Project Risk Management

Introduction 2
1. Background of the Project 2
1.2 Project Risk Management 3
Risks Associated with the project 3
Risk Management of the Project 4
2. Project Control System 5
3. Critical Evaluation 7
Risk Management System 8
Project Control System 8
Conclusion 9
References 10
Appendix I: Gantt Chart for the Project 12
Appendix II: Governance Structure 13

Project management is a complex process, which includes everything from the definition of scope and objectives of the project to the implementation of the control measures and techniques for evaluating its progress and completion. The project management theories and tools and techniques are not only used for theoretical evaluation but are commonly used in real life projects for achieving higher efficiency. Hence, the present report evaluates and examines the impacts and benefits of implementation of different measures and risk management and project control techniques as adopted and used in a real life project.
1. Background of the Project

T5, the fifth terminal developed at the London Heathrow Airport has been one of the biggest projects of Europe that was initiated in the year 1995. British Airports Authority (BAA) and British Airways (BA) were the two main stakeholders involved in the completion of the project, which was completed in the year 2008 (Brady and Davies, 2010). The total cost that BA and BAA had to incur for the development of the fifth terminal at the airport was estimated to be around £4.3bn. As London Airport is one of the busiest airports in the world, the purpose of adding the additional terminal was mainly to create the infrastructure and the ability to handle such a large population. The project consisted of the construction of around 56 aircraft stands and also the infrastructure for roads and underground rail links (Davies et al. 2009).
The main inclusions of the project included a main terminal, two satellites, car parks, hotel and also the...