Analysis of the Regency Plaza case study

4.0 Risk Evaluation and Management of Regency Hotel Project

Any project will presents risk elements that represent opportunities or threats that can undermine the smooth running or even completion of the project. Similarly the Regency Plaza project with its high stake of the deliverables, careful managing of risk should be top priority. Using the four stages of Risk Management framework, we shall attempt to evaluate how well risk was managed in the case Regency Plaza project.
4.1 Risk Identification: Sources of Risk
Identifying the sources of risk is paramount; detect as many as possible and should be directly related to the project objectives. Uncertainties will happen during the project runtime; hence identification of all possible of risk elements should be meticulously specified, and in the case of Regency Plaza, it can be associated with the design, development, quality, staffing, schedule and budget.
Since the Regency Plaza was a mixed use project, and being the first of its kind undertaken by the Group, they may lack the experience in running this project. This was further compounded by the complication of the size and layout of the floor plate in terms of the difficulty of designing a structure to accommodate condominiums over the hotel rooms, seated over a parking garage. Elevator core location and column spacing were essentially fixed by these constraints. At the same time issues such as length of the hallways, floor plans efficiency, room locations relationships and windows placement needed further considerations.
Schedule of the completion of the project would be tight. This was associated with successfully securing the lowest bid from Kelly Construction, convincing Hodgkins that they would cut three months off their original estimate of 32 months, provided that minimal changes to the original design