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How can you balance risk and reward in a stadium project?

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Building a stadium is a complex and costly undertaking that involves many stakeholders, challenges, and opportunities. As an engineering manager, you need to balance the risk and reward of such a project, ensuring that you deliver a safe, functional, and profitable facility that meets the expectations of your clients, partners, and users. In this article, you will learn how to apply some key principles and practices of risk assessment and mitigation to a stadium project, covering the following aspects:

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Dr. Deepak Chandra Chandola, PhD, PMP, CEng

Aviation Management | Production Planning Manager | Supply Chain Manager | Technical Services | Maintenance Planning |…
Daniel Osu

Transport and Logistics Management Professional || Maritime Operations Expert || Software Engineering Student ||…
James O'Flanagan, MS, FRSA

Your Personal Engineering Guide ?? | Oapsie.com | Top 100 Innovators 2024 | Marquis Who’s Who | EastRimTrail.com |…

1 Scope and budget

One of the main sources of risk in a stadium project is the uncertainty and variability of the scope and budget. You need to define the scope clearly and realistically, based on the requirements and specifications of the project owner, the design team, the contractors, and the authorities. You also need to estimate the budget accurately and transparently, considering the costs of materials, labor, equipment, permits, insurance, and contingencies. You need to communicate the scope and budget to all the parties involved and monitor any changes or deviations that may affect them.

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Daniel Osu

Transport and Logistics Management Professional || Maritime Operations Expert || Software Engineering Student || Skilled in Fleet Management, Safety Training, and Technology Integration.
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Balancing risk and reward in a stadium project is a complex and challenging task that requires careful planning, analysis, and management. Some of the steps that can help achieve this balance are: 1. Identify and assess all the potential risks and opportunities associated with the project, such as economic, environmental, technical, and logistical factors 2. Quantify and prioritize the risks and opportunities using appropriate methods and tools, such as risk and reward analysis risk matrices, or Monte Carlo simulations 3. Develop and implement risk mitigation and opportunity exploitation strategies, such as contingency plans, risk transfer, risk sharing, or risk avoidance. 4. Monitor and review the risk and opportunity situation.

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2 Quality and safety

Another important aspect of risk management in a stadium project is ensuring the quality and safety of the construction and operation. You need to follow the standards and regulations of the industry and the location, as well as the best practices and guidelines of the engineering profession. You need to implement quality control and assurance measures, such as inspections, tests, audits, and reviews, to verify the compliance and performance of the project deliverables. You also need to establish safety protocols and procedures, such as risk assessments, hazard identification, training, and emergency response, to prevent and mitigate any accidents or incidents that may harm the workers, the public, or the environment.

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James O'Flanagan, MS, FRSA

Your Personal Engineering Guide ?? | Oapsie.com | Top 100 Innovators 2024 | Marquis Who’s Who | EastRimTrail.com | Stow.Mortgage | jamesoflanagan.com | MS | FRSA | F:??♂???♀???????????♂????
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The Engineering Manager is best served by prioritizing safety. The biggest risks an Engineering Manager faces are those that end the project prematurely. A near-miss or full accident has the potential to do just that. Quality is important, but no product can go be released unless the plant is open; that only happens when it is safe. Safety must be an actual deliverable of every project, along with the product being design, built, or coded. Mental Safety must be given at least as much precedence as Physical safety. This can be done by promoting Psychological Safety & kindness. In this system, problems are more likely to be reported before they become full-on safety crises. Workplaces stay open & more product is released. #Safety ??

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3 Stakeholder engagement

A third aspect of risk management in a stadium project is managing the expectations and interests of the various stakeholders involved. You need to identify and analyze the stakeholders, such as the project owner, the sponsors, the investors, the designers, the contractors, the suppliers, the authorities, the media, the community, and the end-users. You need to understand their needs, preferences, concerns, and influence, and develop a stakeholder engagement plan that defines the objectives, strategies, methods, and frequency of communication and consultation. You need to build trust and rapport with the stakeholders, and address any issues or conflicts that may arise.

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Dr. Deepak Chandra Chandola, PhD, PMP, CEng

Aviation Management | Production Planning Manager | Supply Chain Manager | Technical Services | Maintenance Planning | Defense Aerospace | Data Scientist | Ph.D. Management | Young Scientist Awardee | TMIEAust | NER
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Recognising all stakeholders and effectively managing their legitimate expectations is essential. Many project managers falter in meeting project timelines due to excessive focus on pleasing stakeholders. On the other hand, some project managers encounter challenges in deliverable acceptance as they neglect stakeholder engagement during project execution. Striking a balance is crucial for success.

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4 Schedule and resources

A fourth aspect of risk management in a stadium project is controlling the schedule and resources of the project activities. You need to plan the schedule carefully and realistically, considering the dependencies, constraints, milestones, and deadlines of the project phases and tasks. You also need to allocate the resources efficiently and effectively, considering the availability, suitability, and productivity of the human, material, and financial resources. You need to track and report the progress and performance of the schedule and resources, and identify and resolve any delays, bottlenecks, or shortages that may occur.

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5 Innovation and sustainability

A fifth aspect of risk management in a stadium project is pursuing innovation and sustainability opportunities that can enhance the value and impact of the project. You need to explore and evaluate the potential benefits and drawbacks of incorporating new technologies, methods, or features that can improve the functionality, efficiency, or aesthetics of the stadium. You also need to consider and implement the environmental, social, and economic aspects of sustainability that can reduce the negative effects and increase the positive outcomes of the project. You need to balance the innovation and sustainability goals with the feasibility and viability of the project, and justify the decisions and trade-offs involved.

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6 Risk response and monitoring

A final aspect of risk management in a stadium project is developing and executing a risk response and monitoring plan that covers the entire project lifecycle. You need to identify and assess the risks that may affect the project objectives, scope, budget, quality, safety, stakeholder engagement, schedule, resources, innovation, or sustainability. You need to prioritize and categorize the risks based on their probability and impact, and define the risk appetite and tolerance of the project. You need to formulate and implement the appropriate risk response strategies, such as avoidance, mitigation, transfer, or acceptance, and assign the roles and responsibilities for risk management. You also need to monitor and review the risk status and performance, and update and adjust the risk plan as needed.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you balance risk and reward in a stadium project?

1

2

3

4

5

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7

1 Scope and budget

2 Quality and safety

3 Stakeholder engagement

4 Schedule and resources

5 Innovation and sustainability

6 Risk response and monitoring

7 Here’s what else to consider

Engineering Management

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How can you balance risk and reward in a stadium project?

1

2

3

4

5

6

7

1 Scope and budget

2 Quality and safety

3 Stakeholder engagement

4 Schedule and resources

5 Innovation and sustainability

6 Risk response and monitoring

7 Here’s what else to consider

Engineering Management

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