Risk Management Process
Risk Overview
The Colorado Monorail Project is a large-scale project with a $7.5 billion budget. The large scope and the impact of the project on the public warrants deliberate and proactive risk management throughout the project’s design, development, construction, and operation. There are many potential events which may result in a loss for this project, either as a monetary loss or a delay in the construction schedule. Some risks may be necessary, as risks can offer great reward or present additional opportunities. Therefore, a deliberate assessment must be made on the risks identified to ensure each risk is managed appropriately.
Process Description
The risk management process applied to the Colorado Monorail Project …show more content…
The facilitator then discussed the risk management process so all participants understood the importance of risk identification as well as the end state of the process. Since having a large quantity of risks to analyze is important, participants were encouraged to bring up any relevant ideas, regardless of how unlikely or unconventional. Additionally, having a diverse group of participants allowed for the development of a very thorough list of risks due to the diversity of the participants’ experience. To aid in the generation of risks the schedule referenced in Appendix A was printed on a plotter and displayed during the session. As ideas were generated and discussed, risk events and impacts were annotated on the schedule at the period they were expected to occur in addition to being annotated on a spreadsheet. The complete schedule featuring risks identified during the risk identification workshop is available in Appendix B. Figure 2 below features a sample of the risks identified on the schedule for Phase …show more content…
The schedule-based risk identification was appropriate for this project, however other techniques such as a prompt list or work breakdown structure may also have been utilized effectively (Smith and Merritt, 2002, 53). Additionally, the facilitator was essential in maintaining productivity. Due to the large size of the group involved, discussions frequently became off-topic or nonproductive. The facilitator was able to guide discussions back to relevant topics. The group produced 22 risks events and impacts, as detailed in Appendix C. Figure 3 below presents a sample of three risk events and impacts developed during the workshop as they are recorded in the
Risk Overview
The Colorado Monorail Project is a large-scale project with a $7.5 billion budget. The large scope and the impact of the project on the public warrants deliberate and proactive risk management throughout the project’s design, development, construction, and operation. There are many potential events which may result in a loss for this project, either as a monetary loss or a delay in the construction schedule. Some risks may be necessary, as risks can offer great reward or present additional opportunities. Therefore, a deliberate assessment must be made on the risks identified to ensure each risk is managed appropriately.
Process Description
The risk management process applied to the Colorado Monorail Project …show more content…
The facilitator then discussed the risk management process so all participants understood the importance of risk identification as well as the end state of the process. Since having a large quantity of risks to analyze is important, participants were encouraged to bring up any relevant ideas, regardless of how unlikely or unconventional. Additionally, having a diverse group of participants allowed for the development of a very thorough list of risks due to the diversity of the participants’ experience. To aid in the generation of risks the schedule referenced in Appendix A was printed on a plotter and displayed during the session. As ideas were generated and discussed, risk events and impacts were annotated on the schedule at the period they were expected to occur in addition to being annotated on a spreadsheet. The complete schedule featuring risks identified during the risk identification workshop is available in Appendix B. Figure 2 below features a sample of the risks identified on the schedule for Phase …show more content…
The schedule-based risk identification was appropriate for this project, however other techniques such as a prompt list or work breakdown structure may also have been utilized effectively (Smith and Merritt, 2002, 53). Additionally, the facilitator was essential in maintaining productivity. Due to the large size of the group involved, discussions frequently became off-topic or nonproductive. The facilitator was able to guide discussions back to relevant topics. The group produced 22 risks events and impacts, as detailed in Appendix C. Figure 3 below presents a sample of three risk events and impacts developed during the workshop as they are recorded in the