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Various Risks in a Project

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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.

Details: Create a Risk Template by listing those risks that you think are appropriate for Project X. The template should include:

* Description of the risk
* External risks
* Internal risks
* Budget risks
* Schedule risks
* Resource risks
* Quality risks

Categorize them according to your knowledge of risks and risk templates. If you have made assumptions about the project, include them at the top or bottom of the template.

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Solution Preview

The response addresses the queries posted in 2022 words with references.

//The content of the given description is based on the concept of risk management in a project. Prior to discuss various kinds of risks associated with project management, it is better to understand the concept of risk management and its requirements. In the same series, the first section of the discussion is including the concept of risk management under the same heading.//

Risk Management

In the present times, risk management has become an essential function of an organization due to high capital investment, intense competition, information technology and globalization. Risk can be described as uncertainty of outcomes and in financial terms, it is uncertainty of returns. Risk management is the activity carried out by humans identifying and evaluating risk and developing a plan to mitigate the risk. There are no boundaries for business and changes in the economy of one country have a global effect. There can be Political, Personnel, Credit, Marketing, Technological, Capital, Natural, Environmental, Production, and Legal risk. An organization is vulnerable to the threats in the business environment and risk management controls various negative effects of unforeseen events. The objective of risk management is identifying the possibility of diverse risks and mitigating them effectively and efficiently

Organizations with huge investment in technology and projects have various financial and operational risks. Markets have become wider for companies as they outsource their manufacturing operations and are affected by the Currency Exchange Rates. Now, many companies stress on managing risk and work in a safe and secure business environment. Risk Management is an important activity for a project manager; he develops appropriate measures and controls the negative effects of risk.

//After knowing the concept of risk management, the reader can understand the process of managing risks in a planned way. In this series, the next section of the discussion provided me is including a detailed analysis of the risk management process.//

Managing risk in projects includes various activities as planning, developing reports and finally summarizing the risk plan. Steps are as follows:

I. It is planned in detail how the risk will be managed in a specific project. Various tasks, responsibilities and financial resources are designed.

II. In the second phase, the duty is assigned to the risk manager and he is responsible to report in detail, the potential risk to the company.

III. Communication channels are created to report the potential risks from various units and areas.

IV. Plans are developed to lessen the risk and minimize its affects and it is decided how, when and who will carry out the tasks related to it.

V. Plan is reviewed and outlined. Effectiveness and success of all the actions is assessed and the budget is evaluated.

//In the next section of the discussion paper, I have included the description of risk. In addition to this, the practices possessed by the ADMS are also included in the same content section. In this section, I am explaining various kinds of risks like budget risk, communication risk, technology risk and several other risks associated with the project undertaken by various organizations.//

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