Satellite Development Project
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[Name of Student]
Course
Professor
[Name of Institution]
November 20, 2018
Issues, if risk plan does not exist
Planning for proactive risk management is necessary for successful plan management. For the satellite development plan, risk management is necessary for identification of risk upfronts and analyzing all dimensions that can have an impact on the project. Risk management plan is comprised of the managing the plan in such a way that incorporates the assessment of the risk based on the policy that works under a process of identification of the possible risks, quantification of the risks involved, evaluation of the risks and devising a plan to manage the risks (Crouhy, Galai, & Mark, 2001). Comment by A PL: Either “The risk management plan…” or “Risk management planning…” Comment by A PL: This isn’t quite the right use of the word.
Comprise = to include or contain
“The cake comprises 10 pieces.”
Compose = to be or constitute a part or element of
“Ten pieces compose the cake” or “The cake is composed of 10 pieces.” Comment by A PL: You need a comma after this word- APA uses the serial comma in lists of 3 or more items. Comment by A PL: With lists, you want the items in your lists to contain like elements. This is a verb, whereas your other items started with nouns (“indentification” and “evaluation”). You want these to be the same forms.
Potential risk planning and risk monitoring are necessary to deal with any possible coming situation. If the risk plan is not available there is a problem in the application of strategies. People often do not plan strategy according to the requirement of the project; hence, the risk of a strategy to work is high. Secondly, same mistakes can likely to happen again. Comment by A PL: the same Comment by A PL: either “are likely to” or “likely can happen”
Thirdly, it depends on the type of project whether the risk management plan is needed for the project or not, for smaller project risk management sometimes is not required but more often it works best for the risk management (Lukas & Clare, 2011). Moreover, the possibility of identifying the project's key areas such as risks related to finances, security risks for employees, and project execution risks would be minimized. Moving in that direction is not a favorable situation for project accomplishment. Comment by A PL: You have two independent clauses here- you need a semi-colon (not a comma) to join them, or two separate sentences. Comment by A PL: a word is missing here Comment by A PL: I don’t think this says what you want it to- this says the possibility of identifying would be minimized. I think you need to re-word so that it is the risks that are minimized. Comment by A PL: This is a confusing conclusion to this paragraph- moving in what direction? Identifying key areas of risk is not a good idea? This doesn’t make sense. I think this needs to be written more clearly.
There are other aspects to consider such as; deferring mitigating, acceptance and transfer of ideas related to the risks should be addressed. The decisions related to risk management have no possibility of consideration. Risk management plan for satellite development program might not only identify the risk, but it would also quantify the level of risk that is involved in the project. The risks are higher at the initial stages of the project hence risk plan is needed to be the plan at the initial stages of the project. High-intensity risk if not managed correctly can possibly have an impact on the outcome of the financial cost in terms of loss. Cost, time, and scope are the risk based dimensions moreover risks related to the quality of the project are needed to be dealt with in time. Failure in outcomes can rise, resulting in failing to devise a priority report. Moreover, the employees might not find common ground to work and deal with the top priority issues. Comment by A PL: A semi-colon is not appropriate to introduce a list. No punctuation is needed here. Comment by A PL: Is there supposed to be a comma here? Comment by A PL: Need serial comma Comment by A PL: Why do you say this? This seems to come out of nowhere. Comment by A PL: You need an article here like “A” or “The” Comment by A PL: You need an article here like “a” Comment by A PL: Need an article here Comment by A PL: Delete. I think you mean “at” Comment by A PL: This clause interrupts the sentence, so it needs commas around it Comment by A PL: This is an independent clause- if you connect anything to it, you need a semi-colon. Otherwise, start a new sentence. Comment by A PL: This phrase describes “dimensions” so it needs a hyphen Comment by A PL: Vary your word choice- you just used this word.
Lastly, the project team member would not gain any experience related to the risk management hence the efficiency would be lower when the similar projects would demand a risk analysis and management team will not be prepared to deal with the situation.
Major Impacts of the risk
The possible risks that can impact the project are the business failure, according to research; most of the business project fails during the first three years. The failure of preparing responses for the risk management would fail the team and project to deal with risks in time (Crouhy, Galai, & Mark, 2001). Comment by A PL: You’re just talking about one risk here. Comment by A PL: delete
Secondly, the need for risk management is essential for a team to understand the importance of dealing with the injury and death during the risks involved in the project. Thirdly, a company's response to the crisis is essential for the employees and the customers as they witness how the company reacts to risk hence, it is affect the reputation of the company. Comment by A PL: this doesn’t quite make sense. Do you mean just “the risk of injury of death associated with the project”? Comment by A PL: this is an independent clause- you cannot connect this with the clause before it with a comma. Use a semi-colon or start a new sentence. Comment by A PL: this doesn’t quite make sense- either “will” or “can”
Another important aspect related to the risk is based on the loss of productivity if the risk management plan is not efficient and appropriate, it directly has an impact on the productivity of the organization. Most importantly a team needs to understand and handle the situation based on the risk by increasing the emergency communication plan to deal effectively with the project risk. Risk plan needs an integrated approach based on the mechanism and an organized system to deal with the potential risks involved in the project (Crouhy, Galai, & Mark, 2001). Comment by A PL: This sentence doesn’t quite make sense, I think because it needs to be broken into two separate sentences. Comment by A PL: It doesn’t make sense to “increase” a plan- you need to be specific about aspects of the plan you would increase.
Value of Risk Plan
It is important for each plan to balance its functionality for the project, cost time and efforts of the teams towards the project along with the resources that are needed for the plan. The considered factors have valuable importance in the project development. For the project satellite development plan, these describe factors are the constraints that would lead the project to successful risk management. Comment by A PL: Is there supposed to be a comma here? Comment by A PL: I think you mean “to successful risk management of the project.”
Source: Time-Cost performance Triangle (Racher, 2009)
All the described factors such as time, cost, and efforts resources are necessary for the successful risk management that ultimately results in the project success. For the satellite project development, risk management plan is necessary that there are many unknown dimensions can arise for the risk management.
Risks involved in the current project are only based on the logging needs but also related to the long run strategic planning for the project. Hence the time cost, employee’s performance, and resources are needed to be managed in well-planned strategic risk management. Risk management plan helps to make sure the quality of the project, and it ensures the availability of the resources for the completion of the project. Comment by A PL: This should be both possessive and plural
Risk plan provides the opportunity to the employees to devise new strategies for managing the risk by view the possibilities for the satellite development project risk management plan is necessary to identify the streamline risk that the project could possibly face and the team contributions can explore the new possibility of managing the situation. Comment by A PL: This doesn’t quite make sense.
Risk planning- it’s an on-going action
The risk plan presents the opportunity to come up with the best decisions that are needed while establishing the strategies and mitigation of risks. A risk management plan is not only a plan, but it is a way out for handling the risk and other related alterations that can arise while dealing with such risks (Frenkel & Hommel, 2001).
Approach as a Project Manager
As a project manager for the satellite development project, the project should be executed into two phases. Firstly, planning is needed and the second phase would be comprised on the execution phase. The planning is comprised of an integrated system based on the mechanism for risk management. A proper risk plan would be a must to identify the possible risk related to the dimension of the project and to identify what could possibly happen. Moreover the impact of risks is necessary to address as it helps to prioritize the risks on the basis of their impact and emergency so that a strategic planning can be done to deal with the risks (Kloppenborg, 2015). Comment by A PL: See above comment about use of this word Comment by A PL: See above about use of this word Comment by A PL: Each time you use a transition word like this, use a comma; it’s an introductory phrase
The project execution can be applied after identifying the risks involved in the project, analyzing the risks, and development of the potential responses of the risks. In terms of handling the risk, a database program is needed to develop a software that could possibly handle the risk management and the tracking the progress..
Determining the level of risk for the project
Risk management levels for the project needs diversity according to the requirements of the plan. In case of satellite development project, it is necessary to have a management plan to deal with the risks that are comprehensive in nature. Because in the satellite development project there are many risks that could possibly arise along with the progression of the project.
The possible steps that are involved in risk management are needed to be accomplished that presents the program of risk management needs the demands of dealing with the risks on the basis of time to time need. After step by step handling the risk management long-run management is also need of the risk management plan (Jeynes, 2002). Comment by A PL: This sentence is very unclear. Re-read slowly and revise. Comment by A PL: Needs hyphens
Expected Impact
For the virtual team of the satellite development project, the expected impact can result in many ways. Firstly the planning phase of the satellite development project, exclusive planning for risk management might not be possible to deal with the risks that were involved. It means that it is not possible to deal with all the dimensions and to come up with the possible appropriate ways to deal with the anticipated risks.
Moreover, the team might also face difficulty related to the development of the methods of evaluations of possibilities, the impact of risks and priority of risks. Additionally, the expected issues can be seen regarding research and comparing the methods of management standards with the other industry.
At the execution phase, the expected issue would be comprised on the accessibility of a database tool to manage and record the possible risk. That would have been the cause of failing to view the risks involved in the satellite development project. Being virtual can result in many other risk possibilities such as not being able to develop the risk management review on a monthly basis as the team might not physically present.
The probability of discussing the risk and making a decision might be possible hence no action plan can execute the plan. The team might not be able to review risk and devise the group sitting for analyzing the risk to develop database. Hence the harmony related to discussion of the project priority tasks might also be affected.
Achieving the current goals of planning and execution
For the satellite development project, team is needed to be active in terms of planning and execution as the team is virtual there is need of alternate communication means that are needed to encourage and enhance the communication and coordination. Other possible ways can be based on the email and interaction through video conference.
The communication can enhance the possibility of interaction and the gap among the virtual team members can be dealt efficiently. The communication barrier could be risk for the project that can be handled by increasing the communication among the team members of the satellite development project. Goal of the project can be handled by handled successfully on the planning and execution phase.
References
Crouhy, M., Galai, D., & Mark, R. (2001). Risk Management. New York, NY: McGraw-Hill Education.
Frenkel, M., & Hommel, U. (2001). Risk Management: Challenge and Opportunity. New York, NY: McGraw-Hill Education.
Jeynes, J. (2002). Risk Management: ten Principles. New York, NY: Butterworth-Heinemann.
Kloppenborg, T. (2015). Contemporary project management, 3rd edition. Stamford, CT: Cengage Learning.
Lukas, J. A. & Clare, R. (2011). Top 10 mistakes made in managing project risks. Paper presented at PMI® Global Congress 2011—North America, Dallas, TX. Newtown Square, PA: Project Management Institute.
Racher. (2009). How Do You Put a Value on Risk Management? Retrieved from https://www.riskdecisions.com/put-value-risk-management/