Assignment Sample on D31VR Value and Risk Management
Value management at RIBA stage 1
Introduction
Value management is a creative and problem-solving methodical approach to create sustainable value for the construction project including all the necessary parties to achieve the best solution by working together. The perfect balance among the requirements and expectations of the stakeholder with required resources and design of the project are improved through the value management practices practically (Refer to appendix-1). The client of the project Quarry house conference and community centre has considered a commissioning of value management study in accordance with Royal institute of British Architects (RIBA) stage 1. The RIBA stage 1 involved with feasibility study and preparation of plan and briefing of the project considering the site information, spatial requirement, restriction of budget, analysis of risks and project outcomes.
Advantage of value management study at RIBA stage 1
Value management is extremely beneficial for the RIBA stage 1 to create positive concern of stakeholder’s needs and expectations and balance it with the required resources to satisfy the stakeholder. It has involved creating a sustainable value of the project through the balance of needs and required resources. The first stage of RIBA is to define the objectives and plan a brief of the project through data collecting for satisfying the stakeholder objectives more authentically (Othman and Abdelrahim, 2019). Further, the study of value management is more crucial where it improves the agreement between the stakeholders with clarifications of project objectives and risk assessment. The associated risk might be reduced with necessary changes in the project in the lifecycle of the project scope through the detailed brief of the RIBA stage 1. In the first stage it conducted a feasibility study of the project which is essential for the project development and creating value in value management study. The first stage included the survey of site building and assessment of risk initially which are credible to rely upon and formulate the project diagram with the directives of quantity surveyor (Spellacy et al., 2020).
Moreover, the survey provides reliable information which might be crucial for understanding the actual requirement of the resource for the proposed construction to earn maximum value with the invested money in the project. Other than that, the value management study helps to strategically build a procurement plan proportionate to the cost of the project. The acquired data and information are highly accurate and appropriate for the project planning with cost effective structure where value management study is primarily associated with the identifying and achieving value for the invented money at various stages of the project. It is also concerned with the sustainability checkpoints of the project with corporate sustainability standards in every stage of the project to provide an ideal roadmap for the project. Value management study is important to provide techniques for defining, maximizing and achieving the targeted value for the project with usability measurements (Gunarathne et al., 2020). Furthermore, RIBA stage 1 value management study is the foundation pillar of the value management study which creates the primary base for the other stages of RIBA concerning the design phase of the project. It has an effective role to ensure appropriate design of the project and create the best value for the project money.
It may be noted, that the first stage is heavily concerned of the quality apparitions of the project along with spatial requirements and agreement of project budget to ensure the feasibility of the project more influentially. The first stage is contributing to project schedule and detailed technical specification for project development along with alternate ideas for the project with clear outcome of the project. Therefore, the RIBA stage 1 value management is highly essential for the project management where the Quarry house conference and community centre might get the outline of the project budget, procurement plan, scheduling details, technical requirements, site survey report, and project feasibility with clear outcome. On a broader note, all these determinations along with stakeholder’s agreements may provide a structural benefit of the project with the objectives of needs and expectations. The findings and conclusions of the first stage study is beneficial for the detailed outcome to effectively taking design procedure step by step with proposed cost effective value creation method. Specifically, the study of RIBA first stage gave a clear understanding of the project feasibility, value creation, stakeholder’s agreement, budget required along with the sustainability purposes in accordance with the climate pledge.
Agenda of the workshop study
The Agenda of the workshop study is to specifically identify the elements which are affecting the sustainability purposes of the project and defining the possible ways to achieve value for investment in the project. The value management is highly influential to practice a detailed study for creating and specifying the sustainable value for the project along with defining, maximizing and achieving a high deal in value for money in the project. The agenda of the workshop study is to discuss and evaluate the suspects of sustainability and the way to achieve the value for money in the project with more viability. More specifically, the whole range of requirements for sustainability will be defined through the social, economic, technical, political and ecological issue within the lifespan of the project (Chen et al., 2019). The workshop study will include the considerations of the different stakeholders of the project with expectation and requirement from the project which is effectively essential for the development of project objectives with the complexities. The agenda of workshop study will be helpful to take appropriate design methods for the project where stakeholder may gain the maximize value for the investment. The study of value management helps to make effective decisions based upon the stage 1 of RIBA to calculate the risk with site inspection, requirement of resources as per the stakeholders’ demand, and the factual information of the elements. The way of achieving the agenda of workshop study might positively influence the project planning and design with creation of best value against the minimum investment.
Attendance of workshop participants for effective study
The Quarry house conference and community centre need to involve several individual as participants for effective study and the participants are following
Community group
Community group is the most important stakeholder where the project is the development of a community centre and the community group will share the requirements and expectations more vibrantly to determine the community objective. The leader or representatives of the community need to be included in workshop participants to successfully supervise and achieve the best value (Lou et al., 2021).
Developer
The interested individuals of developing a conference house in a community centre project are included in the workshop participant to acknowledge the detailed objective and requirement more accurately. It has been noted that the developers are important stakeholders of the project where they will identify the required resources and efficiently use the resource with expertise value to confidently build the project (Sinclair, 2019). The attendance of developers is highly appreciated for meeting the stakeholder’s perspective in the project to create balance of resources, budget and objectives more conveniently.
Government workers
Government workers are significant participants of the project of conference house in community centre to articulate the nerd of the community perfectly with shared vision regulatory measures. More practically, the government policy and laws are to be maintained appropriately by the government workers while developing the project with long term viability and wider aspects of the society. Therefore, it is necessary to mark the government worker as a participant for the workshop study of RIBA stage 1 value management study.
Residents
Residents are important stakeholders of the project of conference house on community centre as they used to live in the nearby location and useful to identify the issues and implication of the project more accurately. These issues must be taken with utmost care as not to violate the project viability and add sustainability of the project with successful project development.
Business owners
Business owners need to be included in the workshop study as they will be using the conference room for various needs and the value creation is to cater the view and consideration of these potential customers. Furthermore, the exact requirements and objectives of the business owners will create appropriate sustainability with taking their considerations in the project development.
Operations and technical team
The operations and technical team is an extremely important stakeholder of the project as they will share the essential knowledge of requirements of technical and material resources more authentically. In order to effectively and efficiently use the resources the expert views of operations and technical team is mandatory for creation of best value for the sustainability of the project.
Project head and management people
Project head and management people are the key participants of the project who will define the feasibility of the project with garments of stakeholder’ objective for viable and best value creation for the money invested in the project.
Conclusion
From the above all discussion, it may be concluded the commission of value management study RIBA stage 1 has several benefits to withstand the identification of stakeholder objectives and viability with value for the money in the project.
Value Engineering the design at RIBA Stage 4
Value engineering is one of the most innovative processes in engineering which is mainly implemented to resolve the issues and mitigate the unwanted cost in a construction project as it also helps in maintaining the supreme quality of the project. Value Engineering (VE) is an unimaginative concept of Value Management (VM) which is mainly based on innovative technology and it also maintains a project life cycle which also enhances the project goals according to the expectation level of clients (Saleh et al., 2017). RIBA stands for Royal Institute of British Architects which is immensely useful in designing the stage for a construction project and RIBA stage 4 deals with the technical design of Quarry House Conference and Community Centre. Additionally, this stage is extremely critical and essential for the optimum outcome of the construction project as in this stage the final elements of the project are finalized. Moreover, it may be argued that the predicted total cost of this construction project will be around £4,763,653 and this cost is needed to fulfil the entire requirement of the project (Refer to Appendix 2).
Purchasing supreme quality raw material in massive quantity
It needs to be opined that it is one of the main approaches of the project to purchases huge quantity raw material or else it may hamper the project outcome, In addition to that, it will be extremely helpful if the project management purchases massive quantity raw material as it will be cost effective. Additionally, the purchasing of limited quantity raw material may not be cost effective which may increase the proposed project cost and that may decrease the satisfaction level of clients. Apart from that, the establishment of Facilities Management (FM) may create a positive impact in maintaining the project life cycle by maintaining cost effectiveness and a riskless project atmosphere (Pilanawithana and Sandanayake, 2017). Additionally, limited purchasing of raw material may result in high transportation costs while pushing raw material in build may reduce the cost of transportation which will be beneficial for the completion of the project within the time. On the contrary, buying limited quantity raw may enhance the per unit price which may exceed the budget of the project.
Execution of just in time approaches
Just in Time (JIT) practice is extremely essential for the completion of the project within the proposed timeline and it is the duty of the project manager to provide construction equipment and raw materials in time. On a broader note, there are multiple benefits of JIT as it is always useful in establishing a cost-saving production which will be also used for Quarry House Conference and Community Centre. Nowadays, in any project, the project waste is rising significantly even though the proper execution of JIT will be helpful in reducing the project waste. Additionally, if the JIT approach is not maintained then it may decrease the storage space which may harm the manufacturing process by enhancing the time, however, the use of JIT increases storage spaces of the construction project. It has been observed that there are multiple benefits of JIT such as it always ensuring the supreme quality of the project through reducing the overall cost of the project which is needed for the on time delivery (Phan et al., 2019).
Analysing the recycling process of construction waste
Nowadays, it is extremely essential for the construction project to maintain an innovative recycling process which may be useful in reducing construction waste. In addition to that, in this construction project if the principles of the recycling process is not used then the amount of construction waste will be increased and that is harmful to the environment. Considering a trusted report, it has found that the US has produced approximately 136 million tonnes of construction waste which may enhance the rate of environmental pollution (Park and Tucker, 2017). It is one of the biggest responsibilities of the project engineers to identify the element which may be revised and recycled in any other project. Additionally, if the project engineers are able to reuse the project elements then the resource of the project may be utilized.
Defining the process of renting equipment in the construction process
The construction project of Quarry House Conference and Community Centre is a highly expensive proposal as there will be a use of expensive and costly construction equipment which is required to complete the project in a professional manner. Along with that, purchasing of every construction equipment and the gadget is not possible as it may enhance project cost and due to this reason renting essential equipment is essential in the construction project. In a construction project, there are multiple economic factors and the renting of essential equipment may be cost-effective and play a central role in ensuring the success of the construction project (Thakur and Keprate, 2020). In the modern era, the cost of construction is rising day by day while the purchasing of new equipment is not a cost-effective decision while the renting of equipment may cut down the extra expense of the project. Apart from that, it will save the crucial time of the project and for that reason renting construction equipment may be beneficial in RIBA stage 4.
Impact of new and innovative technology in the construction project
One of the main approaches of VE at RIBA stage 4 is to reduce the project budget by 2% while without the proper implementation of innovative technology it will be extremely difficult to cut down the extra expenses of the project. On the other hand, the productivity rate of the construction project is lower than other projects as it is essential to adopt innovative technology which may improve the productivity rate and it will be also cost-effective for the entire project (Radzi et al., 2019). Additionally, there may be many risks that are included in this construction project which may exceed the proper budget of the project while the execution of innovative technology mitigates the risk which is useful in saving the project cost in a fruitful manner.
References
Chen, Z., Agapiou, A. and Li, H., 2019. A systematic approach to major project sustainability assessment.
Gunarathne, A.S., Zainudeen, N., Perera, C.S.R. and Perera, B.A.K.S., 2020. A framework of an integrated sustainability and value engineering concepts for construction projects. International Journal of Construction Management, pp.1-13.
Lou, E.C., Lee, A. and Lim, Y.M., 2021. Stakeholder preference mapping: the case for built heritage of Georgetown, Malaysia. Journal of Cultural Heritage Management and Sustainable Development.
Othman, A.A.E. and Abdelrahim, S.M., 2019. Achieving sustainability through reducing construction waste during the design process: A value management perspective. Journal of Engineering, Design and Technology.
Park, J. and Tucker, R., 2017. Overcoming barriers to the reuse of construction waste material in Australia: a review of the literature. International Journal of Construction Management, 17(3), pp.228-237.
Phan, A.C., Nguyen, H.T., Nguyen, H.A. and Matsui, Y., 2019. Effect of total quality management practices and JIT production practices on flexibility performance: Empirical evidence from international manufacturing plants. Sustainability, 11(11), p.3093.
Pilanawithana, N.M. and Sandanayake, Y.G., 2017. Positioning the facilities manager’s role throughout the building lifecycle. Journal of Facilities Management.
Radzi, A.R., Bokhari, H.R., Rahman, R.A. and Ayer, S.K., 2019. Key attributes of change agents for successful technology adoptions in construction companies: a thematic analysis. In Computing in Civil Engineering 2019: Data, Sensing, and Analytics (pp. 430-437). Reston, VA: American Society of Civil Engineers.
Saleh, M.A., Ashiru, A.M., Enewo, S.J., Oricha, A.J. and Aliyu, M.A., 2017. Value Engineering & Value Management Evaluation of Civil Engineering Construction of Community Hub Multi-Functional Single Facility Project.
Sinclair, D., 2019. Guide to Using the RIBA Plan of Work 2013. Routledge.
Spellacy, J., Edwards, D.J., Roberts, C.J., Hayhow, S. and Shelbourn, M., 2020. An investigation into the role of the quantity surveyor in the value management workshop process. Journal of Engineering, Design and Technology.
Thakur, K.G. and Keprate, A., 2020, December. Use of Analytical Hierarchy Process in Selecting the Optimum Equipment for Execution at a Construction Project. In 2020 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM) (pp. 1022-1026). IEEE.
Risk management report
Introduction
In the modern era, the risk of construction projects is rising day by day as it is the duty of the project management to design and resolve the risk of the project. One of the main approaches of risk management is to identify the existing and future risks of the construction project and impact risk mitigation strategy which will be impactful in the completion of the project. Additionally, if the project manager will not be able to mitigate the project risk then it may hamper the cost saving approaches of the project. In this report, the existing and future risk and multiple risk mitigation strategies will be described.
Analysing the stages of Risk Management
Risk Management (RM) is one of the most essential parts of a project and every project manager of the world uses risk management strategies that may create extra value in the project as RM always follows standard guidelines of the project (Willumsen et al., 2019). In the modern era, the construction project may have experienced multiple risks such as technical issues, financial challenges, labour shortage, poor waste management system, strategic issues and many more. It needs to be opined that there are five stages which need to be implemented through RM procedure which is as follows:-
Risk identification
It is one of the most important stages of the RM as it is the duty of the project managers to identify and recognize the risks. In addition to that, there may be multiples that may have occurred in this construction project such as legal risk, technical risk, regulatory risk and many more. Additionally, the assessment of the risk elements is essential in inserting the success of the project and it is also useful in identifying the success elements of the project (Abas et al., 2020).
Analyse the risk
After the identification, risk analysing is needed while if the project manager is not able to analyse the risk then it may harm the project outcomes. Furthermore, this stage has multiple benefits such as it will be useful in creating a mapped risk framework and that may be impactful in identifying the impact level of every risk.
Ranking the risk
The project manager is required to rank the risk according to the deadliest impact on the project as the project managers need to use the most to least risk ranking framework which is extremely essential in identifying the proper risk mitigation strategy for every risk.
The treatment for risk
The proper treatment of risk is extremely important or else it may create a negative impact on the competition of tube construction projects. Risk management framework maybe used as some of the small risks needs to be avoided and other massive risks require to be mitigated through maintaining a quality control process such as Total Quality Management (TQM).
Tracking and monitoring the risk
It is one of the biggest responsibilities in monitoring the risk at every single phase and it is immensely essential in mitigating the upcoming threat through using Artificial Intelligence (AI) as it will help in evaluating the current condition of the risk factors. (Refer to Appendix 3).
Evaluating the risk factors in a construction project
It needs to be implied that every construction project may have multiple risk factors which need to be eliminated through essential and innovative risk mitigation strategies such as unavailability of raw materials, low productivity rate, increasing purpose of raw material, poor engagement of labours and many more. One of the main approaches of RM strategies is to cope up with the unwanted and unexpected risks of the project even though if these risk factors are not eliminated then it may harm the project outcomes (Ajmi and Makinde, 2018).
Shortage of labour
It may be opined that shortage of labour will be one of the most upcoming risk factors for the modern day construction sector (Kim et al., 2020). Due to the Covid-19, many labourers do not prefer to work as labour. On the other hand, nowadays, the shortage of skilful and experienced labour is extremely essential in completing the project within time while the shortage of labour may create a negative impact on the success of the construction project. On the contrary, there are
Many reasons for the charge of labour in the construction sectors such as low labour wages, increasing cases of Covid-19, ineffective labour management and many more.
Lack of innovative technology
Lack of technology is extremely harmful to construction projects while if the project management will not be able to solve this problem then it may increase the proposed budget of the project. Additionally, increasing project costs may decrease the satisfaction level of clients, proper implementation of innovative technology may be useful in eliminating the extra cost of the project. More specifically, there are many benefits of innovative technology such as construction software, AI, machine learning, computer-based tools as these technologies may enhance the productivity rate of the project.
Lack of collaboration in teamwork and management
Due to ineffective communication, there is a lack of communication between the project team which may create an adverse impact on this construction project. In addition to that, lack of collaboration may decrease the productivity rate of the construction project and it may also increase the estimated budget of the project.
Health and safety issues
It needs to be noted that the construction work is extremely risky and there is a huge requirement of health and safety equipment such as safety elements, construction footwear and dress, ear protection gadgets and many more. It is the responsibility of the project manager to find out the health and safety issues or else the involvement of labourers may not be improved.
Sudden increases in raw material cost
Nowadays, the cost of raw materials are increasing significantly and it will be impactful if the project manager estimates the raw material costs or else the rising price range of raw materials may ruin the project outcomes.
Risk mitigation strategies
| Potential risks | Description of risks | Impact (High/Low Medium) | Required strategies to eliminate risk factors |
| Unavailability of labour | Shortage of labour in the marketduring the Covid-19 | High | Project managers need to take multiple initiatives such as a proper agreement with labour may be useful in mitigating these risk factors. |
| Health and safety issues | Health and safety issues due to increasing the number of accidents | High | The project manager requires to provide proper training to the labour as it is also essential to provide safety equipment such as Helmets, construction jackets and many more. |
| Lack of innovative technology
|
Insufficient technology may be one of the reasons for increasing the project cost while execution of innovative technology may be beneficial for the entire project. | Medium | Renting new innovative construction equipment and gadgets may be useful in mitigating this risk |
| Poor collaboration in the project team | Misunderstanding and miscommunication may be the reason for poor collaboration in the project team which may increase the other risk factors of the project | Medium | The establishment of effective communication and impactful project leadership may be impactful in eliminating the risk |
| Sudden increases in raw material cost | Due to fiscal and economic changes of a country, the process of raw material may be increased as it may create a negative impact on the financial planning of the project | Low | Purchasing resolving material in bulk and a proper cost estimation plan may be useful in resolving the issue |
Table 1: Risk mitigation strategies for construction project
(Source: Self-created)
Labour shortage may be considered one of the biggest risk factors of this construction project which needs to be resolved through establishing long and short time agreements with labourers. Low wage is another reason for the labour shortage and the project managers need to pay a high incentive according to extra hour work which will motivate the labourers and resolve the issue (Shrm.org. 2021). It has been observed that most of the accidents in construction sites may have occurred from the damage in machinery and equipment as the project managers need to regularly check the condition of the machines which will ensure the health and safety of labourers. The establishment of an innovative platform is extremely essential for the construction project as it will be used in adopting new techniques according to the industrial requirement as well as create more value in the construction project (Abusalah and Tait, 2018).
Moreover, it may be asserted that every time it is not necessary to purchase all innovative technology and equipment and for that reason, if the project managers will adopt the renting process it may be cost effective and resolve the mentioned risk factors. Additionally, it needs to be opined that if the project manager is able to make proper financial planning through anticipating the future market changes then it will be easy to handle the increasing raw material cost.
Conclusion
It may be concluded that multiple risk factors of the construction sector have been described, however, the implementation of a risk elimination strategy may help in fulfilling the project goals and objectives.
References
Abas, M., Khattak, S.B., Habib, T. and Nadir, U., 2020. Assessment of critical risk and success factors in construction supply chain: a case of Pakistan. International Journal of Construction Management, pp.1-9.
Al-Ajmi, H.F. and Makinde, E., 2018. Risk management in construction projects. Journal of Advanced Management Science Vol, 6(2).
Kim, S., Chang, S. and Castro-Lacouture, D., 2020. Dynamic modeling for analyzing impacts of skilled labor shortage on construction project management. Journal of Management in Engineering, 36(1), p.04019035.
Shrm.org. 2021. Labor Shortages: The Disconnect and Possible Solutions. [online] SHRM. Available at: <https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/labor-shortages-the-disconnect-solutions-unemployment-benefits-childcare-covid-fear.aspx> [Accessed 26 November 2021].
Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J., 2019. Value creation through project risk management. International Journal of Project Management, 37(5), pp.731-749.
Abusalah, M. and Tait, J., 2018, March. Innovation management in construction—Practical approach. In Proceedings of the 13th Pipeline Technology Conference, Berlin, Germany (pp. 12-14).
Risk management essay
Introduction
Risk management is an important aspect of business management as it comprises the process of analysing, identifying and controlling risks which are affecting the organizational growth and market competitiveness with revenue share. Risk management is a vast and integrated procedure involving several areas including financial uncertainties, legal liabilities, technological issues, management errors, accidents and natural disasters. More specifically, developing risk management strategies and mitigation plans are necessary for the organization’s operational benefit to resolve and redirect the future risk associated with diverse business establishments. In this essay the details of risk management strategies of the construction industry in respect to the climate change issues will be described elaborately to analyze the further implications of risk management more concisely.
Climate risks and mitigating process of construction industry in UK
Construction industry is highly vulnerable to the risk with mounted uncertainties in complex and dynamic project environments within the atmosphere of risk generation associated with the socio-political, technical and business risks. The resultant of the risks in construction companies is often visible with uncertain delay, cost overruns, low quality and operational discrepancy with legal objections. Moreover, the huge amount of waste production in the construction industry is affecting the environment more often which is a headache for the society and a growing concern for the climate pledge. Risk is bringing the effect on the project cost, time and scope which need to be monitored and mitigated effectively by the project manager through brief identification and classification of risk factors in the construction project. More appropriately, risk is the inherent part of the construction industry where effective risk management will allow decision making based upon identified and classified risk and check the maximum benefits of these decisions to put tangible benefit in the project along with curbing the risk efficiently (Szymański, 2017).The common risks associated with the construction projects are economic feasibility, design and construction risk, weather and environmental risk, political and economical risk, social obligations and feasibility among the contractors.
The construction industry of the United Kingdom (UK) is one of the largest contributors of the country’s economy empowering around 9% of the workforce (Ons.gov.uk. 2021). The most significant concern of the construction industry is the contribution to environmental risks which need to be taken care of vividly for the sake of sustainable climate change. There are a vast number of potential environmental risks in construction projects including site preparation, earth works, piling, drainage, demolition of existing infrastructure, plant and equipment operation, waste transport, storage and disposal.
More accurately, construction waste comprises of 100 million ton along with 13 million ton of unused materials is generated every year in UK where merely 20 % is recycle capable and other are filling the landfill contributing the pollution on biosphere (Alwan et al., 2017). It has been observed that the ineffective strategies, policies and leadership are preventing the industry for the viability of climate risk management. Furthermore, the comprehensive method of sustainable strategic development into construction procurement might be effective for the implementation of bottom up leadership theory to generate value driven construction projects.
Morgan Sindall group Plc is one of the biggest construction companies in the UK operating in public and commercial sectors and committed to provide responsible and sustainable effort to reduce the impact on the environment with achieving around 64% reduction in carbon emission. It has taken the climate pledge to achieve net zero carbon emission by 2030 with collaboration from supply chain and cooperative effort which made the company divert around 96% waste from the landfills (Morgan Sindall Group. 2021). The company is determined to continue the business operation with the sustainability frameworks with ambitions and activities to address the issues effectively in decision making and future issues on climate change. The climate change are viewed on the nature perspective in the form of natural disasters such as drought, flood, earthquakes and other development which are affecting human live, home, buildings and other areas contributing the loss of life and economy and construction companies news to develop the risk mitigation plan more appropriately to resolve future issues in relation with climate change. On the other hand, increased global warming is accounted as the serious actor of climate change to affect the overall progress of life and society.
The risk mitigation plans of the construction company are to be on the same page of further project development of building and potential areas which would decrease the operational impacts with exclusive design and progressive way of technology. The Construction Environmental Management Plan (CEMP) is to follow and incorporate the environmental impact in the design technique in the implementation phase of the project cycle to effectively monitor and evaluate the environmental impact in the construction site to enhance the environmental benefits. On a specific note, the support from institute and government is mandatory to efficiently monitoring and auditing the program details with environmental legislation and standards for resources, funds, contractual and management arrangement to build sustainable construction projects to withstand the natural disaster. The managerial intervention of project planning is helpful to properly address the pollution issues as well as enhancing positive impact and reducing negative impact through the environmental risk assessment. More relatively, the integration of process might result effectively for smooth decision making with a multi dimensional approach of integration management in construction projects (Demirkesen and Ozorhon, 2017).
The performance area of integrated project management included time, cost, quality, safety and client satisfaction where it will define the area of control and development to get the rik evaluation early and marginalise the risk proficiently. It may be opined that, there are four main risk management strategies which are essentially beneficial for the business industry as well as construction industry as risk acceptance, risk transference, risk avoidance and risk reduction. The construction companies may allow several steps to withstand the severe environmental impact with the efficient use of energy and use of renewable energy instead of fossil fuel and install the energy efficient building system and equipment to save the energy and reduce the carbon footprint. Water conservation is another way to sustainable development where the use and wastage of water in the construction industry is huge and needs to be taken care of water. On the contrary, the use of reduce, reuse and recycle is helpful to decrease the burden upon the environment where the construction materials are largely wasted and heaped at construction sites regularly.
The much needed factor to cope up with climate change is the collaboration of various stakeholders in the construction project where cooperation will efficiently manage the risk of environmental impact with planning, design and developing a sustainable project. The increased willingness of stakeholder’s and relationship framework with resources and capabilities will progressively help to meet the challenges and opportunities of climate change (Jabbour et al., 2020). The contribution of the supply chain is highly appreciable in the construction site where it is responsible for the supply of resources which need to be concise according to value management study and active participation. The Supply chain has to maintain the standard of the material and recycle the existing material efficiently to be compatible with climate pledge more positively (Pennsylvania Conference for Women. 2021). The impact of climate change needs to be assessed at the early stage of the project design and development in accordance with building programs, land acquisitions, and development design to make possible organization objectives to provide quality homes and infrastructure to the society. More specifically the design and development of buildings will attract the consumer confidence to withstand the environmental impact.
The risk assessment on environmental factors is a long term aspect where the environmental policy and regulations are needed to be incorporated in the project from the starting from land acquisition, risk of flood, earthquake, and other corresponding to local authority. The approval of any construction project need to be assessed through government bodies and local authorities with long term purposes in order to reduce the expected site risk appropriately and the development phase will be monitored closely for evaluation of sustainability to build safe, secure and sound construction for the societal cause and happiness. On a practical note, the stakeholder participation and assessed requirements in project objectives need to be as per the government regulation where the construction company might agree the viable features with sustainable development.
Conclusion
From the above all discussions it has been concluded that the risk management is the most significant and essential aspect of the construction industry to make sustainable projects with best value for money invested in the project. Climate risk is more concerning for the overall human society and needs to be managed with effective measures with utmost care to gain social confidence and withstand the severe environmental impact. The ultimate collaboration and cooperation of all the stakeholders is necessary and beneficial for the project development in the construction industry to marginalise climate change in a strong and dedicated manner.
References
Alwan, Z., Jones, P. and Holgate, P., 2017. Strategic sustainable development in the UK construction industry, through the framework for strategic sustainable development, using Building Information Modelling. Journal of cleaner production, 140, pp.349-358.
Demirkesen, S. and Ozorhon, B., 2017. Impact of integration management on construction project management performance. International Journal of Project Management, 35(8), pp.1639-1654.
Lopes de Sousa Jabbour, A.B., Vazquez‐Brust, D., Chiappetta Jabbour, C.J. and Andriani Ribeiro, D., 2020. The interplay between stakeholders, resources and capabilities in climate change strategy: converting barriers into cooperation. Business Strategy and the Environment, 29(3), pp.1362-1386.
Morgan Sindall Group. 2021. The environment. [online] Available at: <https://www.morgansindall.com/responsibility/the-environment/> [Accessed 26 November 2021]
Ons.gov.uk. 2021. Construction industry – Office for National Statistics. [online] Available at: <https://www.ons.gov.uk/businessindustryandtrade/constructionindustry> [Accessed 26 November 2021]
Pennsylvania Conference for Women. 2021. Green Your Business: 7 Ways to Reduce Your Environmental Footprint – Pennsylvania Conference for Women. [online] Available at: <https://www.paconferenceforwomen.org/green-business-7-ways-reduce-environmental-footprint/> [Accessed 26 November 2021
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