Case 1.2 Ores Bound Bridge Case Summary
TCO A: What process would you use for identifying project risks for a second Oresund Bridge project? What risks would you raise for each alternative?
Taking into consideration that this is the 2nd attempt at the project, I would begin by creating a checklist based off historical information from the risk knowledge base in the first project as well as other bridge projects. I would then use brainstorming or even interviewing others and perform a SWOT analysis. I would then classify the risks to reduce any redundancy. I would begin to create a risk register for the identified risks. This register would allow me to see the decision points/events that exist, rank the risks and begin to analyze develop alternatives. The alternatives and any …show more content…
What are these key decision paths and options in your opinion?
There are many ways to identify key decision paths such as SWOT, decision trees and EV models. I would use SWOT to help identify the decision events and I would also use a decision tree to help finalize the decisions as it uses EV and is great at easily including the alternatives (good & bad). In my opinion some of the decision paths would include decisions on contractors, decisions on materials, and decisions on designing of the bridge just to name a few.
How might you use a decision tree analysis to evaluate the alternatives? What numbers would you use in this analysis?
First you identify the decision to be made and then identify the risk/uncertainty associated with the risk. The risk/uncertain would be the chance node. For the alternatives you need to have both probability of each outcome and the expected $ amount that will be seen if that outcome is occurs. The probabilities to the alternatives must equal 100%. You then perform the expected value calculation to find out which is the best …show more content…
Why? Risk Management should be an integrated part of the business which the Project Management team surely demonstrated by holding Risk Management to the highest regard from inception to closing. It was clearly a part of every decision made in the project. We learned that risk management should be a ongoing process that is revisited throughout the project and the team followed that protocol to the “T” an example of this at the beginning when the focus was on technical and cost optimization the risks were revisited and focus shifted to schedule along with the risk management processes that had already been established. We see the use of the contingency plans were geared at avoiding or mitigating any identified risks yet supported the project’s main objectives. In addition they were revisited in order to ensure the project stayed on
Taking into consideration that this is the 2nd attempt at the project, I would begin by creating a checklist based off historical information from the risk knowledge base in the first project as well as other bridge projects. I would then use brainstorming or even interviewing others and perform a SWOT analysis. I would then classify the risks to reduce any redundancy. I would begin to create a risk register for the identified risks. This register would allow me to see the decision points/events that exist, rank the risks and begin to analyze develop alternatives. The alternatives and any …show more content…
What are these key decision paths and options in your opinion?
There are many ways to identify key decision paths such as SWOT, decision trees and EV models. I would use SWOT to help identify the decision events and I would also use a decision tree to help finalize the decisions as it uses EV and is great at easily including the alternatives (good & bad). In my opinion some of the decision paths would include decisions on contractors, decisions on materials, and decisions on designing of the bridge just to name a few.
How might you use a decision tree analysis to evaluate the alternatives? What numbers would you use in this analysis?
First you identify the decision to be made and then identify the risk/uncertainty associated with the risk. The risk/uncertain would be the chance node. For the alternatives you need to have both probability of each outcome and the expected $ amount that will be seen if that outcome is occurs. The probabilities to the alternatives must equal 100%. You then perform the expected value calculation to find out which is the best …show more content…
Why? Risk Management should be an integrated part of the business which the Project Management team surely demonstrated by holding Risk Management to the highest regard from inception to closing. It was clearly a part of every decision made in the project. We learned that risk management should be a ongoing process that is revisited throughout the project and the team followed that protocol to the “T” an example of this at the beginning when the focus was on technical and cost optimization the risks were revisited and focus shifted to schedule along with the risk management processes that had already been established. We see the use of the contingency plans were geared at avoiding or mitigating any identified risks yet supported the project’s main objectives. In addition they were revisited in order to ensure the project stayed on