- August 11, 2023
Project Risk Management Assignment
The management of project risk is generally recognized as an important component and a crucial tool in practices of project management because successful projects today demand effective and efficient project risk management (Wood and Ellis, 2013). The ability to mitigate against both anticipated and unforeseen risks in all types of projects is made possible by effective risk management (Kangari, 2015), which is a crucial component of the decision-making process for projects (Carbone, 2014). The management of solar panels for construction is crucial to ensuring high-quality solar production (Chang et al., 2020). Due to these requirements, solar projects are distinct from other projects in that they have special characteristics primarily relating to cost, time, and quality (Zou et al., 2017).
Also, a wide pool of diverse stakeholders, as well as the distinct backgrounds and skill sets of the many project management teams participating each time, make it challenging for projects to operate as a network as a whole and to make optimal use of efforts and resources (Klemetti, 2016). As solar projects grow in scale and complexity, the challenging political, economic, and social environments in which they are implemented become even more evident (Zavadskas, 2020).
For example, price increases (Nazara and Resosudarmo, 2017), resource shortages (Steinberg, 2017), and supply chain disruptions (Zuo et al., 2019) that impede the entire rebuilding process are likely to have an impact on solar projects in particular. Thus, risks have had a detrimental impact on solar projects and other projects of a similar kind, frequently leading to poor project quality in terms of cost hikes, bad quality, and schedule delays (Carr, 2001).
Regardless of the project’s scale, risks and uncertainties are a common problem (Perry and Hayes 1986); moreover, about 60% of all contracting and building organizations are facing failure risks (Ruddock, 1994). As a result, an efficient project risk management strategy for solar projects is now more important than ever, along with the need to improve project quality (Carr, 2001).
This assignment captures the following:
Identify three key risks that could impact quality outcomes
Risk impact and probability ratings
Explore the potential mitigation and contingency plans and consider the budgetary implications of these plans
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