Risk Management on Satellite Project - Research Paper Example

? RISK MANAGEMENT ON SATELITE PROJECT Introduction Proactive management of risk is a crucial benefit in implementation and use of standardized practices of management of a project today. Always a balancing principle manages the three challenges of time, aim of the project and expenses. Similarly, teams must effectively ensure the quality of the project and that they have adequate resources to implement the project. In the modern era, teams are required to continually optimize their performance and increase their efficiency because they have more work and few people to implement the project. Therefore, teams are working with risks daily, ranging from risks of inadequate time spending on planning to threats of inadequate supplies, as well as risks of not operating through adequate program of risk management. Discussion The paper explores the advantages of establishing a risk plan in a project (satellite development project). Risk plan is crucial in any project implementation because it enable the team to predict and manage any potential risks that may constraint the development, running and implementation of the project, (National Research Council (U.S.) & National Research Council (U.S.), 2005). Issues that could have occurred if the team did not develop a risk plan The development of the project involve various challenges, with variables such as the component manufacture, systems integration, dealing with subcontractors, checkups and various factors that fill the projects with risks. Similarly, the team was on the right production timeline and had inadequate available budget resources to maintain cost overruns. Therefore, if the team did not develop a risk plan the members could not be able to manage the project risks and prepare better reactions to potential risks of the project. Dealing with projects risks, challenges, and subsequent alterations that occurred within the program due to risk could be difficult without a risk plan. Managing, project time, strengths, efforts and resources could also be difficult and ineffective without a risk plan. Risk plan enable the team to create a criteria for assessing occurrence possibilities and effects for the threats and for risk prioritization. Without the risk plan, the team could not be able to identify the risks of the project, analyze potential of developing risks and make decisions upon the required measures to take in risk management. In other words, risk plan enabled all the team members to view the threats, enter new threats and offer solutions for potential reactions to risks. The risk plan significance For the success of the project, it is crucial to create an integrated strategy and system of risk control. Therefore, a risk plan serves as a tool for identifying and solving existing and potential risks of the project. Risk plan is fundamental for project implementation because it enable the team to predict and manage any potential risks that may constraint the development, running and implementation of the project. Risk plan is a progressive, forward-looking procedure, which is a critical part of project and technical process of management. Risk plan is crucial to address that concerns that could ruin or constraint the achievement of crucial project objectives. A risk plan adequately anticipates and solves the threats and challenges that have substantial effects on the projects. Risk plan is crucial management tool to ensure efficient time management during project implementation, effective resource use to ensure project completion within limited budget and wise channeling of efforts and energy towards effective project management and success reduction of project risks. Risk plan allows cost reduction, effective teamwork and effort scheduling and avoidance of technical risks. It serves as a crucial strategy for project continuity control and a tool of recovery of disaster. Determining the level of risk management appropriate for a project On the development project of satellites, the determinants of management risk level include a comprehensive program that will deal with the risk because there are number of unknowns. By performing all the responsibilities of the team with the aim of realizing the risk, the risk management mechanism will address everyday requirements of logging and checking threats as well as long-term significant requirements of comprehending the risks of the risk. Nevertheless, for a smaller and comprehensive program, conducting a detailed risk management level could be difficult and unpredictable thus hard to manage, (Heldman, 2005). Experts agree that this is crucial in determining the right level of the satellite project. The expected impact on the project if team members were unable to meet If the team members were unable to meet as they do, they would be unable to carry out proper planning and execution of the project. First, they would not hold open discussions to discuss, analyze and mitigate projects risks in logged database. Without close and one on one meeting decision-making is hard and thus project implementation and execution may be difficult and time consuming, (Chapman & Ward, 1997). The main aim of meeting is to review and update the project plans, identifying new threats to the project, identifying new reaction means and strategies. Monthly meetings allow sharing of ideas to allow deferring, mitigating, approving and solving the risks. This would be impossible without meeting together as a group. Meeting enables the team to evaluate the right risk decision required and ensure the team is active and updated with overall plans and risks of the project. Ways the team could maintain its current goal in both planning and execution Adopting technological and online risk management plan will allow the team to maintain effective planning and execution of the project, (Kerzner, 2001). Online database mechanisms could provide the team with a prioritized report of the risks involved in the projects. The virtual group to make crucial choices and plans concerning the project and decide the mitigations means for the entail project will utilize the risk report. Secondly, constant review (at least weekly instead of monthly review) will provide the group with an avenue via which it would operate together to solve extensive and delicate risks concerning the satellite project. high-priority risks are risks that involve the use of resources, time, effort and expertise of virtual team members. These are main drivers of the project and are crucial to be kept increasingly proactive in risk management. Therefore, through examination and investigation of the risks of the project in this way, predictable risks for similar programs - for instance satellite related development programs would also be identified. References Chapman, C. B., & Ward, S. (1997). Project risk management: Processes, techniques, and insights. Chichester: Wiley. Heldman, K. (2005). Project manager's spotlight on risk management. San Francisco, Calif: SYBEX. National Research Council (U.S.)., & National Research Council (U.S.). (2005). The owner's role in project risk management. Washington, DC: National Academies Press. Kerzner, H. (2001). Strategic planning for project management using a project management maturity model. New York: John Wiley. Read More