Mini-Project (Second) Essay Example | Topics and Well Written Essays - 1000 words

Mini-Project (Second) - Essay Example All management projects contain risks of one sort or another. These arise from interactions between the project objectives and uncertainty. A risk is â€Å"an uncertain event which, should it occur, would have an effect on achieving the objectives†. (APM PRAM Guide, 1997) The business, technical and project risks are listed below. The impact level of each risk is stated in the table, and these are given ratings and assigned priorities. Important recommendations are given on how the risks should have been managed. 6. Change in production train specification made it necessary to add another five feet to the length of the new building (only discovered when holding down bolts for the new train were laid out on site). Similarly for catalogue descriptions and specifications for other equipment 6. Manufacturing drawings for the critical long-lead equipment sat in a junior clerk’s in-tray awaiting approval and caused a two week delay and contributing to a later construction schedule conflict in tying-in the new services Uncertainty (or probability of occurrence) is classified as either very low (1), low (2), medium (3), high (4) or very high (5). The impact level is graded and scored the same. The two figures are multiplied to give the priority rating. The fact that not all stakeholders’ roles were clearly defined and especially that the project managers were not even aware of the importance of some stakeholders until much later was a great risk. For instance, â€Å"The VP Production and VP Sales and Estimating were important stakeholders who got involved in the project much later than they should have been.† (Group 1) And, the local inspection authority’s latest safety standards were not taken into account for the paint disposal arrangements. This was a potential environmental risk. The inadequate pre-planning was another great risk and an important part of this was project design, budgeting and scheduling.