Essay on Jpl Case Analysis

Risk is defined by the probability of injury, harm, loss or danger. We all take risks every day, and don’t even think about implications.

After discovering the risks it may determine the risk tolerance. This is the level of tolerance that is about the risks that may occur (Heldman, 2011). Within a project refers to the level of risk tolerance that can be tolerated by putting in perspective the benefits that occur when taking that risk (Heldman, 2011). Project Manager depart a game of the budget as a contingency reserve. This is used so that in the event of any problems the project is not affected. It is a reserve that is intended to be used in case of emergencies, which can not be addressed through another type of risk (Heldman, 2011) management strategy. Manager can use several strategies to respond to the risks. Strategies to respond to negative risks are: acceptance, rejection, transfer, mitigation (Heldman, 2011). Acceptance is face the risk and accept the consequences of the risk already...Risks can have a positive impact, and for these the project manager uses

Risk monitoring and control is the next step and involves the owners of the risks to monitor various risk triggers. This works by scanning the project environment for both identified and unidentified threats and opportunities much like a radar screen (Marchewka, 2009). This approach directly relates to how to respond to the risk. Risk response allows the owner of the risk to commit resources and take actions once the risk is known or opportunity is available. This action usually follows the planned risk strategy.

Risk mitigation would allow the project manager to know the project’s strengths and weaknesses then evaluate the threats facing the project. The project manager would implement different strategies such as lowering exposure to threats or improving strengths of the project to make sure that the variance in schedule and cost is not very high when there are risk event occurrences. A risk mitigation strategy ensures that the project manager, the implementing team, and the project’s stakeholders are on the same page in the project implementation job. It also gives the project team an opportunity to address risks in advance so resolving additional issues becomes easy when the issues occur later during the implementation of the project. Moreover, the risk management strategy would fine-tune the parameters used for measuring the results of the project (Kerzner,

Resources allocation, and risk assessments must be managed as part of the SM program. (Arnason, S, & Willett, K.D. 2008)

Background- In its most basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or design failures exist, construction projects have supply or labor issues, there are uncertainties in computer or data modification, of course natural disasters, and even deliberate attacks from competitors, etc. Because this is such a common occurrence, national and even international standards have been developed in conjunction with the insurance and regulatory institutions to at least provide basic guidelines to minimize risks risk (International Organization for Standardization, 2009).

However, companies generally adopt a methodology for overall risk assessment. Sometimes these methodologies involve the assignation of risk oversight to leaders in each area. The approach is based upon the assumption that each area knows itself best. However, this often overlooks potential issues in favor of confronting them after they develop. As the need for

(cite) explained that risk management is the decision-making process to identify threats, vulnerabilities, and impacts of the threats on business objectives. In the Blue Spider (BS) project, it was clear from the beginning that the organization did not manage risk properly. The problem began when Henry Gable, as the director of engineering, made the unethical decision to lie about the project specifications. The unethical decision by Gable would be the key reason of many risks faced by Gary Anderson throughout the project. Furthermore, (cite) explained that there are five risk response strategies that an organization could take. The strategies are listed as mitigating risk, avoiding risk, sharing risk, retaining risk, and transferring risk. It is clear that Anderson did not maintain risk assessment and response plan since the beginning of the project.

Defined by Coopers textbook, risk is the exposure to the consequences of uncertainty and has two elements: the likelihood of something happening that has an impact on the project objectives, and the positive or negative consequences of something impacting the project objectives (Cooper, Grey, Raymond, & Walker, 2005)

The risk management process is iterative; therefore processes are handled in sequence (Phillips, 20090. Initially, the first phase of the Risk Management process is risk assessment, including risk identification and risk analysis. The next phase is risk response which decides what should be done about assessed risk (Seyedhoseini, SM; Hate, MA, 2009). The diagram below in Figure 1, illustrates the project’s risk management processes and procedures for this project.

There was Risk Management Plan in place for NASA because there was risk assessment and protocols in place but due

mitigation strategy for each risk. Kaplan and Mikes (2010) noted in the case study that Lee explained

Good risk assessment requires an elaborate plan. A risk management plan is a project management type that helps ensure that an organization reaches desired goals in a given project (Gibson, 2010). Like every plan, caution should be taken to make sure that goals of the assessment are achievable given the best accommodation of time and cost. This calls for organization to have a risk scope. Risk scope simply identifies the boundaries of a given risk assessment. This is

Each undesirable event that might affect the success of the program (cost, schedule, productivity, quality and scope) should be identified and assessed as to the likelihood and consequence of occurrence. A standard format for evaluation and reporting program risk assessment findings helps to facilitate common understanding of program risks at all levels of management. The likelihood and consequence of occurrence for each identified risk will be assessed by the team identifying the risk, with assistance from the Program Risk Manager, where required using the following approach to evaluate the likelihood of occurrence and the impact of the risk on program objectives

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is