...Risk Assessment Plan Construction and Deployment of Deep Water Oil Rig 6/12/2011 Keller Graduate School – PM595 (Oil rig photos, 2010) Table of Contents Introduction 2 Sources of Construction Project Risk 3 Systems to Address Construction Project Risk 7 Catastrophic Failure Fault Tree – Construction Crane Malfunction 10 Discussion of Catastrophic Failure Fault Tree 10 Smaller Failure Fault Tree One – Construction Crane Failure 15 Discussion of Smaller Failure Fault Tree One 15 Smaller Failure Fault Tree Two – Construction Fire 17 Discussion of Smaller Failure Fault Tree Two 17 Conclusion 19 References 22 Introduction To quote Anthony Mills from his article, A systematic approach to risk management for construction, The construction industry is one of the most dynamic, risky, and challenging businesses. However, the industry has a very poor reputation for managing risk, with many major projects failing to meet deadlines and cost targets. This is influenced greatly by variations in weather, productivity of labor and plant, and quality of material. All too often, risks are either ignored, or dealt with in a completely arbitrary way: simply adding 10 per cent contingency onto the estimated cost of a project is typical. In a business as complex as construction, such an approach is often inadequate, resulting in expensive delays, litigation, and even bankruptcy (2001). For this reason, this Risk Management Plan for the...
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...PROJECT PART 1. EXPLORATION OF RISK: CONSTRUCTION OF THE THIRD SHIPPING LANE THROUGH THE PANAMA CANAL Presented to: R. Hiles PM595 Prepared by: Carlton D. Clyburn Jr. OCTOBER 2012 TABLE OF CONTENTS I. Introduction 3 II. Exploration of Risks 4 III. Fault Trees 4 a. Fault Tree: Project Completion Delay 5 b. Fault Tree: Changes in Cost Projections (Overruns) 6 IV. Conclusion 7 V. References 8 Introduction Construction of a third shipping lane through the Panama Canal has begun and it is a collaboration of contractors and manufacturers from around the globe working in unison to exacting concrete and design specifications. The Panama Canal’s third lane expansion involves building enormous new locks that will accommodate the new generation of shipping vessels that are about three times the size of “Panamax” ships constructed to fit precisely in the existing canal’s lock chambers. According to the vessel glossary of the World Trade Ref, the Panamax is defined as: “An ocean-going cargo vessel of the maximum size possible to pass through the locks of the Panama Canal, which are 1000ft long by 110ft wide and 85ft deep. These vessels are typically of 50,000 to 80,000 dwt, 965ft (290m) in length; 106ft. (32.3m) beam; and 39.5ft (12.04m) draft.” The new locks on the Atlantic and Pacific entrances will consist of a trio of chambers measuring 1400ft (427m) long, 180ft (55m)...
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