BPP 3143 Project Risk Management Assignment

Assignment Help Project Management

Reference no: EM132725719

BPP 3143 Project Risk Management - Muscat College

QUESTION 1

Read carefully the following case/scenario and answer the questions given at the end.

A food and beverage company is facing a technical issue at one of their major processing plants. Quite recently they faced another technical issue which delayed the food processing operations and eventually resulted in some financial loss for the company. The issue was fixed by the mechanical staff of the company. Now the current technical problem can result in even a bigger loss and it might affect the company's reputation if it gains attention of the public through social or electronic media. Senior management of the company is really concerned about this matter. After brainstorming, the senior management decided to consult a specialist firm for this purpose. This time senior leadership wants to get a detailed technical analysis of their production machines to identify and resolve any potential issues in longer run. The specialist firm conducted a detailed technical audit of all 10 processing units and presented the following findings.

Risk Level	Quantity	Percentage
High	4	40%
Medium	5	50%
Low	1	10%

The audit revealed 4 high, 5 medium and 1 low risk in processing machines. High and medium risks required immediate attention to avoid any bigger loss in future. The senior leadership entrusted that specialist firm to fix these technical faults so the company can avoid a potential loss. The specialist firm performed the rectification measures and presented the following updated data. As the table indicates that by involving a specialized firm at high cost, senior leadership of the manufacturing company was able to retrieve the processing setup back on track.

Risk Level	Quantity	Percentage
High	0	0%
Medium	0	0%
Low	3	30%

A: Should the food and beverage company involve the specialist firm in first instance of the technical fault? Explain your view point with reasoning in minimum 250 words.

B: State FIVE measures that the company should take at this stage to avoid such technical issues in future. Measures should be specific and self-explanatory.

QUESTION 2

Explain the following stages of Risk Management Process in context of a construction project? (Minimum 150 words for each stage)
a) Risk Identification
b) Risk Analysis
c) Risk Response Planning
d) Risk Monitoring and Control

Attachment:- Project Risk Management.rar

Reference no: EM132725719

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