Oresund Bridge

Oresund Bridge Project 2

Project Risk Management Section B

TCO E

What information should be contained in your Risk Management Plan for this second Oresund Bridge project?

The plan should include the risk management objectives and the companies policy for overall risk management. It may be a good idea to include the WBS, so that risks can be associated with specific tasks. The risk categories should be listed and defined so that they can be associated with different monitoring techniques. In addition, it should include each identified risk with a detailed explanation. The results of probability and impact analysis with the serverity level should be included as well. The most important part is the risk strategy, which should include the type of strategy and the action. You should also list the person responsible for monitoring and reacting to the risk, as well as the method for monitoring.

What tools and techniques would you use for the second Oresund Bridge to proactively managing risks? Please describe the tool.

For this project you would use different techniques depending on the risk category. The main tools for this are: Inspections, Earned Value Analysis and Periodic Risk Review. For example, I would have scheduled and unscheduled inspections for monitoring construction risks,. In addition, we would have phase gate reviews for each part of the project. For project risk, I would use Earned Value Analysis at predetermined check points to measure Cost and Schedule Variance. For the overall project, I would set up regular meetings with the core team, for project updates and review. During these meeting we will have a section to discuss risk.

What kinds of outputs would be expected from the Risk Monitoring and Control process?

The output location of the Monitoring and Control, as well as all the entire risk plan would be a document storage share-point that is housed on a central server. Outputs...