The paper “ Peabody Energy - Project Risk Management for an Australian Mining Company” is a meaty example of the business plan on management. Peabody Energy is an Australian company that has several mines and it intends to extend its mining operations at Metropolitan mine. The project is prone to risks and hence the writing of the report regarding the risk management using the AS/NZS ISO 31000:2009 framework. The main being of the project is to carry out the extension in order to produce more coal that will satisfy both the domestic and the international market.
The main purpose of the report is to identify the risks that are likely to be encountered during the operations. Most of the identified risks in the project are fatal and also have negative economic and environmental impacts. The Australian AS/NZS ISO 31000:2009 method will be used for the purposes of managing the risks during the extension project. Various external stakeholders will be involved in the project. This includes the community, the government, and the environmentalist groups. A proper communication and consultation mechanism will be put in place for the purposes of ensuring that the stakeholders have all the information regarding the risk management process of the company.
A proper communication process will also play an important role in terms of identifying any new risks during the operations and hence solving it. The project has also established the context that will be used for the purposes of defining the parameters that will be used during the risk management process. This mainly involves the risks, its severity, and the consequences that it may have on the project. Each of the stakeholders in the project will have a different responsibility in the risk management process.
However, the company has the greatest responsibility as it is will directly involve in the implementation of the project. Accidents during the extension project are one of the main risks that have been identified. Explosions and the lack of adequate personnel is also a probable risk to the project. This is because of the complicated nature of the operations that need to be carried out during the project.
AS/NZS ISO 31000:2009. Risk management— Principles and guidelines. Australian/New Zealand Standard, joint Technical Committee. 2009.
Peabody Energy. The metropolitan Mine. Retrieved on 12 March 2014 from,
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