Strategic Risk Management in the Oresund Bridge case

Solution Preview

Risk Management Case Analysis

This case is about the Oresund Bridge, which links the Danish capital of Copenhagen with Sweden's third-largest city, Malmo (About Us: Oresund, 2009). This bridge is an engineering marvel. The success and recognizable design of this bridge's project is due to appropriate application of project management and strategic risk analysis. Here, in this paper, we will analysis the case in accordance to risk management analysis for the second Oresund Bridge Project, which will be soon taken by the authorities. So, we can say this case analysis deals with second Oresund Bridge project's risk analysis in regard to first project's strategic risk management.

TCO - A

1. For a second Oresund Bridge project, we will make use of Project Planning for identifying risks as it will help in identifying the challenges that second bridge project may encounter after starting. The various risk alternatives that can occur throughout the Project Planning are risks in regard to schedule, scope and resources.

2. For categorizing project risks for second bridge project we will work on identifying the uncertainties and risks from the beginning along with the quantification of their possible impact on goals, ranking risks as the basis for action project planning and demonstrating contingency plans in the event of an adverse outcome. In addition to this we will quantify the possible impacts of the risks against project cost so that essential measures can be taken at time for making a project successful.

3. Subsequent to categorizing the probable risk to the project we will quantify the project risks on the bases of its impact on the project activities so that risks can be ranked in order they need to be handled prominently. The identified project risks would be ranked by identifying different risks like scope risks, schedule risks and cost risks and quantifying their impact so that they can be ordered for handling and managing by the project members.

TCO - C

1. A project authorities or project manager can identify the key decision paths and options along with a work breakdown structure that will acknowledge the project members with the essential decision paths and options. These key decision paths and options include, identification of scope, schedule and resource related risks along with the required period to complete each task and activity involved in second bridge project.

2. Decision tree analysis can be used as a fundamental tool from the broad area of risk analysis. This will help us in mapping the key problems and risks associated with bridge project along with the offering of working initial hypothesis as to the likely solution to confronted risks and problems (Risk Analysis & Management - A Framework, 2005). Numbers depends upon the likely solutions of a problem or risk as the tree will start with general problem or risk but it will goes on till the likely solution is find.

3. The techniques like key decision paths and options along with decision tree analysis have prominently helps the first Oresund Bridge Project. All ...