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Altex corporation was supplying war related materials to the
US armed force during the WWII. During this period, the US armed was confronted
with a variety of challenges and the contract was granted to different
builders. Due to this, corporations similar to Altex Corporation were utilizing
the circumstance without any appropriate planning, and a large amount of these
organization do not have the capacity to satisfy the necessities of the
agreement. They were aiming at 60-70% of the total requirements. The risks
involved in the project was putting the company as well as the client in
danger. Hence the risk management plan needs to be a part of the legal
requirements of the project.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTIONS AND ANSWERS

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Q1. Does the customer have the right to expect the contractor
to perform risk analysis and develop a risk management plan if it is not called
out as part of the contractual statement of work?

The customer does have all the right to
expect a risk management plan based on a risk analysis even if it is not called
out as a part of the contractual statement of proposal of work. A risk
management plan is a tool which helps build customer confidence and assurance
in the project team. If the contractor is equipped with a risk management plan,
the customer would be assured that the project goals are more inclined to be
attained. At the same time, it provides the customer with the knowledge of the
higher attainment of goals and the harmful things are less likely to happen and
positive results are more inclined to be made achievable. It also ensures the
customer of the contractor’s awareness about potential task risks and
vulnerabilities and management choices through intensive examination of the
information. Risk management allows for a possible arrangement that is
controlled and prescribed risk mitigation techniques in case of any occurrence
of the risks. These reactions can be archived as a notable record for future
reference

 

Q.2. How effective will the risk management plan be if
developed by the project manager in seclusion?

A risk management plan created by a project
manager in seclusion would be of poor use. Risk management planning is the
process of planning the management activities of the project and making
decisions about risk mitigation methodologies that could be employed in case of
a risk occurrence. This plan needs to be established at the start of the
project and continually developed over the course of the project. Without the
data input from subject matter experts, the project sponsors and key
stakeholders of the project, all risks from different perspectives will not be
identified by the manager in seclusion.

 

Q.3. Can the sudden disclosure of a risk management plan be
used as a stop gap measure to prevent termination of a potentially failing
project?

If the project is already failing due to
the lack of a risk management plan or the failure of an existing risk
management plan, then a sudden disclosure of a new risk management plan would
not be used as a stop gap measure.  A risk management plan is a tool which
helps build customer confidence and assurance in the project team. Thus, the
sudden disclosure would only give rise to more questions about the contractor’s
trustworthiness. The customer who has already considered termination of the
project is liable to ask the contractor as to why the risk management plan
wasn’t conceived earlier and shared when the risk trigger had occurred.

 

Q.4. Can risk management plan be justified on almost all
programs and projects? Why or why not?

Risk management planning could be justified
on almost all projects as a necessary aspect of the project. This is because
they are very necessary to the organization. It is through the risk management
processes that the managers are able to be protected so as to identify, plan,
analyze and control all the risks that could affect a project. It reduces the
costs that could be incurred in the organization if the risk management was not
initiated. It also raises the expectations of the organization and managers
since there are assured of lesser risks affecting the project. There is hence
the importance of considering the risk management processes in almost all
projects.

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