Risk Management on a Satellite Development Project Case Study

Pages: 2 (943 words)  ·  Bibliography Sources: 2  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business - Management

SAMPLE EXCERPT . . .
In arriving at a required threshold, the risk level is calculated by the risk harm occurred against the severity of the harm. This project has identified the following categories of risk; negligible (those instigated by the project management office), marginal (risks occurring in project enrollment), Catastrophic risk (risks with significant impact), and critical risks (those that need immediate concern). The PMO will be required to align each risk based on its severity in the overall risk assessment plan.

Ways of maintaining the current goal

Managing a geographically dispersed team presents significant challenges to the PMO. Consequently, the PMO is required to choose the appropriate team players. Satellite candidate should be self-motivated and have the ability to work at individual levels as well as, handling pressures. The satellite team should as well have coherent communication skills. Thirdly, the team should have optimistic results driven capacity. The above team will technically request minimal supervision on aggregate. This reduces the total cost of operations and boosts quality of work in individual located in diverse grounds (Dar, 2013).

Secondly, there is a need to reinstate the project objective regularly. The PMO has to emphasize on the need of ensuring that the project succeeds. This can be accomplished through constant evaluations, development of goals, objectives, and charters. The reinstatement intrinsically examines on the possibilities on the virtue of independence as a vital prerequisite required in managing the project office (Charrel & Galarreta, 2007).Get full Download Microsoft Word File access
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Case Study on Risk Management on a Satellite Development Project Assignment

Thirdly, it is important to initiate a constant project evaluation process using feedback and performance reward mechanism. This will require the integration of appropriate communication mechanism. For instance, the baseline ERP software should be integrated with a chat and forum software vital in enabling different project participants to share information regularly. In vital situation, it is appropriate to initiate a video communication channel with a goal of conveying a message to the panel differently. In most cases, new teams are often challenged by mobility factors, a feature not experienced in old teams (Kerzner, 2013).

Conclusion

This analysis has been integral in reflecting the necessity of risk management in enrolling and empowering the ongoing project. The presentation has singularized the essentiality of engaging risk management as an appropriate in reducing aggregate harm. In particular, the analysis has established team commitment, team agility and employee independence as resounding risk management plan.

References

Charrel, P., & Galarreta, D. (2007). Project management and risk management in complex projects studies in organizational semiotics. Dordrecht: Springer.

Dar, M. (2013). Operational Risk Management, Risk Management Approaches, and Risk Mitigation Techniques: Challenges Faced By Islamic Financial Services. IOSR Journal of Business and Management, 11(2), 72-79

Kerzner, H. (2013). Project management a systems approach to planning, scheduling, and controlling (Eleventh ed.). Hoboken, N.J.: Wiley.

Kloppenborg, T.J. (2012). Contemporary project… [END OF PREVIEW] . . . READ MORE

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