Development Effective Risk Management Plan Essay

Question:

Discuss About The Development Effective Risk Management Plan?

Answer:

Introduction

According to Liu, Meng and Fellows (2015), the risk management plan is developed for integrating the effective risk analysis and assessment for the ATA’s East Timor Solar project. The risk management plan developed would be helpful for the development of an effective plan of operations for integrating the development of the risk management cycle for the ATA’s East Timor Solar project. The following essay would highlight the various risks and their contingency planning for the development of the effective risk management plan. The essay would evaluate the various risks of ATA’s East Timor Solar project and imply some strategies for minimizing the project plan.

Risk Management Plan for ATA’s East Timor Solar Project

The risk management planning is done for realizing the various factors of risk for the ATA’s East Timor Solar project. The risk management planning consists of four steps namely risk identification, risk evaluation, risk mitigation strategy, and risk mitigation strategy control (Teller, Kock & Gem?nden, 2014). The risk management planning would help the analysis of the probable risk factors for the ATA’s East Timor Solar project and develop some crucial strategies for reducing the possible actions of the project. The risk management plan would ensure that project would be completed successfully by ensuring that overall structure of the project is done comprehensively. The risk management planning is carried on by the deployment of the effective and improved planning and mitigation of the project development (Galliers, & Leidner, 2014). The development of the risk management plan would be carried on by analysis of the risk and identifying them. The risk identification for the project of ATA’s East Timor Solar project would be done for analysis of the various risk factors that would affect the continuity of the operations of harvesting and implying solar energy at East Timor. The identified risk factors for the project were Power Issues at East Timor, Unable to use Local Suppliers, High Exchange Rates, and Absence of Occupational Health and Safety at East Timor. These risk factors had to be faced for developing the ATA’s East Timor Solar project and completing it successfully. As opined by Paquin, Gauthier and Morin (2016), risk identification had been done for critical evaluation of the proposed operations for forming understanding on the occurrence and developing the solutions of the risk factors that might impact the project operations.

The risk evaluation consists of the process of forming a deep analysis of the identified risk factors, evaluating the impact level and probability, and prioritizing the risk by using risk priority matrix (Karlsen, Folke-Olsen & Torvatn, 2015). The risk evaluation would be done for ensuring that the development of the project would be carried on for forming the impact analysis of the risk processes. The project of ATA’s East Timor Solar project consists of various risk factors like power issues at East Timor, unable to use local suppliers, high exchange rates, and absence of occupational health and safety at East Timor. The project team would have to deal with these issues for ensuring that the operations of the project would be completed successfully. The risk management would employ the use of the specific strategy for dealing with a particular type of risk. The risk management would ensure that the deployment of the risk mitigation strategies for the successful completion of the project. The development of the risk mitigation would require the consideration of the effective and improved risk management planning (Bowers & Khorakian, 2014). The various risks of the project were raised due to the organization of ATA being an outsider at East Timor. The project of ATA’s East Timor Solar project would comprise of developing and installing the system that might result in causing injuries and burns to the employees.

According to Zhao, Hwang and Phng (2014), the risk mitigation strategies would involve the deployment of the effective and smart solutions to the listed risk factors for ATA’s East Timor Solar project. The organization ATA had deployed the Support of their Partner Organization (Timorese) for ensuring that they follow the working culture of East Timor. The local organization would be extremely helpful in bridging the gap of working culture of ATA with that of East Timor. The local organization had even resolved the issue of language barrier for the organization ATA. The organization had even formed some Allowance in the Overall Budget for the project for ensuring that the risk of budget is overcome. The organization had deployed the use of Timor OH and S Health and Safety Policies for ensuring that the development of the project would be highly facilitated by the formation of the effective and smart processing of the organization. The occupational health and safety compliances of Australia would be limited for being mixed with the East Timor’s OH and S policies. The monitoring and control of the project risks would tend to evaluate the development of the proper integration and management of operations. The deployment of the effective and improved functions of risk mitigation would be monitored for realizing whether the operations of the project would be done sufficiently correct (Pritchard & PMP, 2014). The risk monitoring would ensure that the deployed risk mitigations strategies are successfully implemented and the overall impact of the risk is minimized.

Conclusion

The risk management planning for the project of ATA’s East Timor Solar project had been developed by considering the operational risk of the project. The identified risk factors for the project had been power issues at East Timor, unable to use local suppliers, high exchange rates, and absence of occupational health and safety at East Timor. These issues can be resolved by the support of their partner organization, forming an allowance in the overall budget, and abiding by the East Timor Oh and S health and safety policies. The risk management planning had been very helpful form ensuring the overall safety and compliance of the operations of the project of ATA’s East Timor Solar project. The developed plan had been made by using the concepts and principles of project risk management.

References

Bowers, J., & Khorakian, A. (2014). Integrating risk management in the innovation project. European Journal of innovation management, 17(1), 25-40.

Galliers, R. D., & Leidner, D. E. (Eds.). (2014). Strategic information management: challenges and strategies in managing information systems. Routledge.

Karlsen, J. T., Folke-Olsen, O., & Torvatn, T. (2015). Project risk management: use and benefit of various tools. Transportation Systems and Engineering: Concepts, Methodologies, Tools and Applications, IGI Global, Hershey, Pennslyvania, 250-271.

Liu, J., Meng, F., & Fellows, R. (2015). An exploratory study of understanding project risk management from the perspective of national culture. International Journal of Project Management, 33(3), 564-575.

Paquin, J. P., Gauthier, C., & Morin, P. P. (2016). The downside risk of project portfolios: the impact of capital investment projects and the value of project efficiency and project risk management programmes. International Journal of Project Management, 34(8), 1460-1470.

Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. CRC Press.

Teller, J., Kock, A., & Gem?nden, H. G. (2014). Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management. Project Management Journal, 45(4), 67-80.

Zhao, X., Hwang, B. G., & Phng, W. (2014). Construction project risk management in Singapore: resources, effectiveness, impact, and understanding. KSCE Journal of Civil Engineering, 18(1), 27.

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