Risk management study Essay Example

carried out to determine revenue sources and their reliability in funding the project. Additionally, an operational risks study is crucial to analyze the efficiency of systems that support the project's mission and vision. Furthermore, a compliance risk study is necessary to ensure that the project site and activities comply with government regulations and corporation policies. Lastly, a reputational risks study should be performed to assess the project's impact on TechWatt corporation's reputation domestically and internationally. Project managers and their team members should be involved in conducting these studies. Effective communication, organization, negotiation skills and leadership qualities are important for project managers to lead the team towards success.

A study will be conducted with three groups consisting of about five team members and one project manager each, addressing the risks involved in the three proposed scheme sections. The study will last for a week, with three days of indoor workshops and the remaining four days dedicated to a thorough field analysis of environmental factors that could pose a threat to the project. This will involve visiting the proposed project site to inspect topography and soil strength to withstand natural calamities like earthquakes and floods. TechWatt corporation should provide client information for the study, including the project site, its size, available funds and sources of revenue, budget plan, project proposals, legal documents such as title deeds for the land, among others.The external team assigned to study the risks for this project is completely new and requires the client's provision of sufficient background information to gain a comprehensive understanding of the project and effectively assess the risks involved. The proposed agenda for the one-week risk management study includes a

three-day workshop to address risk awareness and analysis of potential threats and uncertainties, thorough documentation of risks and their causing factors, and risk assessment involving a deep analysis of potential impacts and avoidance strategies. This is a challenging task as the team must propose practical solutions and alternatives should high-risk factors arise.The team members should document their findings and solutions during the risk assurance phase to assure the corporation managers that all risks will be under control for the project to proceed. A thorough field study of the proposed project site and available resources should be conducted for the remaining four days of the risk management study to ensure that the solutions provided in the earlier three-day workshop are practical. On the final day, all findings and risk control measures should be documented and ready for presentation to the client. The combination of value and risk management can help minimize risk occurrence while also increasing project value and benefits. Value and risk management studies aid organizations in establishing stable and successful projects by specifying potential outcomes and implementing necessary measures to maximize benefits and reduce uncertainties.After conducting value and risk management studies, the TechWatt corporation's management will have a better understanding of the practicality and viability of their proposed project, as well as the long-term benefits it may bring. The following references were consulted: Bernstein's "Managing Risks" (2006), Bezirkan's "Experiences with Risk Management in a Large Multi-Site Project" (2004), Bilton, Bonnett, and Jones' "Value and Risk Management" 2nd edition (2007), and Boehm and Bose's "The Value Management Benchmark: Research Results of an International Benchmarking Study" (2002).