450+ Words Discussion And TWO(2) Responses With 100+ Words (Strict Only $10) With Responses.

REFLECTION AND DISCUSSION 3

Summary

In chapter 7, failure modes and effects criticality analysis (FMECA) are explained in detail. This method is widely in use in the automotive industry. FMECA is used to detect component failures in vehicle lines. The type of failure shows the extent of FMECA application. Once the reason for a component failure is determined, the suppliers are notified and given time to provide a repair action for it. The primary function of this method is to identify the risks and the necessary action is taken by a stakeholder.

In chapter 8, one of the interesting topics I have come across is risk mapping. Risk mapping is a tool used for both current and future projects. Risk can be identified as small and large clusters and mapping them can develop risk trends. These trends can be compared with previous projects and used as a project strategy. The risks can be either mapped by their severity levels or by their categories.

Question 1

Risk identification: Risk identification is a process of identifying, analyzing and documenting the risks that would prevent a project or an event to be successful.

Occurrence: In risk evaluation, the likelihood of a risk occurrence determines the severity of a risk. A risk that has a high chance of occurrence is a high-severity risk, relatively low chance is medium and that would occur rarely is low-severity risk.

Impact: The probability and consequence of a risk occurrence is evaluated by impact analysis. The impact evaluation can be performed by qualitative and quantitative analysis.

Risk remediation: Risk remediation is of four types: risk avoidance, acceptance, transference and limitation.

Project risk owner: A project risk owner monitors risks and develops strategies to mitigate and remedy them.

Risk threshold: A risk threshold is the maximum amount of risk that an organization or a stakeholder is willing to take.

Risk matrix: Risk matrix is a diagrammatic representation of risks.

Question 2

Risk Analysis

Risk Description	Probability Range (High=5, Medium=3, Low=1)	Severity Range (High=5, Low=1)	Risk Factor	Risk Mitigation Plan
Gas tank is not completely filled	5	4	20	Fill the gas tank prior to the travel
Forgotten to pack some important items	5	5	25	Make a checklist of items need to be packed
Sudden occurrence of rain or storms	4	3	12	Check the weather reports and have a contingence plan in case of storms
Car runs into trouble	4	4	16	Take the car to a technician for a check-up few days before travel
Accidents on the route causing road blockages	3	3	9	Check the local news for road blockages
Bookings on waiting list at resort (not confirmed)	1	3	3	Confirm booking at least 48 hours before travel

Risk Matrix

High 5	5	10	15	20	25 Forgot to pack important items
Medium High 4	4	8	12	16 Car runs into trouble	20 Gas tank not completely filled
Medium 3	3 Booking troubles at resort	6	9 Accidents causing road blockages	12 Sudden rain or storms	15
Medium Low 2	2	4	6	8	10
Low 1	1	2	3	4	5
Severity	Extremely unlikely 1	Unlikely 2	Likely 3	Most likely 4	Extremely likely 5
	Probability

Bibliography Peter J. Edwards, P. V. (n.d.). Managing Project Risks, Edition 1. John Wiley & Sons.