British Petroleum

British Petroleum Project Progress

By Russell Hall

Strayer University

Business 519: Practical Project Risk Management

Dr. Derek O. Griffin, PMP, PgMP

August 30, 2015

British Petroleum

The Risk management plan for British Petroleum has drastically changed from the original scope determine by its sponsor at the beginning of the project. The project was to cost $100,000 with duration of six (6) months. The need for the project was because of the Texas City, Texas refinery explosion in 2005 killing 15 people and wounding 180 more (IVEY, 2005). All reports before and after explosion found BP not to be following EPA and OSHA regulations, practices poor management and was in a risk- avoidance mode. Once the explosion occurred BP was forced by its stockholders, EPA and OSHA, State and federal officials, and the general public to put some form of risk mitigation into practice. During the original risk assessment and pre-response impact of the risk registry it was determined the cost of the project and its time duration was adequate (Hall, 2015). Two months into the project we see the two major threats have occurred, not following EPA and OHSA Regulations and poor management. As well as the leading opportunity, adherence to EPA and OSHA regulations has been realized. It was also found the current budget has been exhausted and there is only two months time remaining on the project for a total of four months out of the six- months initially given. Both of these situations, running out of money and cutting two months from the time constraints of the project puts the completion of the project in serious trouble. It will become necessary, with all that has happened to the project in just two months to evaluate the impact of those events. It will have to be determined if risk mitigation caused any of the problems or if additional risk mitigation is needed to be initiated to correct the projects short fall. It will also be determined if budget or schedule changes will be...