Essay On Project Risk Management
You are required to identify a project which has not yet been implemented at your workplace or in your area of specialisation. Use the six risk factors to identify the high risk factors in your project, score the risks and identify the level of risk (whether high, medium or low risk project) and devise ways that the risk can be reduced for each of the factors.
Company A is a subsidiary of the Group XYZ. Company A is a Grade A Building and Civil Engineering contractor in Mauritius who can realise the construction of any building and infrastructure projects. However, it prefers to master its growth by focusing on medium sized projects while it further strengthens its structures and its capacity to deliver on its promises. The company’s track
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Risk Identification
2. Risk Scoring
3. Risk treatment, that is ways of reducing the risks for each of the six factors
RISK IDENTIFICATION
The following six risk factors will be used to identify the six factors of the Shopping Mall project at Curepipe:
1. Achievable Goals
Failure occurs when expectations are not met or if the expectations are too high or too
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Activity Type
Activity can be Critical or Noncritical to achieving a mission and whether they are focus or non-focus. Focus activities are those that are already being taken into consideration and already being focussed on.
3. Resources & Commitment
Resources include people, money, materials, plants (excavator, backhoe loader and so on) and computer systems.
4. Organisational Setting
The organisational settings describes to what extent the proposed project requires cooperation and interrelationship between organisational units. There are three ways that organisations can be affected by their technologies.
• Long-linked technologies imply close coordination among department, especially time dependent coordination. They are more costly, hardest to change and the riskiest.
• Mediating technologies are common practices and standards.
• Intensive technologies do not imply any relationship between departments but are used by individuals focusing on the problem at hand.
5. Project Participants
The key aspect of the project participants is their experience in the use of the proposed technology. So, well experienced participants who are committed and have a good attitude is very important and very advantageous for the success of a
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