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Question is? To prepare for this Discussion, read Section 11 of the PMI course text and refresh your memory of the noted chapters from the Wysocki text that you read in previous modules.
Based on personal experience or observation/research, describe an example of risk management success or failure, including the tools utilized. Why do you think the efforts were successful or unsuccessful? Would the use of a different project management model have produced a different outcome?
Student 2 responded the below response to the lecturers question,
What I need is for you to respond to this student in 250 words, agree, disagree, add more notes to him or her and make it interesting and include references
STUDENT 2 MAIN POST
Project risk management includes maximizing the result of positive events and minimising the consequences of adverse events (Chapman,2001).Construction industry is a good example for discussing Risk Management where we can often find inflexible risk management by contractors. The Millers Park project (Construction of football stadium) in which mobile crane collapsed in 1999 in Milwaukee, Wisconsin is an example of poor risk management which resulted in the death of three ironworkers and financial damage in hundreds of millions. .(Stavropoulos, 1999) The following is a link of the crane collapse.
In this project the subcontractor was forced to finish the project with a time limit as he refused to do so by the main contractor and they hired new sub-contractor to finish the same which resulted in a disaster. The risks occurred in this case are due to changes in the scope and the requirements, inadequately defined roles and responsibilities, insufficient skilled staff, force majeure, foreign workers and using new technology with is unfamiliar for the team. The following is the link for the case study of blue crane accident (Millers park stadium project).
The Miller Park Project is a very huge project in which the management failed to handle risk in the implementation phase though it was well planned and documented. The Project risk management should be handling equally in all phases of the project. According to PMBOK the risk management process involves identifying the risk and using qualitative and quantitative risk analysis and plan risk responses in each phase of the project in project life cycle(PMI,2013). According to my opinion if the three contracts of Millers baseball stadium focused on the risk management by using this PMBOK model then the plane crash might have been avoided.
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