Introduction
Mitigation strategies are developed by managers independently regarding the nature of risks identified, their peculiar features, and likelihoods. In this part of the project, it is necessary to develop mitigation strategies for each risk identified earlier and prove that the choice is justified and has enough powerful grounds. Risk mitigation is a chance to reduce the probability of a risky event and decrease the level of impact of each risk on the completion of the work (Heldman, 2005). The idea to resurface an old driveway with new asphalt is not cheap from financial, technical, and even personal points of view. It requires much time to plan the steps, evaluate the risks and think about the most appropriate mitigation strategies to be implemented in the project. Each strategy should describe the opportunities available to people, who are involved in a working process.
Risk # 1: Weather Conditions
The process of resurfacing an old driveway can be changed because of some unpredictable weather conditions and the inabilities to improve the climate according to personal demands. Therefore, it is possible to use the mitigation strategy called “acceptance” because the project developers can do nothing but accept natural challenges and changes and think about the precautions that can help to reduce the level of harm of this particular risk (Kerzner, 2009). As a rule, the manager is aware of the risk and its possible consequences. It is just necessary to wait and try to prevent the level of the harm by using a special canopy to protect the already done piece of work from inappropriate weather conditions.
Risk # 2: Equipment Issues
To take advantage of this kind of risk, the manager can stick to the “control” strategy within the frames of which it is possible to develop several measures, follow the risk development, and reevaluate the project to achieve what is expected. In the project under consideration, the manager can address several companies at the same time and have two or more options to rely on in case of emergency (NCHRP Report, 2011).
Risk # 3: New Asphalt Quality
Transference seems to be the adequate mitigation strategy to this particular risk. Due to the fact that the project manager is not able to be sure of the quality of the material chosen, it is better to discuss this aspect with others, underline the insurance concepts, and transfer the possible risk to them. There are the organizations responsible for the outcomes that depend on the quality of the material. In case something goes wrong or poor results are achieved, the developers have to substitute the mistakes with rational ideas.
Risk # 4: Old Driveway Removal Problems
The problems caused by an old driveway poor removal can be limited to the frames of an appropriate strategy. A limitation is a chance to expose the risk and take some actions like choosing the best equipment or setting the periods during which it is possible to check the quality of the work done several times. Old driveway may be removed in a variety of ways, and the workers can use several methods to be sure the removal is complete (Mouratidis & Papageorgiou, G, 2010).
Risk # 5: Workers’ Physical Conditions
To demonstrate the possibility to use various mitigation strategies within the same project, avoidance can be applied to this particular risk. It is known that this kind of strategy is one of the most expensive because a number of precautionary steps are required. The manager can use the services of a professional doctor to check the physical conditions of every worker, offer the best working conditions, and even buy some vitamins to make sure the workers’ immune system is good. This strategy is an attempt to complete the project according to the deadline with a minimum of changes.
Risk # 6: Financial Costs
This risk can be provided with several mitigation strategies at the same time. First, the manager can just accept the risk and take a step (like making additional payments) as soon as it is required. Second, the manager is able to monitor the environment and try to affect the nature to decrease the negative impact of the risk. Finally, it is possible to control the development of this risk within the project and implement the actions that can help to minimize the costs. The peculiar feature of this risk is its evident development as soon as one of the above-mentioned risks takes place. Therefore, it is hard for the manager to avoid this risk or control its consequences on the necessary level without considering the nature of other risks that cause the additional financial cost problems. As soon as the “risk-provoker” is identified, and the required mitigation strategy is chosen, the strategy to mitigate the risk of additional financial costs may be discussed.
In general, all mitigation strategies offered in this part of the project are clearly identified and explained. The choices prove that a good portion of attention, evaluation, and control help to avoid or minimize the risks and achieve good results in all kinds of work.
References
Heldman, K. (2005). Project manager’s spotlight on risk management. Alameda, CA: SYBEX Inc.
Kerzner, H. (2009). Project management: A systems approach to planning, scheduling, and controlling. Hoboken, NJ: John Wiley & Sons.
Mouratidis, A. & Papageorgiou, G. (2010). A rational approach for optimization of road upgrading. Canadian Journal of Civil Engineering, 37, 1462-1470.
NCHRP Report 706. (2011). Uses of risk management and data management to support target-setting for performance-based resource allocation by transportation agencies. Washington, DC: NCHRP.