Risk Management on a Satellite Development Project

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Risk Management on a Satellite Development Project

Issues That Could Have Developed Had the Team Not Had a Risk Plan

If the risk management plan was not implemented, there would have been obstacles in stepping up the processes and deciding upon the potential project responses. Without a comprehensive risk management plan, no project can be successful. Risk management can identify risks and clearly structure them into levels (Pritchard,2001). An organization that clearly understands the risks it faces and can assess them in order of priority and take appropriate measures to reduce losses avoid the project failures. The absence of a risk management plan can result in unknown and unforeseen issues for the stakeholders and customers concerning the cists, technical performance and schedule of the project about the quality or on delivery performance.

For the satellite development project, a detailed risk management plan is important to reduce the risk because there may be many unknowns. With the help of the risk management plan, the team minimizes the logging and updating risk and the strategic needs of understanding the risk implications. A key aspect is to find a suitable level of risk management depending on the project scope (Pritchard,2001).

Justification for Value of Risk Plan Considering Time, Effort, Cost, and Resources to Develop Plan

The project risk management involves a serious consideration for the time, effort and cost. Depending on the level of the risk management stage, the variables may vary; therefore, it is important that the outcomes of the risk management plans are understood. One of the significant aspects of risk management is that it saves the cost and time of the extra effort that the team puts on if the initial plan does not go well (Pritchard,2001). Risk management encompasses the activities dealing with risks after they are identified and evaluated. Risk management, as well as risk assessment and risk communication, are part of the comprehensive term of risk governance, which is a systematic approach toward coping with risks under participation of all relevant; therefore, it can be said that risk management starts as soon as there is sufficient evidence, for hazards identified and evaluated by risk assessment (Hillson,2000).

Assessment of How to Determine Level of Risk Management Appropriate For a Project

Having already identified the risks, assessment is to analyze the possibility and consequences of each risk factor to establish the level of risk. The risks need to ...