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The five common project risk strategies
The five common project risk strategies
Common project risk strategies
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Project Plan for Whitbread World Sailboat Race The following paper analyzes the Whitbread World Sailboat Race case scenario presented at the end of chapter 9 in the Gray and Larson text, Project Management: the Managerial Process. The project encompasses two main objectives; one, design, build and test a new vessel, and two, select and train a crew capable of winning the race. Both objectives must be completed within 45 weeks, the start of the race, and with a planned budget of $3.2 million. Initial projections show that the current schedule will take 50 weeks to finish with a final budget estimate of $3.152 million. Although the project estimate comes in under budget, the time frame for completion extends beyond the acceptable 45 weeks. Therefore, the following discussion takes a closer look at the project's conditions by developing a project priority matrix, project network, and a Gantt chart to help Bjorn Ericksen and his team reduce the project duration. The author then offers a project closure approach. Bjorn Ericksen Project Strategy Analysis Bjorn Ericksen was chosen as the project manager because of his past experience as a master helmsman and because of his recent fame as the "best designer of racing sailboats in the world" (Gray & Larson, 2006). Bjorn has designated Karin Knutsen to be his chief design engineer and Trygve Wallvik as his master helmsman. The two will also be acting team leaders responsible for getting their sailing vessel ready for the traditional parade of entries on the Thames River in the United Kingdom, which signals the beginning of the race. Karin and Trygve both have a thorough handle on the sequence of events, and costs required to design, construct and test the vessel, as well ... ... middle of paper ... ...ch member performed on specific tasks, his or her strengths and weaknesses, and development plans for improving performance. These evaluations should justify pay, if applicable distribute rewards, and offer constructive feedback on how the member can improve performance, Conclusion Bjorn Ericksen and his team have embarked on a long and expensive project designed to help them win the next Whitbread World Sailboat Race. Using the above proposed plan, the team should be well prepared to design, build and sail their vessel to victory. Although they are certain to experience setbacks, problems and delays, having a priority matrix, a project network, and a Gantt chart will provide a solid plan that will easily keep their project on track. Once they have finished the race and reviewed their performance, defending their championship will become next year's objective.
...uched Ingenuity Results in America's Leading Price Point Professional Wakeboarding, Wakesurfing and Water Ski Boats. N.p., n.d. Web. 08 Oct. 2013.
the tragedy of the Titanic. He cites these works, I feel, to support his own
Greece-based Celestyal Cruises prides itself on a unique ability to showcase “authenticity” in its home country, and in striving to do that exposes travelers not only to popular, bustling ports of call, but also to charming hilltop villages; sleepy, out of the way tavernas; and locally-run businesses that date back generations. With slightly smaller, cozier ships, Celestyal is able to access ports that larger cruise ships cannot – just one of the features that sets this cruise company apart, allowing it to bring travelers to many unexpected and off the beaten path destinations in the Greek islands.
We see initial leadership within Shackleton in his ability to make decisions. With a voyage like this, the decisions made would determine the likelihood of success. From the purchase ...
The following are two challenges that I would recommend that CEO of Floating Design Shipbuilding address is the perception of unfairness by the organization and the need for the diversification of benefit plans.
The relationship between the Boatwright sisters’ is that they are very close together and they always look out for each other. The Boatwright sisters are August, May, June and April. August is the owner of the Black Madonna Honey company. May and April are twins. April had suffered from great depression and she killed herself when she turned fifteen. May had found great sadness in the pain of others. When a sad topic would come up in the room, may would hum “oh Susannah” and leave. She building a wailing wall as a catharsis for her pain. June is the quietest sister of the three. June is a teacher. August is like the bigger sister, she always there to support her sister and herself. May and June are there to support one and other too. But
Frame, J.D., Managing Projects in Organizations: How to Make the Best use of Time, Techniques and People, third ed., San Francisco: Jossey-Bass,112-117, 2003.
Then on the fifth day of its journey, Titanic was progressing across the Atlantic. Captain Edward Smith had plotted a new course upon hearing earlier reports of ice from other liners, there were many more communications that day of ice in Titanic's path. On that very night of Sunday 14 April 1912. The sea was calm, the sky dark and clear, and the temperature was getting colder by the minute. With conditions like this an ice berg is very hard to spot. Then, at 11.40pm the lookout rang the alarm and telephoned the bridge saying "Iceberg, right ahead.” It was already too late to avoid the iceberg and Titanic began to start sinking within less than 40 seconds later, a series of holes appeared on the hull. It also took 3 ho...
Kezner, H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6th. New York: John Wiley and Sons, Inc, 1998. Print.
Project Planning 7 VIII. Quality 8 IX. Cost Estimating 9 X. Risk Identification and Management 10 XI. Facility Startup and Project Closeout 11 XII.
In this essay, the reasons why Segway didn’t do a better job in anticipating the issues that will face the project will
Thomas Andrews was the designer of the Titanic and its sister ships. His original designs of the ships was to have a double hull ship, 46 lifeboats and have the watertight bulkheads go all the way up to B deck. While he was on the ship inspecting it, he had written down notes to improve the ship. His designs were either vetoed or removed in the ship building process. One reason on why his original design were vetoed or removed because of money. If Andrews’s designs were not vetoed or removed, the Titanic would probably have been able to withstand the crash with iceberg and there would not be a design error. Since they had not followed the original design the ship was not a double hull ship, only had 20 life boats that did not suffice the amount of people on the ship and all the watertight bulkheads did not go all the way up to B deck. When the Titanic had hit the iceberg, water immediately started to flood the ship and would slowly pass the water line that was made after the original design. Once the water passed those water lines and started to fill into the other compartments the ship only had a few hours left to stay afloat. The water filled into the other water compartments like falling dominos and would continue until the ship was filled with water and break into two pieces. If the ship was, double hulled and the water line went all the way to B deck; the ship would either kept going or be able to stay
This traditional project management tool can provide many key benefits for Sabre because they have recently relied on a large modelling software package to help their company make flight schedules more profitable. When the WBS is used accurately,
...ransportation and navigation challenge: Experts had made judgment related to sea behavior, weather condition. However navigation and transporting 19 precast segments at different open sea location in 24 hrs was a challenge.
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.