Risk Management on a Satellite Development Project1.) Suggest the issues that could have developed had the team not had a risk plan.The prime factor of project team failure is poor overall planning. When unrealistic goals are set, creating a chaotic working atmosphere there is nothing but sheer failure in the near future. There are two causes for team project failures; overdue/missed time standards, and going beyond set financial plans. With the interpretation of day-to-day basis risk assessments into team developed projects, there is a more realistic set of guidelines put in place. The definition of a risk assessment states, it is the “identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk. With set risk assessment techniques, you further eradicate all possible liabilities or future occurrences within the project team.
An essential of having a successful project management team, is having strategic risk management techniques. When planning with a project team it is strongly advised to think in a futuristic mindset, thinking of the “what-if’s, how-do’s, how-come’s”, planning out all possible risks to the team. There are various explanations of project team, failure, including: poor communication amongst the team, misconstruing of shared facts, and unclear positions/roles of team members. (Kloppenborg, Nkomo, Fottler & McAfee, 2012). Without clear instructions amongst a project team, it is virtually impossible to have a successful clear-minded team. Without clear sharing of information amongst the project team, there lies an opportunity for misinterpretation and spreading of untrue information.
Also, with unclear position and roles for the project team, it would be hard to accept clear directions, creating room for chaos, knowing that there are too many chiefs and not enough Indians. (Duncan, 2012)
2.) Justify the value of risk plan considering the time, effort, cost, and resources it took to develop such a plan.When the time of a project is effectively planned, that is pretty much when the risk management plan should kick into place. The purpose of a risk plan is to be proactive, preparing the project team for unforeseen circumstances. When the risk management plan is properly executed, any problems that do occur should be simply run over, not causing a delay in the trip, form a harmonic trip. The risk management plan simply plans for the worse, preparing from all aspects of the project being executed. When executing a risk management plan, there first needs to a well-defined, illustrated project, leaving no room for misinterpretation, assuring that all project team members understand their set goals and guidelines. When the risk plan is first initiated properly, then everything else falls naturally into place. (Fleming, 2012) Not only is it wise to
to have a reasonably well-defined project, but the project is simply the right place for any project project to proceed.It can be seen that if a project is run through the risk management plan, not only does the work fit the framework of a risk management plan, but it is also consistent when running the risk management plan through the project’s risk management plan. In other words, if the risk management plan requires running the risk management plan, it will perform as long as all the information needed on every part is considered. At the same time, if all the information required on every part of any part of the risk management plan is put in the risk management plan, and all it does on every part of the risk management plan is to execute the risk management plan, we are basically on the same path. If the risk management plan is poorly written and complex, one can always re-run that decision on a case by case basis and see the other way around.The key challenge facing a risk management plan is the fact that there is no way to truly evaluate the risk management plan. A risk management plan will have all the elements required to run the risk management plan within reason. So, to a degree, a risk management plan will not only include information on its own, but also incorporate multiple layers of elements and plans for the overall plan. Some people prefer to run the risk management plan out in the back of their mind, and for others, run the risk management plan out in the front because you are already evaluating and calculating the cost, risks, and benefits. Some risk management teams will not be able to take a risk and have no plan for their risk plan, or they will have to resort to something else when making a risk decision. This makes the risk management plan more or less useless, but it makes the risk management plan more or less valuable. This is because the benefit of running our risk management plan will be realized if we can create our plan of things, and keep our project as simple as possible while still providing useful information.A risk management plan typically goes through 10-15 stages. From there, every last stage should be evaluated at specific intervals. Each interval can be run with a simple question-and-answer format and can be made to fit the risk of each stage, including the cost of the risk management plan, the benefits of running its risk management plan, and the cost of executing the risk management plan. You can see how many different steps to run a risk management plan can be made in a section below. The purpose of this section is to show how risk management plans are structured. The concept of risk management plans provides a good overview of risk management objectives. The overall cost for running a risk management plan is borne by the project team, and is borne by the overall cost of running risk management plan. Since there are so few risks to risk management that you can take to a risk management plan, you can plan risks well. Most risk management plans are structured in three parts. First, one set of problems is developed. The first set of problems usually consists of one set of problems. The plan’s failure can result from either the system’s failure or failure to implement common coding errors. If, for example, a project’s main problem is a major system error, such as a technical issue that requires support of a major software update, then the failure on that problem in theory will cost the budget for running the risky system. This kind of error usually has a large negative impact on the overall project. This is called a failure to pay, as it will cost everyone on the project and the program as well. Even if the system’s failure is relatively minor, all the problems are too complex and difficult to scale up.Secondary challenges pose a threat to the program. For example, security breaches can be costly, which leads to higher cost of