Risk Management on a Satellite Development Project, Case Study help

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MUST BE ORIGINAL AND PASS TURNITIN.

Case Study 3: Risk Management on a Satellite Development Project

Read the attached case titled: “Risk Management on a Satellite Development Project”.

Write a six to eight (6-8) page paper in which you:

  1. Suggest the issues that could have developed had the team not had a risk plan. Determine the major impacts of risk that the team needs to understand for the project to be successful.
  2. Justify the value of risk plan considering the time, effort, cost, and resources it took to develop such a plan. If you were the project manager, recommend the approach that you would take to ensure the project met the critical path identified.
  3. Assess how to determine the level of risk management appropriate for a project.
  4. Imagine the team working on the satellite development project was a virtual team in which team members were unable to meet in person. Explain the expected impact on the project, and suggest two (2) ways the team could maintain its current goal in both planning and execution.
  5. Use at least five (5) quality academic (peer-reviewed) resources in this assignment.

Your assignment must:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Estimate project costs and associated risks associated with each cost.
  • Use technology and information resources to research issues in managing human resource projects.
  • Write clearly and concisely about managing human resource projects using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.

Case Study 3: Risk Management on a Satellite Development Project

Criteria

Unacceptable

Below 70% F

Fair

70-79% C

Proficient

80-89% B

Exemplary

90-100% A

1. Suggest the issues that could have developed had the team not had a risk plan. Determine the major impacts of risk that the team needs to understand for the project to be successful.

Weight: 10%

Did not submit or incompletely suggested the issues that could have developed had the team not had a risk plan. Did not submit or incompletely determined the major impacts of risk that the team needs to understand for the project to be successful.

Partially suggested the issues that could have developed had the team not had a risk plan. Partially determined the major impacts of risk that the team needs to understand for the project to be successful.

Satisfactorily suggested the issues that could have developed had the team not had a risk plan. Satisfactorily determined the major impacts of risk that the team needs to understand for the project to be successful.

Thoroughly suggested the issues that could have developed had the team not had a risk plan. Thoroughly determined the major impacts of risk that the team needs to understand for the project to be successful.

2. Justify the value of risk plan considering the time, effort, cost, and resources it took to develop such a plan. If you were the project manager, recommend the approach that you would take to ensure the project met the critical path identified.
Weight: 20%

Did not submit or incompletely justified the value of a risk plan considering the time, effort, cost, and resources it took to develop such a plan. Did not submit or incompletely recommended the approach that you would take to ensure the project met the critical path identified, if you were the project manager.

Partially justified the value of a risk plan considering the time, effort, cost, and resources it took to develop such a plan. Partially recommended the approach that you would take to ensure the project met the critical path identified, if you were the project manager.

Satisfactorily justified the value of a risk plan considering the time, effort, cost, and resources it took to develop such a plan. Satisfactorily recommended the approach that you would take to ensure the project met the critical path identified, if you were the project manager.

Thoroughly justified the value of a risk plan considering the time, effort, cost, and resources it took to develop such a plan. Thoroughly recommended the approach that you would take to ensure the project met the critical path identified, if you were the project manager.

3. Assess how to determine the level of risk management appropriate for a project.

Weight: 25%

Did not submit or incompletely assessed how to determine the level of risk management appropriate for a project.

Partially assessed how to determine the level of risk management appropriate for a project.

Satisfactorily assessed how to determine the level of risk management appropriate for a project.

Thoroughly assessed how to determine the level of risk management appropriate for a project.

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.

Weight: 30%

Did not submit or incompletely explained the expected impact on the project, and suggested two(2) ways the team could maintain its current goal in both planning and execution.

Partially explained the expected impact on the project, and suggested two (2) ways the team could maintain its current goal in both planning and execution.

Satisfactorily explained the expected impact on the project, and suggested two (2) ways the team could maintain its current goal in both planning and execution.

Thoroughly explained the expected impact on the project, and suggested two (2) ways the team could maintain its current goal in both planning and execution.

5. Five (5) References

Weight: 5%

No references provided.

Does not meet the required number of references; some or all references poor quality choices.

Meets number of required references; all references high quality choices.

Exceeds number of required references; all references high quality choices.

6. Clarity and writing mechanics

Weight: 10%

More than 6 errors present

5-6 errors present

3-4 errors present

0-2 errors present


Unformatted Attachment Preview

The following is the case study: Risk Management on a Satellite Development Project Introduction Proactive risk management is definitely one of the key advantages in implementing and using standardized project management practices today. We always have the balancing act of managing the triple constraint of cost, time, and scope, and on top of that, we need to effectively assure project quality and that we have enough resources to do the job. In this age, we are continuously asked to optimize our performance and “be more efficient”; often, this is because we simply have too much work and not enough people to do it. So, in practice, we work with risks every day—from the risk of not spending enough time planning to the risk of not having enough supplies, or even the risk of not running a thorough enough risk management program. Some time ago, I worked on a satellite development project that involved a lot of research technologies. There were many unknowns, with variables in the manufacture of components, integration of systems, working with subcontractors, tests, and other areas that made the project full of risk. Additionally, we were on a tight timeline for production and had only limited budget reserves available to handle cost overruns. Thus, we needed a practical way to manage and deal with the risks of the project. By systematically working with the risks of the project, we were better able to prepare responses to the risks if and when they occurred. Planning For our project, it was essential to have an integrated system and mechanism for risk management. Thus, at the outset of the project, during the planning phase, we developed our risk management plan and established with the team the process for dealing with not only risk but also any subsequent changes that could occur with the project as a result of the risk. This was done during a day-long clinic where we exclusively worked on developing this risk plan, as we knew our project was high risk and we wanted to make sure we could work with the plan. We developed criteria for evaluating probabilities of occurrence and impact for the risk and also for prioritizing risks. Furthermore, we researched and compared our methods to industry standards for risk management such as those from SEI®.16 Execution Once we had a solid approach for risk management in this project, we then went forward with the processes of identifying our project risks, analyzing the risks, developing potential responses for the risks, and deciding upon next steps for the risks. Our approach to all this was an integrated one, using a risk management database tool we developed as its cornerstone. This tool allowed for anyone in the project team to view the risks, enter new risks, and provide input for potential risk responses. An example of a similar type of tool is shown in Exhibit 10.14, where each risk is logged as a record in the database. The database allowed the team to have a single repository for recording and logging all the risks for the project, which was critically important because the risks in satellite development were constantly changing. Every other month, the project team would hold a risk management review, in which each risk would be discussed and any decisions on actions would be made. Typically, we would meet and review the risks logged in the database in this group setting, and the risk’s assigned owner would talk about the background of the risk, things that occurred since the risk was first logged (or since the last risk review), and what he or she felt the next steps needed to be. Project team members brought up other areas of the project that might have been impacted by the risk or new risks that resulted from the occurrence of the risk, or provided potential ideas for deferring, transferring, mitigating, or accepting the risk. The team also determined whether the risk decision needed to be elevated. Another reason we held risk management reviews was to make sure that the team was up to date with the overall project’s risks. Based on the criteria we defined in developing the risk management plan, the database tool provided us a prioritized report of all the project’s risks. That risk report was used by the group to make decisions about the project and look at mitigation strategies for the project as a whole. The risk management review provided us with an avenue through which we could work together to resolve the high-priority risks of the project. Often, the high- priority risks were related to overall project drivers, and it was essential to be as proactive as possible in managing those risks. Moreover, by examining and analyzing the project risks in this manner, potential risks for other related projects, in this case other satellite development projects, were also identified. The level of risk management necessary for a project can vary greatly. On the satellite development project, it was necessary to have a comprehensive program to address risk because there were many unknowns. We performed all our duties with the notion of understanding risk, and thus the risk management program addressed both the daily needs of logging and updating risks and the long-term strategic needs of understanding risk implications. However, for a smaller or more well-defined project, having such a detailed level of risk management may be unwieldy and difficult to manage. The key is finding the appropriate level for the project at hand. ...
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Tutor Answer

agneta
School: Purdue University

Running head: PROJECT RISK MANAGEMENT

Project Risk Management
Institution Affiliation
Date

1

PROJECT RISK MANAGEMENT

2

Introduction
Risk management is a very important practice in today’s job environment. This is true
when one considers the different jobs that one encounters on specifically while working on
projects. Risk management is more important in any project because all projects work on a strict
time line. This means that in case there is something that could make this timeline not to be met,
it would be important to make sure that the issue is addressed before hand. This goes a long way
in making sure that all the set timelines are met at any one point. This also helps the management
to be able to control a lot of other factors with a sense of being sure.
Issues that could have developed
If the project had been implemented without a clear risk management plan, there are high
chances that the following issues would have come up. The first and the most common is the
issue of over blowing the budget. This means that the project would have likely used more
resources than it was initially allocated for. Secondly, the time used would have increased
significantly. This is mainly because when risks are not planned for, it is likely that their
occurrence delays a project from the initial time line that had been given for the whole project.
Thirdly, it is likely that there would have been a very low morale in the implementation
of the project. This is because people are very unsure of many things and this makes it very hard
for them to be able to implement such a project with as much hype as they would have
anticipated (Thompson, and Sanders, 1998).). Lastly, in the worst case scenario, it is possible
that the project could never have been completed. This is a possibility that could occur if the
project had not been planned for adequately. It could have occurred if the risks were not assessed
well enough which would lead to their occurrence and crippling the operations.

PROJECT RISK MANAGEMENT

3

The major impacts or risks needed to be understood
The major impacts that the management needed to have in mind includes the time delays
that could be caused. Time is extremely important in such a task and it would be imperative to
comprehend the measure of deferral that will be brought about by the event of a specific danger.
This helps plan for the effect to the whole project. Second, it is important to understand the
changes in finances that will have to be implemented in case there is occurrence of such a risk.
Occurrence of risks often means that more money needs to be used and it would be very
important to account so these extra f...

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