Limitations No two projects are exactly identical therefore different perspectives may be given on the risk involved. Additionally, this requires an expert judgement, however dependant on the project this could be difficult to find.

Is it any good? This tool is a very effective and successful way to be able to forecast and plan for risk. Expert judgement is extremely helpful in making a decision as this provides experienced judgement, saving time and money for the project. However this should be used in conjunction with another risk evaluation tool or technique to allow for a broader perspective. For example, this tool would work with a risk assessment as the risks have been identified and a judgement can be given regarding each one.

Expert Judgement

SWOT Analysis

Risk Assessment What is it? Where an individual or group of people give a balanced decision weighing up the information. The judgement is given through prior knowledge and past experience.

Benefits An effective way of managing risk as it’s supported by previous experience and decision-making. This also eliminates the likelihood of getting it wrong. This considers developing risks that may occur in future. Can save costs in the long run.

London Power Tunnels Project

Tools to help manage risk

What is it? A tool that is used to evaluate and recognise possible risks that lie within a project.

Benefits A risk assessment clearly displays the risks that are involved within a project. By identifying the risks, you can then create relevant processes in order to eliminate or reduce the likelihood of the risk occurring, therefore saving time and money. This tool can be used with qualitative and quantitative data.

Limitations A significant limitation to this evaluation tool is that the risks are hypothetical and assumed, therefore there is a possibility of risks being missed that develop further on in the project. These risks are usually not visible at the initial stage but develop overtime.

Is it any good? A risk assessment is very simple but effective and is widely used throughout different scales of projects. The simplicity allows it to universally adapt, therefore making the tool relatively time efficient and a low cost tool. However it would be not be appropriate to use this tool alone within a project.

What is it? The SWOT analysis is a tool that evaluates the internal and external environment of the business.

Benefits This tool can be used adversely throughout the whole project process. It clearly illustrates the strengths and weakness within a business from an outside perspective, therefore allowing the tool to be unlimited. Furthermore, the tool is proven as it allows you to see the threats and rectify them before they become a weakness and seize opportunities to become strengths.

Limitations Although the evaluation tool allows specificity and detail, it limits itself to the external environment. This may not be necessary therefore, making the tool time consuming to use and not allowing a desired outcome.

Is it any good? This tool is useful as it gives a larger perspective on the situation and clearly outlines problems before escalating, therefore allowing the opportunity to take necessary action to eradicate them. However, aspects considered within the tool may have no direct interest to the project. Also the tool is time consuming to undertake which may delay the project.

Power Tunnels By using this tool within this project; judgements can be made and justified, allowing solid knowledge on potential risks for the project.

Power Tunnels By using this tool, it ensures safety to all employees and the project, especially on such a large scale, important project. This tool allows organisation for the project.

Power Tunnels By using this tool, the weaknesses and threats analysed, identify the risks of the project both internally and externally. Furthermore, the information gathered by the SWOT analysis can be applied and developed in further other risk management tools and techniques.