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Risk Management on a Satellite Development Project

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Case Study 3: Risk Management on a Satellite Development Project Machelle L. Green

Prof. N. Lattus

Human Resource Project Management

August 22, 2013

Importance of Having a Risk Plan Risk management involves performing SWOT analysis of Strengths, Weaknesses, Opportunities and Threats relating to details of project planning, financing, construction, operation and transfer (Duff, 2013). The Satellite Development Project developed a risk plan early in the beginning of their project phase. They focused on four core unknowns such as cost, time, scope and resources. If the Development Project had not developed a risk plan that focused closely on avoiding issues with the four core unknowns, there are many risks that could have occur and delayed the project. The first risk involves whether the project has been properly planned, adequately priced and funded (Duff 2013). The cost of a project is an issue that definitely would have developed without the team being preparing for the risk. The cost of carrying out a project is largely dependent on the funding made available to secure the project. The idea of reducing the cost of funding for the project makes the stakeholders happy as well as all involved as it contributes to the success of the project. Time is as important as the plan itself. The Satellite Development Project had a tight time line for production. Often time lines are needed to give each development a chance to produce the final product without delaying the product from its anticipated goal. If the Project did not successfully follow a tight timeline for production, it could have possibly caused production to extend beyond the expected date of product delivery causing the project’s anticipated cost to run over budget and exhaust the budget reserves. The project scope risks were avoided as the Satellite Development project

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