Lessons of Valujet 592

Many types of risk are created – risk to the project, to the organization, to the employees involved and to the individuals supporting the change.

mitigation strategy for each risk. Kaplan and Mikes (2010) noted in the case study that Lee explained

The risk-management plan then starts by identifying each of these sources, their magnitude, their relation to the various design stages, and their possible effects on cost, schedule, quality, and performance. The next step is to look for modifications or alternatives that would permit risk reduction. The thoughtful selection of computer language or operating system may reduce some of the integration risks. If management decides to develop a new software package, contingency plans that cut expenses and development time at the cost of lower performance should be prepared. These plans are used in case the undesired event takes place. By preparing a contingency plan in advance, time is

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.

When implementing project 1, you face technical and market risk. How would you assess the risks embedded in Project 1?

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.

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

At times, it is easy to miss the bigger picture. Time is spent wasted on “more important” things that seem to fit one’s personal opinion. In the case concerning the bombing at Port Fourchon, energy is spent wasted on possible terrorist threats, or the possibility of underground groups being behind the initial attack. The safety checklist is the underdog of the situation. It holds the maintenance records and the information about things that happen behind the scenes. It is easily overlooked or dismissed because it seems to have a lack of relevance regarding the bombing. It is mundane and seemingly insignificant. Due to time restraints, looking for the culprit of the crime is put at the top of the list. Also, since it is a successful company that suffered, it is almost expected that safety or maintenance problems would not even be an issue. Finally, because of the diverse natures of the two events that occurred, it

Before Risk Assessment can be addressed we must first briefly discuss Risk Management (RM), the framework of which is where risk assessment resides for the United States Army. The Army uses RM to ensure mission accomplishment in current as well as future operations and applies to operations and non-operational activities (Department of the Army [ATP 5-19], 2014, p. 1-1). The Army process of RM utilizes five steps as part of its holistic approach to mitigate risks, but because this paper’s focus in on the Risk Assessment of the management solutions identified last week, it will only focus on the first two steps of RM, Identify the hazard and Assess the hazard.

A prominent news story such as a safety scare- If you are planning to start off a certain project, and people say it is similar to another project that has been having mixed reviews, or bad reviews, then a safety scare could be an implication of what could happen to the project. You can avoid having a prominent news story by starting off a fresh project, that is both original and at the same time not too similar to most other projects out there. Also, to avoid a safety scare within a project, the security must be used efficiently, and it must be able to fight off nay safety scares that can happen, and stop all types of risks to the project.

The “Vasa Capsizes Case Assignment”, is a project management case. We’ll find that if the project leader used many of the project management tools used in today’s projects the Vasa probably would have made numerous voyages for the Swedish fleet. However, because of the lack of a clear written procedure when deviations to the ship building process occurred, no risk analysis and action plan if the risk occurs, along with no project progress reporting the Vasa building team failed and the Vasa sank.

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

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

With the aviation industry exponentially expanding it is essential to ensure that those safety standards which are in place are working effectively. It is primarily the responsibility of the Chief Executive Officer (CEO) to ensure that his or her airline is not only profitable but is also safe. The balance between production and protection is a fine line and as such there need to be systems in place to ensure production is not outweighing protection.