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    Managing Project Risks & References - You work for a major defence contractor

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    Background Information:
    You work for a major defense contractor. Your company prepared and submitted a bid for a recent Department of Defense RFP, entitled Automated Mobile Defense System (AMDS). You have been assigned to lead Project X, which will design, develop, test, demonstrate and deploy 10 AMDS units to a location to be determined by the DoD assuming a successful demonstration. This project is expected to take at least 5 years to complete at a cost of $1.5 billion. If you are successful and deliver a quality product on time and within budget, the DoD will order 150 more AMDS units at a price of $10 million per unit. The goal of Project X is to develop a defense system to protect major and strategic cities within the US in the event of a missile attack from a hostile nation. It is to be a redundant system; the last in a series of defensive weapons to be used only in the event that all other defensive systems have failed; when enemy ABMs are approaching the US and only AMDS is left to take them down.
    The conceptual design for the AMDS that your company submitted in response to the RFP consists of a mobile housing unit (MHU) containing 20 anti-ballistic missiles (ABMs) based on a radically new design; an anti-missile control computer (AMCC) used to automatically target and deploy the ABMs; and a retrofitted detection device (code name: SKYEYE) built on proven, patented radar technology which your company owns. All of these devices: the ABMs, the AMCC and SKYEYE will be completely housed in the MHU, which is planned to be an enhanced18-wheel tractor-trailer. A self-contained power source (for the ABMs) and solar charged batteries for the AMCC and SKYEYE make the entire AMDS portable and completely automatic (no personnel are required to operate any of the systems). However, military personnel on a regular basis will perform routine system monitoring and maintenance, preferably from a remote site. On-site maintenance should only be needed on rare occasions expected to arise from unforeseen events such as earthquake, tornados, ice storms, etc. Should it become necessary, military personnel will move the AMDS to a location known only to them. While it was not included in the design accepted by the DoD, your company would like to be able to provide additional capability with the system: they would like the AMDS to be able to operate while it is being moved.
    You are the project manager and oversee the efforts of over a dozen nuclear scientists, engineers, and technology professionals. Many of them are acquainted with the rudiments of project management, but very few know much about project risk management. You'll need to do some education along with managing schedule, budget and scope.

    Problem:
    You meet with the entire project team, many of who worked together during the RFP process. You introduce yourself and review the project scope, deliverables, and schedule. You bring up risk management and see questioning looks in their eyes. You realize that risk management means different things to different people.
    What does risk management mean in the context of project management? Utilize PMBOK, to describe risk management as a component of the project management process.

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    https://brainmass.com/business/project-management/managing-project-risks-references-you-work-for-a-major-defense-contractor-154851

    Solution Preview

    Projects are used today as a way of achieving a variety of outcomes- in local or international locations for new constructions, new product development product improvement, process design, process improvement, utility installation, theory and technology development, and many more. Bringing a project to a successful conclusion requires the integration of numerous management functions like controlling, directing, team building, communication and others. It also requires cost and schedule management, technical and risk management, conflict and stakeholder's management, life cycle management. "The primary purpose of the PMBOK® Guide is to identify that subset of the Project Management Body of Knowledge that is generally recognized as good practice and means that the knowledge and practices described are applicable to most
    Projects most of the time, and that there is widespread consensus about their value
    and usefulness." (PMBOK Guide Structure)

    Risk Management
    "Project risk management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives." (Verzuh) It involves risk management processes, tools and techniques that will help you, the Project Manager, minimize the probability and consequences of adverse events. Project risk management will be most effective when first performed early in the inception stage of the project and is a continuing responsibility of the Project Manager throughout the project. The risk management plan needs to be formally communicated to all parties of interest, which will help them obtain a current perspective of the project. The development of the risk management plan will describe how risks will be managed on the project. It will, therefore, be a subset or an element of the overall Project ...

    Solution Summary

    You work for a major defense contractor. Your company prepared and submitted a bid for a recent Department of Defense RFP, entitled Automated Mobile Defense System (AMDS). You have been assigned to lead Project X, which will design, develop, test, demonstrate and deploy 10 AMDS units to a location to be determined by the DoD assuming a successful demonstration. This project is expected to take at least 5 years to complete at a cost of $1.5 billion. If you are successful and deliver a quality product on time and within budget, the DoD will order 150 more AMDS units at a price of $10 million per unit. The goal of Project X is to develop a defense system to protect major and strategic cities within the US in the event of a missile attack from a hostile nation. It is to be a redundant system; the last in a series of defensive weapons to be used only in the event that all other defensive systems have failed; when enemy ABMs are approaching the US and only AMDS is left to take them down.

    $2.19