Altex Corporation Essay

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

In the 1890’s, J.P Morgan was famous for helping the government out of the Panic of 1893. While doing this, he made a lot of extra money in the process. This caused a lot of negative controversy in the public, and the people began to doubt the government's liability. From the book Grover Cleveland, a Study of Courage, the author comments, “hard handed Americans believed that Cleveland... had sold the credit of the republic to the Morgans… and had pocketed a share of the price. Their vituperative anger was additional evidence of a sectional and class bitterness”(Nevins 665). This shows the side of the story from the perspective of an American citizen. On top of that, Morgan refused to tell the public how much money he made from helping the

When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

Identifying risks is an essential component of planning a large project. A thorough risk analysis is necessary to identify potential issues to the endeavor and assess the probability of therisk occurring, along with the impact on the project if the risk occurs (PMI, 2013). A thorough assessment of the impact that the project will have on the organization should be completed to evaluate the risk of the project, in addition to the impact the project will have on the organization. The risk assessment tool used in Appendix C illustrates the impact this expansion project will have to stakeholders and the organization.

Allison’s boss, Henry Larsen. Because this is a process which should occur prior to project planning, it serves as the foundation of all processes to follow. The inception of the Orion Shield project was founded on shaky ground. An ethical issue displayed itself from the very beginning when Mr. Larsen coerced, beyond comfort, Gary to accept and issue a dishonest statement regarding the successful functionality of the product. The scientific evidence, realized by Gary, suggests the inability of the Shield to operate successfully at the temperature range provided as a necessary measure by the customer, Space Technology. When a project manager does not support the project it is responsible for, the project will inevitably fail. With faith in execution comes the driving force perpetuating a project forward in compliance with milestone achievement. The process of planning seems to be almost completely non-existent in this scenario. Here is where roles of team members are defined, a scope is drafted and agreed upon by all involved stakeholders, and contractual metrics are realized and mapped out. There are various tools and techniques

Autotech company is an automotive manufacturing and supply company. It has started its business as a family business. Nowadays it is one of the fast growing automotive companies. Currently it is facing complex operation of its business as it keeps all records such as billing, inventory, personnel, customers, products, stock, financial etc. in hard copy format such as files, note, books etc. It is very tough to maintain files, papers, notes manually for an extensive time, which is time consuming, costly as well not accurate as paper work is required more time and their maintenance cost is more than soft copy storage and maintenance. As per my point of view, Autotech needs to develop Information Systems in its business to make easy and

The risk management plan should be a part of the proposal phase. The project manager was not included into the planning until after the contracted was awarded form the military. If the project manager had been a part of the proposal stage, modifications could have been implemented based off of actual data. This goes back to Devin Dean’s video from the previous weeks. The sponsor did not give the project manager the full picture until after the company was trapped in a contract. It is obvious that the sponsor kept the project manager out of the process to avoid conflict. I think Altex would have been more open to receiving a risk management plan if they were the ones funding the project. The sponsor was willing to cut corners because it is not his money. That is

Moreover, this further supports our recommendation for Atlantic to proceed with this acquisition as it will obtain one of the best mills for a cheap initial cost ($319m compared to the construction cost of $750m).

231). It is important to analyze project risk to improve project performance. Therefore as part of this case research and recommendations, an exploration of PMI’s six-stage risk process as outlined in the PMBOK Guide (2008) will be conducted as it relates to risk management alternatives involved with the DIA development with a specific focus on its implementation of an automated area-wide baggage handling system. To evaluate the success of proposed solutions, each stage of the process is presented as an alternative analysis to establish a basic framework of how risk management is approached for this project and the suggested tools utilized to accomplish its overall structure as: (1) risk management planning; (2) risk identification; (3) risk qualification; (4) risk quantification; (5) risk response planning; and (6) risk monitoring and control. Finally detailed recommendations are specified and conclusions drawn that should be implemented with an evaluation process to measure the success of the case review based on the risk analysis presented.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

The point that Kippenberger (2000) is making in his article titled ‘there’s no such thing as risk free project’ is that almost everything we do in a project involves a risk of some kind – by so saying, it is therefore essential that we are prepared or able to deal with risks. Most literature puts emphasis on the negative connotation that the word ‘risk’ carries. For instance, Chapman and Ward (2003) provide the meaning of risk as: hazard, chance of bad consequences, loss, and exposure to chance of injury or loss. Galway (2004) defines risk as an event which is uncertain and has negative impact, and similarly, Martin (2008: 38) defines risk as the ‘chance of something occurring that has an adverse effect on the project’. This negativity highlights the fact that problems can occur or things can go wrong and it is therefore important to have a systematic approach to managing them. Therefore in project management, risk management is necessary to increase the chances of the proposed project succeeding.