Case Study #3 - Risk Management on a Satellite Dvt Project
CASE STUDY 3: Risk Management on a Satellite Development Project
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CASE STUDY 3: RISK MANAGEMENT ON A SATELLITE DEVELOPMENT PROJECT
L.D.
PROFESSOR: DR. JUANITA MURRELL
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HRM 517 MANAGING HUMAN RESOURCE PROJECTS
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JUNE 1, 2014
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CASE STUDY 3: Risk Management on a Satellite Development Project
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ISSUES WITHOUT A RISK PLAN
While project managers cannot prevent every potential risk that comes in their path, careful risk planning greatly mitigates the impact it can have. All projects carry some risk. The purpose of having a risk management plan is to reduce the overall project risk to a level that is acceptable to the project sponsor and stakeholders. Planning risk management is the process of defining how to conduct risk management activities for a project (Kloppenborg, 2012). Risk is an event or condition that (if occurs) could have a positive or negative effect on a project’s objectives. The issues that can develop without a risk management plan can be detrimental to a project and be the reason for its failure or success. These issues can range from minor to severe in nature. One issue that can come up is a threat, which is a condition that will have a negative impact on the project. Another issue that could arise would be an opportunity. An opportunity would pose a favorable impact on a project if it occurred. Specific issues to the Satellite
Development Project may have been not spending enough time planning, not having enough supplies or even the risk of not running a thorough enough risk management program
(Kloppenborg, 2012). It is wise to develop a risk management plan before these types of issues occur so a proactive approach can be taken to reduce the threats or to capitalize on the opportunities. This case is one where an integrated system was put in place for risk management and a proactive approach was taken.
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RISK PLAN VALUE
Careful consideration must be
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!
!
CASE STUDY 3: RISK MANAGEMENT ON A SATELLITE DEVELOPMENT PROJECT
L.D.
PROFESSOR: DR. JUANITA MURRELL
!
HRM 517 MANAGING HUMAN RESOURCE PROJECTS
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
JUNE 1, 2014
!1
CASE STUDY 3: Risk Management on a Satellite Development Project
!2
ISSUES WITHOUT A RISK PLAN
While project managers cannot prevent every potential risk that comes in their path, careful risk planning greatly mitigates the impact it can have. All projects carry some risk. The purpose of having a risk management plan is to reduce the overall project risk to a level that is acceptable to the project sponsor and stakeholders. Planning risk management is the process of defining how to conduct risk management activities for a project (Kloppenborg, 2012). Risk is an event or condition that (if occurs) could have a positive or negative effect on a project’s objectives. The issues that can develop without a risk management plan can be detrimental to a project and be the reason for its failure or success. These issues can range from minor to severe in nature. One issue that can come up is a threat, which is a condition that will have a negative impact on the project. Another issue that could arise would be an opportunity. An opportunity would pose a favorable impact on a project if it occurred. Specific issues to the Satellite
Development Project may have been not spending enough time planning, not having enough supplies or even the risk of not running a thorough enough risk management program
(Kloppenborg, 2012). It is wise to develop a risk management plan before these types of issues occur so a proactive approach can be taken to reduce the threats or to capitalize on the opportunities. This case is one where an integrated system was put in place for risk management and a proactive approach was taken.
!
RISK PLAN VALUE
Careful consideration must be
References: Ahuja, J. (2010). A STudy of Virtuality Impact on Team Performance. IUP Journal of Management Research, 9(5), 27-56.! Power, B., (2012) How to make a sound risk management plan. Charter, 83(10), 42-43.