Case Study #3 - Risk Management on a Satellite Dvt Project

CASE STUDY 3: Risk Management on a Satellite Development Project ! ! ! CASE STUDY 3: RISK MANAGEMENT ON A SATELLITE DEVELOPMENT PROJECT L.D. PROFESSOR: DR. JUANITA MURRELL ! HRM 517 MANAGING HUMAN RESOURCE PROJECTS ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! JUNE 1, 2014 !1 CASE STUDY 3: Risk Management on a Satellite Development Project !2 ISSUES WITHOUT A RISK PLAN While project managers cannot prevent every potential risk that comes in their path, careful risk planning greatly mitigates the impact it can have. All projects carry some risk. The purpose of having a risk management plan is to reduce the overall project risk to a level that is acceptable to the project sponsor and stakeholders. Planning risk†¦show more content†¦The risk management report shows the team and the project sponsors where the risks are actively identified, analyzed and managed throughout the life of the project (Daisy, 2010). The risk management review allows the team to work together to resolve high-priority risks, be proactive and examine strategies for the level or risk. In order to review the risk management plan, a regular review should be scheduled. ‘Risk isn’t static’ (Power, 2012). New risks can develop as the project progresses and the potential risk factors may change. This can be every other month as in Case Study 3 but should be on a set schedule so that the decisions and actions regarding any new risks or changes that have occurred since the last review can be discussed and all team members are up to date. ! VIRTUAL TEAM - RISK PLAN MANAGEMENT ‘With rising globalization there is an emergence of virtual structures in many organizations’ (Ahuja, 2010). Although the Satellite Development Project was not a virtual structure, there is the potential in today’s culture for it to become a reality with regard to looking at the risk management plan in general. ‘Changing workforce, changing family norms, rapid advancement in technology and the upcoming of the knowledge worker have led to many changes in the work structure which specifically has let to replacement of the face-to-face contacts’(Ahuja, 2010). These changes have led to the virtual team environments. The