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H oping for the best, preparing for the worst, and anticipating possible
scenarios—PB is providing a three-tiered comprehensive risk
management program for the $3.5 billion expansion of Madrid’s Barajas Airport.
The Barajas Airport is undergoing substantial expansion in • Manage and monitor residual and secondary risks (including
response to a rise in predicted demand from today’s 30 million risks inherent in the risk mitigation strategy)
passengers per annum to more than 70 million by 2025. The • Improve confidence in contract estimates, budgets and
project, known as Plan Barajas, consists of two new runways, allowances
associated aprons and taxiways, a new terminal building, a • Provide a robust completion date for the project
satellite terminal with an automated people mover and an
• Develop contingency plans, estimates and trigger dates
automated baggage handling system. Contractors have started
construction on several of the primary work packages, such as the • Evaluate the probable effects of external projects
new passenger terminal, satellite building and the car parking • Establish a process for communicating key issues.
facilities. The remaining work packages are in various stages
of progress ranging from design up to tender stage (bidding). Application
PB’s program management team, headed by Peter Wright, Our team developed the following three-tiered risk management
recognised the need for a project risk management program that approach that was tailored to Barajas’ substantial size and
would provide a structured approach to identifying and evaluating complexity. This approach became necessary due to the complex
risks and a procedure for developing and implementing risk nature of the project (more than 25 individual projects and more
mitigation strategies. A comprehensive proposal was presented than 1000 individual contracts). It has the benefit of enabling
and accepted by the client, permitting the commissioning of our users to pin point specific risks without losing sight of the overall
group to develop and implement a risk management procedure project objective.
tailored to the requirements of Plan Barajas.
The process that we developed and follow for each level
Objectives (see Figures 1 and 2 on the following page) is as follows.
• Level 1: Global Project. The project as a whole is examined,
Project risk management is a fundamental element of the overall including its objectives and the potential risks to achieving
project management strategy. The principal aim of the process is those objectives. Risks identified and evaluated at this level may
to ensure that the project meets its objectives with an acceptable require a change in strategy or reassessment of the global cost/
risk exposure while providing value to the client. programme estimates. Any changes would then feed into the
principal projects. An example of a global-level risk encountered
Project risk management is most effective when applied early in is the potential for late approval of the environmental impact
the project life cycle, preferably at the outset of the project before study, an event that could possibly require a rescheduling of the
any significant commitments have been made. For Plan Barajas, work packages to ensure the new airport opens on time. Scenarios
we were able to develop a risk management process that identifies have been developed looking at the various options available.
and responds to potential problems with sufficient lead-time to • Level 2: Principal Projects and Interfaces. This level goes
avoid crises. into more detail by examining the individual objectives of each
primary project and how the project interfaces with the other
The principal objectives of this process are to:
projects. Risks identified at the project level may include project
• Enable a formal and systematic approach to identifying risks scope changes in the new terminal building to accommodate
and uncertainties that might impact delivery of Plan Barajas peak passenger flows following the introduction of the new
• Evaluate the probable effects of identified risks and large aircraft (Boeing 380X). Results from this analysis may
uncertainties to support risk prioritisation require changes to the individual contracts, timescales and
• Develop a targeted risk mitigation or risk removal strategy budgets or allowances against potential risks.