MGMT6019 - Risk in Engineering Projects Assignment

   

Added on  2020-03-07

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Running head: RISK IN ENGINEERING PROJECTSRisk in Engineering ProjectsName of the student:Name of the University:Author Note:
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1RISK IN ENGINEERING PROJECTSIntroductionRisks are an integral part of any business project. Engineering projects are associatedwith various kinds of predictable as well as unforeseen risks that hinder the steady progressof these projects. However, risks are an important part of any engineering project. It isimportant that the risks are identified on time, and mitigated or curbed down in intensity,before it proves to be malicious. This assignment highlights the various risks that areassociated with the various engineering projects, along with the ways the risks could beavoided or mitigated. Risk assessment has a major role to play, in ensuring that the risks arenot of high intensity. Research aimThe aim of this research is to highlight the various risks, along with the causes of therisks, such that they could be mitigated.Research objectivesTo highlight the various risks that are associated with the engineering projectsTo analyse the causes of the risksTo recommend ways to mitigate these engineering project risksResearch questionsWhat are the various kinds of risks that are associated with the engineering projects? What are the causes of the risks?What ways could be recommended to mitigate these engineering project risks? Literature reviewRisks associated with various engineering projects
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2RISK IN ENGINEERING PROJECTSRisks could be defined as a situation that exposes an engineering project to adangerous situation. The risks could be predicted or unforeseen. The various risks that areassociated with the engineering projects include the following:1. Financial risksFinancial risks highlight the risk in money in the business or a project, such that theproject might cease to make further progress (Batkovsky, Batkovsky & Klochkov, 2016).Financial risks highlight that the budget allocated for a project is not sufficient enough toensure the success of the project. Engineering projects might be aborted midway, if it facesfinancial risks. Sudden bankruptcy of the company taking up the engineering project mightalso cause financial risks. 2. Operational risksOperational risks are caused due to internal failures in the projects. The internalprocesses, the people and the system failure comprises of the operational risks. Thus, unlikethe financial risk, there is no return on the operational risk. 3. Strategic risksThe strategic arises from the operation within a specific industry. With time if thecustomers are no more in demand of the project, then the company carrying out the projectfaces operational risks. 4. Compliance risksThe risks associated with the risk of compliance with the rules and legislations leadsto compliance risk. The engineering projects have to comply with the legislations of thecountry, in order to be completed successfully.
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