Risk Management on a Satellite Development Project

1.) Suggest the issues that could have developed had the team not had a risk plan.

The prime factor of project team failure is poor overall planning. When unrealistic goals are set, creating a chaotic working atmosphere there is nothing but sheer failure in the near future. There are two causes for team project failures; overdue/missed time standards, and going beyond set financial plans. With the interpretation of day-to-day basis risk assessments into team developed projects, there is a more realistic set of guidelines put in place. The definition of a risk assessment states, it is the “identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk. With set risk assessment techniques, you further eradicate all possible liabilities or future occurrences within the project team.

An essential of having a successful project management team, is having strategic risk management techniques. When planning with a project team it is strongly advised to think in a futuristic mindset, thinking of the “what-if’s, how-do’s, how-come’s”, planning out all possible risks to the team. There are various explanations of project team, failure, including: poor communication amongst the team, misconstruing of shared facts, and unclear positions/roles of team members. (Kloppenborg, Nkomo, Fottler & McAfee, 2012). Without clear instructions amongst a project team, it is virtually impossible to have a successful clear-minded team. Without clear sharing of information amongst the project team, there lies an opportunity for misinterpretation and spreading of untrue information.

Also, with unclear position and roles for the project team, it would be hard to accept clear directions, creating room for chaos, knowing that there are too many chiefs and not enough Indians. (Duncan, 2012)

2.) Justify the value of risk plan considering the time, effort, cost, and resources it took to develop such a plan.

When the time of a project is effectively planned, that is pretty much when the risk management plan should kick into place. The purpose of a risk plan is to be proactive, preparing the project team for unforeseen circumstances. When the risk management plan is properly executed, any problems that do occur should be simply run over, not causing a delay in the trip, form a harmonic trip. The risk management plan simply plans for the worse, preparing from all aspects of the project being executed. When executing a risk management plan, there first needs to a well-defined, illustrated project, leaving no room for misinterpretation, assuring that all project team members understand their set goals and guidelines. When the risk plan is first initiated properly, then everything else falls naturally into place. (Fleming, 2012) Not only is it wise to