Option #2: Gas injection project in Oman

The risk management strategies works better in an organization in helping prevent and mitigate risks effectively and efficiently. Risk management has been one of the major aspects of project management of different projects as it a way of reducing uncertainties and achieving project success (Van Wyk et al. 2008). This demonstrates the risk management practice of a utility company for its recovery plan project to help in addressing the risks of power interruptions as a result of supply and increasing electricity demand. External risks can hardly be avoided hence there is need for having a proper risk management which may help in saving an organization from external losses. Eskom Holdings takes into account aspects of risk corporate risk management in its business operations. The company has set of committees that implement these policies as there are implemented methodologies that help in identifying the type of risks that should be given the upper hand and showing the value of risk mitigation measures (Aleksic et al. 2017).

Risk management comprises five stages and this includes; risk management planning, risk identification, qualitative and quantitative risk analysis, risk response planning and risk monitoring control. Some of the issues which are detailed in this case include identification of the risks, classification, and allocation of the project. The aspect of risk identification becomes critical as there are different conflicting interests and the identified risk may be biased to the respective interests and or limited to their experiences.

Some of the other management issues involve aspects of unidentified risks in the recovery plan project. This becomes a problem as in the event when these risks happen, it becomes impossible to identify the faulty party as both the team members can delegate the respective risks to the relevant staff. There are several shortcomings which make the management task of allocation processes difficult and this includes, a weak relationship between Eskom and the City of Cape Town, lack of a proper recovery plan set between the different stakeholders and the fact that this risk factors may have been categorized not according to the Eskom risk factors. These are some of the project management issues that affect the recovery planning project (Dancs et al. 2019).

References

Aleksic, A., Puskaric, H., Tadic, D., & Stefanovic, M. (2017). Project management issues: vulnerability management assessment. Kybernetes.

Dancs, H., & Kovács, K. (2019). Project Management Issues in Performance Analysis. In Essentials of Performance Analysis in Sport (pp. 21-31). Routledge.

Van Wyk, R., Bowen, P., & Akintoye, A. (2008). Project risk management practice: The case of a South African utility company. International journal of project management, 26(2), 149-163.