MGT 437 Week 4 DQ 1
MGT 437 Week 4 DQ 1
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Date Created: 11/18/15
Discussion Question 1 What types of risks are inherent in a project Where do they originate Can they be mitigated Can you provide an example of how What types of risks are inherent in a project Risk and uncertainty are inherent in all aspects of a project and have a negative effect on the operating profit of the business Project risks include business contract relationship cost funding management political and schedule risks Technical risks may involve the risk of meeting a performance requirement feasibility of a design concept or the risks associated with using stateoftheart equipment or software Production risk includes concerns over packaging manufacturing lead times and material availability Support risks include maintainability operability and trainability concerns Where do they originate Risks can occur at any stage in the project Some risks may be associated with particular tasks personnel etc and some risks may originate from outside the project such as suppliers Can they be mitigated An important aspect of risk planning is providing risk management training to project personnel Being able to identify risks Will allow mitigation Risk control reduces the risk by managing the risk and reducing the likelihood or consequence Can you provide an example of how According to Kerzner 2006 risk control actions include Alternative Design Create a backup design option that uses a lowerrisk approach Demonstration Events Demonstration events are points in the program that determine if risks are being successfully reduced Design of Experiments This engineering tool identifies critical design factors that are sensitive therefore potentially medium or higher risk to achieve a particular user requirement Early Prototyping Build and test prototypes early in the system development Incremental Development Design with the intent of upgrading system parts in the future 0 Key Parameter Control Boards The practice of establishing a control board for a parameter may be appropriate when a particular feature such as system weight is crucial to achieving the overall program requirements 0 Manufacturing Screening For programs in the midtolate development phases various manufacturing screens including environmental stress screening can be incorporated into test article production and lowrate initial production to identify deficient manufacturing processes 0 ModelingSimulation Modeling and simulation can be used to investigate various design options and system requirement levels 0 Multiple Development E orts Create systems that meet the same performance requirements This approach is also known as parallel development 0 Open Systems Carefully selected commercial specifications and standards whose use can result in lower risk levels 0 Process Proo ng Particular processes especially manufacturing and support processes which are critical to achieve system requirements 0 Reviews Walkthroughs and Inspections These three actions can be used to reduce the likelihood and potential consequences of risks through timely assessment of actual or planned events 0 Robust Design This approach uses advanced design and manufacturing techniques that promote quality and capability through design 0 Technology Maturation E orts Normally technology maturation is used when the desired technology will replace an existing technology which is available for use in the system 0 TestAnalyzeand F ix TAAF TAAF is the use of a period of dedicated testing to identify and correct deficiencies in a design 0 Trade Studies Arrive at a balance of engineering requirements in the design of a system Ideally this also includes cost schedule and risk considerations 0 Use of Mockups The use of mockups especially man machine interface mockups can be utilized to conduct early exploration of design options 0 Use of Standard ItemsSoftware Reuse Use of existing and proven hardware and software where applicable can potentially reduce risks Kerzner H 2006 Project Management a Systems Approach to Planning Scheduling and Controlling 9th ed New York NY Wiley
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