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

Tetra Tech EC and risk management - Case Study Example

Comments (1) Cite this document
Summary
The Tetra Tech cases study is about the strategies that the company uses to manage its risk considering that the nature of its job makes it prone to the risk of making huge losses. The main business of the company is remediation. When making a contract with a client, Tetra Tech…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
Case study Tetra Tech EC and risk management case
Read TextPreview

Extract of sample "Tetra Tech EC and risk management"

Case study Tetra Tech EC and risk management case Elevator Pitch The Tetra Tech cases study is about the strategies that the company uses to manage its risk considering that the nature of its job makes it prone to the risk of making huge losses. The main business of the company is remediation. When making a contract with a client, Tetra Tech can only base its decision on the cost of the process form what can be seen on the surface. However, the costs may be much higher when the company starts digging. Don Rogers, the company project manger ensured has gone a long way in ensuring that risks are managed properly through creation of strict regulations that ensure proper planning before embarking on a project. The Task initiation Procedure was quite instrumental in ensuring that this happens.
Analysis Questions
The most important factor that makes Tetra Tech successful in risk management is prior planning. Implementation of Tip ensures that all the potential risks are identified and the cost and ways of mitigating these risks created. This goes together with the fact that the company would inform its clients of all the potential risks involved and created a room for negotiation if after digging up the conditions were not as anticipated. This ensures that the company is able to share the risk of unpredicted conditions with the clients and thus reducing its losses. This was unlike in the previous situations where the initial contract was bidding all the way even when the conditions were observed to be worse than anticipated.
In the lesson learnt portion, it has been stated that it is not important to write lesson learnt in writing as it makes them as discoverable. I think this is a statement of failing to acknowledge mistakes and errors that may have been made. This is very dangerous as it may lead to a repetition of the same mistakes. Mistakes are supposed to build up ones experience that makes them more competent to deal with future obstacles. Don Rogers can manage the lesson learnt through making his subordinates understand the importance of using past experience in solving future problem. This would be through creating a record that shows past and present performance with an analysis of what made it succeed or fail. Recommendations on how the limitations should be mitigated should then be given. In cases where a project succeeded, the factors that led to this success should be identified and ways in which they can be made to work better be analyzed. This would lead to the creation of a list on what to do and what not to do when dealing with a certain situation. In my view, Don Roger had done a lot in developing the company risk management system. However, he should not be complacent but should continue developing new innovative ways of dealing with risk as the nature of risks change with the dynamism in the market
Recommendation
The use of regulations and a reward system that reinforce people who follow them is a great step in risk management. Nevertheless, with the technological changes prevalent in the current business climate, it is important to continue developing new methods of mitigating risks that are unique to every situation and project. The company should invest more in conducting research on the conditions of the remediation project prior to the start of a project. This would ensure that the projects flows smoothly and is finished within the allocated time as there is no need to negotiate with the client along the way. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Case study Tetra Tech EC and risk management case”, n.d.)
Retrieved from https://studentshare.org/management/1620122-case-study-tetra-tech-ec-and-risk-management-case
(Case Study Tetra Tech EC and Risk Management Case)
https://studentshare.org/management/1620122-case-study-tetra-tech-ec-and-risk-management-case.
“Case Study Tetra Tech EC and Risk Management Case”, n.d. https://studentshare.org/management/1620122-case-study-tetra-tech-ec-and-risk-management-case.
  • Cited: 1 times
Comments (1)
Click to create a comment or rate a document
ro
robyn12 added comment 7 months ago
Student rated this paper as
I never thought 250 words essay could be written in such a free manner. I loved the style of this essay. Will definitely use it for my own work!

CHECK THESE SAMPLES OF Case study Tetra Tech EC and risk management case

Activity based costing system:the case of Tetra Pak Co

...? Table of Contents Executive Summary 3 Introduction 4 Limitations of ABC 4 The Case of Tetra Pak Company 5 The Selection of Cost Drivers 8 Conclusion 9 References 10 Executive Summary This report aims to introduce a new costing system and analyze it in the light of two of the company’s products. The report aims at introducing Activity Based costing system and defines its relative merits and demerits. The stages involved in the calculation of profits and costs are implemented on two products of Tetra Pak as an example. The report clearly illustrates how this new costing system will affect the decisions of the management regarding continuity of producing some products and...
5 Pages(1250 words)Essay

Operating Risk Management

...of Tetra Tech is its knowledge base, its internal processes and the quality control processes defined by the peer review, executive review and the compliance audit. The knowledge base comes from its lessons learned process that builds the collective knowledge of the entire company. The internal process as defined by TIP is a unique procedure that would account for an exact accounting of the cost associated with the project. The review process not only would ensure compliance it would also ensure the congruent implementation of the quality of the project being implemented. Bibliography Fletcher, Donna and Susan Newell. Tetra Tech EC and...
4 Pages(1000 words)Term Paper

Project Management: Case Study

...? Case A: Reshoring Manufacturing: Coming Home As a Chief Supply Chain Officer (CSCO) of a manufacturing company, there are different factors that can be presented to compel the board of directors in moving manufacturing back to Canada. Three reasons why manufacturing should be moved back to Canada include the following: rising transport costs for operating in China or other parts of Asia impact on business, high labour costs are now also being experienced in countries that formerly had low labour costs and labour costs are also falling in Canada since there are less powerful unions. As aptly illustrated by The Economist in the case of ET Water Systems’ it can be noted that transport costs are playing a...
5 Pages(1250 words)Case Study

Computer tech case 2

...technologies such as computers and cellular phones to gather and present information. Literacy skills involving getting and presentation of information using hardcopy There are several instances that I use hard copy books, magazines, newspapers and brochures to get information. I spend an approximate average of 2 hours to physically read hardcopy books. In most cases, I read short story books to enhance my reading and research skills. There are several instances where I communicate through letters especially when making applications for part time jobs and when writing friendly letters to my cousins. During school days, some of my assignments are presented in form of hardcopy and so, writing and reading skills has been...
3 Pages(750 words)Term Paper

Case study Case Study

...Assignment (Answers in Bold) Part A The following questions were answered based on the case of: Peter Smythe v Vincent Thomas [2007] NSWSC844 (3 August 2007) Available at: http://www.austlii.edu.au/au/cases/nsw/supreme_ct/2007/844.html. Question 1: In what court was the case heard (1 mark) The case was heard in the New South Wales Supreme Court. Question 2: Name the judge and explain his title. (2 marks) The judge is named Rein, and Rein is an administrative judge as evidenced by the title AJ. Question 3: Name the plaintiff and defendant and their counsel. (4 marks) The plaintiff is Peter Smythe and the defendant is Vincent Thomas. The plaintiff's counsel is B. Kasep,...
6 Pages(1500 words)Case Study

Risk Management Case Study

...Risk Management Risk can be thought of as the chance of an event turning out in a way that makes you worse off. However, not everyone views the same set of circumstances as being equally risky. Some folks are naturally more optimistic, while others it seems are always looking for the worst possible outcome to happen. Everyone must decide for themselves what levels of risk they are comfortable living with. Ideally this would involve everyone actively engaged in the management of the operation, especially family operations. Risk is the probability of an event occurring that can impact the current profit level, financial...
14 Pages(3500 words)Case Study

Quality Management Case Study

...Quality Management Inserts His/Her Inserts Grade Inserts 30 April 2009 Table of Contents Bibliography Topic: Quality Management Abstract This paper examines the quality requirement of a shipping firm for attainting ISO 9001: 2000 standard and cost involved in attaining the same. In addition, it also examines the Information System for efficient management. The company selected for this study is Istanbul Deniz Otobusleri (IDO). In order to attain ISO 9001:2000 certification, the most important thing is the quality assurance at different stages till meeting the customer requirements and continuously keeping the standard by efficient quality...
15 Pages(3750 words)Case Study

Case Study

2 Pages(500 words)Case Study

Risk management case study analysis

...Risk Management affiliation Risk management Medical practitioners are en d with proper provision of quality health careand good life. Negligence is the worst practice that any healthcare provider should endeavour to avoid in practice. Provision of healthcare begins at home where parents, teachers, siblings and other significant others help in maintaining health of individuals. Patient management should always be holistic, all the cadres i.e. doctors, and nurses, pharmacists and radiologists should always work together and discuss the patient problem. These practices will bring good and proper result of patient thus reducing morbidity and mortality in the...
7 Pages(1750 words)Coursework

Risk management case

...Risk management Place The success of projects implemented by Information Technologies depends on the risk and risk management, which offers significant benefits to not only a particular project, but to the entire organization and its stakeholders (Didraga, 2013). a. Identify four significant and distinct risks, from the perspective of XYZ Ltd., associated with the project described above. These risks should be specific to this project and not just general risks like the project being late or over budget. Outline an appropriate strategy to manage each of these four risks...
2 Pages(500 words)Essay
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 Tetra Tech EC and risk management case for FREE!

Contact Us