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EPM5740 Project Risk Management
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EPM5740 Project Risk Management
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Course Code: EPM5740
University: Victoria University
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Country: Australia
Question:
Scenario
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.We recommend you watch *all* of the ATA videos before you begin your assessment activities. You may need to review these specific videos for this assessment task:Video 3: Stakeholder Engagement and ManagementVideo 4: Project Risks
Scope of the task
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.
Answer:
Introduction
Risk management is generally inclusive of systemic mechanism which checks successful implementation of the whole project (Reddel et al., 2017). Both the project manager and administrator should have proper knowledge for analyzing and responding to various risk which is associated with the lifecycle of the project. The whole process of risk management is all about incorporation and setting up of proper solution which is encountered by the project (Leoni et al., 2015). East Timor solar program is known to be an important project which can benefit the citizen of the country. As this project is an important one so it is important to develop a risk management plan considering the development within every stage to easily meet the proper implementation.
In the coming pages, an overview has been provided with respect to stakeholder Engagement and management. After that various risk which is associated with this project has been discussed in details.
Discussion
Stakeholder Engagement and Management
Stakeholder engagement and management process is considered to be a part of whole risk management plan. East Timor Solar project generally requires a certain number of shareholders who plays an important role in project implementation (Urban, 2016). Due to changing roles in the given project, Stakeholders have two option that is slow down or expedites the whole implementation program. Stakeholders of the project can easily provide with an option that is to expedite or to easily slow down the whole implementation program. Different stakeholders of the given project can easily provide an idea regarding its undertaking which is based on various stage of this project. With beginning of the project, it is important to appoint a change manager as there is cultural disposition at East Timor. This solar project tends to provide benefit to all the resident of this area and so it plays a key role in communication which can easily affect the lives of residents.
In this project, there are mainly three stakeholders that are government, East Timor residents and lastly alternative technology association (ATA). Apart from this, there are some other stakeholders like local bodies and authorities (Bailles, 2016). For carrying out the project, there should be proper communication with the various stakeholders of the project. With the help of proper communication, the stakeholder can easily operate with the similar goals for meeting the given project incomplete way. The second problem which is encountered in stakeholder engagement is the method of promoting and publishing proper project communication. This type of promotion is very much helpful in attracting various groups of stakeholders (Sadgrove, 2016). It is helpful in having an idea regarding gaining proper interest in the distribution of electricity for the East Timor project. Nearly 35% of the total residents do not have electricity, so it will need more stakeholder in the project which is required for meeting the full electricity about the need of various residents.
Identified risk in project
Prior to the execution phase of the East Timor Solar Project, there are many risks which is associated with the given phases (Pritchard & PMP, 2014). Checking the various kind of risk is all about having a proper understanding regarding the level of risk which is associated with this project. For understanding the risk management exercise, it is vital to understand the implication in each and every stage of the given project. The beginning stage of the project is all about risk management cycle is all about analyzing the various kinds of threats which are generally related to this project (Tomita et al., 2016). Depending on the information which is provided for the development of the project, some of the risk factors associated with the project are barriers in language, historical and cultural disposition in this East Timor. The second implication is all about engagement of proper contractor in this project. The project manager needs to ensure the fact that the given contracted party can easily exercise the accountability and its transparency at the time of working with ATA. The second kind of risk which are associated with the given project is duration of licensing. It is all about analyzing the time which is needed in East Timor. Identification of risk is all about evaluation of certain number of factors which can infer the schedule of the project that is from beginning to its competition (Krishnan, 2017). A risk matrix has been provided which provides an idea regarding the risk factor based on the implication of the project.
Risk matrix
Impact or Effect
High
Improper cooperation from various government bodies (Reddel et al., 2017).
Improper communication from the members of the community
Storage of equipment for installation
Moderate
Communication problem due to language barrier
Insufficient Transparency from the side of contractors
Inability to have license in the given time (Leoni et al., 2015).
Minimum or low
Clashes due to difference in culture
Inconvenience in the installation
Installation of various solar powers in required location.
Low or minimum
Moderate
High or maximum
Probability
Effect
High or Maximum- Various kinds of risk in this project like cost, schedule and performance which can directly affect it.
Medium- Different kind of risk which can have direct effect on various parameters of the given project like cost, schedule and lastly performance (Urban, 2016).
Low-Various kinds of risk which can have direct effect on schedule, cost and lastly performance.
Conclusion
The above discussion focus on the fact this report deal with ATA East Timor Solar project which has been funded by Google. Due to complexity of the project, various kinds of potential issues which can arise from various factors like environment, cost and lastly environment. So, giving proper priority is considered to be an integrated part of the plan which incorporates various aspects like identification, planning and its categorizing. It is totally based various kinds of identified risk and its potential to complete the task. The vital point of deliberation in this project will be various stakeholder’s engagement and its management for the undertaking of the project.
References
Bailles, N., Beattie, N., Chandler, M., Donovan, T., Edwards, B., Erickson, A., … & Laberda, L. (2016). Brooklyn Park Risk Management Plan for Nature Playscapes.
Krishnan, N. (2017). Mainstreaming Disaster Risk Reduction into Urban Planning-Mumbai’s Disaster Management Plan In A Global Context (Doctoral dissertation, Columbia University).
Leoni, E., Dallolio, L., Stagni, F., Sanna, T., D’Alessandro, G., & Piana, G. (2015). Impact of a risk management plan on Legionella contamination of dental unit water. International journal of environmental research and public health, 12(3), 2344-2358.
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. Auerbach Publications.
Reddel, S. W., Barnett, M. H., Riminton, D. S., Dugal, T., Buzzard, K. A., Erickson, D., … & Ackland, T. (2017, October). Design and implementation of an automated platform supporting the Alemtuzumab risk management plan: The Alemtuzumab MS Safety Systems (AMS3) study. In MULTIPLE SCLEROSIS JOURNAL (Vol. 23, pp. 642-643). 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND: SAGE PUBLICATIONS LTD.
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.
Tomita, T., Ono, Y., Nejihashi, K., Taogoshi, T., & Matsuo, H. (2016). Description of important potential risks of Japanese risk management plan on each package insert. Iyakuhin Johogaku, 18(3), 214-217.
Urban, M. E. (2016). Enhanced Capabilities for Subcritical Experiments (ECSE) Risk Management Plan (No. LA-UR-16-22988). Los Alamos National Lab.(LANL), Los Alamos, NM (United States).
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