Back to School Offer

Get 20% of Your First Order amount back in Reward Credits!

Get 20% of Your First Orderback in Rewards

All papers examples
Get a Free E-Book! ($50 Value)
HIRE A WRITER!
Paper Types
Disciplines
Get a Free E-Book! ($50 Value)

Risk in Management, Essay Example

Pages: 2

Words: 647

Essay

Sasol was a large South African conglomerate that focused on engineering processes, particularly focusing on the conversion of coal to other products such as oil and chemicals. The Benfield Column Project was based (caused) on an accident: a raging fire started in a regeneration column in the Benfield Unit- a factory associated with the firm. The fire severely damaged the column: The column, approximately 70 meters high, leaned to one side after the fire, necessitating immediate repair. In particular, the column needed the damaged portion of the column shell to be cut out of the existing configuration and replaced in the time period of 47 days.

A project team was assembled to take on the task: There was a total of 27 members; the team came from around the world. There were numerous inherent risks in the project based on the team’s strategy. One of the main risks was cost: The project managers decided they would not select cost as a key metric for selection. In fact, they would only focus on the project’s schedule, attempting to complete the repairs as soon as possible in order to prevent further financial loss. By focusing on the timing, however, project managers exposed themselves to tremendous financial risk, in that, the project may choose to “waste” resources in order to make the timeline.

The project managers, however, adopted other principles that could have conflicted with other stated principles, and thereby leading to amplified risks. For example, while project managers stated that the project would be schedule-driven and not cost driven, they also stated that quality and safety would not be compromised. This introduced numerous risks including the fact that the schedule itself would not be met if the main metrics for the project depended on time. The tradeoff between time and other considerations was a main matrix for risks.

Third, the project managers did not include any extra time (or float) into the scheduling of the project. This essentially amplified the risks inherent in the ability to meet the deadlines in the project with the already noted emphases on both time and quality. The fact that no extra time was included in the project could have easily led to problems in both the construction of the pillar and the ultimate quality of the pillar if it needed additional resources and work that were not originally budgeted into the process.

Fourth, project communication would involve all major stakeholders; it would not be limited to within sub-divisions or silos of the project management team. This was a big decision and risk because the need to align communication across the project with the noted limitations on time and no plans to extend time for other parts of the project. The need for communication across all teams also increased the risk of friction and or miscommunication if people involved in the project did not understand what was happening. The fracturing of teams, and its knock-on effect on teamwork, was a potential risk in trying to keep everyone together.

The final risk involved in the project was the risk of failure. Although this risk was inherent in any of the strategies selected by the firm, the probability of its occurrence was increased by the single minded focus of the program.

Overall, this paper has identified five risks involved with how the project was managed. At the end of the day, we know that the project managers were not only able to manage these risks effectively, but they were able to finish before the projected deadline and under budget cost. Thus, there may be ultimately something said about focusing on one or two discrete outcomes in project management, rather than merely focusing on cost and other potential drivers.

References:

Boggon, “The Benfield Column Repair Project,” PM Network 10, no. 2 (February 1996): 25-30.

Boggon, I.(1996). South African Repair Success through Teamwork. In J.Meredith & S. Mantel, Project Management. (pp.221-222).Hoboken, NJ: John Wiley & Sons, Inc.

Time is precious

Time is precious

don’t waste it!

Get instant essay
writing help!
Get instant essay writing help!
Plagiarism-free guarantee

Plagiarism-free
guarantee

Privacy guarantee

Privacy
guarantee

Secure checkout

Secure
checkout

Money back guarantee

Money back
guarantee

Related Essay Samples & Examples

Multinational vs Multicultural, Essay Example

The main difference between a multinational and a multicultural organization is that a multinational operates in several countries while a multicultural has individuals from diverse [...]

Pages: 1

Words: 378

Essay

Prevent terrorist strikes on American soil, Essay Example

Goal, Objectives, and Strategies The Department’s goal is to protect the homeland by thwarting terrorist threats and implementing emergency plans. These are the Department’s top [...]

Pages: 1

Words: 412

Essay

Science and Technology and Nation-Building, Essay Example

Science plays a pivotal role in technology. The combination of science and technology (S&T) results in the development of new knowledge used to improve human [...]

Pages: 3

Words: 768

Essay

Plato’s Portrayal of Socrates and the Historical Socrates, Essay Example

Socrates, the Athenian philosopher, changed how philosophers thought about the world. However, modern audiences believe that Socrates did not write any of his ideas down [...]

Pages: 5

Words: 1285

Essay

Ambiguity, Essay Example

The New Task I am Proposing My proposal is a promotion at work. I am a Business Development Associate at Universal New York, NY. My [...]

Pages: 1

Words: 278

Essay

Narratives That Shape Our World, Essay Example

The context and the values in the text Othello by William Shakespeare have shaped me in perspective through the main character Othello. I perceive life [...]

Pages: 6

Words: 1574

Essay

Multinational vs Multicultural, Essay Example

The main difference between a multinational and a multicultural organization is that a multinational operates in several countries while a multicultural has individuals from diverse [...]

Pages: 1

Words: 378

Essay

Prevent terrorist strikes on American soil, Essay Example

Goal, Objectives, and Strategies The Department’s goal is to protect the homeland by thwarting terrorist threats and implementing emergency plans. These are the Department’s top [...]

Pages: 1

Words: 412

Essay

Science and Technology and Nation-Building, Essay Example

Science plays a pivotal role in technology. The combination of science and technology (S&T) results in the development of new knowledge used to improve human [...]

Pages: 3

Words: 768

Essay

Plato’s Portrayal of Socrates and the Historical Socrates, Essay Example

Socrates, the Athenian philosopher, changed how philosophers thought about the world. However, modern audiences believe that Socrates did not write any of his ideas down [...]

Pages: 5

Words: 1285

Essay

Ambiguity, Essay Example

The New Task I am Proposing My proposal is a promotion at work. I am a Business Development Associate at Universal New York, NY. My [...]

Pages: 1

Words: 278

Essay

Narratives That Shape Our World, Essay Example

The context and the values in the text Othello by William Shakespeare have shaped me in perspective through the main character Othello. I perceive life [...]

Pages: 6

Words: 1574

Essay

Get a Free E-Book ($50 in value)

Get a Free E-Book

How To Write The Best Essay Ever!

How To Write The Best Essay Ever!