Risk Management Essay

1055 words - 5 pages

Risk Management
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Risk Management for a Satellite Development Project
When a project manager talks about a project risk management plan, what comes in the participant mind? The list and document that have a number of foreseeable risk, estimated level of impacts as well as the established responses to issues. This establish the risk assessment matrix which help to assess the level of impact as it occur. The risk is an event that has a positive or negative impact to a project and is inherent to any project. The plan contains analysis of risk as a high or low impact as well as the mitigating strategies that aid in meeting the schedule of the project. The ...view middle of the document...

The other event is lack of communication. Lack of plan hinder communication as the project team may face the risk but be unable to communicate to the project manager. This may lead to project failure as the manager is not aware of the risk facing him. Each risk has its threat and opportunities, where prier plan lacks, the team risk the chance of not exhaustively identify the issues in case of occurrence (Wheelwright, 2010).
Risking the chance of being overwhelmed thus the delay in delivery. In case of occurrence, if the plan was not in place, the project will face the risk of association of the responsibility. A plan attaches responsibility to specific members, where it lacks there will be no one to hold accountable to the occurrence of the risk as well as its impact. Finally, we have the risk of improper prioritization of activities. Where the plan lacks the team will not be in a position to put the activities in such a way that they mitigate the chances of occurrence (Wheelwright, 2010).
Value of risk plan
The plan have a commitment of cost, effort, time and resources, thus for it to be effective it should deliver value to the project. An effective risk management plan should deliver optimal value that includes the following among others. Assisting project completion at a quicker pace as well as at a cheaper cost is one of the values. This is due to that risk assessment and mitigation plans shorten project learning curve as well as saving project from failure. The other value is prediction of the project future. The management process of the risk is more predictable as results are seen. The activities, resources to mitigate risk are known thus a more stable future.
The risk plan also saves the effort as well as cost through proactive management (Wheelwright, 2010).
This is facilitated by the ability to control scope more effectively and management of risk. The other value is better solutions as the gap between the expectation and the actual project work is harmonized. Also the project risk problem is mitigated before occurrence as well as more quickly as time and energy is committed to dealing with the problem. The...

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