Description
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:
- 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.
- 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.
- Assess how to determine the level of risk management appropriate for a project.
- 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.
- 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 |
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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. |
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 |
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Explanation & Answer
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...