Nobody downloaded yet

3: Risk Management on a Satellite Development Project - Case Study Example

Comments (0) Cite this document
The risk management plan is a critical tool in the management of projects and demonstration of the advantages involved in the creation and adherence to project control. The plan provides an outline to address all conflicts of interest among stakeholders.
One of the implications…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.3% of users find it useful
Case Study 3: Risk Management on a Satellite Development Project
Read TextPreview

Extract of sample "3: Risk Management on a Satellite Development Project"

Download file to see previous pages Contractor’s estimates for the requisite resources were inflated and inconsistent (Kloppenborg, 2014). The engineering costs have been exaggerated while the project philosophy required replacement of gross maintenance and reduction of engineering requirements within the minimum focus points.
It is possible to lose control of the changes to project scope. Unworkable and meaningless project processes and schedules with impacts through proposals for changes that are gauged. The contractors do not use effective planning strategies that focus on becoming scope reducing elements for the necessary elements adopted by appropriate approaches. The risk plan identifies the scopes of work based on the differential places (Aven & Vinnem, 2007). Absence of a project risk plan means that the project organization lacks a reflection of requirements developed with the work.
The plan engages all aspects of the process of execution of works for rescue situations. The fact that project owners are not in a position of revoking contracts; contractors have executed projects without employing any form of cost-savings and mitigation strategies (Ruhe & Wohlin, 2014). It is recommended to have a project risk management plan to facilitate the audit and analysis processes.
Risk management plans facilitate project success through the establishment of comprehensive lists of external and internal risks. The plan includes identified risks, proposed actions, probability of occurrence, and potential impact. Low-risk occurrences have minimal impacts on cost, performance or schedule. Moderate risk exposures cause an increment in costs while disrupting the schedule and degrading the performance.
For purposes of ensuring that the projects run efficiently, effective project risk managers communicate plans to all project sponsors, team members and stakeholders (Ruhe & Wohlin, 2014). The focus sets the expectations among the people providing funding as well as the affected ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Case Study 3: Risk Management on a Satellite Development Project”, n.d.)
Case Study 3: Risk Management on a Satellite Development Project. Retrieved from
(Case Study 3: Risk Management on a Satellite Development Project)
Case Study 3: Risk Management on a Satellite Development Project.
“Case Study 3: Risk Management on a Satellite Development Project”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Case Study 3: Risk Management on a Satellite Development Project

Risk Management

..., the company has to contend with other factors beyond its control such as the growing interest in cable TV and seasonal nature of its cash flow. As regards these risks, the company can do very little as they cannot influence the market or change the consumers’ spending habits. This requires the company to assume risk and instead focus on its internal efficiencies to ensure proper utilization of the seasonal revenues as a means to increase this revenue to cover operation during off peak months. References Hamilton, A. (2004). Handbook of project management procedures. London: Thomas Telford. Sadgrove, K. (2005). The complete guide to business risk management. Aldershot, Hants, England: Ashgate Pub.... ? Risk...
4 Pages(1000 words)Case Study

Risk Management and Risk Management Strategy

...powerful competitor in the sphere of electricity. PowerCo operates in a changing environment of electric industry. In order to compete within such kind of a hostile environment, personnel should be well-trained and be able to meet the needs of international customers better than their rivals. Therefore, risk management in PowerCo is oriented on human staff development. This approach is relevant to the modern anthropocentric scientific and management paradigm. Works cited 1. Crouchy, M & Mark, R 2006, The essentials of risk management, McGraw-Hill Professional. 2. Fombrun., 1984. Strategic human resource management. New...
12 Pages(3000 words)Case Study

Risk Management (article Critique)

..., contingency planning and risk acceptance. The project plan of CITS largely ignored these aspects of risk mitigation and hence faced serious obstructions to the project due to attrition of key people and reluctance of end users in the data entry process. The documentation by CITS doesn't even include the project risk management part of the overall planning (Rodrigues. and Govinda. 2003. 46). Hence, the CITS was greeted with multiple surprises especially due to the people specific issues. The attrition of the system analyst at a time when the decision of developing the MIS in-house was taken recently must...
4 Pages(1000 words)Case Study

Security Risk Management

...SECURITY RISK MANAGEMENT: LOSS PREVENTION PROGRAM IN KUMTOR OPERATING COMPANY Risk Avoidance, Risk Transfer, Risk Retention and Risk Reduction are the four common strategies which guide "Risk Management". Discuss how in your own work environment, you could utilize these concepts to develop and monitor a Loss Prevention programme. Introduction As we all know, Risk Management is a well thought out and calibrated action taken to reduce or manage an intangible aspect of reduced risk through meticulous...
14 Pages(3500 words)Case Study

Risk Management Case Study

...the resources of the operation in such a way as to maintain an acceptable level of risk. This in turn should generate a corresponding level of return that will allow the goals of the operation and management to be achieved. The use of time, financial and other resources to effectively manage the risks so that goals can be achieved is the risk management. Risk management comprises of risk assessment and risk control. Assessing Risk is identifying and analyzing risk. Controlling Risk is taking steps to reduce...
14 Pages(3500 words)Case Study

Risk Management

...platforms. It enables users to model the prediction estimation and decisions about situations using complex algorithms. It costs £2,000 as the normal price. This software has a user graphical interface where the analysis model is a combination of several models such as Bayesian networks, simulation and spreadsheet-like analysis. AgenaRIsk is a vital tool in project risk analysis, testing hypothesis, carrying out statistical analysis, controlling the quality of a system and in developing expert systems. This tool is only applicable to Boolean nodes and ignores AgRisk This software was developed by Ohio State University. The risk automated tool was...
5 Pages(1250 words)Case Study

Risk Management

...Case Study: Risk Management Case Study: Risk Management In his article, the Response to Hurricane Katrina, Donald Moynihan critically examines how the involved parties acted in response to the Hurricane Katrina (Moynihan, 2009). Moynihan cites that the overall response to the catastrophic event was unsuccessful, owing to a number of key factors. He explains that the involved parties had not prepared sufficiently, though the calamity did not occur exclusively as a surprise. Moynihan explains that these parties received prior warning signs and could have reduced it devastating effects had the involved teams responded quickly. Experts cite Hurricane Katrina as being among...
2 Pages(500 words)Case Study

Information Security Risk Management

...face internal as well as external actor, which create uncertainty for organizations in achieving the objectives. Hall (2010) called that the risk management was a hybrid function that had bridged the number of disciplines to reduce or avoid loss for organizations. Proactive activities are attempted to mitigate or prevent loss in the organizations. Risk management techniques to identify and prioritize risk factors Tavakkoli-Moghaddam et al., (2011) used the compromise ranking (VIKOR) and fuzzy entropy techniques in engineering, procurement and construction projects. Separate techniques for risk identification and...
2 Pages(500 words)Case Study

Risk management

...Phase 2 Life related risks require life insurance for the whole family. Jane is earning approximately $75,000 a year. In caseshe dies, no one will be bringing food on the table. She needs to take 4% of the annual earnings and invest it as her monthly insurance. That will account for $1,875. If Jane dies, it means that the family can withdraw 4% of $75,000 every month and never run out of cash. That can help cover the kids and the husband. As time goes by, Jane will also need to consider projecting her annual spending and calculate 4% of it. She will then need to subtract that from her total assets and liabilities and invest the balance as her life insurance. The second part involves the liability...
3 Pages(750 words)Case Study

Project Risk and Procurement Management

...Management Module: Project Risk and Procurement Management Title of Assignment: IDENTITY: @00403502 Course Leader: Dr Dairazalia Sanchez-Cortes Submission Date: 6th November, 2015 Abstract Table of Contents Abstract 3 Table of Contents 4 Introduction 5 Potential Risks 5 Dealing with risks 7 Conclusion 11 Bibliography 13 Introduction Global sourcing is a significant factor of consideration for the entire management team of an organization (BOŞCOR & BĂLTESCU 2014). Such is because ignorance of this factor may have devastating effects on the operations of a company. Hence,...
11 Pages(2750 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Case Study on topic Case Study 3: Risk Management on a Satellite Development Project for FREE!

Contact Us