Part 1 Executive summary
The report shades light on the overall risks and obstacles associated with the project and the risk management strategies that the Global manufacturing technology pvt ltd undertakes to mitigate the risks associated with the project. It also focuses on the preparation of cost estimation and time schedule within which the project can be completed. This report also contains an Appendix which summarizes the background research analyses of the projects. This report covers all the costs of the 3 projects separately and the time limit within which these projects can be completed. Since, these projects have different time limit and different construction locations; it may tend to take more time than expected. The Background research analyses of this report cover all the cost details, work location, starting and completing time of each project. It also focuses on the budget estimates of all the projects.
Part 2 Risk assessment summarizing the major risks of contracting the work
Starting a new business or expanding the existing business in a different sector is not an easy job. According to Healy and Williams (2017, p.147), a whole lot of obstacles and risks are associated with starting a new business project. Before starting a new business venture, the management need to identify all the risks that the company may encounter during the project and measures must be taken to overcome such risks. The task of developing a new business idea will challenge even the most experienced management team of any organization. In the following study, the management of Global manufacturing pvt ltd has identified three areas in which company can invest to expand the business.
Global manufacturing pvt ltd, being a financial sector company, is investing in Healthcare sector, which will create a completely new level of risks associated with management of these projects. Van den Nouwelant et al. (2015, p.143) has commended that the motive behind this task is to establish and expand the scope of the company in Healthcare sector, which is one of the most rapidly growing sector in Australia. The management has developed three projects in which investment will be made and these projects are:
a) Victorian comprehensive cancer Centre in Melbourne
b) Fiona Stanley hospital in Perth
c) The gold coast university hospital in Queensland
Starting a business development project in Healthcare sector is a very risky and time-consuming process. There are number of risks in this task and these risks must be identified before starting the project. In the following study, discussion will be made on various risks associated with the task and measures to counter these risks will also be discussed. According to Franks et al., (2014, p.74), the major risks in starting a new venture are:
Risk Management Matrix
From the above analysis, our company should think or plan about how to mitigate the risk of failure upcoming during construction process, as there is high demand of construction.
a) The first and most vital thing is that every one of the dangers above should be assessed consistently to dispose of inadmissible dangers yet include new dangers influencing business and undertaking and in addition have plan to manage the new dangers.
b) Follow the AS/NZS 4360: 1999/2004 Risk Management Standard when doing risk management.
c) In the transient, searching out and utilizing experienced and equipped individuals, for example, having suitable specialized capability, abilities and experience, to direct and oversee hospital building construction ventures is completely essential.
d) In the long haul, constructing an expert building construction venture administration group who has capacity to oversee venture, cost, time, assets, back, acquirement and hazard ... is critical also.
e) Environmental examinations and site visits ought to be completed painstakingly toward the start of the outline and offer readiness to ensure that all fundamental data is mulled over.
f) Choosing the correct contractual workers to perform and solid material and gear providers assume an essential part to avert cost and time overwhelm.
h) Make beyond any doubt that possibilities and stipends are connected sensible so as to win the offer however cover the Known – Unknown and Unknown – Unknown things.
i) Risk analysis and assessment should be carried and review frequently for every single project.
Part 3 Estimate preparation
In the following report, estimation will be made to prepare a bid. This bid will nearly take 5 months to complete. The company needs to prepare an estimate of costs for the bid.
Total cost to prepare a bid:
From the above budget estimation table, it can be observed that the major cost to prepare a bid is salary of the personnels associated with bidding. Salary is calculated for 5 months as the duration of the project is 5 months. Business unit overhead consists of various Fixed and Variable overheads that will be incurred in the project. It also includes miscellaneous expenses such as, transport cost for providing transport facility to the site labours and installation cost for installing plant and equipment at site area.
Part 4 Scheduling the work
Part 5 Appendix summarizing the Background Research
It is very important for any company to investigate and make some background researches before engaging itself in any project. Initial research on the project helps in better understanding of all the aspects in project. It will also help in better understanding of the risks related to the project. In the following study, Global manufacturing technology pvt ltd is preparing a bid for three different projects in three different location in Australia. This requires a lot of background research and analyses of this research before starting contracting for the project.
In the following study, discussion will be made on each of the project separately.
Victorian Comprehensive Cancer Centre:
The strategy behind this project was to provide a better products and services to the citizen of Victoria by expanding and improving the public infrastructure. The framework of this project is designed to use the designing, financing and building expertise of Global Manufacturing technology pvt ltd in public infrastructure to establish the company in Healthcare sector. The Victorian comprehensive cancer center (VCCC) has a project budget of around $1.1 billion. It is a world-class cancer treatment center which will provide best cancer treatment with the help of recognized leaders in cancer research, treatment, care, training and education.
Project Delivery System:
Grocon PCL JV managed the contract for the construction, leading construction companies in Australia. The project start date was April, 2011 and the completion date was May, 2016. The purpose was to provide world class treatment facilities in this center. It also provides a remarkable facility in prevention and detection of cancer. The vision of the project is to save the lives of the people suffering from this disease and create awareness among people regarding the prevention of cancer and patient care.
Fiona Stanley hospital:
Fiona Stanley hospital project is one of the biggest capital works in Perth undertaken by Brookfield multiplex. The project work was started in the Feb, 2009 and completed in June, 2014. The motive behind building this huge project was to provide comprehensive clinical services, which includes, a wide range of pathology services, mental health services, state-of-the-art emergency services, rehabilitation services, a wide range of acute medical and surgical service, cancer related services and many other services. This project will help the Global manufacturing technology pty ltd to expand its business in western area of Perth.
With the estimated cost of around $1.77 billion, Fiona Stanley hospital is one of the largest ever hospital project built in Perth. In comparison with other capital projects, the original estimates of this projects was unrealistic and there was a huge difference in actual and budgeted estimates.
The Gold Coast University hospital:
it is one of the largest hospital projects in Queensland, which is located on the corner of Olsen Avenue in Southport. It provides health services for the Gold Coast and is one of the largest clinical training and research facilities. The emergency department of this hospital is considered as one of the busiest in Queensland. The construction of this hospital was managed by Lend lease, one of the recognized construction company in Queensland. The project starting date of this project was 16th december, 2008 and the project was completed on march, 2016.
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