Risk Management Procedures - Methods and Experiences

Question: Discuss about the Risk Managementfor Procedures, Methods and Experiences. Answer: Introdcution: Some of the best practices that helped and could have helped on this project are(Dennis, 2009): Planning of the project work by utilizing description and definition of project: There is trend in infrastructure project to shortchange the processes of planning with the focus on jumping on to the right side in initiating the work. This is certainly a management mistake. The time that is well spent in proper manner for planning the project resulted in the decrease of cost and duration. The illustration of the project is mainly a primary deliver of planning process and it all describes all kinds of aspects on project at a higher level. Illustration of project comprises of: Overview of the details of project: What drivers the owners of business to do such business? What benefits stakeholders get from doing such business? Objectives of project: What will stakeholders achieve through this project? What do stakeholders hope of achieving from this project? Scope of the project: What kind of characteristics of project will be implemented? Which particular section Assumptions in Project: What events stakeholders are taking for granted? What specific events are the ones that stakeholders are concerned about? Project Work plan Developing planning Horizon: After the definition of project, the next step was to develop work plan. The work plan offered the systematic instructions for developing project deliverables and managing the project. We utilized prior work plan from similar project as a model. As it did not exist, we build one the old-fashioned way by using a work breakdown structure and network diagram. Development of detailed work plan comprises assigning resources and estimating work, as far as we felt comfortable(Berg, 2010). Project management procedures The procedures of the project management details the resources that could have been used by the employers of business for managing the project (DHS, 2011). This procedure comprises of details about how project management team will handle the issues and communication. It is very important to manage the project in rigorous manner and too make the project management team assured that the stakeholder possess common understanding regarding the project work (DHS, 2011). Proper alignment and staffing in respect of supply chain: It is very critical to organize the supply chain related functions in such an effective manner which helps in maximizing the chances of success of business and bringing benefits to company also (Crane et al., 2013). It is quite noticeable that some companies are managing the supply chain system with the help of embedding efficient supply chain management professionals. We could have also chosen this strategy for making the supply chain system of our company more efficient. We could have opted for centralized operations of supply chain for making it more effective (Crane et al., 2013). For effective running of supply chain, hybrid approach could have been followed for attaining consensus with the decentralization operations for enhancing services of company. One emerging trend that could have been useful for our project was regarding the placement of the logistics and management of demand under leaders of supply chain. The appr oach is useful as it delivers an idea of innovative thinking in respect of supply chain system management and reporting mechanism. Effective staffing in supply chain is vital for companys success. Members in this project have focused more on strategy and very less on transactional ability(Realsearch Group , 2000). References Berg, H.-P., 2010. Risk management: Procedures, methods and experiences. RTA. Crane, L. et al., 2013. Introduction to Risk Management. Extension Risk Management Education and Risk Management Agency. Dennis, S.B., 2009. Risk Ranking and Risk Prioritization Tools. UMD. DHS, 2011. Risk Management Fundamentals. Homeland Security. Realsearch Group , 2000. Risk Management. Realsearch Group. Wright, S. et al., 2011. Risk Register. NZTA.