Project Risk Management
Foundations of Project Risk Management
Project risk management is an important part of project management because the process involves minimizing the risks and the possibility of failure so that the project may achieve its objective. It involves a wide operational discipline to ensure that the project is carried out as proposed and plan so that it can be beneficial to the people and the economy of the country at large (Kendrick, 2009). In order to achieve this, it is important to identify the risk from the initial stage of the project so as to have a suitable plan on site in the occurrence of any risk (Pinto, 2016).
Environment Risks in Project Risk Management
Environment risks are a major threat to this project. This is because all the areas of interest have a direct connection with the environment which means that an environment assessment test should be carried out in order to analyze the impact of the project on the environment (Pinto, 2016). Project risk management is essential since there are potential threats that can have an adverse effect on the people and the living organism as there can be emission of harmful gases, resource depletion due to deep mining, use of chemicals to boost coffee production can be harmful to the person who comes into direct contact with it and biological threat to the ecosystem (Kendrick, 2009). Writers who offer management case study help at Edudorm essay writing service notes that the unforeseen pollution risk, global risks, and environmental exposures pose a threat to the project as a whole which may make the communities affected within the areas of the project threaten its success.
Scheduling Risks in Project Risk Management
Scheduling risks a unique risk in this Madagascar project as it may there are a number of reasons that may affect the way the project is scheduled. In this case project risk management is important due to the nature of the project that heavily relies on the environment, there is a likelihood of natural factors, errors in estimation and delayed acquisition of the land required to facilitate the project (Kendrick, 2009). Experts who offer operations management assignment help at Edudorm essay writing service indicates that natural calamities such as unfavorable weather conditions with heavy downpour may delay the project scheduled time threatening its objectivity. Acquisition of some parts of the land may be hard as the communities around may disagree with the proposed compensation plans as they may demand more or retaliate to move out at all.
Titanium Mining Project in Madagascar
The project in Madagascar is fairly a complex one especially mining of titanium. Scope risk is one of the risks that can jeopardize the project. This is because as the projects start, it becomes more complex which may push the developers to start gold plating (Kendrick, 2009). Authors who offer corporate strategy assignment help at Edudorm essay writing service points that when doing the project risk management, the initial survey may be not as accurate as the levels of deposit may not match the one anticipated for making the developers buy more time so that they can at least get the areas with high titanium deposits. Integration of issues, hardware and software and changes in dependencies may arise during this period widening the scope risk (Pinto, 2016).
Technology Risks in Project Risk Management
Technology risks are a threat to the Madagascar project as they threaten the vital process of the operations. Madagascar being a developing country means that there are many things that should be adjusted so as to comply with its regulation (Kendrick, 2009). Tutors who offer business development assignment help at Edudorm essay writing service acknowledges that with respect to project risk management, the process requires adequate staff with high technological skills which may push the stakeholders in the project to acquire personnel’s with the skills from outside countries into Madagascar so that they can be incorporated into the project. This may result in conflict as citizens of the country may feel locked out of the great chances that the projects create hence delaying or compromising the project.
Reference
Kendrick, T. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project. New York: AMACON.
Pinto, J. K. (2016). Project management: Achieving Competitive Advantage, (4th ed.). Boston, MA: Pearson Education, Inc.
