PROJECT RISK MANAGEMENT STRATEGY

Project Risk Management Strategy

Project Risk Management Strategy

Introduction

The QuickFix Maintenance Services' has decided to expand its business and for this, the management of the QuickFix Maintenance Services' has planned to start a new aircraft testing facility. The prime reason of starting a aircraft testing facility was that the management believes that courier service is an integral part of the society.

The management of the QuickFix Maintenance Services' has planned to develop an effective aircraft testing facility that will include all the latest technology of sending the packages and will ensure that the time of delivering the packages should be minimized to two days. (Taylor, et al, 2000).

Task 1

Factors in Selection of the Project

Selection of the project is not an easy task, as for that purpose QuickFix Maintenance Services' needs to consider several factors that play an important role in the selection of the project. These factors are described below (Songer, et al, 2007).

Effectiveness to the Business

The most important factor that plays an important role in the selection of the project is its overall effectiveness to the existing business, which means that after its implementation will it be a profitable venture, how much time it will take to its completion, and several other things (Songer, et al, 2007)

Cost of the project

The most important factor in selection of the project is its overall cost structure, which indicates the investment cost, cost of raw material, and others.

Affect and benefit to the society

The QuickFix Maintenance Services' is the integral part of the society; therefore, the important factor that the management of the QuickFix Maintenance Services' looks at before selection of the project is its affect and overall benefit to the society (Songer, et al, 2007).

Task 1 (B)

Outline for Project specifications

The outline for the project that the QuickFix Maintenance Services' plans to ...