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Tools and Techniques of Managing Risk

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Tools and Techniques of Managing Risk

A case Study of Myki

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Introduction

Managing risk is a significant facet of planning a project successfully. Managers of projects can alleviate risk by recognizing and examining any form of inadequacy, thereby enhancing continuity of the process (Project Management Institute, 2013). According to the Project Management Institute, a risk is an undetermined occasion that may affect one or more project objective upon its occurrence (2013). Because of the dynamic nature of project risk, its management should be continual. Therefore, constant reporting of the project’s progress to the general stakeholders is critical in meeting the delivery objective in terms of cost, the scope covered, and quality of delivery (Robbins, 2019). Robbins (2019) alludes that, stakeholders are a class of individuals or a firm that is not directly involved with the project but can influence or be influenced by the decisions or plans undertaken on the project. They consist of the project team, managers, executives, sponsors, customers and end-users; and always require continuous feedback on the progress of the project.

Moreover, their agreement will be vital for the success of the project’s development since they dispense authority, resources and support that can help achieve project objective and ensure completion (Masciadra, 2017). Nevertheless, project managers may from time to time, encounter difficulties in relaying information to the members of their teams as well as stakeholders of the project (Project Management Institute, 2013). Therefore, this paper seeks to demonstrate tools and techniques of risk management to be applied in the Myki project that will enhance risk avoidance and draw lessons learned from previous shortfalls. It culminates the fact that identification and management of risk during the initial stages ensures project objective is achieved, therefore leading to efficiency in terms of cost, the time required to finish the project cycle and the scope covered. This can be achieved through the following:

 

 

Brainstorming

This involves an analysis of necessary instruments concerning the project, examining significant statistical figures and learnings acquired from projects of a similar nature (Wysocki, 2014). According to Kerzner, analyzing and interpreting organizational project processes such as plan template, procedures in purchasing and general knowledge of the industry is essential in building knowledge in any unlikely concern that would emerge during implementation of the project (2017). In myki, conflict of interest during the tendering process was one of the challenges faced during the project implementation. The application of brainstorm would ensure streamlining of the tendering process that would reduce the risk of hiring a supplier that is less qualified to undertake a project, consequently saving on budget cost and time in terms of hiring a new vendor to complete the project (Project Management Institute, 2013). Heldman (2013) alludes that application of insights from expert opinions would be beneficial in saving the project cost, timeliness and improve morale among team members. Previous reports from experts had revealed that undertaking the project of a similar nature would not be accomplished in less than five years, yet the selected vendor had confidence in accomplishing it in two years. This ended up increasing the budget from $998.9 Million to $1.35 billion, the time required to deliver also quadrupled. This, therefore, impacted the confidence of the team members in a negative manner. Also, through the interview of stakeholders such as the TTA board, could have reduced the risk of bringing on an incompetent board team to oversee the project. The board lacked an expert who had ICT skill or had previously led a project of a similar magnitude.

 

 

 

 

Principal Cause Analysis

Root cause analysis is a structured system used to recognize underlying risk tied to a project (Robbins, 2019). Snyder presupposes that a sound management system is not only reactive towards a problem but also ensures specific preventative actions are put in place to cushion the plan against any existing peril or one that would likely to occur (2013). Additionally, more often than not, this tool is generally applied after the occurrence of a risk. It is useful in directing towards the causal effect of a problem in the project rather than the precautionary approach (Kerzner, 2017). In Myki, several lessons were learnt one of them being poor governance; therefore, this tool will ensure that proper leadership structures are put in place to enhance accountability on future projects. TTA board were unable to deliver the Transport Ticketing system on time and upon the agreed budget to the minister and treasurer. Also, the lesson drawn from non-adherence to procurement processes such as non-delivery of the myki upon the agreed-upon timelines and budget will ensure that future tendering process is streamlined to avoid any consequence resulting from the incompetence of vendors. The litigation cost incurred due to the failure of the vendor to deliver the project on time will ensure that future projects planned following specific, achievable and realistic timeframe. The application of principal analysis will, therefore, enhance the meeting of project set objectives in terms of quality, cost and efficiency (Project Management Institute, 2013).

 

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