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Risk Mitigation in Project Management
Research proposal in risk management in construction
Risk Mitigation in Project Management
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Except PMBOK, my primary resources are from these two books, and I didn’t add any citation yet, I will add it to them later. http://site.ebrary.com/lib/northeastern/reader.action?docID=10623002&ppg=120 http://site.ebrary.com/lib/northeastern/reader.action?docID=10899796# Part 1 (Ethics and Social Responsibility Essay) Section A-Argumentative Essay
Ethical issues in projects are not created by accidents. They are made by people with personal values, assumptions, pressure from constraints, and personal interests. It all come into play when it comes to ethical decision making. Setting up a code of ethics and social responsibilities for project management are essential contributors to the project success, because it helps the project manager
For instance: the RAM and resource histogram helps team members be aware of the negative impacts of being unethical as it might cause serious consequences for others, the project organization chart can help the project manager to establish a strong ethical culture from the top to the bottom as well as keep monitoring and controlling critical activities across departments. Ethics issues in Procurement
While HR management focus on the internal resources of an organization, the project procurement management generally will focus on acquiring goods and service from outside of the organization. According to the PMBOK, the procurement management usually contain the following features (p224-236):
a. Make-or buy decisions: it usually compares the internal cost of making a good or providing services with the cost of acquiring goods or service from the third party.
b. Procurement management plan: it indicates how the procurement processes will be executing till the contract closure.
c. Requests for proposal/quote: a document records how the supplier will meet the buyer’s requirements, or a document states prices of items based on the agreement of both parties.
d. Contract statement of work: it defines the specific goods or services to be
The event organizer Lu Chung-chi was under arrested and under investigated. Since he was the event owner, Lu probably faced a minimum sentence of 5 years in prison.
3. The person who was in charge of lighting and hardware of this event was arrested and under investigation. If I am the event organizer, I would have done two things differently:
1. Make sure the warning of using the product had been addressed and written at the procurement management plan as we purchased it from the third party. The contract statement of work under the procurement plan should have described all the specification of the color powder to be purchased, included the warning.
2. Implement the risk management plan after initiating phase and make sure the warning of the product be addressed and written at the procurement management plan as we purchased it from the third party. I believe that having a better understanding of project risks is essential for the project manager to successfully complete the event. There are following steps for implementing a risk manage plan:
a. Identify risks: Schedule a brainstorming session with all key stakeholders, which included the person who was responsible for all lighting and hardware for this
XYZ Construction Inc. is headquartered in Denver, Colorado; the company has 16 field offices spread throughout 11 States. There are 2,300 year round employees with a surge of 4,500 employees during the peak construction periods. XYZ Construction Inc. began in the late 1950’s as a privately owned family business. Recently, the family would like to move the company into the public sector within a 12 month period. XYZ Construction, Inc. performs horizontal construction with specialties in: Roads Bridges Airfields (Klinger, 2012).
This paper is an analysis of the ethical business decision matrix developed by The George S. May Company (May), a management-consulting firm. The paper will also compare how these guidelines were used by John D. Beckett (Beckett) in his company and how the author’s firm, PricewaterhouseCoopers, LLC (PwC), uses them. The guidelines are meant to be used by employees. These guidelines are specifically a measure of moral and ethical principles tied to business ethics in acceptability of right and wrong behaviour in the workplace.
The importance of having a code of ethics is to define acceptable behaviors and promote higher standards of practice within a company. The code should provide a benchmark for...
For example, we must look at the stakeholders that would be affected if Royal Dutch Shell were to expand its operations into the Arctic Ocean. Afterwards, the effects on the different stakeholders must be determined as either beneficial or harmful, if deemed harmful, the extent to which harm would be administered must be detailed, and if deemed beneficial, these benefits must be described in terms of all of the stakeholders involved. Ultimately, the core of every business decision lies in the cost and potential benefit derived from making the decision. We must determine a dollar value of our actions, which could come in the forms of new revenues, compared to the costs, which could form in the form of environmental cleanup or lawsuits. Furthermore, the value of our reputation and public relations must also be
Project managers have different roles in making the corporation successful where they portray their skills in the marketing field.
For this a risk assessment strategy should be developed. For making the strategy, the possible risks should be evaluated. A list of possible risks associated with the results and the information of the research paper should be formed.
A good project risk management involves control of possible future occurrence. Project risk management is one of the skill most necessary and an area any project manager has to be competent in, for success in organizational projects. Project risk is an unexpected event that in case it happens hurts the objectives of a project (Whitman, Mattord, 1997). Although every Company must have a project at one time after every few months, in many organizations Project risk management is undeveloped and more attention is put on risk management of the entire firm’s operation. Normally, project risk management is a continuous process meant to identify a problem and a resolution. It includes planning, budgeting, organizing and also cost control. With all this control, surprises are reduced because the emphasis is now on proactive instead of reactive
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
Identify the potential risks which affect the company and manage these risks within its risk appetite;
e risk management process typically includes five steps. These steps are 1) identifying all significant risks, 2) evaluating the potential frequency and severity of losses, 3)developing and selecting methods chosen, 5) monitoring the performance and suitability of the risk management methods and strategies on an ongoing basis.
This system connects, accumulates, processesas well as provides imperative information to all parties thus enhancing continuity in the procurement process. However, if valid output is to be expected, features as well as requirements of the procurement process must be compatible to current system technologies (Giner, et al, 2011). The harmonization of suppliers as enhanced through the adoption of electronic sourcing enables firms to readily identify new potential suppliers for specific needs when old suppliers` capabilities are in question. The adoption of E-tendering that supports sending requests of pricesand information to suppliers as well as receiving suppliers responses improves on procurement efficiencies as it leads to significant cost reductions thus leading to better procurement performance through cost savings.For this system to achieve desired results however,all users must beready and willing to adopt the new systemsso enable seamless adoption and consequently ensure optimal
Ethics is central for any organization in treating employees fairly and helping the organization advance its mission. There is no single best way for dealing with ethical challenges, but it is very important for managers to develop ethical policies and procedures for implementation. To minimize possible unethical decisions by staff members, it is important to incorporate written standards grounded in organizational values in the code of conduct.
...e steps that are required to be addressed while coming to deal with vendors. The Proposed idea, looks satisfactory in meeting the outcomes. One thing that should be ensured is that they should incorporate the clauses pertaining to risk in the plan.
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.
Ethical behaviour is what all career people should aim to have. Not just the ethical attribute but exceptional behaviour with this regard.this is because in order to build a career, one must be governed by the rules of ethics to safeguard oneself and others. Ethics are essential in the workplace because a tough ethical code provides a non-threatening environment with high employee morale. The corporate social responsibility is important to everyone,therefore it should not be neglected by the employees and the organization. Ethics purely center on personal conduct. It involves personal choices that can make or break a person in the workplace or business. The major importance of having good conduct is to maintain a high level of respect not just for people but for the proffession. Most people who begin their working career have aspirations of excelling at their jobs and reaching the pinnacle of their profession while maintaining a sense of values; however employees often become blind with ambition and put aside their sense of ethics in order to obtain financial security and recognition for their efforts. There are many things that one can gain from having good behavioural ethics in the workplace. It will develop a discipline which will propel the work practices to a higher level and will help set a high standard. It will promote teamwork among the workersand will also buil...