Read the following case study and answer ALL the questions that follow: Bo explains, "Our dedicated risk leaders believed in the cultural impact of the Predictl software. A Fehmarn Belt Case Study mega-project like Fehmam Belt required a risk management system integrated into the organization, providing structure and cohesion." The next-generation transport mega-project connecting Europe He adds, "Risk management demands a behaviour shift. We ensured buy-in by delivering specific The Fehmarn Belt tunnel will comprise a four-lane motorway and two electrified rail tracks. It consists training with Risk Decisions for risk owners and department heads, embedding learning with doing. of 79 individual elements, each 217 metres long and weighing 73,000 tonnes, equivalent to 14,000 Next steps were to support and fine-tune any gaps to motivate and empower the team." elephants. Building the Fehmarn Belt tunnel will directly employ 3,000 people with many more in the Embedding risk as a positive force supply chain. The link means it will now only take 10 minutes to travel from Denmark to Germany by All strategic shifts involve challenges. Many organizations have a reactive approach to risk car and 7 minutes by train. The project opens up the Scan Med Corridor, 1 of 9 prioritised transport management. Fehmarn have had risk management on top of their minds from the onset, corridors within the EU. The Fehmarn Belt Tunnel contributes to the EU 2050 climate goals. implementing Predict! from the very beginning of the project. As the project evolved, so did Predict!'s A mega-project to transform the region capability. It is a never-ending process as the project and thus, the risks changes all the time. Bo Fehmarn A/S is breaking new ground in global transport systems with the Fehmam belt link. After a explains, "With previous mega-projects, risks were handled when they "appeared" from a decade of planning, the world's longest immersed tunnel will link Germany and Denmark and slash management perspective. The process lacked structure and management and meant mitigation journey times from 2029. could only be partly transparent and documented." Forty metres beneath the Baltic Sea, at 18 kilometres, it is Northern Europe's largest construction Implementing Predictl embedded risk thinking into processes and systems essential to managing project with a construction budget of over 7 billion (\$8.2 billion). Critically, this mega-project has timings. As Bo explains, "Anything that could postpone the project and disrupt the critical path and been designed to drive new levels of sustainability, efficiency and economic opportunities for the schedule is a risk. Putting a cost on risk makes people listen and time is often the most expensive region. part of projects at this scale. Yes, there are other risks, but the single most important factor is Developing a risk strategy anything that interferes with time." The Fehmarn executive management team, led by Bo Nygaard Srensen, Risk Manager, set out key project goals for risk management process and culture: Bo's further cultivated a culture of positive risk with risk owners, "Everyone's invested in this project An easy to use, integrated and dynamic risk register together with a full risk picture across the megabeing a success, so we don't see risk as a negative," he says. "Instead, it's important to identify. project. Develop a risk index to identify categories, manage and mitigate all risk in a structured, mitigate and work with risks. Of course, historically, it has been seen as an admin burden, but now transparent and timely way. Underpinning this was an adherence to Danish government regulations we show risk owners how it can be seen as the line of success running through the project." and compliance. Establish an agreed level of risk management competency and knowledge across all Femem A/S employees. Leading a culture of risk management Capture all internal and external risks via Predict! to provide a real-time and accurate view of Predict! provides an essential framework for Fehmarn's mega-project as, after ten years of planning, exposure, together with treatment plans. Drive thinking, strategies and culture with robust, regular the main part of the construction starts. reporting. For Bo, embedding risk management across the organization "ensures we do the work we're Growing risk maturity supposed to do." Tying risk effectiveness back to core organizational values was a key Fehmarn A/S engaged with Risk Decisions right from the outset; using the integrated Predictl risk implementation strategy and a significant win for Fehmarn and Risk Decisions' collaborative database and Monte Carlo analysis platform to inform the decision-making on whether to build an approach. "Continuous improvement is a core value for us. With Predictl we can demonstrate immersed tunnel rather than a bridge. governance, oversight, and management across all risk touchpoints to the board. And how this leads The Fehmarn A/S team were committed to leading a risk positive culture as risk maturity in to continuous improvement," says Bo. "It gives complete confidence to the executive management construction evolved. Using a software programme like Predict! for the first time meant shifting from team and reassures everybody that the framework works, as it should. Ultimately, it delivers the spreadsheets to a flexible, integrated tool. results they want to see." QUESTION ONE [40] 1.1 Discuss the 6 W's in relation to the case study above. (15) 1.2 In terms of Fehmarn Belt Tunnel, discuss some of the uncertainties that can exist in the life cycle of a project