Dq 5 Planning Budget With Risk

930 words - 4 pages

Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan? Give an example of a situation in which you believe a highly perceptible risk response plan can be created. For this example, list the possible risk responses and give reasons why you believe that the risk response plan would have a high impact on the project plan. How would you manage the changes in the project plan?
According with Wysocki (2009) a project is a sequence of unique complex interconnected activities with one goal or purpose, which must be completed by specific time, within budget and according to a project scope. The ...view middle of the document...

Sanghera (2010) points out the possible effects that risk might generate into the above statement:
1. Project Scope: It may be that a certain specification standards defined at Scope of Work might not be fit to the current environment. Couple years ago as part of project to reconstruct a water treatment plan in Mozambique with the engineering and design project donated by the Japanese government the foundations structures were all tailored for seismic and earthquake situations. We had to add the all design to the Mozambican standards
2. Project Schedule: It will always be impacted as it is one area profound affected with risks, especially the activities at critical path were a direct hit might delay or anticipate the project completion. On same project as above we had to revise the all technical specs and re-issue new drawings, go through all the necessary approval process before being issued to the contractor for construction, such had a direct impact has the revision of the project was part of the critical path
3. Project Cost: Whatever alter to a project due a direct impact of a risk will definitely impact the budget amount for it, and going with the same example, the project had to be revised and an opportunity was created has we have managed to reduce the total cost on the construction by removal almost 35% of the cost steel used, which constituted a saving for the project and was added back to the contingency for any other unusual and unplanned activities.
4. Other such as the human resources, where the lack of a certain tradesmen and operators (considering the civil construction industry) my hamper the development of the project. A well human resources plan has to be generated. In Africa there...

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