Dynamically Managing Residual Risk

Dynamically Managing Residual Risk

Introduction

The process for risk identification for a second Oresund Bridge would involve plan for risk management. This would involve first the secure risk management plan in place. This would involve meetings to clearly define the scope of the project. A second bridge and its usefulness, cost, and scheduling will be primary factors of interest. But another area would be in the enterprise environmental factors. These factors specifically are organizational structure, government/industry standards, infrastructure, existing human resources, company work authorizations, stakeholder risks, and project information systems. The meetings would be to ensure that the risk management plan was consistent with the scope and in alignment with the desired results. It would also allow for brainstorming, document reviews, the Delphi technique, interviewing of key stakeholders, SWOT analysis, risks checklists, assumption analysis, diagramming techniques, cause and effect, and influence diagrams. Next, would be the process to meet to discuss the risks attributed with the management areas. The risks to scope, schedule, and cost. Considering the past project as a lessons learned, there were benefits that could be utilized that can limit the risks. The risks particularly associated with the second Oresund Bridge project is in its infrastructure.

There is presently 4 lanes roadway and a two way railway with tunnels connected. With the current infrastructure, design, strategy, and logistics are all sure to be risks laden. We would need to have worked through all alternatives in this process to the strategy of adding to an already stellar structure. These risks would be associated with the scope of the project. When working through these risks, working on the activity cost and duration estimates, stakeholder register, the cost management plan, the schedule management plan, and the quality management plan, with organizational and environmental processes risks can be identified and considered.

Discussion

The residual risk is the risk that remains after taking various measures responding to a given risk. The residual risk is the risk that the party intends to maintain company voluntarily or she must endure. Apply to a foreign exchange transaction; the residual risk is given the position of the company, the un-hedged portion of the risk of adverse changes in currency.

The residual risk is the risk of a system despite existing security systems (Lehmann 1986). It consists of an estimable and an unknown proportion. It is predictable from this portion of the residual risk can be minimized. The co-occurrence of disorders, which occurs, for example, by previously unknown design flaw and is therefore not a coincidence, can generally be no estimate of the second portion.

Categorizing Project Risks

The categorization of project risks is aforementioned. Categorization should be based on scope, schedule, and cost. Yet it should journey further in the areas of technical issues, project management risks, organizational risks, external risks, historical information, project files, and published information. With respect to the project, the technical issues would have to do with the design and production of the bridge with respect to the current one. Efficiency, traffic, and structure will be focal ...