Risk Management On a Satellite Development Project Title Name Institutional Affiliation Course Date Risk management on a satellite development Risk is any situation resulting to failure that can cause a failure to a project (Haimes 2015). This risks are controller able through risk management plans. Risk management is the way one can be able to know any threat assess it and controls it. The risks maybe from any major source like financial or even error by human or even natural disasters that maybe experienced. Risk plan is a documented tool used by managers to see future of any risk that may arise and also responding to issues that may arise. In risk management on a satellite development project some of the issues could have developed had the team had not had a risk plan. For a good progressing project there must be a risk plan. In the project there you focus on to be completed. Analysis are essential to be done in the early stages of the project as the risks will reduces with the progress of the project. Reference Allen B. B. (2014). Lean risk assessments: Emphasizing management's needs and continuous Controlling. John Wiley & Sons. Crawford J. K. (2014). Project management maturity model. CRC Press. Haimes Y. Y. (2015). Risk modeling assessment and management. John Wiley & Sons. improvement can enhance internal audit's risk assessments. Internal Auditor 71(5) 24-26. Kerzner H. (2013). Project management: a systems approach to planning scheduling andLiu S. & Wang L. (2014). Understanding the impact of risks on performance in internal and outsourced information technology projects: The role of strategic importance. International Journal of Project Management 32(8) 1494-1510. Pritchard C. L. & PMP P. R. (2014). Risk management: concepts and guidance. CRC Press. Schwalbe K. (2015). Information technology project management. Cengage Learning. [...]
Suggest the issues that could have developed had the team not had a risk plan. Determine the major impacts of risk that the team needs to understand for the project to be successful. Justify the value of risk plan considering the time, effort, cost, and resources it took to develop such a plan. If you were the project manager, recommend the approach that you would take to ensure the project met the critical path identified. Assess how to determine the level of risk management appropriate for a project. Imagine the team working on the satellite development project was a virtual team in which team members were unable to meet in person. Explain the expected impact on the project, and suggest two (2) ways the team could maintain its current goal in both planning and execution. Use at least four (4) quality academic (peer-reviewed) resources in this assignment.