Satelite Development Company

Risk Management on a Satellite Development Project

Morgana Landrum

Strayer University

HRM517- Human Resources Projects

February 26, 2012

Issues That Could Have Developed Had the Team Not Had a Risk Plan

The main reason for project failure is optimistic planning. If you have faulty expectations then you will certainly be disappointed when your project fails. The two main issues behind a project failure are missed deadlines and budget overruns. By learning and incorporating risk assessment techniques into your project development you stand a chance to have a more realistic expectation for the outcome of your project. If your outcome is more realistic the likely hood of obtaining your goals and having a successful project is within reach. Risk assessments fully disclose the sensitive nature of a project to its team which ensures all threats are fully realized and understood (“The benefits of,” 2009). As a result, contingencies and target can be set or adjusted to a workable point, service agreements and contracts or orders can be accurately written and interrupted and risk management plans can be proposed in advance.

An important part of project management is risk management. Even though it is most often not given the attention it requires or it is due to identify all of the risks associated with your project. It is also import to be prepared if the risks actually happen. Optimistic time and cost estimates are usually a common project risk. Unclear roles and responsibilities and slow feedback can also be a project risk. Misunderstandings due to slow feedback can also be a result of poor communications and lead to project failure. Risks from stakeholders can include changing can include changing or adding new requirements after the start of the project and stakeholder input not sough can be detrimental to a project (Duncan, 2012).

If this project did not have a risk plan in place, there could have been some major issues. This project has a long list...