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CSM305 Risk Management
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CSM305 Risk Management
0 Download6 Pages / 1,355 Words
Course Code: CSM305
University: Centennial College
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Country: Canada
Question:
Google has agreed to fund ATA’s East Timor Solar project, but has requested a copy of the Project Risk Management Plan as part of their due diligence before final ‘sign-off’. Since you are a diligent international project manager assistant, you have already discussed the need for a risk management plan with Kate. In light of Google’s request, Kate has asked you to put together a risk management brief for consideration.
You are expected to use the risk management cycle as a guide and describe how the ATA should proceed with each stage of the cycle in order to come up with a sound project risk management plan for this project. You are expected to use the information provided to you on Kate’s video(s) and information from a credible source in relation to East Timor’s environment. For example, who would you include in risk workshop during the risk identification stage to find out more about importing licencing requirements? After ascertaining the requirements, and assuming there may be potential delays, how would you analyse and prioritise the risk? You are allowed to make some assumptions, provided you can justify how and why you make those assumptions. Using the fictitious import licencing example again, you may wish to mandate that any risks that cause a delay in the activity completion date greater than five working days is identified as critical, and structure the risk matrix accordingly. The reason could be you have assumed the Australian installation expert could only be in East Timor for a fixed period of time, therefore there is no ‘float’ for the installation activity on the schedule. There is room for some assumptions since you don’t have all the facts at hand but they need to be sensible, logical and based on certain facts (which require referencing) – don’t just make things up!
Answer:
Introduction
This report depicts the importance of using the concept of risk management approach for the successful identification, assessment, planning and control of the factors that may interrupt the success rather progress of East Timor Solar project. The set of risks associated to the project are identified here. Not only this but also the way through which the risks can be resolved also elaborated in this report.
Risk management plan
The risk management plan that will be developed for the ATA East Timor Solar project a small not a profit and non- governmental organization, a risk management program is being implemented. The phases that are considered for this project risk management include risk identification, risk, probability, impact and risk execution approaches (Bahramara, Moghaddam and Haghifam 2016). Each of these actions should be implemented properly to ensure that the project is successful. The details of the risk management process are elaborated in the below section:
Risk identification: Before the successful execution of the East Timor Solar Project the risks set those will be faced by the organization are o be identified at the initiation phase. In order to understand the potential risks of the project the potential risks factors should be understood by the project manager (Brookes and Locatelli 2015). The risk management cycle is comprises of four different phases such as risk identification, assessment, planning and risk control. Regarding the development of the project different estimations and also different factors are nominated that will be analyzed by the project manager in this phase.
Some of the potential risk factors associated to this project include lack of historical disposition; language as well as cultural barriers etc. Team engagement can be established with the help of leadership and motivation from the project manager. The contractors of the project are not properly engaged to the project with their assigned job roles. While working with the ATA project it is also identified that, the contract party is capable in accountability as well as transparency. The total time or duration estimated for the project is also not accurate from the project operational perspectives (Adil and Ko 2016). As long time the project manager will take that much additional cost will needed to be affords by the project team which is not at all financially beneficial from the project aspect. Thus, it can be said that the actors those will interrupt the general progress and on time completion of the project are the risk factors associated to the project (Santos, Ferreira and Araújo 2016). With the on job training and development program the technical risks can be mitigated rather completely resolved. In the below section a risk matrix is prepared to show the negative impact of risks.
Risks names
Probability
Impact
Lac of support from the government
Low
High
Cultural gap
Medium
Low
Language clashes
Low
Low
Not capable of securing the license timing for the project completion
The contractors transparency is lacking for the project
Medium
Low
Lack of support and coordination from the project community members
Low
High
Less number of supporting equipments
Medium
Low
Proper installation of the solar power in the accurate location
High
Low
Lack of number of experts
Medium
High
From the risk matrix it can be said that the total ranking of any particular risk is partly dependent on both the impact and the probability of the risks on the success of the project.
Risk analysis: In this phase the risks those have been identified by the project manager will be analyzed accordingly based on their negative influence or impact. In other words it can be said that implication and analysis of risks can reduce the impact of the risks from the project success. The risks factors should definitely meet the justified resolution to resolve get resolved completely (Kerzner and Kerzner 2017). The causative factors rather the root cause of the risks are to be eliminated by the project manager to resolve the risks rather from further raise of the risks. In this phase it is important to install the possibilities of the vandalism. Not only this but the companies who are capable of afford and avail the solar power panel equipments, are needed to be cooperated o the project for its future success. After identification of the risks these are needed to be further mitigated by the project manager (Bahramara et al. 2016). Apart from this resource analysis, stakeholder management are the other factors associated to the project success much be analyzed by the project executives and the project team members.
Contract with the government and also with the other key stakeholders can moderate the risk factors. The ATA will also establish contract and terms along with the contractors to make sure the accountability and the transparency of the business organization via a governmental database (Frisari and Stadelmann 2015). However the company requires accepting the lower risk factors that includes the cultural barriers, language gap etc. Thus the company should incorporate successful mechanism through which the impact of the risk factor can be eliminated completely from the solar power project.
Risk management planning: In this phase the risk management approaches are to be planned by the project administration (Bahramara, Moghaddam and Haghifam 2016). The possibilities of government support or the total contribution from the government can be planned in this phase. In order to identify and install the necessary resources proper scrutiny on employee engagement is required.
Risk response and monitoring phase: In order to understand the current condition of the risks and whether they are rising again or not can be analyzed with the help of this factor. In this phase the risks are to be monitored by the project team members. The project monitoring is the responsibility of the project administration (Join et al. 2016). The East Timor has a different terrain that may impede the accurate installation of the solar system. Thus, in this phase where the project should have to be established is identified.
Conclusion
From the overall discussion it can be concluded that, it is the responsibility of the management team to establish or recall the location the location where it will be established. While installing the project it should have to be rescheduled to avoid excessive financial losses. However, after getting appreciation from the locals the installation should have to be done by the project administrators. Proper improvement strategies are to be adopted by the project team members to install the project in the friendly areas and simultaneously in the unfriendly terrains also.
References
Adil, A.M. and Ko, Y., 2016. Socio-technical evolution of Decentralized Energy Systems: A critical review and implications for urban planning and policy. Renewable and Sustainable Energy Reviews, 57, pp.1025-1037.
Ahmed, S., Elsholkami, M., Elkamel, A., Du, J., Ydstie, E.B. and Douglas, P.L., 2015. New technology integration approach for energy planning with carbon emission considerations. Energy Conversion and Management, 95, pp.170-180.
Bahramara, S., Moghaddam, M.P. and Haghifam, M.R., 2016. Optimal planning of hybrid renewable energy systems using HOMER: A review. Renewable and Sustainable Energy Reviews, 62, pp.609-620.
Brookes, N.J. and Locatelli, G., 2015. Power plants as megaprojects: Using empirics to shape policy, planning, and construction management. Utilities Policy, 36, pp.57-66.
Frisari, G. and Stadelmann, M., 2015. De-risking concentrated solar power in emerging markets: The role of policies and international finance institutions. Energy Policy, 82, pp.12-22.
Ho, W., Zheng, T., Yildiz, H. and Talluri, S., 2015. Supply chain risk management: a literature review. International Journal of Production Research, 53(16), pp.5031-5069.
Join, C., Fliess, M., Voyant, C. and Chaxel, F., 2016. Solar energy production: Short-term forecasting and risk management. arXiv preprint arXiv:1602.06295.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Samper, M.E., Eldali, F.A. and Suryanarayanan, S., 2019. Risk assessment in planning high penetrations of solar photovoltaic installations in distribution systems. International Journal of Electrical Power & Energy Systems, 104, pp.724-733.
Santos, M.J., Ferreira, P. and Araújo, M., 2016. A methodology to incorporate risk and uncertainty in electricity power planning. Energy, 115, pp.1400-1411.
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