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Project Risk Management Process On Success
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Project Risk Management Process On Success
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Course Code: HS1031
University: The University Of Chicago
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Country: United States
Discuss about the Effect Of Project Risk Management Process On Success.
Answer:
Introduction
East Timor is a mountainous region that is located in Australia. ATA has planned to provide electricity to the villagers living in the region. The region presents natural difficulties in establishing grid connections when cheaper resources for electricity and thus, advance technologies had to be deployed. At the time when the project was started, there lived 12,000 villagers in the region and the ATA had a plan for installing solar panels for providing electricity in their houses. The project had been funded by Google. This report explores the execution plan of the east Timor Solar project. ATA project had gone through a number of project management cycle stages that include project initiation, planning, analysis and design, and development. Currently, the project is being evaluated to understand how effective have been the implementation of the project.
Project Execution Plan
A project execution plan is usually prepared by government for managing the execution of a project and it describes the process of management in strategic manner. The project execution plan of the east Timor Solar project had the following sections defined for the project:
Project Scope
Purpose: the purpose of this project was to implement the solar systems in the East Timor region to provide electricity to the people living in the village. This section of the execution plan would have an overview of the project purpose and relevant background.
Scope: This section would contain the items that were in the scope of the project execution and those that were not. The activities that were in the scope of the East Timor Solar project included due diligence, feasibility analysis, conceptual designing, RFP and bidding, contract development, technology analysis, project management, procurement management, project control, risk management, cost management, construction management, and safety management (ASTAE, 2010).
Cost Management
The cost management section would highlight the budget that was allotted to the project along with the plan on disbursal of the money as per the project milestones.
Risk Management
Risk management happens in four stages that include identification of risks, their analysis to assess level of severity, risk planning and mitigation. In the initial stage of the project, site inspection had revealed certain risks on the project and these included:
Possibility of insufficient solar systems that would otherwise be needed to power the whole village sitting on the mountain (APM Group Ltd, 2017):
People living in the village mostly spoke local language which was not the case with the managers working on the project and this could cause the language barriers forming it difficult to communicate for project managers (Worren, 2012).
Risks identified earlier would be judged on severity based on their probability of the occurrence and the level of impact on project deliverables. The right course of action is then taken based on the level of severity of the risk. The table below presents a list of risks that could be notified in the project execution plan of East Timor Solar project (Dumbrav? & Iacob, 2013).
Risk
Probability of Risk Occurrence
Impact of Risk on Project
Severity
Response
Lack of funds
Moderate (2)
High (3)
6
Accurate forecast must be made at the time of planning so that sufficient funds are available. A contingency amount may be allotted to handle emergencies
Less electricity produced than needed
Moderate (2)
Moderate (2)
4
Accurate forecast must be made on resources and electricity production so that sufficient amount of electricity is produced with given resources
Installed machines breakdown
Moderate (2)
Moderate (3)
6
Predictive maintenance can help keep machines running an the event of a hint of possible breakdown, a proactive action can be taken
Disruption due to rain
High (3)
High (3)
9 (La Trobe University, 2017)
Project work can be put on hold in case of heavy rains to prevent damage (Kamane & Mahadik, 2006).
Risk Planning & Mitigation: after analysing risks, the plan of action or mitigation of the identified risks would be presented contain the response action that should be taken in the case of each risk. Standard responses can be either from avoidance, acceptance, mitigation, and transfer (NCSU, 2017).
Procurement
In this part of the project execution plan, procurement strategies are fined for the consultants and for the vendors. It would contain details of contractors and tenders associated (Bodicha, 2005).
Project resources: This section would define the resources along with their skills and roles in the current project so that the company can make our how many resources are available and deploy them accordingly to get the project running at its best (ADB, 2004).
Project Quality Control: Some quality standard can be identified and the company could be completed to establish control over quality so as to maintain it at a desired level.
Conclusion
The paper explored the case of east Timor solar project and discussed the project execution plan for the same. It was found that the project execution plan can be useful in actual execution of the project as it makes the processes more streamlined.
References
ADB. (2004). Power Sector Development Plan For TImor-Leste. Asian Development Bank.
APM Group Ltd. (2017). DEFINING RISK: THE RISK MANAGEMENT CYCLE. Retrieved September 14, 2017, from https://ppp-certification.com/ppp-certification-guide/52-defining-risk-risk-management-cycle36
ASTAE. (2010). Asia Sustainable and Alternative Energy Program . ASTAE.
Bodicha, H. H. (2005). How to Measure the Effect of Project Risk Management Process on the Success of Construction Projects: A Critical Literature Review . The International Journal Of Business & Management, 3(12), 99-112.
Dumbrav?, V., & Iacob, V. -S. (2013). Using Probability – Impact Matrix in Analysis and Risk Assessment Projects. Journal of Knowledge Management, Economics and Information Technology(December), 76-96.
Kamane, S. K., & Mahadik, S. A. (2006). Risk Management in Construction Industry. IOSR Journal of Mechanical and Civil Engineering (IOSR-JMCE), 2(25), 59-65.
La Trobe University. (2017). Video 4: Project Risks. Retrieved September 14, 2017, from https://lms.latrobe.edu.au/mod/book/view.php?id=2493632&chapterid=201714
La Trobe University. (2017). Video 3: Stakeholder Engagement and Management. Retrieved September 14, 2017, from https://lms.latrobe.edu.au/mod/book/view.php?id=2493632&chapterid=201713
NCSU. (2017). Risk Management . Retrieved September 14, 2017, from https://agile.csc.ncsu.edu/SEMaterials/RiskManagement.pdf
Rule Works. (2017). The risk management cycle. Retrieved September 14, 2017, from The risk management cycle
Worren, J. (2012). Assessing the Risks in Solar Project Development. Retrieved Sepember 14, 2017, from https://www.renewableenergyworld.com/articles/2012/02/assessing-the-risks-in-solar-
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