Risk management Assignment Example | Topics and Well Written Essays - 2750 words

Risk management - Assignment Example In management of risk, the recognition, evaluation and prioritization of risks is done which is then followed by synchronized and estimated application of revenue and resources to reduce, supervise and control the probable happening of an unfortunate incident so as to maximize the usage and benefits of opportunities. There are different principles of risk management; the following are as proposed by the International Organization for Standardization. They are: To create value To be an essential part of the processes within the organization To play a role in the decision making process Openly discuss the risks Maintain a structured approach which is systematic Be tailor made The human factors be given importance and acknowledgement The policies should be fool proof BURJ KHALIFA Burj Khalifa which was initially known as Burj Dubai is located in Dubai and its construction was carried out by Emaar Properties. Its construction lasted for six continuous years starting from 2004 to 2009 and it is used for a lot of purposes be it residential, entertainment or business facilities; Burj Khalifa offers all. Its construction was done with the aim of making it into such a building which is diversified and convenient in its use; its interior boasts a dining area, a fitness club that stretches up to four stories, 37 floors that are dedicated for office use, 160 rooms that serves as the residing area for guests, 144 private residential suites, a park of 11 hectare, 6 features of water, swimming pools, a are garage that has the capacity to accommodate 3000 cars, an observation deck and approach to the scrupulously planned Dubai downtown which grants more packages and facilities to the investors of Burj Khalifa. (Frederic, 2010) RISK MANAGEMENT REQUIREMENTS OF BURJ KHALIFA Risk is a term that applies to an uncertain happening that may occur and impose a positive or negative effect on a certain task. Risk has a 100% chance of occurring or otherwise hence risk management aims at c ontemplating the possible causes that may contribute to a risk; thus strategies are developed to cope with it and prevent. Risk taking is a bold step and is often considered by some organizations during a project since it might in cases produce positive results. Certain risk management strategies are meticulously applied in the construction of Burj Khalifa. A few of them will be discussed here in detail. The frontage of the 01 tower in Burj Khalifa is constructed in a unique manner; the entire facade is perforated with openings which are 1,000 in number. If looked from a distance, these perforations look like O’s however a close glance at them reveals them to be as diamond or oval shaped. This design was an innovative attempt to design Burj Khalifa and was presented by Reiser-Umemoto and RUR Architecture. A competition held by the Dubai Properties gave birth to this exclusive concept in which Shahab Lufti had encouraged the group to come up with a design for the new building that would become the tallest skyscraper in the world. It is a very simple structure in which a diagrid is made of concrete and has openings that change through 4 different scales that range from 2.5m to 6.5m. This would prove to be very beneficial since the concrete frontage was designed in such a manner that would serve the purpose of a sunscreen in Dubai’