Risk Management on Satellite Project Research Paper

Risk Management on Satellite Project - Research Paper Example Therefore, teams are working with risks daily, ranging from risks of inadequate time spending on planning to threats of inadequate supplies, as well as risks of not operating through an adequate program of risk management. The development of the project involves various challenges, with variables such as the component manufacturer, systems integration, dealing with subcontractors, checkups and various factors that fill the projects with risks. Similarly, the team was on the right production timeline and had inadequate available budget resources to maintain cost overruns. Therefore, if the team did not develop a risk plan the members could not be able to manage the project risks and prepare better reactions to potential risks of the project. Dealing with projects risks, challenges, and subsequent alterations that occurred within the program due to risk could be difficult without a risk plan. Managing, project time, strengths, efforts, and resources could also be difficult and ineffective without a risk plan. Risk plan enables the team to create criteria for assessing occurrence possibilities and effects for the threats and for risk prioritization. Without the risk plan, the team could not be able to identify the risks of the project, analyze the potential of developing risks and make decisions upon the required measures to take in risk management. In other words, risk plan enabled all the team members to view the threats, enter new threats and offer solutions for potential reactions to risks. The risk plan significance For the success of the project, it is crucial to creating an integrated strategy and system of risk control. Therefore, a risk plan serves as a tool for identifying and solving existing and potential risks of the project. Risk plan is fundamental for project implementation because it enables the team to predict and manage any potential risks that may constraint the development, running and implementation of the project. Risk plan is a progressive, forward-looking procedure, which is a critical part of the project and technical process of management. Risk plan is crucial to address that concerns that could ruin or constraint the achievement of crucial project objectives. A risk plan adequately anticipates and solves the threats and challenges that have substantial effects on the projects. Risk plan is a crucial management tool to ensure efficient time management during project implementation, effective resource use to ensure project completion within limited budget and wise channeling of efforts and energy towards effective project management and successful reduction of project risks. Risk plan allows cost reduction, effective teamwork and effort scheduling and avoidance of technical risks. It serves as a crucial strategy for project continuity control and a tool for recovery of disaster.