unforeseen complication which could arise. The biggest challenge that projects face is the inadequate management of planning. Failed projects tend to be ones which over stretch budget, schedule and do not accomplish its desired purpose. 2. Case study The construction of the ‘Holyrood Parliament Building’ first began in June 1999, and the Scottish Parliament held their first debate in the building on 7th September 2004. The official opening of the new building was on 9th October 2004 and was opened by Queen Elizabeth.From when construction began in 1999 until the opening of the parliament building in 2004, the committee rooms and the debating chamber of the Scottish Parliament were forced to hold their meetings in the General Assembly Hall of the Church of Scotland. Office and administrative accommodation which were supporting the Parliament were located in buildings leased from the City of Edinburgh Council. However, the new Scottish Parliament Building allowed the different sectors within the Parliament to amalgamate into the one parliament building. According to The BBC (2004), in the initial planning stages the predicted ? 0 million was set aside by the government to fund the project. This amount remained fixed until additional uncontrolled construction costs resulted in the project cost to increase to ? 109 million in June 1999 to a total cost of ? 414. 4 million which in turn resulted in a 20 month delay to the initial schedule. The BBC (2004) also suggested that the main cause of the delay in the project finalisation was due to the â€Å"production of detailed designed variations and the late supply of information during the construction process†. The deadlines which the project manager provided for the construction of the parliament building were very tight.The BBC (2004) argues that these deadlines did not reflect the complexity of the building which resulted in both architects and trade contractors failing to deliver critical foundations of the project therefore meaning the project timescale overrun. The project manager failed to realise the unlikelihood of the targets set being achievable and therefore failed to alter the timeline to reflect this. Also the project manager should have completed steps which would allow the realisation of the key problems which were in turn causing the negative eff ect on the project’s performance in both cost and time.The project manager should have never relied on assumptions when producing construction programmes which would have resulted in the estimations of cost and time to have been realistic and therefore would have prevented the project running over time and budget. 3. What is project management Project management â€Å"provides an integrated framework for project organisation, planning and control which is designed to: ensure the timely and cost effective production of all end products†. (Project Smart, 2013) It should be delivered within the defined scope, time, and budget.Overall, â€Å"at its most fundamental, project management is about people getting things done† (Barnes, APM President, 2013). The project management lifecycle goes through various stages before it is completed where each phase is measured against checklists to ensure operations are running according to plan. The initiation phase is the beginn ing of a projects lifecycle. This is a vital stage where ideas are explored and plans elaborated, allowing feasibility and resource requirements to be examined. This stage also allocates who will take charge of the process.This involves entrusting the entire project with the project manager where they will â€Å"cultivate the  people skills  needed to develop trust and communication among all of a project's stakeholders†. (PMI, 2013), coordinating the task against budget and delivery time. Once the project plan has been reviewed and approved by sponsors, the project enters the second stage: definition. This involves the identification of the expected outcome of the complete project. Typically, the execution phase is when resources are applied to the task.A list of requirements is drafted; suppliers and contractors are brought in alongside a schedule detailing the materials and resources needed. Followed by the monitoring and control process which involves the construction of the task measured against plans. The final stage in closing the project involves carrying out an evaluation which is vital as it â€Å"compares what has been accomplished (evidence) with what should have been accomplished (criteria) and then makes a judgment about how well it was done. † C. L. Taylor (1998). 4. Successful project management Successful projects are typically ones which are executed within the required time scale and do not exceed allocated resources. Therefore, a project will be deemed successful if it: delivers the outcome within required time and quality, remaining within cost of resources. There are 5 stages that contribute to project success: 1. Objectives 2. Stages 3. Organisation 4. Planning ; Control 5. Leadership ; Management Objectives – They truly define a project and make it something concrete rather than abstract.Stages – Projects step through different phases, such as the research and exploration phase, a decision phase, a planni ng and organising phase, an implementation phase, and then a closure phase. Organisation – Since projects naturally operate outside of normal hierarchy, perhaps even crossing boundaries, it is the Project Manager’s duty to set organizational foundations for it, or rather, a â€Å"chain of command†. Planning and control – No matter the project, whether a new building or a cultural change project, are always moving into uncertain regions through uncertain paths.Leadership and management – Required for a project to reach successful team development, by allowing negotiations and influences to occur. Successful project execution is also based largely on the role that the parties involved play in the management of operations. The relationship between the project team manager and how information is communicated, both internally and externally, to stakeholders is vital to its success including team members, sponsors and senior management.There is a great d eal of risk associated with the management of any project, organisations will often gain from the benefits when the project is completed. Increased risk management as risks will be defined and identified which can â€Å"promote an uninterrupted progression of the activities within the project and, by implementing the appropriate measures, remove any interruptions as quickly as possible†. (Well-Stam, 2004) 3. 2 Risk management in projects The bigger the project, the more complex it becomes to manage, accompanied with increased risk.Project risk management â€Å"is a structured process that allows individual risk events and overall project risk to be understood and managed proactively optimising project success by minimising threats and maximising opportunities. † (APM Body of Knowledge, 5th edition section 2. 5) To be fully effective, risk management in projects requires an understanding of how risk is managed as â€Å"the need to manage uncertainty is inherent in most projects that require formal project management. † (Chapman, et al. , 2003)It is essential to conduct a swot analysis 4. Project scope â€Å"A projects scope is the sum of the work content of a project† (Murray-Webster. R, and Simon. P, 2007). This suggests all the necessary elements which have to be completed in order to achieve the projects time, cost and quality objectives and success criteria. It is crucial that a project manager has a clear understanding of the projects initial scope. They would also be required to communicate this to the organisations team and all of their stakeholders.Any consequential changes can be managed which will allow the avoidance of ‘scope creep’. According to Cupe (2010), scope creep is when continuous growth occurs in a projects scope. This is initiated when project management fails to control changes in their necessary elements. Scope Management Scope management involves the identification and defining of all of the elem ents of the project scope and to ensure that the scope is continuously up-to-date. In turn this will help manage scope creep in a project.It is a project manager’s responsibility to protect scope and prevent the occurrence of scope creep. For effective scope management, project managers must control what is and what is not in the scope of the project (Project Smart, 2013). After a review of the project scope and in the event that it is no longer effective, a project manager may decide to implement changes into the process using a â€Å"change control process† (Murray-Webster. R, and Simon. P, 2007). 4. 1 Cost management â€Å"Cost management is the process by which companies control and plan the costs of doing business.Individual projects should have customised cost management plans, and companies as a whole also integrate cost management into their overall business model†. (wiseGeek, 2013). If applied correctly, cost management reduces costs of production for p roducts and services, as well as delivering products with increased value to the customer. For a project's management to be effective in general, cost management needs to be a prime feature. For instance, in the initial stages of a project, the predicted costs need to be identified and measured.It is imperative that these expenses are then approved before any purchasing occurs. Throughout the completion of a project, all incurred costs should be made note of and kept in record, thus ensuring that costs are under control and maintained in line with initial expectations, to the extent that this may be feasible. The major challenges involved in the Holyrood project arose from the failure to identify the scope of the project when initial plans were undertaken, ensued by scope creep in cost.The earliest cost estimates for the Scottish Parliament building, in 1997, initially stated that â€Å"Overall the capital costs of establishing the Scottish Parliament – purchasing and refitt ing the New Parliament House and other buildings – are estimated to be between ? 24. 5 and ? 34 million. † (White Paper on Scottish Devolution, April 1997. Section 11. 6) This amount remained static until June 1999 when it increased to ? 109 million due to additional uncontrolled construction costs, which escalated again in April 2000 to ? 97 million with the impact of inflation. In 2003, the cost had crept again to ? 359 million and to ? 414. 4million in 2004 resulting in a 20 month delay in schedule In May 2003, after the costs had skyrocketed and the public opinion of the project was very low, Jack McConnell, the First Minister, announced a public inquiry into the handling of the building project. He mentioned how he was â€Å"astonished that year after year the ministers who were in charge were kept so much in the dark over the increases in cost estimates. † (Isobel White; Iqwinder Sidhu, 2005).He also stated that â€Å"a Parliament building of sufficient sc ale could never have been built for less than ? 50m, and was ‘amazed’ that the belief that it could be was perpetuated for so long. † (Isobel White; Iqwinder Sidhu, 2005). Furthermore, â€Å"? 150m of the final cost was wasted as a result of design delays, over-optimistic programming and uncertain authority. † (Isobel White; Iqwinder Sidhu, 2005) According to (Isobel White; Iqwinder Sidhu, 2005), by early 2004, close to its inauguration, the estimated cost of the project was around ? 30 million. This generated great controversy, as one would expect, concerning possible waste of public money. The building was audited, following its completion, after which it was stated that â€Å"the main reasons for construction cost increases after 2000 were design development and delay in the construction process. The design development was entirely related to realising the detail of the building and aspects such as the quality of finish and the palette of materials that were used, in accordance with the client’s requirements. (The Auditor General Report June 2004, paragraph 10) One of the main conclusions found in the Holyrood Inquiry was that â€Å"whenever there was a conflict between quality and cost, quality was preferred. † (The Holyrood Project, p240). The project showcased what lack of proper project management and control will achieve. On the same audit as above, it was stated that â€Å"Although it is likely that a high quality building is being delivered, the time and cost objectives have not been met. The same quality could have been achieved for less if the whole design and construction process had been better executed. (The Auditor General Report June 2004, paragraph 10) The Scottish Office decided to â€Å"procure the construction work under a ‘construction management contract', rather than under a Private Finance Initiative, in order to speed construction, but without properly evaluating the financial risks of doing so, and – in a decision that Fraser stated ‘beggars belief' – without asking Ministers to approve it. † (Isobel White; Iqwinder Sidhu, 2005). This was one of the two most flawed decisions which the report singled out.The other was the insistence on a rigid programme: officials decided that rapid delivery of the new building was to be the priority, but that quality should be maintained. It was therefore inevitable that the cost would suffer. â€Å"In the Holyrood project the general approach was to accept cost increases and include them in the forecasts as the risks materialised. Since there was no agreed planned budget after June 2001, there was little evidence that forceful action was taken to prevent or reduce the increases in cost.Project management could have taken more action at an earlier stage to control expenditure on consultants. † (Audit Scotland, 2004). Before having consultants appointed, management of the project could have explore d alternative fee arrangements more carefully including financial incentives linked to delivering value for money. There was a limit placed on increases in consultants’ fees in 2003, but this was very late in the programme, after the fees had increased significantly. The agreement to the fee capping at this late stage in the project did not provide a timely incentive to onsultants to control costs and programme. Prior to fee capping in July and August 2003, there was no regular reporting of the significant expenditure on the Holyrood project. 4. 2 Time management Time management is also known as project planning and scheduling. Haugan (2002) defines this term as the planed date for performing activities, organized chronologically according to the phases of the project and with start and completion date established. He also states that it is not possible to control costs if the schedule is not met, which was a serious problem in the Holyrood project.According to BBC (2004) the initial estimative of cost and time for the construction of the Scottish Parliament at Edinburgh took place in 1997 with delivery estimate for 2001, even without a project or defined location. However, in 1998 the Holyrood site was chosen to be the actual location and a designer competition was opened based on the criteria of quality, time and cost, after which the Spanish architect Enric Miralles in conjunction with the Scottish company RMJM were chosen to design the parliament. With the delay in such definition, the time factor had become an even greater limitation for the execution of the project.According to White & Sidhu (2005) the president of the Royal Incorporation of Architects in Scotland (RIAS), Mr George Wren, even wrote to the Prime Minister Donald Dewar calling attention to this issue and the consequences of this reduction in availability of design time and in the final product quality, besides the need for faster methods of construction. He also suggested the extensi on of the deadline to complete the building and later, RIAS published a note considering that the process was being quite rushed.Also in 1998, Mr. Armstrong, project manager at this time, established the project schedule, where the construction of the building would start in July 1999 and the initial deadline at autumn 2001 was kept (Lord Fraser, 2004). Lord Fraser, responsible for the inquiry, also commented in his report that it was ironic that factors such as sufficient time for the phases of planning and design were not included in the timeline because of political objectives to meet the deadline.Besides, he also highlighted, in a workshop of risk management conducted by the company Davis, Langdon and Everest (DLE), that the design of the parliament was considered affordable despite of its complexity. Such issues, along the differences between Enric Miralles and the RMJM and the archaeology work at the location were the main causes of delay in progress of the project at its begi nning. Therewith, Mr. Armstrong resigned from his position and a construction management company was hired in his place.White & Sidhu (2005) described that in 1999, after controversies concerning the project and its handover by the former Scottish Office to the Scottish Parliamentary Corporate Body (SPCB), it was decided by the parliament that the current project would continue, increasing costs and maintaining the deadline for autumn 2001. Although at that point it had been suggested to pursue the project more slowly due to time constraints, it was alleged by Donald Dewar that delays of around two months could raise the cost of construction in about ? 2 to ? 3 million yet this deadline remained the same.Thus, the construction started in July 1999 and after this, many design changes were required in that year, which further delayed the progress of the project. In 2000, finally, as Lord Fraser (2004) mentioned, after a lot of reports pointing to the necessity of a new estimate of cos ts and time, an amendment presented by Gordon Jackson MSP was accepted by the parliament and the delivery of the building was rescheduled to the end of 2002. However, other factors slowed the work even more in that year, such as the illness and subsequent death of the architect Enric Miralles and then Donald Dewar.In the end of that year, the Audit Committee published a report, where it was highlighted that the building could only be occupied in April 2003, extrapolating the deadline again. As published in the newspaper Scotsman (2004), the year of 2001 was marked by problems in construction, and security issues delayed the progress, hence the delivery of the parliament in May, 2003 became a priority over costs and the construction was accelerated. However in 2002, the deadline was extended again to September 2003 due to further delays, among the causes were cited bomb proofing measures and even the Inquiry of Lord Fraser.Later on, because of problems in the construction of the inte rior and the most complex parts of the project, the deadline was changed to August 2004. The building was eventually delivered in October 2004, with a time span of three years from the initial deadline. On that note, considering the time management in this project, it is possible to highlight that the main problems were the non-inclusion of enough time to design and plan in the first schedules. This was due to the rush to deliver the building for political reasons and the insistence on keeping the deadline even with the problems faced.The failure to analyse the very high degree of complexity of the chosen design therefore resulted in the project running over schedule. Such factors are mentioned in the Holyrood Inquiry as well. 4. 3 Project management tools Project management tools assist in keeping track of all components of a project, ensuring each stage runs smoothly and is completed on time. As well as the smooth running and time keeping of a project, management tools also help m onitor the projects progress against planned budget. Every project is unique, encompassing all the stakeholders and the internal and external influences.Effective project management should include elements of PESTLE analysis including, Political, economic, sociological, technological and environmental, as a method of identifying potential pitfalls in the process. A SWOT analysis is typically completed in the primary stages of a project. This would be carried out during the planning phase and revisited when any complications arise in a project such as; budget or time management. In turn this would allow the project manager to ensure the project is being completed effectively.A SWOT analysis takes into account the strengths, weaknesses, opportunities and threats. These are then used to control areas of planning and risk management in a project. A SWOT analysis may also be used to highlight particular areas within the project which could be maximised to result in a benefit to either th e project as a whole, or certain areas of the project. A project manager could implement a SWOT analysis to evaluate certain activities within their project to analyse their progress or determine if they could improve such activities to expand their potential.A SWOT analysis may also be used to evaluate any risks in a project or particular areas of a project and therefore define the most appropriate and effective way of controlling and mitigating any risk which may negatively affect the project’s completion (Project Smart, 2013). Henry Laurence Gantt was an American mechanical engineer, recognised for the development of the Gantt chart in 1017. A Gantt chart is a type of bar chart showing the starting and finishing dates of the different stages of a project. They are a method of tracking tasks across time and also show the elationship between the different stages. Haughey, D. (2013) describes Gantt charts as, â€Å"an important project management tool used for showing the ph ases, tasks, milestones and resources needed as part of a project. † Gantt charts have become an industry standard since their first use in the Hoover Dam project of 1931. They can be useful in planning a time frame of a project and help by categorising events and organising them into an order in which they have to be completed. They also work by showing the tasks which are to be completed on the vertical axis, with the time scale on the horizontal axis.Each task then has a bar showing the time required for each task and a percentage of how complete each task is. Critical Path Analysis (CPA) is a project management technique similar to Gantt charts in the way that it lays out the activities needed to complete a task, the time it will take to complete each activity and the relationship between these activities. CPA is a planning and managing tool, its purpose is to help predict whether or not a project can be completed on time. It is a way of managing a project and ensuring the project timing is on track and that things are completed on time.Santiago, J. and Magallon, D. (2009) state that, â€Å"The Critical Method or Critical Path Analysis, is a mathematically based algorithm for scheduling a set of project activities. † And, â€Å"is an important tool for effective project management. † Therefore this would be a necessary tool to use in project management as it allows activities to be planned so that the job can be completed in the shortest time and allows project managers to see if remedial action is necessary to place a project back on course. Another tool used in project management is the Program Evaluation and Review Technique (PERT).Haughey, D. (2013) describes this as, â€Å"a method for analysing the tasks involved in completing a given project, especially the time needed to complete each task and identifying the minimum time needed to complete the total project. † Pert charts are usually used alongside Gantt charts. However, Rouse, M. (2007) argues that, â€Å"The PERT chart is sometimes preferred over the Gantt chart, because it clearly illustrates task dependencies. On the other hand, the PERT chart can be much more difficult to interpret, especially on complex projects.Frequently, project managers use both techniques. † Therefore, by using a wide range of tools such as PERT charts, Critical Path Analysis and Gantt charts a project can be better monitored ensuring that all activities are running smoothly, according to schedule. 5. Stakeholder management Stakeholders are the individuals who are involved in a project and are affected by its activities. Essentially, stakeholders cover everyone: project sponsors, project managers, the project team, support staff, customers, users and even suppliers and opponents to the project.Understanding the needs of each of these stakeholders is vital; each of the stakeholders have different needs and expectations which have to be met. In order to do this, nee ds and expectations must firstly be identified. Exceeding these needs involves balancing competing demands to ensure the smooth running of a project. Stakeholder management is a process by which a positive relationship is created between the stakeholders and project managers of a project, through the appropriate management of expectations and agreed objectives. Kangas, P. 2011) states that: â€Å"Stakeholder management begins by identifying individuals and groups the project affects. To identify a comprehensive list of stakeholders, the project team should evaluate individuals or groups who contribute to or receive value from the project. The team should assess stakeholders for their influence, the extent to which they are affected and their attitudes toward the project. † Therefore it is clear that for a project to run smoothly a good stakeholder relationship is vital. Thompson, R. (2012) refers to stakeholder management as being, â€Å"critical to the success of every proj ect in every organisation. Before the establishment of any project, one of the most important starting points is to have full commitment of all management and stakeholders as these are the people who will benefit from the completed project. If there is not full commitment, this increases the probability of project failure. Lawlor, J. (2010) states that for the completion of an effective project, an organisation must: â€Å"Have a strong sponsor, someone who is sufficiently high up in the organisation to sustain commitment to the project and who will fight for it at senior management level.It is not enough simply to gain management and stakeholder commitment at the start of a project, they must work to sustain it throughout. † This can be achieved by keeping the sponsor firmly in the communication loop and continuously update them on all major developments, successes and all potential issues and risks that may be faced in any upcoming projects. Due to stakeholders including ev eryone involved in the project such as suppliers, sub-contractors and other external resources this introduces further risks.To overcome the majority of these risks, organisations must clearly communicate to the stakeholder exactly what is expected of them. Clear instructions should be set out along with an expected time scale that these activities should be completed by. Lawlor, J. (2010) suggests that to avoid certain risks an organisation should, â€Å"Base agreements with suppliers and other external parties on clearly specified requirements that identify the performance standards expected and the products or systems to be designed, developed, and delivered. Regular meetings with these suppliers and sub-contractors are an essential part to the on-going project, for project managers to ensure stakeholders are performing as expected. When looking at the construction of the Holyrood building, it is clear that problems occurred. A possible reason for this was the vast amount of dif ferent stakeholders who were involved in the construction of the project. Due to the numbers of different contractors and subcontractors, communication and coordination was one of the main issues which added to problems associated with the time issues.Fraser (2004) reported, â€Å"there was a lack of communication, coordination and understanding between stakeholders, for example, resolution of many design issues was delayed due to misunderstanding and lack of communication between RMJM & EMBT. † Therefore, delays occurred in the project from bad stakeholder relationships and poor communication. 6. Conclusion With an unrealistic estimated budget, the Holyrood project was destined to fail from the beginning. Despite this, and the many challenges the team faced, it can be argued that the completion of the building has been a major success.Therefore, it is evident that there are many factors that contribute to the success of a project. Undoubtedly, this depends on how efficiently the given task was managed, measured against time and budget. Failure to meet any pre-determined deadlines or budgets would indicate significant problems in the management and structure of initial plans. Achievement of projects strategic objectives is crucial to its success. This should be supported by a realistic plan that identifies critical success factors.An effective project risk management strategy should be embedded in the project lifecycle and provide a degree of certainty to all stakeholders involved. The effectiveness of this strategy should be regularly monitored alongside the other elements of the project in order to ensure total control. The grounds of project failure have been identified as running over budget, over schedule or lack of engagement with stakeholders to meet desired goal. Unrealistic timescales, poor leadership and poor communication also lead to project failure, which highlights the value that efficient project management has on the running of a project . . Recommendations The following recommendations should be considered by senior management when seeking to improve the effectiveness of project management. * Set realistic objectives, including a clearly defined scope, time and budgetary requirements * Consider the complexity and constraints of the project before implementation * Incorporate appropriate time management, allocating time for disruption * Ensuring effective communication between stakeholders at all times * Make appropriate use of all management tools in the planning and development stage 8. ReferencesAPM. 2013. Association for Project Management: What is risk management [online] Available at: http://www. apm. org. uk/WhatIsPM [Accessed 9 March 2013] Audit Scotland, 2004. Management of the Holyrood building project [pdf] Available at: http://www. audit-scotland. gov. uk/docs/central/2004/nr_040629_holyrood_project. pdf> [Accessed 3 March 2013] BBC News. Timeline. ,2004. Holyrood. news. bbc. co. uk. 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Pg3-4 Project Risk Management: An Essential Tool For Managing And Controlling Project. s. White, Isobel and Sidhu, Iqwinder. , 2005. House of Commons Research Paper – Building the Scottish Parliament, The Holyrood Project. House of Commons Library, 2005-01-12. Retrieved 2006-10-29. [online]. Available from: http://www. parliament. uk/commons/lib/research/briefings/snpc-03357. pdf [Accessed on 10 March 2013]