Risk Analysis | EssayIvy.com

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Risk Analysis

Safety Risk

The building to be renovated is very old, and as such, it may have some zones within it

that are dangerous to work in. Some of the parts of the building may have fallen walls that

expose the steel beams. These beams may cause injuries to the workers who will be undertaking

the renovation project. The buildings’ strength may also not be strong enough to support new

modifications that will be made during renovation. There is a very high probability of the safety

risk occurring since the building has lasted for such a long time. However, the occurrence of the

risk depends on how strong the building is.

The Consequences

The building may collapse and this may result to injuries and even deaths, to the workers

who will be operating in it. The collapse of the building will lead to a big loss to investors.

Injuries and deaths will result in additional costs.

The Course of action

The course of action is to provide the workers with safety equipment for their protection.

This reduces the chances of the workers getting hurt. The building’s skeleton structure should be

carefully examined to establish whether it is able to support the new modifications as well as the

equipment that will be in operation.

Financial Risk

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This is all about the uncertainty of return on the investment. The building may require a

very substantial amount of money to repair, and once renovation is completed the building may

not be able to attract as much revenue as expected. The building is 50000 square feet, this is a

large area. The amount that is quoted may not be enough to renovate the building. The

probability of this risk occurring is very high given the area the building convers. However, this

probability will only reduce when adequate resources are channeled towards the study of the

structure of the building.

The Consequences

In the event that the amount of money quoted for the renovation is not enough, the

buildings’ renovation will be very poor. Poor renovation of the building can result in the eventual

collapse of the building. This will ultimately lead to financial losses to the investor(s).

The Course of Action

Appropriate quantity survey experts should be approached for correct quotations of the

most appropriate budget that will be required. The budget to be allocated should not be the exact

one that is quoted. There should be some additional allowance for any additional costs that may

occur.

Technical Risk

The building, by no doubt, has a very old model compared to the current models that are

in use. The architects who will be in charge of the renovation may not be conversant with the

model of the building. The renovation of the building may also require very complex equipment

systems. The workers who will be doing construction work may not be well conversant of the

building too. The probability of this risk occurring low given that there are very new systems that

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can be used to do the renovation. Also, it is very unlikely for an experienced architect to fail to

understand the model of a building, however old the building may be.

The Consequences

The consequences, that results in the event the risk occurs, are similar to those of the

financial risk. The building may eventually collapse, due to poor understanding of the building’s

structure,. There will also be additional money that will be required to train unskilled workers

about the model of this building in case there is a lack thereof.

The Course of Action

The most appropriate action to be taken will be to only employ those workers who have

experience in the field of building and construction. This will avoid the additional costs that

would be used in training. Also, the architect to spearhead this renovation should be one who

understands the model of the building.

Historical Preservation Risk

As mentioned above, the building’s model may be very unique in the sense that it will be

important to preserve. The renovation of the building may result in the modification of the

models of the building. The building’s historical appeal will be lost. There is a high possibility of

this risk occurring, since there are new models of construction that can be implemented during

modification.

The Consequences

The building’s historical appeal will be lost as earlier mentioned, and this will lead to loss

of tourist attraction potential. The building’s revenue collection potential will, therefore, be

reduced since it would have attracted tourists.

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The Course of Action

The most appropriate course of action is to ensure that the unique parts of the building are

retained as they are so that the historical appeal is not lost. The building should be assessed to

establish whether it will be necessary to retain the model of the building or not. The building

may be very old,q yet it does not have any historic appeal. Therefore, in such a case there is no

need to retain the models that can be modified or improved.

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