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Launching Process of New Railway Station at Newcastle

University: University of Sydney

  • Unit No: 4
  • Level: Undergraduate/College
  • Pages: 19 / Words 4642
  • Paper Type: Assignment
  • Course Code: SPCE0027
  • Downloads: 11
Question :

This assessment will cover following questions :

  • Select project at your target company.
  • Provide background of case study.
  • Recommend best project deliver method for the project. You must document all your assumptions and rationale for the selection of project delivery system.
  • Develop risk management plan including risk register, risk Quadrant analysis and risk mitigation plan.
  • Evaluate best financial contract type on project based criteria . The type of contract that need to be evaluate are lump sum contract , guaranteed maximum price contract and cost plus fixed fee contract.
Answer :

INTRODUCTION

The Need for Launching New Railway Station at Newcastle

Newcastle is a city which is situated in Australian state of New South Wales. This is a beautiful city that is surrounded by plentiful beaches which are linked by Bathers Way. This region can be explored by utilising any of easily public transport such as cars, motor bikes, buses, metros or any other form of vehicles (Marija and et. al., 2015). This beautiful city is visited by many of the tourists which is increasing the crowd in this small place. People here travel by using various transports such as cars and bikes which are causing pollution to this place. This pollution is causing harm to environment of this place which is having negative impact upon its beauty. For this purpose, government has thought about building a new railway station at Newcastle which will be inter connected within the city.

Project Objectives

This project has been developed for addressing the existing issue which is pollution in Newcastle City due to increase in crowd and it also extended the capacity of railways network. The basic objective of this project report are -

  • To control the pollution of the city and to extend the transportation facilities all over the city.
  • To be able to bring improvement in transportation experience for the customers and to provide transportation system which is able to provide satisfaction for long-term demand .
  • To bring improvement in overall cost effectiveness and efficiency of overall public transportation system and to develop a solution for risks.

Budget

The budget which is required for accomplishing this task in an appropriate manner is $2.2 billion.

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Project Delivery Methods

Because of certain financial, time and organisational constraints, there are different methods of project delivery which can be evolved for fitting in the needs of owner and a specific project (Obwegeser and Müller, 2018). For finding out the bets method for project delivery, there are certain factors which are considered and their impacts upon functioning of a project.

This project has been one of the most important project which will help in reducing the problem of population in Newcastle. It will also help in providing transportation facility to people which will aims at people not bringing their own vehicles in this city. This project aims to complete in the year 2023 (Rendon and Snider, 2019). It will need participation of various organisations which will contribute to this project. These delivery methods are elaborated as follows-

Time( Speed of delivery) (40%)- The timeline of the project has been set up for the date of 2023. However, due to project complexities, there are certain factors which can make changes in the speed of a project. On contrary, this project includes various activities of several constructors and enterprises. Therefore, for ensuring the speed of a project is an important task to do.

Communication (12%)- This is a project which is going to be a long-term one and it includes many enterprises participation. For ensuring effective communication among the contractors, stakeholders and vendors, other stakeholders requires a lot of efforts of team members and the project manager. In context of delivery of a project, an adequate communication can develop a specified working manner.

Establishment of project timeline (12%)- Setting up a project timeline will help in deciding duration of each and every task. The more research is done, the more appropriate timeline will be set.

Budget challenges (21%)- This is one of the most important aspect of a project and the cost that is required is $2.2 billion.

The factors which affects the certain delivery methods are elaborated in following table-

Methods

Design Build

Design Bid Build

CM@risk

Speed of delivery

Able to do fast tracking.

Because of nature of sequent, this project delivery method can take long time.

The overall timing of a project can reduced by previously buying goods and by bidding packages.

Score( out of 10)

8

6

5

Communication

In this method, more contractors are involved in the whole procedure and better communication and relations can be maintained.

There can be occurrence of conflicts between design team and contractor.

In this, the communication can be formed between constructor and team while involving in design.

Score( out of 10)

9

5

6

Project timeline establishment

Easy in creating a timeline

The timeline of a project is followed by traditional development of project.

Timeline can be changes because of this method's characteristics.

Score( out of 10)

9

6

7

Budget and other challenges related to finances.

On designing of a project, designer and contractor serves together the cost owner, schedule and its scope and in this method, cost can be identified at early stages which helps in setting up the budget in more appropriate manner.

The owner is involved in designing and has control over it. In this method, there is requirement of more control over costs.

Constructor can provide certain suggestions for saving costs and constructibility.

Score( out of 10)

7

5

5

(Table1: Delivery methods)

 

Criteria

Weight

Delivery Method

DB

DBB

CM@risk

Score

 

Score

Weight

Score

 

Speed of delivery

40.00%

8

320

6

240

5

200

Communication

12.00%

9

108

5

60

6

72

Project timeline establishment

12.00%

9

108

6

72

7

84

Budget and other challenges related to finances.

21.00%

7

147

5

105

5

105

Total

85

 

683(1)

 

477(2)

 

461(3)

(Table 2: Delivery Method)

Conclusion: By considering all the factors that can affect the overall quality of delivery method, it has been analysed that the most appropriate method of delivery for formulating this project is Design Build. The reason is that it can create effective communication between  design team and contractor (Thai, 2017). Also, in this owner has a control over its design and it also helps in reducing the time of a owner and the risks related to this project.

Selection of Financial Contract

In this project, selecting any one type of contract is not going to work in each situation and stage, therefore project must perform under different range of agreements such as Fixed price, design building and cost-plus contract. There are various financial contract which are determined as follows and certain factors which can affect their accuracy-

Financial contract type

Firm Fixed Price Contract

Cost plus contract

Time and Material

Risk owner (30%)

Seller will be able to finish the job within the time limits and agreements of budget.

Seller reimburse completed work.

The risk is share between both buyer and seller.

Score

7 to 230

5 to 140

5 to 170

Speed of deliver (30%)

Setting up strategy of delivering project with specific given time.

In  this, speed of delivery will be dependent upon the way in which project timeline is defined.

Already setted up time

Score

6 to 200

4 to 140

5 to 170

Cost controlling

The cost is settled and estimated, this financial contract focus more upon controlling of cost.

In this, fee can not estimated accurately.

In this also, the fee is not able to estimate in a proper way.

Score

6 to 60

5 to 50

5 to 50

Method of delivery

Design building

Design building

Design building

Score

6 to 60

5 to 50

4 to 40

Total

650(1)

440(3)

510(2)

(Table 3: Various Financial contract)

Conclusion- As per the above table of financial contract types, the most suitable type of financial contract in this is Fixed Price contract which will help the government in controlling the cost of contract easily since price is estimated advance. The costs in such case belongs to the contractor and the government is not required to pay any kind of additional cost which can occur during the project (Van Staveren, 2018). With the detail of project, the project manager and contractor can able to communicate easily that is based upon unified information.

Best Procurement Method

While launching railway station at New Castle, there is requirement of proper planning and taking actions with change in operations, then it is essential that contractors have to evaluate best ways through which they can get better outcome. In order to select best method of project procurement time, quality of work, flexibility and number of workers are considered because with these prospects, it will be easy for mangers to complete the project and achieve assigned target i.e. launching railway station. With determining and evaluating procurement, it is easy to understand and evaluate changes properly through which operations can be performed for achieving aim and objectives (Edler and et. al., 2015). Procurement is important because there is change in activities because of some factors and it is not easy to understand and estimate it.

Competitive bidding- this is the contract in which there is comparison with other agents and contractors and best among them is considered. While comparison as well, time, quality of work, cost, etc. are considered, so final outcome of the project i.e. launching the railway station is successful. 

Negotiated contract- This is the procurement in which negotiation is done with contractors but there will assurance about quality and time of completing the project. There is less flexible working conditions because of negotiation. This contract is considered for short time period and this does not affects changes properly.

Best value- At last, in this procurement, the main focus is on best value which can be gained under this . This project is best because in this resources are also properly planned and activities are planned for getting better outcome. This make project through which they can get positive outcome over it. This makes proper change in operations and makes changes in operations with getting positive outcomes (Garlick, 2017).

For completing and conducting project for launching railway station at New Castle “Best value procurement” is best and specific because there is proper change in operations and it is easy for contractor to understand best deal which can be provided. In this procurement, the main focus is on quality and best outcome, so there is full flexibility and it is easy to change policies if there is requirement of modification.

RISK MANAGEMENT PLAN

While conducting and planning an project, there will probability that it might gets affected negatively and get positive outcome. Hence there is requirement of evaluation and manage changes in proper and effective manner. So this is the document which guides to minimise the risk and get positive outcome of it. For launching new railway station at Newcastle project has some risk and this plan provides specific criteria to overcome and avoid them (Handfield, Primo and Oliveira, 2015).

Risk Register

Risk

Probability (0- 10)

Impact

EMV

Rating (0- 10)

Who is responsible for risk

Mitigation strategy

Non availability of raw material

5

This affects regular activities of project and fault might arise.

7

7

Contractors

There must be contract with organisation from whom raw material can be collected.

High labour rate

7

Labour might not available easily and lead to shortage of work force

8

8

Contractors

There must be full time contract with labour union, so there will ease in launching railway station.

Inappropriate contract method

3

Cost and timer for completing the project might arise

5

5

Concern party and contractors

There must be proper planning and pros and cons of different contract methods has to be evaluated.

Improper communication technique

6

Might result in mis use of resources or duplication of activities.

6

6

Team leader

There must be use of business phones among contractors and team leaders. Time to time meeting has to be planned.

(Table 4: Risk Register)

 

With the help of EMV, it is easy for researcher to undersatnd and determine the expected money value which might get back because of it. This is the major challenge and isue which they are getting with investing similar amount because of it. This makes ease in conducting and completing project on time and make operations to get proper revert in monetary terms.

Risk Quadrant

This is the quadrant which identifies the risk and value associated with it, hence it will be easy for researcher to understand which risk has to be cured.

(Source: 7-2.2 Quadrant Analysis Tool — Value and Risk Assessment, 2019)

There are four factors in this risk quadrant which are strategic, bottleneck, leverage and routine. In strategic complex  and tough projects are considered and they have high profits and revenues. In bottleneck risk of project is high but value is not high, but project manager have to do it carefully. Leverage component have high value and low risk (7-2.2 Quadrant Analysis Tool — Value and Risk Assessment, 2019). This type of contracts does not give high returns to managers. While routine contracts have low risk and low value. Launching railway station covers under leverage quadrant.

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Risk Mitigation Plan

There are many risk which are associated with conducting project and it is important to understand and evaluate them. There is requirement of understanding and evaluating the changes arise because of external market factors, then it can be reduced with it. Risk register is important and crucial because this affects project outcome as it will not complete the activities within specified time and cost. There are five steps through which risk mitigation plan can be prepared which are discussed as under-

Identification of risk- Initially, there is requirement of understanding and determining risks which are associated with conducting and completing the study. With change in activities, there is change in operations as well (Hopkinson, 2017). 

Risk assessment- After evaluating and analysing risk, its assessment will be done. For instance, labour is available at higher rate, then alternatives or impact on other factors can be evaluated.

Prioritisation- After risk assessment, prioritisation has to be done. This is the best way through which dividation of risk can be done. This makes less destruction in launching railway station in New Castle.

Tracking the risk- After prioritisation, there will be tracking of ways through which it can be reduced or nullify. There is change in operations as well due to this risk. This provides other innovative ways to communicate properly.

Implementation and monitoring process- After tracking, regular evaluation and monitoring in possible. This is the best way to take corrective actions with which they can evaluate better outcome (Ivanov, 2018).

CONCLUSION

As per the conclusion, it has been concluded that for having a project which is successful. The project manager have to be well prepared well and define plans in details. This should be regrading the goals of a project, the time which is estimates, resources and the budget required for the same. The well defined methods of delivery and types of contracts, will increase the effectiveness of a project. The methods of delivery will helps in determining the way in which  aproject is executed, and the parties that are involved in the project. Moreover, an appropriate financial type of contract and method of procurement will help in allowing the project manager to control the quality of work and the budgetary estimates. Though, the activities helps in minimising overall risks, maximising the productivity of a work, and in this uncertainties exists which might affect if not controlled well. The risk register can clarify critical risks that can be concerned. The mitigation strategy on the contrary will help in providing a solution for eliminating and mitigating risks and provide an alternative solution if risks takes place.

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