Identify and Assess Risks Essay
In case these variables demonstrated a fluctuation, Intel took corrective action on the monitored issues. Intel recognized the need for an integrated automation system, which provided the company with connections to a time-phased baseline plan. Gray and Larson (2006) stress the importance of having an integrated system. “In too many case there is a small but crucial piece missing on the cost side that renders many of the systems useless to the point of actually giving wrong cost information.
” (p. 416) HK can learn from Intel by implementing an integrated automation system with reporting tools, incidents and decision support tools. HK can adopt an enterprise management system, which acts as an early warning system should the progress of a project become in danger. The same can be applied to exceed in costs for HK’s project. C) Business continuity strategy for risk mitigation (Dudley Group Hospitals)
Faced with potential systems breakdown due to the millennium bug, the Dudley Group of Hospitals (DGH –from the NHS Trust) established a project board with teams under its umbrella and appointed a full-time business continuity manager to deal with their threat. Typical tasks of these teams included progression in minimizing the risks, producing contingency plans and
Need essay sample on "Identify and Assess Risks"? We will write a custom essay sample specifically for you for only $ 13.90/page
At HK, project teams, part of the project board, would need to produce contingency plans. Besides, because departments are interrelated HK will need to understand the impact on other departments should a risk become reality. Based on these examples, it is possible to craft second-tier and a comprehensive alternative for the situation at HK. – Create a project culture, including a dedicated project team (Kimberly-Clark) – Implementing an integrated automation system (Intel) Evaluate the Alternatives Evaluate the Alternatives
Creating a project culture has been given high ratings related to the goals of the company. This alternative includes having the people available with the right skills and at the right moment. This alternative creates a buy-in a projects with people understanding the goals, resulting in a high level of stakeholder approval. Working towards a common goal and having the roles clearly defined increases the likelihood of a successful e-publishing project. Applying any of the benchmarked alternatives to the HK scenario will not come without risks.
Additional research about these pitfalls and how these are overcome needs to be done to guarantee that the final solution will fit in the company culture. Creating a project culture for the e-publishing project requires the support of the CEO for this particular project. At the moment, the CEO does not believe in e-books as a strategic advantage to the company. If the CEO does not support the project from the start, e-books are bound to be removed from the company’s agenda.
Introducing an integrated automation system may prove to be a heavy investment and increased chance of resistance to change as this system affects people at all levels in the organization. The organization will have to get used to incorporating risk in its policies and strategies, which may be perceived as a hassle and time consuming. The risk with project reporting is that relatively many risks may be detected in an early stage of the project, which could mean that the project is terminated even though HK would benefit from the project long-term.