Evaluate Project Risk Management in the construction of London Essay

Evaluate Project Risk Management in the construction of London Heathrow Airports Terminal 5 - Essay Example My thanks will be extended also to my family including Dad, Mom and -----, my youngest brother for their kind and invaluable support during the whole project. The London Heathrow Terminal 5 has emerged to be the largest airport and the most complex construction projects undertaken in the airline industry. The aim of the project was to augment the capacity by 50% along with offering the visitors an impressive gateway into the city and the United Kingdom. With a budget of over  £4.3bn, the airport facility includes a an airport terminus, a building housing a satellite, underground tunnels, diversions on the river and a road connecting the airport to M25 (Sharon, 2008).This paper attempts to study and evaluate the Risk Management strategy and theories involved in the construction of London Heathrow Airport’s Terminal 5, (Sharon, 2008) and critic these theories. The approach used to mitigate risks for the t5 of the Heathrow Airport was based on the principles of team construction and had to incorporate many changes until project completion, (Sharon, 2008). BAA had anticipated a high level of design progress and development at all stages of the ambitious project which could easily squeeze modern technical solutions and modifications in safety, space requirements or amenities. It would have been unrealistic to freeze the complete design solution of the project during the design phase (Latham, 1994). BAA decided absorb all risks. This helped BAA manage the activities with the help of partners who worked as integrated teams along with the contractors. This was implemented under the T5 Agreement, (Ferroussat, 2005). The procedure to try and identify risks that are present within a project is known as management of risks. The risks that are posing challenges during the implementation of a project are effectively managed, (Mind Tools, 2009). Risk Management activity is mainly concerned with a proper analysis of the different operations, identification