StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Monitoring Risk Response Actions for Effective Project Risk Management in Western Oceanography Institute - Case Study Example

Comments (0) Cite this document
Summary
The discussion seeks to investigate problems that arose in the Western Oceanography Institute case, with a view to unearthing the facts under this case, regarding what went wrong and what could have changed to get things right. The discussion seeks to understand Young’s contribution to the problem, and what informed her actions…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.2% of users find it useful
Monitoring Risk Response Actions for Effective Project Risk Management in Western Oceanography Institute
Read TextPreview

Extract of sample "Monitoring Risk Response Actions for Effective Project Risk Management in Western Oceanography Institute"

Case: Western Oceanography Institute
Elevator Pitch
The discussion seeks to investigate problems that arose in the Western Oceanography Institute case, with a view to unearthing the facts under this case, regarding what went wrong and what could have changed to get things right. The discussion seeks to understand Young’s contribution to the problem, and what informed her actions that may have contributed to the problems. Finally, it presents the recommendation that can be given, regarding future conduct of such projects.
Analysis Questions
How would you respond to the director?
I would respond to the director by explaining what had caused the delay. Additionally, I would explain to the Director that the staff had failed to follow the agreed instructions of removing the unnecessary file, to create more space in the hard drives, and they did not follow the schedule to avail themselves during the installations to their computers, which necessitated the removal of certain files such as the Dr. Phillips’s Word Perfect file. The explanation for the problem experienced by Dr. Simon's geothermal assessment program would be that the program may not be compatible with the new system, thus it would be reconfigured otherwise, to become compatible, or a new program similar to that would be installed for his use.
What mistakes did Young make that contributed to the problems at the end of the case?
The problem that Young made is the failure to ensure perfect installation of electrical wiring, which contributed to unnecessary delay. She also contributed to the problem by failing to investigate all the staff computers in advance, to ensure that sufficient space had been created, all unnecessary files removed and the necessary program reconfiguration done, to ensure they were compatible with the new system.
How could she have managed the conversion project better?
She could have managed the conversion better, by ensuring that all the necessary preparations were done well in advance, to prevent the unnecessary delays. She could have also managed it better by collaborating fully with all the staff and seeking their approval of the project (Kujawski, 361). This way, they would have taken it as their responsibility, to prepare all the requirements to have the project succeed.
Recommendations
Collaboration and seeking approval of all the stakeholders in a project is essential for a project to succeed (Kujawski, 357).
1 Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Monitoring Risk Response Actions for Effective Project Risk Management Case Study”, n.d.)
Monitoring Risk Response Actions for Effective Project Risk Management Case Study. Retrieved from https://studentshare.org/management/1619767-case-study-case-western-oceanography-institute
(Monitoring Risk Response Actions for Effective Project Risk Management Case Study)
Monitoring Risk Response Actions for Effective Project Risk Management Case Study. https://studentshare.org/management/1619767-case-study-case-western-oceanography-institute.
“Monitoring Risk Response Actions for Effective Project Risk Management Case Study”, n.d. https://studentshare.org/management/1619767-case-study-case-western-oceanography-institute.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Monitoring Risk Response Actions for Effective Project Risk Management in Western Oceanography Institute

Project Risk Management

...in project management. Projects are initiated by recruitment and staffing and the selected team’s individual qualifications should correspond with the required skill for project success. While the group has to work as a team, there must be division of labor. For example, in engineering projects groups rely on individual members who work independently but are responsible to the group. Knowledge, teamwork and management, if studied carefully can provide aid for an effective project management. A good manager with a creative team can provide innovations and...
8 Pages(2000 words)Coursework

Project management risk management

...is also quantified and the contingency plans has been prepared for all the identified risks. Risk Monitoring: As the project proceeds, risk-monitoring activities commence. There are re-planning check points where the information obtained from monitoring the risk is used to refine the risk assessments and management plans. Mitigation includes nearly all the actions that a manager/project team takes to overcome risks. Contingency planning: The possibility of contingency planning arises when...
5 Pages(1250 words)Essay

Project Management Risk Management

...Risk Template Risk Management plays one of the most important roles in the overall project management. It is often argued that the project managers forget to include the risk element into the overall project management and often face situations for which they are unprepared to deal with. In order to effectively control the project, it is of great importance that the project managers must clearly identify the risks before starting the project and outline their...
6 Pages(1500 words)Essay

Risk Management & Project Management

...Uncertainty is defined as an absence of information, knowledge, or understanding regarding the outcome of an action, decision, or event. Risk is actually a measure of the amount of uncertainty that exists. Risk is directly tied to information. Risk is lower with more information and higher with less information. Risk relates primarily to the extent of the ability of a project manager to predict a particular outcome with certainty. The effects of risk can be positive or negative. Positive effects of risk are often referred to as opportunities. ...
2 Pages(500 words)Essay

Project Risk Management

...Project Risk Management The essay aims to address a two-fold objective to wit to discuss the importance of Monte Carlo techniques and (2) to explain the Risk Response Matrix using information from outside sources. Project Risk Management 1. When using the Monte Carlo technique, why are the "inputs" so important? Monte Carlo is a method that provides approximate solutions to a mixture of mathematical equations using statistical sampling experiments or also known as statistical simulation methods. The method makes use of sequence of random numbers to complete the simulation and probability to solve the...
1 Pages(250 words)Assignment

Personal Risk Management Project

...The family and their risk management Solution a) the principal (P) = $3,500 + 50% of $3,500 = $5250 The rate(R) = 8% Time(n) = 20 years Using Amount(A) = PRn = 5,250(1.08)20 = $24,470.0 Solution 1 b) Human life value of Sarah Smith = 55% of $90,000 and Interest rate is 5% = $16,36765 Solution 1 c) benefit per month = $814 Benefit for 120 months ( Future Value) = $814 x 120 = $97,680 PV = FV/(1+r)n Where r = 6% and n = 10 PV = 97680/1.0320 = $54,083.05 Solution 1 d) Bobs’ should take a policy higher the $50,000. considering his income and future inflation the insurance cover should be his average income divided by 8% added to his outstanding mortgages... . The...
2 Pages(500 words)Speech or Presentation

Performing Effective Project Monitoring and Risk Management

...Performing effective project monitoring and risk management Attributes of a mobile application development project Different attributes are needed so as to to make a mobile application development project successful. They include: 1. Sufficient Sponsorship - This is the support given to an individual, company, activity or event either through providing services or financial assistance. Sponsorship brings in a lot for a product or service and this is because it adds the purchase propensity, it builds a brand’s name and also improves awareness. Therefore, the mobile application development project would need good sponsorship in order to be able to buy the best software and hardware for the product to be a success. 2. Technical... valuable and...
4 Pages(1000 words)Essay

I.T. Project Risk Management

...management a firm will be exposed. Most of these managers are only able to learn the value of IT-related risks after they have computed the amount of damage the risk has brought about. According to Leong California Technology Agency, (2011) past research studies have primarily been concerned with how effective IT-related risks may be analyzed and compensated for. Therefore, it would be imperative for IT managers constantly to embrace the holistic view of IT project risk management rather than just focusing only on financial issues. There exist little empirical research...
1 Pages(250 words)Research Proposal

Project management: Risk management

...Project management: Risk management  How the process will be implemented The process of designing the entire house shall be followed by the real actualization of the project. The process of digging the site will usher in the eventual building. The building will start with the foundation structure, which lays the basis upon which the entire structure shall revolve around. The tunneling of trenches shall be followed by the erection of walls and roofs. The walls shall be plumbed with proper sheathing as the roofs are competently fitted into convenient trusses (Reinhardt, 2008).  After the completion of the foundation, proper design shall be carried out to...
2 Pages(500 words)Assignment

IT Project Risk Management

...as intermediate results to give insights for analysts in the first scenario, and provide useful stories for the users of the analysis as the plot of the story unfolds. Diagnose the implications: Managers ought to utilize the presentation of results to provide the insight to write the right story that supports the related decision taking. Manage Implementation The main aim of this phase is to integrate four main tasks to the general project risk management. These four tasks include manage planned actions, monitor and control, roll action plans forward, and...
15 Pages(3750 words)Research Paper
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 Monitoring Risk Response Actions for Effective Project Risk Management in Western Oceanography Institute for FREE!

Contact Us