Building A Diesel Electric Platform Supply Vessels Essay

1. Planning Risks: Inadequate time to plan, allocate resources and scheduling thoroughly for projects completions and budget parameters.

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.

risks and determine the likelihood and consequence of that risk occurring during the project. The

In getting all parties involved to work as part of an integrated team, the risk identification process would have involved a larger number of people and increased the identified sources of risk for the project. This fundamental relationship between project parties played a huge role in the success of the project with regards to time and cost. (Davies et al, 2009)

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

Many risks are interrelated. Analyze the following compound risk: Unstable requirements with tight budget will likely cancel the project. Discuss the dependencies that exist between the two risks.

This can range from the right timing to take a new job to timing being the difference between life and death for a patient. It is important to have rational thought in your decision-making process but in some cases timing is everything and you must be ready and willing to make a split-second decision because someone’s life depends on that decision. In other cases, it makes sense to take your time and carefully think about your options such as leasing a new building or planning for the next big construction project. Thus, the sooner risks are identified, the sooner plans can be made to mitigate or manage them. Assigning the risk identification process to a contractor or an individual member of the project staff is rarely successful and may be considered a way to achieve the appearance of risk identification without doing it.

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

Gray, C. F. & Larson, E. W. (2008). _Project Management: The Managerial Process_. Boston, MA: McGraw-Hills Companies, Inc.

the entire application life cycle and controls all Relion protection at all voltage levels. This

The first problem to be identified is the cross functional teams’ inability to communicate effectively. The purpose of a cross functional team is to put people with different

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

Lack of project management clarity: the planning activity had lot of material but lacked content, clear action items and lack of consensus on the milestones. The difficulties in the project only increased with time and a more performance driven style would have kept things on track if introduced early on.

The risk management plan is aimed at three key areas of the project; these areas most likely to be affect poor project performance are the budget of the project, time scale and the quality. These will need to be watched closely to make sure areas cause no risks to each other if this occurs it could have a negative effect on project completion.