7. Risks Describe how you would develop a list of major risks for this project and the process used to prioritise them and develop a response plan. In addition, list 4 of the most probable or highest impact risks in this project and how you might mana - Essay Example

Question No. 7 (Based on Case study) Risks A risk is anything that may potentially hinder with successful completion of the project or business task(CIO Archive, 1997) and (Wysocki et al., 2000). The project of new plant development by Ambient Products can involve various tasks such as payment related matters for proposed production facility that is going to make large plastic bins and other similar products for household and light industry uses from recycled plastic pellets. In this scenario we can face a lot of risks regarding project operations and working.

I have outlined below some of the important risks regarding Ambient Products project for new plant establishment: Time Risk In this project we have a time line of 2 years. In this scenario, the biggest risk we are facing is regarding extension of project time line. The extension in project allocated time budget can lead to increase in project budget that can cause overall project failure. Due to time risk the project breakdown danger rises. The increase in project working time can be due to some technical or legal issues.

If the soil is highly and deeply contaminated then it will take more time for removing that soil and taking the approvals. Cost Risk The cost risk is also one of the main risks in any project. Here we have been assigned with budget of $26 million that is including the cost of demolition and site clean up. In case of higher levels of land contaminations the overall cost of the project can incase that can cause the danger of project failure or stoppage. Legal Risk Another main issue could be in form of any legal aspect of this project.

This involves extensive management of some legal aspects of the project. For example if the land authorities do not give a clear signal to business management for the proper clearing of land in case of soil contamination we can face some legal issues during construction and establishment of new plant. Technological Risks For establishing a new plant we need to use new machines and working systems. In case if these systems are not in appropriate working condition then overall project can be stopped.

The main aspect in this scenario is the availability of well trained and skilled work force. In absence of highly technical experts overall project can be in danger of failure. Managing Risk In order to deal with above given risks we need to make sure that we have developed a proper project strategy. In this regard we need to build WBS (work break down structure) and CBS (cost break down structure). This will help in managing and organizing project working and resources. This will also lead to enhanced management of project resources.

For the time and cost based risks we need to take care for tasks completion within the allocated time slot. Here we also need to make sure that project conforms to the established standards of the quality and efficiency. These all aspects will lead us to the better management of the overall project. Question No. 8 Quality Controls Quality is one of the main aspects in this project. In order to ensure quality of this project we need to make sure the application of the enhanced quality controls at the different levels of the corporate.

Project Management Quality The main quality assurance starts from the project management. Thus, in this project we need to ensure the effective and enhanced quality of the project. Soil Quality Assurance In this project soil quality assurance is also one of main concerns of project manager. In this scenario there is high level need for better handling and managing the quality of the project in order to get proper approval for starting development of plant establishment process. Plant Establishment Quality Assurance For the establishment of new plant quality assurance is also one of the main concerns.

In this scenario, we need to make sure that plant is effectively established for better productions. In addition, there is need for superior management of all international industrial standards implementation for the excellent performance of plants working and operations. Production Quality Assurance After the implementation of production plant there is high level need for implementing quality assurance process for the productions from the plant. In this scenario we need to make sure that plant resultant plastic products are according to the established standards of quality.

References CIO Archive, 1997. Project Management Planning. [Online] Available at: http://www.cioarchives.ca.gov/ITpolicy/pdf/PM3.10_Planning_Risk_Management.pdf [Accessed 19 August 2011]. Wysocki, R.K., Robert, Beck, J. & Crane, D.B., 2000. Effective Project Management, 2nd Edition. Wiley.