Reference no: EM131694839
Using your course textbook, read the article "Risk Analysis vs. Budget/Schedule Requirements in Australia." Based on your research and reading, answer the following questions: If striving to meet schedule or budget isn't top priority, what is? Why? What type of risk analysis approach would have been most appropriate in this situation?
Project Management in Practice
Risk Analysis vs. Budget/Schedule Requirements in Australia
Sydney, Australia's M5 East Tunnel was constructed under strict budgetary and schedule requirements, but given the massive traffic delays now hampering commuters, the requirements may have been excessive. Due to an inexpensive computer system with a high failure rate, the tunnel's security cameras frequently fail, requiring the operators to close the tunnel due to inability to react to an accident, fire, or excessive pollution inside the tunnel. The tunnel was built to handle 70,000 vehicles a day, but it now carries 100,000, so any glitch can cause immediate traffic snarls. A managerial risk analysis, including the risk of overuse, might have anticipated these problems and mandated a more reliable set of computers once the costs of failure had been included.
Questions:
When the project was finished, do you think it was considered a success or a failure? Why?
Which risk management subprocess might have identified the danger in using a cheap computer system?
What type of risk analysis approach would have been most appropriate in this situation?
How does a project manager guard against the danger of a short-term success but longer-term failure?
Source: Project Management Institute. “Polluted Progress,” PM Network, Vol. 19.
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