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Project Risk Management Essay

2056 words - 9 pages

PM 595-Project Risk Management
November 2010-Section A
Project Part I

Grayson Cash


Identifying Project Risks

The process for risk identification for a second Oresund Bridge would involve plan for risk management. This would involve first the secure risk management plan in place. This would involve meetings to clearly define the scope of the project. A second bridge and its usefulness, cost, and scheduling will be primary factors of interest. But another area would be in the enterprise environmental factors. These factors specifically are organizational structure, government/industry standards, infrastructure*, existing human resources, company work ...view middle of the document...

Categorizing Project Risks

The categorization of project risks is aforementioned. Categorization should be based on scope, schedule, and cost. Yet it should journey further in the areas of technical issues, project management risks, organizational risks, external risks, historical information, project files, and published information. With respect to the project, the technical issues would have to do with the design and production of the bridge with respect to the current one. Efficiency, traffic, and structure will be focal points of interest. The project management risks are what could go wrong within its process of planning and control processes to monitor and maintain tasks. The organizational risks for the second Oresund Bridge would be resources and lack of top-level management support that could be a factor. The external risks would have to do with the economics surrounding the business or global interests. In the first project funding was in the form of a loan to be paid back over 25 to 30 years. With the global economy in 2010, this might be an issue when funds could be utilized in other areas. The lessons learned will be useful as in the first project they were able to deliver 5 months ahead of schedule and under budget. The project files could be useful but technical information in manuals would probably be not as useful as we are creating a project not necessarily in a manual.

Ranking Project Risks
The ranking of project risks would be the use of quantitative and qualitative analysis, sensitivity analysis, a decision tree, and a risk matrix. The usefulness of the risk matrix would be to assist in knowing the probability rating assigned for each risk whether it is under scope, schedule, and cost. With respect to the project every risk noted above would fall into a ranking of probability. Once that is completed, we could look at its sensitivity to analyze the sensitivity of risks affecting the risks noted. From there we could do further quantitative and qualitative analysis. These analyses will ensure we could whittle down the risks to an even lesser amount of risks to address an account for. The decision tree would allow for a visual for where we want to do in direction should events arise and how we could address it. The ranking is thus important for many reasons but overall mostly to deal with risk before they should arise.


Identifying Key Decision Paths & Options

Identifying key decisions and paths for the Oresund project start with identifying the goals and objectives by determining the best possible outcome. The process should begin with a WBS to assign estimated time to complete activities listed. Then the estimated based on prior project experience along with historical data to help shape the information gathering. Reviewing the historical data and lessons learned will serve as a template for the process. A checklist based on what was gathered in the first project...

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