Describe to your board areas of the risk management process that could be improved.

ALTERNATIVE ASSESSMENT 2019/2020 BCPM0036: OWNER-BASED MANAGEMENT OF PROJECTS You are a senior project manager. You have 10 years of experience working in the construction industry as a project manager.You work for a public transport provider (Rail). Their core business is to operate the railway. In addition to Finance, Legal, HR and Strategy directorates, they also have a Maintenance and a Projects directorate. You work in the Projects directorate. It has an annual spend of £1bn. You have been an employee for 5 years. You have been appointed to lead the development of a large railway station construction project. The aim of the project is to increase passenger capacity at the station. It has a budget in excess of £500m over an expected period of 10 years. It has a projected Cost/Benefit ratio of 2.5:1. The project is multi-disciplinary, involves the installation of multiple new assets and requires statutory approvals from government. The project is located in a congested city centre. The current project team have completed the feasibility stage and are 70% of the way through completing the concept design stage of the project life cycle. The next step is to complete the concept design and procure goods and services for the design and build of the project. This procurement of the supply chain is giving your organisation its biggest concerns. As a repeat client for the purchase of goods and services in the construction industry, the Projects directorate have predominantly used what has been termed ‘traditional’ procurement. This has been across a range of different projects, to varying degrees of success. They recognise the limitations that such an approach can have on the creation of value for some of its larger projects and programmes. However, they are unclear on the positive and negative aspects of alternative approaches and culturally still think of procurement as a way of buying goods and services at the lowest cost. They have asked you to prepare a paper, advising the governance board on what you consider to be the best approach for this project. The paper needs to briefly explain the limitations of traditional procurement and then to provide a critical analysis of the four dominant procurement routes available to construction clients, namely: Design and Build, Management Contracting; Construction Management and Partnering/Alliancing. You must then propose ONE procurement approach for your project and explain why.In addition, you are required to select ONE of the following three other responsibilities you have and respond to the questions below and incorporate these into your report: _Requirements Management: Project requirements, at different levels of detail, can change over the life cycle of a project and this can have both negative and positive impacts on the project. Explain these negative and positive impacts to your governance board and what impact your chosen procurement approach may have on the management of requirements. Give some practical examples. _Stakeholder Management: Stakeholder Management involves the identification and mapping of, and communication with, project stakeholders. Describe the two main categories of stakeholders and how you would map and communicate with these stakeholders through the project life cycle. Explain to your governance board what the implications may be for stakeholder management of your chosen procurement approach. Give some practical examples. _Risk Management: Your governance board have recognised that projects have a poor record in the management of risk. Describe to your board areas of the risk management process that could be improved.