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Identification of potential risk associated with Alaska fishing expedition The risk management process begins by trying to generate a list of all possible risks that could affect the project. Organizations use various tools to identify risks. The risk breakdown structures (RBSs), in conjunction with work breakdown structures (WBSs),is one such tool used to help management to identify and analyses risks. A risk profile, which is a list of questions that addresses traditional areas of uncertainty on a project, is also one such tool (Larson and Gray, 2011:214).
TECHNICAL
PROJECT MANAGEMENT
ORGANISATIONAL
EXTERNAL
DESIGN
STAFF CAPACITY
RESOURCES
INCLEMENT WEATHER
BOAT CAPACITY
PLANNING
BUDGET
AUTHORITIES
COMMUNICATION DEVICES
CUSTOMERS
1. Technical requirement : Are the requirements stable? 2. Design : Does the design depends on unrealistic or optimistic assumptions. 3. Budget : How reliable are the cost estimates. 4. Management: Do people work cooperatively across functional boundaries. 5. Customer (Bluenote Inc): Does the customer understand what it will take to complete the project. 6. Contractor(GAA): Are there any ambiguities in contractor task definition.
Having brainstormed and compiled the risk breakdown structure and the risk profile the following were identified as risks associated with the Alaska Fly- Fishing Expedition: Weather : Extreme weather conditions may not permit the plane or the boat. Authorities: Failure to issue fishing licenses could be a major risk. Resources: Availability of resources such as fuel, meals and medical care could hamper the project if not managed properly. Staff capacity: Boats should be managed by experienced and competent staff to avoid major disasters. Boat capacity: Performance and reliability of the boats to carry the staff and handle extreme weather conditions is very important.
3. A Risk assessment form to analyze identified risks. Once risks have been identified an assessment has to be made in terms of their likelihood (probability) ,impact, detection difficulty, and frequency of occurrence. The following scales have been used to assess the risks identified: Likelihood measured on a scale of 1=very low to 5=very high Impact measured on a scale of 1=very low to 5=very high Detection difficulty measured on a scale of 1=lots of time to react to 5 = no warning
Weather
Prior to trip
12
Authorities
Prior to trip
16
Resources
During to trip
Staff Capacity
Prior to trip
Boat capacity
Prior to trip
10
4. A risk response matrix to outline how each risk will be dealt with. When a risk event is identified and assessed, a decision must be made concerning which reponse is appropriate for the specific event. Responses to risk can be classified as mitigating, retaining , avoiding ,transferring or sharing (Larson and Gray, 2011:214).
Weather
Weather bureau
Authorities
Apply timeously
Tieho
Resources
Surplus stock
Inventory level
Bongi
Staff capacity
Nthabiseng
Boat capacity
In 2 hours
Andile