Question

A FTSE 10 Oil and Gas Exploration organisation appointed JBA to develop a Risk Management System. Furthermore, JBA were selected to assist in the management of the risk register for a large transformation programme, geared at turning the Procurement & Supply Chain directorate around proactively and more cost effectively. The challenge Working with the PSCM Programme Manager, JBA were tasked with the development of a proactive Risk Management System and support in the tracking, monitoring and management of risk. The JBA solution The JBA team implemented a robust Risk Management System, in line with the Association of Project Managers PRAM (Project Risk and Analysis Method). This involved initiating the Risk Management process; identifying the risks; assessing the risks for probability and impact, and planning an appropriate response. The solution was implemented in a controlled and robust way and due diligence was paid to the continued monitoring of risks. The results JBA successfully delivered the programme on time, within budget and to desired quality standards. Its input meant that PSCM could mitigate and transfer risks that occurred in a timely manner, and no longer had to 'fire fight' its way out of risk occurrences. JBA left PSCM staff confident that they could successfully manage risks associated with projects in the future.

Debate the inputs, tools and techniques, and the outputs of the risk management process as prescribed by the PMI. Your discussion must reference the case study even if you have to make some assumptions.

Answer 1

The PMI, a national, non-profit organization for the management of projects since 1969, has really changed the manner in which projects were handled through many changes and add-on. The risk register (creased often during due diligence) and the risk manager plan start when we speak about the feedback to any risk management that is handled in line with PMI. These two inputs are the key factor and are very strongly answered by output / success. With regard to the discussion of instruments and techniques, strategic planning for any potential danger or opportunity may take place (sometimes referred to as optimistic danger), Let us say, for example, that we work on a retail company project and have access to risks in the project and that we also need to prepare & strategise the same thing. Most projects begin with a transition consisting primarily of phases such as due diligence, transfer of expertise, secondary support and primary assistance. Risk assessment starts in Step One and continues to be revised. We are drawn up within the risk registry to document all of the risks with its effects, costs to resolve etc. alongside a side project. Every risk is frequently accessed and timely accessed during its project, depending on the requirement. The explanation for the example above was to demonstrate that the data, techniques and methods of risk management that are highly debatible, however, are all expected to be managed by a strategic risk management. In addition, it had to be able to achieve the desired performance of the project to avoid the challenges that contributed to its successful implementation.

References: (APA)

Chapman, C. (2006). Key points of contention in framing assumptions for risk and uncertainty management. International Journal of Project Management, 24(4), 303-313.

Del Cano, A., & de la Cruz, M. P. (2002). Integrated methodology for project risk management. Journal of construction engineering and management, 128(6), 473-485.

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