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Risk Management - Coursework Example

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RISK MANAGEMENT Question 1 For an engineering project of your choice, identify 10 risks and use both qualitative and quantitative analysis to analyse the risks. Give an explanation of the choices made. Given an engineering project of the construction of a spacecraft, the following risks can be identified with accompanying qualitative and quantitative risk analysis for their analysis; as well rationale for choice of each of the risk analysis used…
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Risk Management

Change in management structure Preliminary Risk Analysis Given the fact that there are different priorities for the said project, there is the tendency that there will be major changes in the organizational management to suit some priorities as against others. The preliminary risk analysis would be used as qualitative analysis to identify the undesired event of organizational change and then suggest possible improvements and other suitable preventive mechanisms (Keong, 2002). Unavailability of hardware Hazard and Operability studies (HAZOP) The construction of spacecraft is an engineering project that demands a very high quantum of hardware input. There could however be possible unavailability and shortages. Once this happens, it would constitute an operational hazard (Perry, 2008). To this end, a hazard and operability studies would be useful in the “application of a formal systematic critical examination of the process and engineering intentions of new or existing facilities to assess the hazard” (Keong, 2002). ...
This not withstanding, HAZOP can be used as a qualitative analysis to identify suitable replacements in systems that would not bring about the system requirement changes. Delays in specifications Failure Mode and Effects Analysis(FMEA/FMECA) The project would bring about the need to deal with essential interfaces that would have to be specified on regular time margins. However, there is the risk that these specifications may delay and not arrive on schedule. Such delays may cause failures in implementation, and this is why the failure mode and effects analysis would be necessary in identifying the mode of failure and the threat it would pose to the entire project. Underestimation of project size Fault tree analysis At the preparation stage of project management, extensive time is spent on budgeting and estimation of the project size. There is however the risk that external factors, such as inflation and shortage of hardware could bring about an underestimated project size. The fault tree analysis when used in this analysis would help in building a chronology of all possible causes of the risk so that with the line of cause well known, preventive mechanisms can be schemed towards the risk (Heldman, 2005, p. 132). Underperformance of CASE tool Failure Mode and Effects Analysis(FMEA/FMECA) The nature of the current spacecraft construction demands the preparation of a CASE tool. However, there is the risk that the CASE tool may not performance as much as it should perform. Once this happens, it would be considered a failure and thus a failure mode and effects analysis would be necessary in quantifying the mode of failure and predicting possible scope of effect of the failure on the product. Technological changes Fault tree analysis Technology is one of the ... Read More
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