Project Management It was Friday afternoon, a late November day in 2003, and Ron Katz, a purchas- ing agent for Robert L. Frank Construction, poured over the latest earned value measurement reports....

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Answered Same DayAug 14, 2021PROJ 6003

Answer To: Project Management It was Friday afternoon, a late November day in 2003, and Ron Katz, a purchas-...

Shikha answered on Aug 18 2021
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Risk Management – Frank Construction Company
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PART B: Risk Management
Risk Identification
In this current era of project management, the most sign
ificant expertise that a project manager can have is risk management. This incorporates assessment of various risks, analyzing these risks either quantitatively or qualitatively, having appropriate strategy for taking care of the dangers, and afterward he documents all the risks. Viable risk management necessitates that the project manager should be proactive and exhibit an ability to create emergency courses of action, effectively analyze the venture, and be eager to react immediately when a some swear risk happens. Hence, he requires appropriate time as well as money for effectively managing these risks (Kerzner, 2006). The main risks that are related with Frank Construction Company in the coal liquefaction power plant project are as following:
Over Budget - The increased costs, The overtime of staff and poor initial cost evaluations made Lewis project to take additional time as well as cash than the budget specified during project planning. If a project goes over-budget, it can influence the notoriety of overall business, project managers and official administration (Acevedo, 2017). The Lewis venture was the biggest undertaking in house and was esteemed at just $90 million. This project was intensely over budget plan. Worker hours consumed to date were running 30 percent over the projection and, also the project was not advancing adequately to fulfill the customer's requirements.
Delay in Supplier’s Material - The Lewis venture forged ahead, and various issues sprung up. Merchants' material deferrals happened, organizations with Frank purchase orders failed. Also the progress of project was not according to Lewis expectations. Purchasing management in case of Lewis project supplanted the project purchasing agent. Hence, any type of modifications made by engineering department to material as of now caused delays in the material delivery. As of late ordered material couldn't be located by acceptable delivery...
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