Risk Management in Fast Track Projects - Dissertation Example

Carrying out projects in a faster way than the normal duration is considered a challenge to the management of any project since it calls for many paradigms. Chances and opportunities of globalization multinational force and competition from private sectors push the management of public and private sector industries to take various assertive strategies to keep constant their profitability and to keep with the rules and regulation of fast track projects (Karaszewski, 1998). Risk is a dependent variable.

In consideration of UAE normal projects have been taking a considerable much longer time to finish leaving it below the standards of fast track projects. Risk profiles that show the risk against time is a clear show of risk changes as a function of time (time is an important and a feature that builds up a fast track project around the world since poor timing in a project may lead to delays). In addition, these projects are required to be completed be fast as compared to other normal project schedules so as to remain competitive as well as produce outstanding quality or projects (Smith, 2009).

However, using techniques are conventional tools of project management cannot be enough to solve the problem of reducing project duration from the normal duration thus this study proposes the use of various risk management techniques and tools for a radical reduction of the project duration as well as maintaining the quality of projects aligning with the international standards. The difficulties that come forth from managing projects are handled through improving the project management committee strengthening project planning techniques and tools, managing project risks and restructuring project organization.

If all the above measures are considered done then it will ensure that the projects will not only be on the fast track but also improve the project in terms of team building, quality and cost-effectiveness.