Risk Management Plan for ATA’s East Timor Solar Project
Added on 2019-11-29
7 Pages1491 Words226 Views
Running head: RISK MANAGEMENT PLANRisk Management PlanATA’s East Timor Solar projectName of the Student:Student ID:Name of the University:Author’s note:
1RISK MANAGEMENT PLANIntroductionAccording to Liu, Meng and Fellows (2015), the risk management plan is developed forintegrating the effective risk analysis and assessment for the ATA’s East Timor Solar project.The risk management plan developed would be helpful for the development of an effective planof operations for integrating the development of the risk management cycle for the ATA’s EastTimor Solar project. The following essay would highlight the various risks and their contingencyplanning for the development of the effective risk management plan. The essay would evaluatethe various risks of ATA’s East Timor Solar projectand imply some strategies for minimizingthe project plan. Risk Management Plan for ATA’s East Timor Solar ProjectThe risk management planning is done for realizing the various factors of risk for theATA’s East Timor Solar project. The risk management planning consists of four steps namelyrisk identification, risk evaluation, risk mitigation strategy, and risk mitigation strategy control(Teller, Kock & Gemünden, 2014). The risk management planning would help the analysis ofthe probable risk factors for the ATA’s East Timor Solar project and develop some crucialstrategies for reducing the possible actions of the project. The risk management plan wouldensure that project would be completed successfully by ensuring that overall structure of theproject is done comprehensively. The risk management planning is carried on by the deploymentof the effective and improved planning and mitigation of the project development (Galliers, &Leidner, 2014). The development of the risk management plan would be carried on by analysisof the risk and identifying them. The risk identification for the project of ATA’s East TimorSolar project would be done for analysis of the various risk factors that would affect the
2RISK MANAGEMENT PLANcontinuity of the operations of harvesting and implying solar energy at East Timor. Theidentified risk factors for the project were Power Issues at East Timor, Unable to use LocalSuppliers, High Exchange Rates, and Absence of Occupational Health and Safety at EastTimor. These risk factors had to be faced for developing the ATA’s East Timor Solar projectand completing it successfully. As opined by Paquin, Gauthier and Morin (2016), riskidentification had been done for critical evaluation of the proposed operations for formingunderstanding on the occurrence and developing the solutions of the risk factors that mightimpact the project operations.The risk evaluation consists of the process of forming a deep analysis of the identifiedrisk factors, evaluating the impact level and probability, and prioritizing the risk by using riskpriority matrix (Karlsen, Folke-Olsen & Torvatn, 2015). The risk evaluation would be done forensuring that the development of the project would be carried on for forming the impact analysisof the risk processes. The project of ATA’s East Timor Solar project consists of various riskfactors like power issues at East Timor, unable to use local suppliers, high exchange rates, andabsence of occupational health and safety at East Timor. The project team would have to dealwith these issues for ensuring that the operations of the project would be completed successfully.The risk management would employ the use of the specific strategy for dealing with a particulartype of risk. The risk management would ensure that the deployment of the risk mitigationstrategies for the successful completion of the project. The development of the risk mitigationwould require the consideration of the effective and improved risk management planning(Bowers & Khorakian, 2014). The various risks of the project were raised due to the organizationof ATA being an outsider at East Timor. The project of ATA’s East Timor Solar project would
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