PLN7PLD Risk Management Planning for Vallybridge Assessment Answer
Assignment title- Risk Management
Many industries are using this concept of risk management to minimize the impact on their business. Safety standards have to be implemented in the business organization because of its competitive environmental existence. The redevelopment site industry is one of the main Industries where the risk management plan has to be implemented majorly to ensure safety of labor. In other terms, the risk management plan is formulated to eliminate any kind of potential hazards during the project. Therefore, many industries are now taking precautionary measures by identifying the potential risks in order to deal with the situation promptly. The redevelopment site industry operates in an environment that is full of uncertainty and risk factors. Therefore, every company wants to maintain sustainable existence within the market. For this purpose they will have to implement policies that are effective in risk management. The report is specifically designed as per the risk management planning for Vallybridge for the redevelopemnt of proposed site to make bid. Hence, an effective management plan for Risk is proposed in which physical, planning, legal and economic risks are identified for better and informed decision making.
There is a lot of risks involved in the mixed use sites, which is full of various risk because of its mixed nature i.e. residential, commercial, institutional etc. Therefore, it becomes crucial that the safety and considerations of people working/living at the site must be insured. The project success majorly depends on the type of policies implemented to manage risk during the project. Hence, one of the essential aims of the report is to have a risk management architectural plan which is useful in the Valley Bridge (Harris et.al., 2018). This report will also contain any potential risk that has been identified.
The primary objective of this report is suggesting the risk management plan during the redevelopment of proposed along with managing potential risk factors at different intervals (Hopkin, 2018). The most crucial aim of this report is to plan all kinds of Tools and techniques that will be effective in managing risk. The objectives of this report are:
Analyzing the various risk and hazards during the redevelopment of site
Developing a plan for Risk Management to combat potential risk factors
Developing a model for explaining the potential risk and its management.
Issues that may affect Valleybridge’s decisions
Natural disaster Risk-
It is approximately 8.6 acres of land, where the waterside site is planned, and the boundaries of the property are covered with the more significant part of Hearne river at the north, Marsh Brook Road on the south, crossroad on the west and residential area of reply Street towards the East. This fact can carry natural disaster risk. There are chances of water flood in river that can harm Valleybridge’s ambitious plans.
Approximately 10 minutes of walking time duration at a reasonable speed are required from waterside to the site, which is located in the heart of the city. It is a centrally located site, which is adjacent to the Gateway transport and it is located East direction of the Hurt wood City Centre. The location of site is very good and doesn’t carry any kind of risk.
How currently the site is accessible easily from the roundabout which is on the northwest of the website along with local authorities depot secured entrance while coming from the crossroad. There is a direct entry from the Marsh Brook Road for the car sales and tyre company business (Baloi and Price, 2011). However, there is no direct entry from other sides of site which again carries higher risk. Only one direct enrty can create delays to reach on site and averse people to give preference to recreational activities proposed by valleybridge.
There is also a massive supermarket at National level that is on the west of the site on the crossroad having a freestanding building for Supermarket operations. It can park almost 300 cars and has been awarded "the Civic trust design award" in the late '80s when it started operations. Its good sign and doesn’t carry any kind of risk. There is a swimming pool placed North East of the more magnificent earner River which also has a sports centre. That is a pilgrim field towards the Northwest of the Hearne that denotes as a very significant and protected open space in the City. The local Council and the wards the manatee society has declared this place as a green space. The Marsh Brook Road bounds south of the site. Presence of pilgrim field can be great risk to amusement park as activities in amusement park can hurt religious sentiments.
Impact on populations-
There is a residential density of approximately 45,000 people which is locally dominated by tourism as the primary source of economic development. It consists of four universities, along with 46 schools in the education sector and experiences over 6 million tourists every year. Hence, it is cleared that there is no customer risk to enjoy the amusement park. However, university and residential population will not prefer loud music or late night parties with drugs/alcohol. They might do objection for this. Moreover, redevelopment period of amusement park also time taking can distrub the peacefulness of nearby population.
One of the landmark theatres in the UK is Hurt wood theatre that attracts more than 1 million tourists since 2013 and includes approximately 96000 visitors during the Pantomime season. There are also more than 30 restaurants, about 50 bars and 3 cinema theatres. Existence of bars and restaurants can give tough competition to valleybridge’s amusement park project.
There is a very well furnished infrastructure for roads where there are Footpath, bus stops, cycleway, and pedestrian. Asit consists of two railway stations where one is for high-speed train connecting St.Pancras and the other relating to Victoria City. The motorway links provide easy access to the city of London and the ports. There is also a city centre in the Roman City area wall that is majorly pedestrianized. The streets are material fashioned with award-winning Legacy of a shopping district housing many fashion retailers and Lifestyle Stores as independent organizations (Cronk et.al., 2019). Also, show the investment from the local authority has benefited many other predominant retailing streets in terms of environmental enhancements. Hence, transporation doesn’t carry any kind of risk. Hence, it can be concluded that it would have no adverse effect on the flow of traffic due to the redevelopment-taking place at the site. However, there is also a requirement to provide a more detailed plan about the potential effects of the reredevelopment it on the local and extensive network routing along with suggestive solutions to revive transportation (Cornett and Saunders, 2013).
Height and density of various developments at the site for multiple uses should be taken into consideration.
The requirement for integrating activities to provide an appropriate balance between the events taking place at the site and the urban framework.
The materials should be e appropriately synchronized with the historical elements
There must be flexible spaces for the public
All those there are many known constraints at the site, there are also so many opportunities for community benefit and high-quality infrastructural development.
Legal obscurities are one of the important factors in case of redevelopment process. There are several legal issues can be cropped up at the time of redevelopment site before starting up any project. It is the duty of the advisor group and the redevelopment company to identify the factors and mitigate them with clarity. Further, for the successful completion of the project, it is important to resolve the legal issue; otherwise, the whole project will be at bay. In this regard, the foremost duty of the respective planning company is to enter into a good and reasonable legal agreement. In the below paragraph, a detailed discussion has been made on the possible issues arise in case of redevelopment redevelopment project:
For the development and redevelopment of a project, it is important to acquire the land legally. Further, it is also important to find out whether any loopholes or pending cases are filed against the property or not. Area investigation is one of the important parts of land acquisition. According to the facts of the present case, it has been observed that currently the land is using for car parking and residential accommodation (Chiang Hsieh and Noonan 2018). Further, local authority is the owner of the land and the projected site is bounded by Greater Hearne River. Therefore, it is important for making an investigation to find out whether the land is appropriate for constructing building or not and whether necessary papers are available for the land or not.
In this case, proper documents are required to be collected and soil test should be done. Further, land acquisition notice should be served to the local authority.
The term relocation is inter-related to the redevelopment process. It is clear from the current case study that at present the land is using for the car parking area and residential accommodation. If any project will be taken for this area, then it is required to relocate these parking and residential complex to any safer place and equal treatment should be done for them (Fisher 2015). Further, monetary claim can be arisen in this case.
The value of the replacement and the market value of the place should be considered minutely. Further, basic knowledge on the relocation process is required and relevant conditions should be inserted in the legal agreement.
Public notice requirement
According to the facts of the present case, it has been observed that the current place is bounded by a city centre and at the north east side of the project, there is a river. Further, certain offices of the local authorities are situated in the projected site and public residential accommodations are also there on the site (Yu et al. 2017). Therefore, if the planning authority wants to vacate the land, they need to serve public notice to avoid legal issues.
The main purpose of such notice is to call for a hearing and discusses about the importance of the land for redevelopment of the project. Further, necessary mandates are required to be taken in this case. Proper time should be given to the residents and the local authority to prepare them for the hearing.
For the completion of a redevelopment project, it is important to implement a proper redevelopment plan and in the absence of proper care, legal issues can be raised regarding the plan adoption process and the plan amendment process (Kankhva et al. 2018).
Proper site plan should be collected from the local authority and the whole project should be based on that plan. Further, consistency should be maintained with the master plan of the local municipality. In case of plan amendment, proper permission should be obtained from the responsible authority.
Development Agreement is the main legal document in this case and it is important for the planning committee to insert every important terms and conditions for the development of the project. If any loopholes can be observed in the future event, the whole project can be postponed.
It is important to take proper care while making the agreement and every implementation strategies should be mentioned in the agreement.
In case of redevelopment project, certain economical issues can be cropped up that can influence the decision of the current project company, Valley ridge. For taking back the control of the projected site, the company should have to calculate their expenditure and profit gained. Further, it is important for the company to think about the selling process and possibility of the accommodation units. Issues can be generated in case of taxation also. The company has to issue notice to the indirect tax department for calculating the service tax (Green 2018). Additionally, it is the duty of the project team to calculate the current market value of the land and implementation charges imposed by the local authorities. Issues can be raised in case of tax imposed on the under redevelopment service and redevelopment transaction. Financial issues can be cropped up in case of obtaining security loans from the banks (Vyas 2016). Further, it is important to serve notice to the local land register authority to avoid other issues.
It is important to mitigate the economical issues for the successful completion of the project. Proper calculation for the profit and expenditure will help the current company to rethink about their project plan and they will make necessary amendment in the redevelopment plan on that basis. Proper legal documentation and other written consent will help the company to get security loans from the banks and the taxable amount will help the company to set their plans properly. Without financial support, it is impossible for the companies to continue the redevelopment process and hence, the company needs to ensure about every economical perspectives of the project.
Overall mitigation strategies for the redevelopment of site
project success depends upon the risk management process. Hence, the redevelopment site project has been analyzed to contain potential risk related to environmental factors (such as weather conditions, climate changes, etc.) Human resource factors (such as recruiting and hiring of employees), operational factors (such as production processes etc.) And revenue factors (such as financial loss, deficits, over-budgeted.) (Morgenshtern et.al., 2017). Therefore, the action plan for the risk is provided in the appendix for the Vallybridge redevelopment project.
The following the various discussions on the report, numerous recommendations have been provided to manage the risk factors during the Vallybridge project and complete it successfully. The suggestions are as follows:
It is essential that the team responsible for project management focuses on the effective response towards risk factors and planning the management of all potential risk factors (Shi et.al., 2018).
It is the responsibility of the project contractor to identify opportunities available during the project duration for business and hands mint and management of risk to deal with potential hazards.
Training sessions must be provided to the Employees and staff members at regular intervals, which have to be managed by the Human Resource Department (Safapour et.al., 2018). This will help in lowering the impact of risk as the staff will be able to understand the risks in a better way after the training.
Risk intelligent has to be enhanced by the project team in order to communicate effectively and clearly about the responsibilities of the team members working on project risk management.
Ensuring that the employees effectively in order to identify, monitoring, and measure and reporting the risk factors regularly are undertaking the process
Huge funds are required for the risk management plan to work effectively with proper budgeting.
Risk management has to ensure that by engaging the stakeholders in all the activities of the business. The risk appetite has to be set after consideration of all stakeholders.
Timely action and dealing with the risk factors that should be identified
It is important that the plan of action to manage risk and eliminating all the risk factors in the spiral project is implemented effectively by the team members.
By analyzing the above factors, we conclude by saying that the business operates in a competitive environment that necessarily requires the implementation of all safety measurements and processes by the organization in its production capacity. A risk management plan has to be implemented to ensure the safety of the workforce. There is a lot of uncertainty in the redevelopment industry. Therefore, the organization needs to have an effective risk management plan to identify the risk factors, manage time effectively, and have a treatment plan for the risk. This will help your organization in achieving success and completion of the project. Planning and survey are also required for Risk identification along with the risk matrix, which will enable an analysis of the potential risk factors and their impact on the overall process of redevelopment. There will also be an action plan for the risk to eliminate its effects or lowering it effectively, during the Vallybridge redevelopment project