Importance of Project and Risk Management in Pyrenees Development by BHP Billiton Petroleum

This presentation discusses the importance of project management and risk management in Pyrenees Development by BHP Billiton Petroleum. It covers the background of the project, benefits of effective project management, importance of risk management, consequences of absence of risk management, and concludes with references. The presentation emphasizes the need for risk management to enhance project performance and accountability.

Pyrenees Development by BHP
Billiton Petroleum
Name of the Student:
Student ID:
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Contents
 Introduction
 Background of Project
 Benefits of Effective Project Management
 Importance of Risk Management in Project Management
 Consequences of absence of risk management in project
 Conclusion
 References

Introduction
 Project Management Principles and techniques are crucial for the project
success
 Risk Management should be aligned with project management operations
 Analysis of the factors of risk would be helpful for aligning the smart
mitigation for the project (Avanzi et al., 2017)
 Assignment is based on the project of Pyrenees Development by BHP
Billiton Petroleum

Background of Project
 Project is carried on by BHP Billiton Petroleum
 Drilling of a total of 17 wells along with gas injector and water injectors
 Work requirement includes drilling well 1,200m below sea level
 Location of the site is centralized (15km from Muiron Island, 11km from
Ningaloo Marine Park, and 23km from North West Cape)

Benefits of Effective Project Management
 Team Collaboration with PM
meetings
 Decision Making with PM data
analysis
 Budget Management using PM
estimation methods
 Resourcing using PM Resource
Analysis
 Communication using PM
Communication Plan
 Tracking using PM Scheduler

Importance of Risk Management in Project
Management
 Identification of the risk factors would be
aligned with the implication of the risk
management
 Enhancement of the operation
development process for forming the
alignment of the project activities
 Risk management helps in enhancing the
performance of the project (Hopkin,
2017)
 Accountability of the project operations
would be managed by the implication of
the successive alignment of the risk
management

Consequences of absence of risk management
in project
 Construction project has three types of
risks project risk, economic risk, and
political risk (Kelly et al., 2014)
 The absence of risk management
would result in generation of the
project risks (Kerzner & Kerzner,
2017).
 Project Risk are the risk factors that
have direct impact on project like,
 Cost and Time Overruns
 Project Specific Risks
 Client’s Specific Risks
 Design Risks
 Construction Risks
 Contract Risks

Conclusion
 The study helped in forming the detailed planning for the management of
the activities and understanding the importance of project management and
risk management in project
 The construction project had been considered for the analysis and it helped
in listing the various risks of construction projects

References
 Avanzi, B., Pérez, J. L., Wong, B., & Yamazaki, K. (2017). On
optimal joint reflective and refractive dividend strategies in
spectrally positive Lévy models. Insurance: Mathematics
and Economics, 72, 148-162.
 Hopkin, P. (2017). Fundamentals of risk management:
understanding, evaluating and implementing effective risk
management. Kogan Page Publishers.
 Kelly, J., Male, S., & Graham, D. (2014). Value management
of construction projects. John Wiley & Sons.
 Kerzner, H., & Kerzner, H. R. (2017). Project management:
a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.