Al Ain University WellToDo Risk Management Plan Paper Implement IT system in the new medical branch of the WellToDo clinic in Al Ain. Develop a Project Ris

Al Ain University WellToDo Risk Management Plan Paper Implement IT system in the new medical branch of the WellToDo clinic in Al Ain. Develop a Project Risk Management Plan as to assess the foreseeable risks. Management estimates the IT system should be fully operational within 120 days, 10 to 15 activities should be considered.

The following approaches/techniques must be used.

RBS
RACI
Matrix/Probability
Occurrences/Impact graph(s)
Decision Tree(s)
Break Even Analysis
Monte Carlo Simulation Project Risk Management Project Report Grading and Rubric
Format
PROJECT RISK MANAGEMENT, SUMMER 2019
Implement IT system in the new medical branch of the WellToDo clinic in Al Ain. Develop a Project Risk
Management Plan as to assess the foreseeable risks. Management estimates the IT system should be fully
operational within 120 days, 10 to 15 activities should be considered.
The following approaches/techniques must be used.
1234567-
RBS
RACI
Matrix/Probability
Occurrences/Impact graph(s)
Decision Tree(s)
Break Even Analysis
Monte Carlo Simulation
1
2
3
Title
Title Page
20
Executive
Summary
TOC
Executive Summary (with 4 to 6 key
words)
Table of Contents
100
30
Introduction
Main Issue
Foreseeable accomplishments
Plan of the Project
150
Background
Literature
Review
Description of the Organization
200
Literature Review
Using the attached articles
300
3.1.1 WBS , RBS
3.1.2 Time Estimates
3.1.3 Cost Estimates
3.1.4 CPM, Crashing &
Crashing Schedule
3.2 RACI
Develop a critical path and crashing schedule with final Crashing Time and Cost
600
Body
1- Setting up the project team,
200
2- Defining scope and creating the work breakdown structure
and RACI matrix (RACI is an acronym that stands for
responsible, accountable, consulted and informed.
A RACI chart is a matrix of all the activities or decision
making authorities undertaken in an organization set
against all the people or roles).
3.3 Risk identification
Involves the identification and determination of the possible risks
that are more likely to affect the project and properly documenting
the properties and effect of each one. This process is not a “once in a
500
3.4 Risk quantification
project” affair. It is meant to be carried out regularly as long as the
project is being carried out. It should also include both internal
(activities that can be controlled or influenced by the project team
such as cost estimation) and external (risks beyond the project
team’s control such as business laws or government action) risk. Risk
identification could be achieved by either identifying “causes and
effects” (events likely to occur and what will be the result) or “effects
and causes” (outcomes to be avoided or appreciated and method of
occurrence).
This step involves evaluation of the risks identified in the first step
and risk interactions to assess the range of possible project
outcomes. Its primary aim is to determine which risks need response.
It is complicated and affected by a number of factors but is not
limited to them. They include: –
•
•
•
•
3.5 Risk response
800
Threats and opportunities can interact in unforeseen ways
such as regular delays could cause consideration of a new
strategy thereby reducing total project duration.
A single risk could trigger multiple effects such as: – a late
delivery of a vital part of the project could result in penalty
(fines and payments), over run cost, delay in schedule and
often a poor quality product.
Reduced cost may favor a stakeholder at the expense of the
other. (opportunity for one, loss for the other).
Mathematical principles used may create a false impression
and negatively affect reliability and precision.
This step in the project risk management activities involves clearly
defining enhanced steps to utilize opportunities and respond to
800
development
threats. Threat response usually fall into one of three categories: •
•
•
3.6 Risk response control
4
Conclusions
5
References
Add Ins
Conclusions/Discussion
Avoidance which has to do with eliminating a threat by
eliminating the cause. All risks cannot be eliminated but
certain ones can often be eliminated.
Mitigation which deals with reducing the expected cost of a
risk event by reducing the occurrence probability, buying
insurance and using proven technology.
Acceptance which deals with acknowledging the occurrence
of a risk and developing a plan to tackle the risk in cases when
it occurs.
This step involves execution of the developed risk management plan 500
in response to the risk events during the course of the project.
Whenever there are changes made to the project, the first three risk
management processes (identification, quantification and response)
are repeated. It is a good practice to bear in mind that even the most
comprehensive and thoughtfully structured analysis cannot point out
all risks and likelihood of occurrence correctly. This makes the project
risk management processes an activity to be repeated often.
Discussion
300
Conclusions
Recommendations
200
Grammar
Writing Skills
Neatness
Plagiarism
100
100
100
400
TOTAL 5000
In your project, you should consider the following points
Project Risk Management Process
Step 1: – this step states that everyone involved in the project planning process should list at least 10 possible risk items.
This also helps tackle assumption because some risks that are believed to be known are often neglected and they end up
occurring. Scope creep is a perfect example because even with a perfect management process, it could still arise and cause
problems. It is best to tackle it rather than ignore it.
Step 2:- involves collection of all the listed risks and compiling them into a single list (master list) with duplicates removed.
Step 3: – assessment of the probability and impact of the risks outlined in the master list is the third step. This can be
achieved by giving each risk a rating (numerically) or otherwise in order of vulnerability (low, medium, high). Detectability
is also important because risks that are not detected or hard to detect e.g. scope creep are even more risky.
Step 4: – involves dividing the planning team into smaller groups and dividing the master list into portions and giving it to
them. They are then to find out the warning signs for the risks. These warning signs (triggers) should be documented and
none should be overlooked.
Step 5: – involves the small groups that identified the risks to also structure out preventive measures.
Step 6: – here, the small groups created from the planning team develop a “contingency plan” for majority of the risks.
This plan should include response to be taken if a risk occurs. This is usually done for risks with high vulnerability so as to
give room for proper management of the risk management process because if the risk management process takes a lot of
time and couldn’t be executed, then it is a futile effort.
Step 7: – this is the final step in the risk management planning process. It involves giving each risk “an owner”. This owner
is usually responsible for tackling the risk should it occur and utilizing the approved contingency plan. Though other
members are advised to also be vigilant for all risks.
Golden Rules for A Successful Project Risk Management.
According to Bart Jutte, managing director of Concilio, a consultancy specialized in project risk management; these 10
steps usually result in proper project risk management implementation. They include: –
1. Make risk management part of your project.
2. Identify risks early in your project.
3. Communicate about risks.
4. Consider both threats and opportunities.
5. Clarify ownership issues.
6. Prioritize risks.
7. Analyze risks.
8. Plan and implement risk response.
9. Register project risks.
10. Track risks and associated tasks.
Benefits of Project Risk Management
1. It contributes to the overall success of the project because it points out threats and opportunities which are either
eliminated or utilized.
2. It results in better business outcomes through more informed decision making activities achieved from corrections
made after the risk management activities.
3. Uncertainties are recognized and a forecast of possible occurrences is provided.
4. Gives room for better control, tackles time wasting and has greater focus on benefits.
5. It influences innovation and positive thinking.
Effects of Negligence And Poor Project Risk Management: Catastrophic Example
· The “hurricane Katrina” is an example of negligence of project risk management by the government. During the
construction and development of the country, the then government didn’t focus on the risks this project (development)
would cause. Even after this, the current government ignored weather reports and warnings of failing levies and the
damage that floods could bring.
This led to the death of 1300 people and loss of over 250,000 homes with property worth billions being destroyed. If
project risk management had been implemented at the development period, the effect of weak levies and flood would
have been identified and tackled and this would have prevented this risk (hurricane Katrina).
Loss of Market, Customers and Brand Trust
· Chrysler Corporation introduced the “PT CRUISER” in 2000, with hopes of delivery via dealer showroom in 2001. At the
supposed “available date”, it wasn’t available. Chrysler and it’s dealers encouraged its customers to deposit for “a
guaranteed delivery”. Eager customers did this but only few cars were produced due to manufacturing constraints and
poor production efforts and conditions.
This resulted in a refund of all deposits to the prospective customers and a further loss of faith in Chrysler by its
customers. They decided that instead of waiting for the PT Cruiser, they decide to patronize other vehicles from other
manufacturers.
If Chrysler had included project risk management in their project (PT Cruiser), the production and delivery constraints
would have been discovered and tackled and the goals of the project (delivery of the PT cruiser by 2001) would have been
met.
Article
Assessment of Environmental Risk
from the Project Team’s Perspective
in Electrical Transmission Line
Installation Projects
Vision
21(2) 1–10
© 2017 MDI
SAGE Publications
sagepub.in/home.nav
DOI: 10.1177/0972262917700985
http://vision.sagepub.com
Shwetank Parihar1
Chandan Bhar2
Nishit Kumar Srivastava1
Abstract
This article represents a methodology in which the overall environmental risks can be assessed without much need of secondary
data. The method exemplifies on collection of risk data on the basis of pre-decided risk factors in which the project team members
are asked to give opinion about various risk factors. Since the main risk management team has already given various pre-defined risk
sectors the collective opinion derived gives true value of risk, and the involvement of local workers give an edge over others since
they have vast knowledge of geographical factors and this is how their knowledge can be scientifically used to determine environmental
risk which is a very true estimation of real risk value. This article has successfully identified factors and scaled them up with the help
of a questionnaire-based study. Moreover, different levels of management also pose different environment risk priorities which is also
analysed in this paper.
Key Words
Environmental Risk Management, Electrical Transmission Line, Risk Management, Risk Assessment for Transmission Line Installation
Introduction
Construction projects are usually handling a large amount
of risk especially related to environmental changes. In the
case of electrical transmission line projects a huge amount
of construction work on sites, which are distributed over
wide geographical boundaries, is needed. Therefore, we
can say that the level of environmental risk is even more in
such projects. In this article we have devised risk management methodology for such environmental risks using a
questionnaire-based study which improves the risk management by evaluating various environmental risk methods
based on the feedback of the workers and supervisors
involved in the project. This methodology requires very
less secondary data but the accuracy and flexibility are
maintained.
The primary aim of this article is to develop a mechanism for environmental risk assessment in which the
1
2
overall risk assessment is done by using the information
collected from the workers and on-site supervisors and
contractors, since they are well experienced and directly
associated with the construction site; moreover, they are
residents of that area. In spite of having very less secondary data, this process provides us with a very justified environmental risk assessment.
The environmental risk constitutes very high values of
impact in total risk management but the data availability
for assessing this risk is very low and hence it was necessary to develop such a method in which the requirement of
historical data should be less and resources required to
assess the risk should be low. This method combines both
the qualities of low historical data need and cost input for
risk assessment plan.
The methodology discussed uses very simple basics
and is employed for electrical transmission line installation projects, which are mainly civil work based, and these
Doctorate, Department of Management Studies, IIT (ISM) Dhanbad, Dhanbad, Jharkhand, India.
Professor, Department of Management Studies, IIT (ISM) Dhanbad, Dhanbad, Jharkhand, India.
Corresponding author:
Shwetank Parihar, Department of Management Studies, Indian School of Mines, Dhanbad 826004, Jharkhand, India.
E-mail: shwetankp@gmail.com
2
Vision 21(2)
projects are simultaneously started on different geographical
locations with the span of several hundred kilometres (in
case of long transmission lines) and hence environmental
risks play very important role in such projects.
Literature Survey
Environmental risk factors are given much concern by
various authors. The studies mainly revolve around the collection of risk factors under which the environmental risks
are covered as a single factor but a dedicated study for
environmental risk is scarce and the same problem of secondary data arises whenever a new project is undertaken.
Our study deals very efficiently with this problem. The
major studies conducted for collection of environmental
factors are listed in Table 1.
Regos (2012) has given a comparison of power plant’s
risks with multi-criteria decision models in which the
health risks in addition to the environmental risks are taken
into consideration. Olaru (2014) proposed a method for
risk assessment with special emphasis on environmental
risks in which the investment projects are dealt with the
assessment for the degree of uncertainty with the help of
Monte Carlo simulation, and has a very positive impact on
the project objectives. The determination of impact is
hence derived as a crucial factor for risk assessment and
project success. Similarly, Dey (2010) proposed an analytical hierarchy process combined with risk map to have risk
management process intact, and in this study the risk management is done in a very efficient manner and during the
assessment of environmental risk both environmental risks
impacts and social impacts were considered. The framework devised in the study allows the calculation of risk
level in the construction project of pipelines, in which four
alternatives for pipelines were considered and the best
among the four in terms of risks are selected with consideration on various risks parameters. The same methodology can be applicable in transmission lines also, but the
Table 1. Authors Advocated for the Environmental
Risk Study Project
Environmental risk
Chen, Li, Ren, Xu and Hong (2011)
Iyer et al. (2010)
Thevendran (2004)
Baccarini et al. (2001)
Dey (2001)
Fan et al. (2008)
Regos (2012)
Wu, Wang and Fang (2008)
Erickson & Evaristo (2006)
Dikmen, Birgonul, Anac, Tah and Aouad (2008)
Ping et al. (2010)
Tummala et al. (1999)
Source: Authors’ own.
problem with such an analysis is based on availability of
secondary data which is needed in very scarce amount in
the method devised by us in this study.
Authors like Dey (2001) has given many environmental
factors like natural calamities, in normal and abnormal categories, to be considered important, along with it environmental clearance, land acquisition and other clearance
requirements are necessary factors devised in this study
where risk mitigation is planned accordingly for these
factors. Regos (2012) has given health and environmentbased risks due importance in the study, where risk classification and then weights association are being done for
risk management. Health-related risks are also further subdivided in many categories for dealing separately according to their impact and severity. Similarly, Baccarini
(2001), Chen (2011), Fan (2008) and Iyer (2010) have also
given due importance to environmental risk for total risk
assessment, and the main risk factors that emerge out of the
above-mentioned author’s collection of study are acts of
god, land-related issues, which can be legal, geographical
and social and development-related issues of that area that
can define the risks related to timely completion of the
project in the end. Some authors have named a factor
known as project surroundings that directly indicated the
sum total of land related risks; project justification and
approval also emerge out as the one of the major factors for
risks that are found to be related to environmental risks.
Other authors like Dikmen (2008), Erickson (2006), Ping
(2010), Thevendran (2004), Tummala (1999)and Wu et al.
(2008)have given their viewpoints on risk management
process. In addition, environmental factors are given a
huge importance in their studies, one way or the other. This
reflects the need for a separate dedicated system for environmental risk assessment. The collection of various environmental risk factors is shown in Table 2.
Research Methodology
The study mainly concentrates on the assessment of environment risk factors in a transmission line installation
project. The collection of risk factors is done, which is
important in any transmission line installation project, and
these set of parameters which are identified from the
literature are then analysed by the experts’ view and then
statistical techniques are applied for combining these components into factors. In the end, the individual rating for
each parameter is also studied using mean variation study
and other deviation tracking statistical tools, as well as
tests like ‘One-Sample Kolmogorov–Smirnov Test’ are
also done. The process can be summed up as a collection of
various sub-processes as shown in Figure 1.
On the basis of literature survey, various risk factors
that are primarily involved in any project are selected and
are shown in Table 2. Another point of concern is that
overall the same risk factors can have different impact on
the different projects. Therefore, we need to calculate the
3
Parihar et al.
Table 2. Environmental Risk Factors
Factor
Sub-factor
Supporting Author
Nature driven
Flood
Earthquakes
Dey (2001), Fan (2008), Baccarini (2001), Chen (2011), Erickson (2006), Ping (2010)
Dey (2001), Fan (2008), Baccarini (2001), Chen (2011), Erickson (2006), Ping (2010),
Dikmen (2008)
Dey (2001), Baccarini (2001), Chen (2011), Erickson (2006), Ping (2010)
Dey (2001), Chen (2011), Erickson (2006), Ping (2010)
Dey (2001), Fan (2008), Chen (2011), Erickson (2006), Ping (2010)
Dey (2001), Chen (2011), Erickson (2006), Ping (2010)
Dey (2001), Chen (2011), Erickson (2006), Ping (2010)
Dey (2001), Chen (2011), Erickson (2006)
Regos (2012), Chen (2011)
Chen (2011), Ping (2010)
Regos (2012), Baccarini (2001), Chen (2011), Ping (2010)
Regos (2012), Baccarini (2001), Chen (2011), Ping (2010)
Regos (2012), Chen (2011), Ping (2010)
Baccarini (2001), Chen (2011), Ping (2010), Dikmen (2010), Thevendran (2004)
Baccarini (2001), Chen (2011), Erickson (2006)
Baccarini (2001), Chen (2011), Erickson (2006)
Dey (2001), Fan (2008), Baccarini (2001), Chen (2011), Erickson (2006), Dikmen
(2010), Thevendran (2004)
Regos (2012), Iyer (2010), Baccarini (2001), Chen (2011), Erickson (2006), Ping
(2010)
Regos (2012), Iyer (2010), Baccarini (2001), Chen (2011), Erickson (2006)…
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