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Risk Management Essay

888 words - 4 pages

“Risk Management on a Satellite Development Project”
Case Study #3
Tammie Y. Harris
Professor Dr. Mary Hair Collins
Managing Human Resource Projects- HRM517004VA016-1128-001
December 5, 2012

1.) Suggest the issues that could have developed had the team not had a risk plan.
The prime factor of project team failure is poor overall initial planning. When unrealistic goals are set, creating a chaotic working atmosphere there is nothing but sheer failure in the near future. There are two causes for team project failures; overdue/missed time standards, and going beyond set financial plans. With the interpretation of day-to-day basis risk assessments into team developed ...view middle of the document...

Also, with unclear position and roles for the project team, it would be hard to accept clear directions, creating room for chaos, knowing that there are too many chiefs and not enough Indians. (Duncan, 2012)
2.) Justify the value of risk plan considering the time, effort, cost, and resources it took to develop such a plan.
When the time of a project is effectively planned, that is pretty much when the risk management plan should kick into place. The purpose of a risk plan is to be proactive, preparing the project team for unforeseen circumstances. When the risk management plan is properly executed, any problems that do occur should be simply run over, not causing a delay in the trip, form a harmonic trip. The risk management plan simply plans for the worse, preparing from all aspects of the project being executed. With executing a risk management plan, there first needs to a well-defined, illustrated project, leaving no room for misinterpretation, assuring that all project team members understand their set goals and guidelines. When the risk plan is first initiated properly, then everything else falls naturally into place. (Fleming, 2012)
3.) Access how to determine the level of risk management appropriate for a project.
With determining the level of risk management appropriate for projects, it takes sheer comprehension of the project to further analyze it. With such projects there needs to be set goals/guidelines, detailed illustrations (mental and physical), and in depth relations with the project, understanding the project so much, that you can relate to it. With direct relation to a team management project, this indeed opens the door for success.
4.) Explain the expected impact on the project and suggest two (2) ways the team could maintain its current goal in both planning and execution.
In order for a project to succeed,...

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