Pmbok Analysis

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.

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)

Removal is complex, and should (in many cases, legally must) be done only by a contractor with special training and licenses. Improper removal may increase the health risks to those exposed. In addition, the asbestos removed must be managed according to the state and federal asbestos regulations and a notification to the Environmental Protection

Moreover, there is no sufficient information provided in ASC 410-20-25-10 to determine the fair value of the ARO due to the uncertainty of LOI to require removing the asbestos. This also applies to two of the warehouses residing in areas with no laws in place requiring special handling and disposal of the asbestos on building demolition or renovation. Lastly, the remaining 13 warehouses with asbestos residing in states with special asbestos handling and disposal laws, LOI has owned and operated for more than 50 years only incurring just minor renovations and repairs and has no plans in future to make significant renovations or demolish except for minor repairs and maintenance. The problem with ARO is the presence of an indeterminate settlement data as in ASC 410-20-25-10.

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

All efforts will be made by the Project Manager to plan for and handle any risks. Continual risk monitoring will be done by the project manager throughout the projects duration.

Risk identification more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project. Some companies and industries develop risk checklists based on experience from past projects. These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team. The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying.

requiring LOI to remove the asbestos. Because it is not probable that LOI will be

Asbestos related illnesses will continue to be a problem until all asbestos and asbestos-like materials are banned. Given the abatement processes are costly and require special training, this proves to be a very difficult process.

Good risk assessment requires an elaborate plan. A risk management plan is a project management type that helps ensure that an organization reaches desired goals in a given project (Gibson, 2010). Like every plan, caution should be taken to make sure that goals of the assessment are achievable given the best accommodation of time and cost. This calls for organization to have a risk scope. Risk scope simply identifies the boundaries of a given risk assessment. This is

During an engineering project life cycle, the common risk management process (risk identification, risk impact assessment, risk prioritization analysis, risk tracking, and risk mitigation planning implementation) meet the required protocols for early and continuous risk identification. The first step, risk identification, brainstorms potential risks that may develop during the engineering system to include environmental or human hazards. The second step, risk impact assessment, clarifies and details the damage of the risk. The third step, risk prioritization analysis, creates a hierarchy of the risks and determines which risk needs to be addressed first then so on. The follow-on steps have two different paths, one path is risk tracking and the other is risk mitigation

Asbestos abatement organizations are very much furnished with different security gear's and different things keeping in mind the end goal to get free from the introduction of strands discharged by asbestos. So while you do need to remember your own security, you shouldn't need to stress to much while thoroughly considering going along with one of these organizations as wellbeing directions are set up. Be that as it may, get your work done on any organization you're thinking about working for, your security starts things

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

Advancing from level 2 to level 3 requires using a risk register. 'The Risk Register is a tool to assist Project Managers in identifying likely sources of risk and the impact they may have on achieving objective. ' (Government office from the North West,2008). The first step is a brainstorm session to identify risk that may affect the project. It is important that the risks are clearly defined so that the risk is understood clearly and can be tackled. Secondly, consequence and probability of risks need to be rated (e.g. 1-5) and define each rating by their impact or likelihood. Finally, multiply the ratings of consequence and impact, rank the risks from highest severity to lowest severity. (Government office from the North West,2008). Every risks should be assigned to a risk owner which is responsible for managing the risk, a risk response to minimise both the likelihood and impact of the risk and a target completion date for the mitigation. Regular risk reviews need to be done because risks might emerge or become no longer relevant constantly. However, the impact

The project manager working with the project team and project client will ensure risks are actively identified, analyzed and managed throughout the life of the project. Risks will be identified as early as possible to minimize their impact. This can be done using several ways like