Risk Management in a Satellite Project - Essay Example

? RISK MANAGEMENT IN A SATELLITE PROJECT INSITUTION Introduction The importance behind risk management can hardly be over d. For a company to be successful, the fundamental steps in laying out the way to follow in doing business must include how the risks involved must be managed. If well managed, the way of doing business is hardly affected by the risks involved in the business. In fact, risk management techniques help in improving the strategies of doing business because the parties venturing are more cautious in all undertaking they involve themselves in. It is always important for a company to lay down procedures of dealing with these risks. A well designed project must have additional different programs stating how the possible risks are to be handled. These programs are very useful s thy gives us guidelines with different options on how to handle different kinds of risks. Templates can be fixed in these programs as a guidance to project manager as they state how the available risks are handled in reference to the project policy. One of the key significances of risk management in a project is the proper identification of all possible risks. It is always difficult to deal with a risk if it is yet to be identified. The risks evaluators are always encouraged to be thorough and accurate as well, this is met through overall analysis of the project and all undertakings in and around to facilitate their address in time. When the identification process is completed fully, it creates appreciation and lessens doubt (Committee on science, 2007). Purpose This article has detailed information which can help project managers or project teams in their efforts to manage the risks associated in their scope. These guidelines entail the following: Providing tools and techniques in risk management Providing consistency in the methodology used risk management The guidelines provides the relevant information in the risk management process Avails the data required in for both output and input analysis methods in risk management In a satellite project the management should fully understand the project by analyzing the procedures used by other successful projects undertaken by other organization. The cost should be evaluated, satellite projects are quite expensive and they require adequate fund either by big organizations or governments in the aim of laying down a foundation in their research methodologies (Kloppenburg, 2012). Cost base estimations Base cost refers to the reasonable cost if all material costs of a project are well calculated. Time should be apriority in as far as this subject is concerned. Regardless of the project being processed, the project management team should make correct timing to ensure that the project is not harried up by time limits. All projects are carried out to improve the performance of a certain field or sector; in other words they are carried out to facilitate growth (Roper, 1999). Resources Resources used in the setting up of the satellite project should be significant to the benefits associate with the products benefit. This means that the project should bring more it consumes in terms of resources. The project management team should use minimum resources in terms of cost of buying the technology used, total materials used, human resources should be considered too (Roper, 1999). Risk based estimation in a project This involves both simple and complex models which are related to schedule, cost, and all undertakings within a project. It makes use of both analytical and historical data techniques to lay down technical judgment in the process of project development. The cost and the cost associated in the process of implementing the project proceeds. Analysis of risk elements (threats or opportunities) is later applied and defined in relation to base cost to make ranges for the project schedule and base cost (Kloppenburg, 2012) The following are the values provided by project management Promote project success It helps in the determination of future uncertainties and provides solution to such issues It ensures that over heads are minimized and time is well utilized Facilitate senior management in understanding the whole project because risk evaluations is met by detailed evaluation of the project It influences innovation and creativity Challenges which may face virtual team members and how to handle them The greatest risk that is likely to occur in this kind of a situation is poor coordination. The members’ teams have to be one so that a project is driven to its success. The analytical processes in the risk management process I very crucial, and at this point all the members or the satellite project members have to be present to ease the task because each individual will have the responsibility to thoroughly analyze his/her share. Poor coordination would lead to the team incurring more time and cost in analyzing the risk involved in the project. The team can meet its target by either employing n external party to perform the risk management task and come up with all the risks in the satellite project or design a means where they are going to network and have efficient communication among the team members (Committee on science, 2007). Conclusion Risk management in all projects is integral and should be in the heart of the project implementing team. This is because of its role in scheduling and cost estimation. All the steps should be considered that is: risk management plan, identification of the risk, qualitative and qualitative analysis of the risk, planning for the risk response, and risk monitoring and control. Carrying out risk management is not difficult, the only challenge is coordination among team members and the scope will be excellent where he project will come to a success References Roper, C. A., (1999). Risk Management for Security Professionals. New York: Butterworth- Heinemann, Committee on science, (2007). GAO report on NOAA’s weather satellite program: hearing. Washington: DIANE Publishing Administrative and Engineering Publications, 2010. Retrieved on 24th November 2011 from: http://www.wsdot.wa.gov/publications/fulltext/cevp/ProjectRiskManagement.pdf Kloppenburg, T., Nkomo, S. (2012). Human resource project management. (2nd ed.). Mason, OH: South-Western Cengage Learning. Read More