The identifying a project risk

The identifying a project risk Let us first define what project risk is, project risk is an uncertain event that, if occurs, has a positive or a negative effect on at least one project objective. A risk may have one or more causes and, if it occurs, one or more impacts. Over here we will define what are the risks associated with a new project, how to define, measure and control those risk. This combine process is called risk management. Identifying Risk For any effective identification of the risk involved in a project, there has to be certain corporate culture: (Young-Hoon Kwak, 2005) The managers should support honest and realistic risk assessment, even if they indicate problems with the project. The managers should be encouraged to talk openly about the risk involved without any fear of reprurcussions. Create an atmosphere where, talking about any kind of risk is allowed. Other key factor in risk assessment is collecting realistic and high quality data. Creating the right kind of atmosphere is only the first step in risk identification (Paul C. Dinsmore et al, 2005)Overall risk identification is a process to identify various potential risks in a project. Ideally a project manager would create a project risk register, where he would include all the identified risk, he would also earmark the nature of each risk, the step in which it may occur, the kind of effect it may have on the project and the solution for it. (Paul C. Dinsmore et al, 2005)This risk register is not static in nature but is dynamic and keeps on changing with each new step in the project. Risk identification is continuous process, new risks may come to light as the project progresses and previously-identified risks may drop out. Another key to risk identification is involving the right kind of people in risk identification process. Some of the key person that should be involved in all the risk identification process are risk management team, project team (they should be involved in the process so that the project team can develop a sense of ownership of responsibilities for the risks involved) members, project manager, experts both from the project and from outside the project team, customers, end users, other project managers, stakeholders(Stakeholders outside the project team may provide additional objective information), and risk management experts.(Dennis Lock, 2007) While these personnel are often key participants for risk identification, all project personnel should be encouraged to identify risks. The potential risk can be identified using: A risk break down structure, over here various risk are identified according to the stages of project cycle. Managers own knowledge of the previous projects and by cross referencing similar projects done by others. Consulting experts from the same field. After proper identification of the risk, the next important step would be to determine the cause of the risk involved its impact on the project objective. The project risk register should ideally contain the identified risk followed by cause of the risk, the condition under which it may occur, the impact it may have on the project and finally the solution for it. Also it is important to note here that all type of risk should be identified, even the risk that cant be tackled with like risk of project delay due to weather conditions. Some of the risks that may occur are: Design Risks This type of risk arise due to design of the project, some of the design risk are design incomplete, Inaccurate assumptions on technical issues in planning stage, surveys incomplete, hazardous waste site analysis incomplete, unforeseen design exceptions, Incomplete quantity estimates etc. External Risks This type of risk generally arise due to factors which are not directly related to the project, some example are landowners unwilling to sell land, local communities pose objections, threat of lawsuits, stakeholders request late changes, political factors or support for project changes etc. Environmental Risks Risk arising due to environmental factors like environmental analysis incomplete, environmental clearance for staging or borrow sites required, historic site, endangered species, riparian areas, wetlands and/or public park present etc Organizational Risks The risk arising due to companys policies and structure, like inexperienced staff assigned, internal â€Å"red tape† causes delay getting approvals, decisions, priorities change on existing program, funding changes for fiscal year, Overlapping of one or more project limits, scope of work or schedule etc. Project Management Risks Risk inherent to the project due to poor management like project purpose and need is not well-defined, project scope definition is incomplete, no control over staff priorities, unresolved project conflicts not escalated in a timely manner etc. Construction Risks Risk in projects where construction is involved like: inaccurate contract time estimates, change requests due to differing site conditions, temporary construction easements expire, dewatering is required due to change in water table etc. Engineering Services Risks These are risk involved in projects where engineering work is done, like: hazardous materials in existing structure or surrounding soil; lead paint, contaminated soil, asbestos pipe, asbestos bearings and shims, Special railroad requirements are necessary including an extensive geotechnical report for temporary shoring system adjacent to tracks etc. Financial Risk Risk due to unforeseen financial problems like Capital budgeting problem, price rise of raw materials, delay in funding, currency fluctuations, interest rate fluctuations etc. Measuring Risk Risk can be measured either qualitatively or quantitatively. The measuring technique depends on the nature of the project and risk involved. Qualitative Risk Qualitative risk analysis assesses the risks using the probability of occurring of the risk, the corresponding impact on project objectives if the risks do occur, as well as other factors such as the time frame and risk tolerance of the project constraints of cost, schedule, scope, and quality. (Lewis R. Ireland, 2006). Sometimes experts or functional units assess the risks in their respective fields and share these assessments with the team. Across the same project the definitions that will be used for levels of probability and impact should be the same. The organizations management, project customer or sponsor has an important role in the Qualitative Risk Analysis process. (David I. Cleland, 2006) The project sponsor defines for the risk analysis lead and team the levels of impact on time, cost, scope and quality that would qualify a risk as having a very low, low, moderate, high or very high impact on each objective. The project sponsor determines the combinations of probability and impact that make a risk low, moderate and high priority for each objective in light of the definitions just mentioned. Once the definitions are in place, team members assess the identified risks probability and impact and then put them into high, moderate, and low risk categories for each project objective (time, cost, scope, quality). They rank risks by degrees of probability and impact, using the definitions in place, and include their assessment rationale.(Lewis R. Ireland, 2006). Team members revisit qualitative risk analysis during the projects lifecycle. When the team repeats qualitative analysis for individual risks, trends may emerge in the results. These trends can indicate the need for more or less risk management action on particular risks, or whether a risk mitigation plan is working. Quantitative Risk Qualitative measurement of risk involves numerically estimating the probability that a project would meets its financial and time objective. Qualitative analysis involves evaluation of all the quantifiable risk and in most cases these risks identified are analyzed simultaneously to determine its affect on the project. The result is a probability distribution of the projects cost and completion date based on the identified risks in the project. Quantitative risk analysis in general involves statistical technique called Monte Carlo simulation. (Morgen Witzel, 2003). Quantitative risk analysis starts with the model of the project, either its project schedule or its cost estimate depending on the objective. The degree of uncertainty in each schedule activity and each line-item cost element is represented by a probability distribution. The probability distribution is usually specified by determining the optimistic, the most likely and the pessimistic values for the activity or cost elemen t this is typically called the â€Å"3-point estimate.† (Joseph Phillips, 2003) The three points are estimated during an interview with subject matter experts who usually focus on the schedule or cost elements one at a time. The risks that lead to the three points are recorded for the quantitative risk analysis report and for risk response planning. For each activity or cost element a probability distribution type is chosen that best represents the risks discussed in the interview. Typical distributions usually include the triangular, beta, normal and uniform.(Lewis R. Ireland, 2006) A specialized Monte Carlo simulation software program runs (iterates) the project schedule or cost estimate many times, drawing duration or cost values for each iteration at random from the probability distribution derived from the 3-point estimates and probability distribution types selected for each element. The Monte Carlo software develops from the results of the simulation a probability dis tribution of possible completion dates and project costs. From this distribution it is possible to answer such questions as: (Martin Stevens, 2002) How likely is the current plan to come in on schedule or on budget? How much contingency reserve of time or money is needed to provide the agency with a sufficient degree of certainty? Using sensitivity analysis, which activities or line-item cost elements contribute the most to the possibility of overrunning schedule or cost targets? Risk Response Planning Risk Response Planning is the process of developing options, and determining actions to enhance opportunities and reduce threats to the projects objectives. It focuses on the high-risk items evaluated in the qualitative and/or quantitative risk analysis.(Jennifer, 2005) In Risk Response Planning parties are identified and assigned to take responsibility for each risk response. The project manager identifies which strategy is best for each risk, and then design specific actions to implement that strategy. Some of the strategies are: (Winston W. Royce, 1970) Risk Avoidance: In the process of risk avoidance the project is changed so as to avoid the risk all together. In this kind of case the managers feel that it is a better option to change the project than to deal with the risk. Risk Transfer: Risk transference requires shifting the impact of the risk, along with ownership of the response, to a third party. An example would be the team transfers the financial impact of risk by contracting out some aspect of the work or taking out insurance in anticipation of a risk. Risk Mitigation: Risk mitigation is a process of reduction in the probability and/or impact of an adverse risk event to an acceptable threshold. Taking early action to reduce the probability and/or impact of a risk is often more effective than trying to repair the damage after the risk has occurred. Exploit: This strategy seeks to eliminate the uncertainty associated with a particular upside risk by making the opportunity definitely happen. Examples include securing talented resources that may become available for the project. Share. Allocating ownership to a third party who is best able to capture the opportunity for the benefit of the project. Acceptance. A strategy that is adopted because it is either not possible to eliminate that risk from a project or the cost in time or money of the response is not warranted by the importance of the risk. Monitoring and Control of Risk Risk monitoring and control keeps track of the identified risks, residual risks, and new risks. It also monitors the execution of planned strategies on the identified risks and evaluates their effectiveness. Risk monitoring and control continues for the life of the project.(Roland Gareis, 2006) The list of project risks changes as the project matures, new risks develop, or anticipated risks disappear. Periodic project risk reviews repeat the process of identification, analysis, and response planning. Risk ratings and prioritization commonly change during the project lifecycle. If an unanticipated risk emerges, or a risks impact is greater than expected, the planned response may not be adequate. Risk control involves: (Bjarne Kousholt, 2007) Choosing alternative response strategies Implementing a contingency plan Taking corrective actions Re-planning the project, as applicable The individual or a group assigned to each risk (risk owner) reports periodically to the project manager and the risk team leader on the status of the risk and the effectiveness of the response plan. The risk owner also reports on any unanticipated effects, and any mid-course correction that the manager must consider in order to mitigate the risk. References Paul C. Dinsmore et al (2005) The right projects done right! John Wiley and Sons, 2005. ISBN 0787971138. p.35 and further. Lewis R. Ireland (2006) Project Management. McGraw-Hill Professional, 2006. ISBN 007147160X. p.110. Joseph Phillips (2003). PMP Project Management Professional Study Guide. McGraw-Hill Professional, 2003. ISBN 0072230622 p.354. Dennis Lock (2007) Project management (9e ed.) Gower Publishing, Ltd., 2007. ISBN 0566087723 Young-Hoon Kwak (2005). A brief history of Project Management. In: The story of managing projects. Elias G. Carayannis et al. (9 eds), Greenwood Publishing Group, 2005. ISBN 1567205062 Roland Gareis (2006). Global project management handbook. Chapter 1: The evolution of project management. McGraw-Hill Professional, 2006. ISBN 0071460454 Martin Stevens (2002). Project Management Pathways. Association for Project Management. APM Publishing Limited, 2002 ISBN 190349401X p.xxii Morgen Witzel (2003). Fifty key figures in management. Routledge, 2003. ISBN 0415369770. p. 96-101. David I. Cleland (2006). Global project management handbook. McGraw-Hill Professional, 2006. ISBN 0071460454. p.1-4 states: It was in the 1950s when project management was formally recognized as a distinct contribution arising from the management discipline. 10. Booz Allen Hamilton History of Booz Allen 1950s Bjarne Kousholt (2007). Project Management -. Theory and practice.. Nyt Teknisk Forlag. ISBN 8757126038. p.59. http://www.ipma.ch/publication/Pages/ICB-IPMACompetenceBaseline.aspx F. L. Harrison, Dennis Lock (2004). Advanced project management: a structured approach. Gower Publishing, Ltd., 2004. ISBN 0566078228. p.34. Winston W. Royce (1970). Managing the Development of Large Software Systems in: In: Technical Papers of Western Electronic Show and Convention (WesCon) August 25-28, 1970, Los Angeles, USA. Jennifer (2005). Applied Software Project Management. OReilly Media. ISBN 978-0-596-00948-9. http://www.stellman-greene.com/aspm/.

Genting Plantation Berhad

Genting Plantations Berhad (â€Å"Genting Plantations†), formerly known as Asiatic Development Berhad, is one of the fastest growing plantation companies listed on the Main Board of Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchange). Incorporated in Malaysia as a private limited company on 29 September 1977, under the name of Asiatic Development Sdn Bhd, it became a wholly owned subsidiary of Genting Berhad (â€Å"Genting†) on 22 February 1980 to spearhead Genting's plantation business. Listed on Bursa Malaysia on 30 August 1982, Genting Plantations currently ranks amongst the top 10 listed companies in terms of market capitalisation in the plantation sector. As at 30 April 2009, Genting Plantations is a 54. 7% owned subsidiary of Genting Berhad. In April 1980, Genting Plantations commenced business through the successful acquisition of the Rubber Trust Group comprising 3 Hong Kong domiciled rubber companies which owned some 13,700 hectares of plantation land in Peninsular Malaysia. In June 1981, the Ko Rubber Companies, which owned about 10,000 hectares of plantation land in Peninsular Malaysia, were acquired by Genting Group and through a restructuring exercise in 1983, some 9,268 hectares of these plantation land and businesses were transferred to Genting Plantations. In the same year, Genting Plantations acquired a further 676 hectares of oil palm plantation and a 30 tonne per hour oil mill. These acquisitions would have now proven to be most astute decisions judging by the development potential of some of the land and the capital appreciation that has since taken place, particularly the 3,200 hectare – Genting Kulai Besar Estate which is now being developed as the mega Genting Indahpura project in Kulai, Johor. Recognising the scarcity of land in Peninsular Malaysia, Genting Group started making inroads into Sabah. In 1985, Genting Group acquired Asiatic SDC Sdn Bhd, whose plantation business comprised some 4,000 hectares of oil palm plantation and a 20 tonnes per hour oil mill. In a subsequent rationalisation of Genting Group's plantation activities, ownership of ASDC was transferred to Genting Plantations in 1991. A quick succession of land acquisitions in Sabah ensued for Genting Plantations, starting with the takeover of Tanjung Bahagia Sdn Bhd in 1988 which owns 8,094 hectares of jungle land, followed by a joint venture arrangement with Landworthy Sdn Bhd (now known as Asiatic Tanjung Bahagia Sdn Bhd) in 1989 which added another 4,039 hectares. Between 1991 and 1996, another 5,730 hectares were acquired. With all these jungle lands fully cultivated, Genting Plantations, with its long term vision to further its plantation interest, continues to expand its land bank. Notable acquisitions include the 8,830-hectare agricultural land near the Sungai Tongod and the 5,611-hectare oil palm estate near Bukit Garam in 2001 and 2002 respectively. And in May 2004, Genting Plantations has completed yet another acquisition of some 6,753 hectares of oil palm estates together with a 60 tonnes per hour oil mill in Kinabatangan, Sabah. In June 2005, Genting Plantations embarked on its maiden foray into the plantation business overseas. This expansion of plantation activities in the Republic of Indonesia is on a joint venture basis with a respectable palm oil producer in the country, the Sepanjang Group. The Genting Plantations-Sepanjang 70:30 joint venture will develop some 76,000 hectares of agricultural land into oil palm plantation. Genting Plantations entered into another joint venture in 2008 to develop 45,000 hectares in Ketapang. Following these recent acquisitions, Genting Plantations's current land bank is slated to increase to over 186,000 hectares in Indonesia and Malaysia; an impressive 14-fold increase since 1980. The Group continues to be actively working towards adding more. At present, Genting Plantations owns 6 oil mills, one in Peninsular Malaysia, which attained the ISO 9002(1994) Quality Management Systems status in 2001 (which was subsequently updated to the ISO 9001(2000) in 2002) and the others in Sabah. Total milling capacity to date is 265 tonnes per hour. In 1994, Genting Plantations entered into a joint venture with a Sarawak state agency to establish a 30/60 tonnes per hour palm oil mill in Serian, Sarawak. This mill scored a hattrick when it was awarded the Anugerah Industri Sawit Malaysia, in recognition of its high oil extraction rate, by PORLA since its commissioning in August 1997. Whilst plantation business remains the core activity, Genting Plantations has since ventured into property development with the objectives to unlock the potential of its strategically located land bank and to reduce its dependence on single source income. The first project by Genting Plantations's property arm, Genting Property Sdn Bhd (â€Å"Genting Property†) is the 55-hectare Genting Cheng Perdana in Central Melaka. Officially launched in October 1993, the project has turned out to be quite a success with its first phase of single- and double-storey houses completed and handed over to purchasers about 9 months ahead of schedule. Since then, 3 other phases have been completed and handed over in good time. What followed next was the launching of the 284-hectare Genting Permaipura project in late 1994. Located about 10 km from the fast-growing town of Sungai Petani, Kedah, a town poised to become the commercial/industrial hub of the northern region in Malaysia, Genting Permaipura comprises commercial and entertainment centres, bungalow lots, residential houses and shop-offices. Also included in this project is an 18-hole golf course with a 2-tier driving range which sprawls over 160 acres of prime land against the majestic backdrop of Gunung Jerai and a clubhouse, The Genting Permaipura Golf & Country Club. Further, in its push to the forefront of property development, Genting Property had embarked on another project – the massive Genting Indahpura or â€Å"Beautiful City† project at Kulai, Johor. Spanning over 30 years, this project located just 30 km north from the bustling and fast growing city of Johor Bahru involves the development of about 3,200 hectares of plantation land in Kulai, Johor, into a self-contained township. Genting Indahpura is conceptualised as a fully-integrated development complementing the State's plan to upgrade the existing Kulai town into a sub-regional centre complete with all modern amenities and convenience, and generously landscaped town parks and green lungs for healthy and recreational pursuits. The project's attraction lies in its excellent location which enjoys easy access from virtually every transportation route – road linkages through the North-South Expressway and the Second Link from Singapore; air linkages through the Sultan Ismail International airport in Senai 10 minutes away; and rail links through the Federal Railway lines. Genting Plantations also has other large tracts of land with development potential. These will continuously be monitored as to the timing and the type of development most suited in relation to their locations. With low land holding cost and huge reserves of own land bank, Genting Plantations can aspire to play a bigger role in the property sector in Malaysia in the near future. Moving forward, the Group, through its wholly owned subsidiary, Asiatic Centre for Genome Technology Sdn Bhd (â€Å"ACGT†), has ventured into the biotechnology industry in 2006. ACGT has set up an equally owned joint venture with Synthetic Genomics Inc â€Å"Synthetic Genomics†), a privately held company dedicated to commercializing synthetic genomic processes and naturally occurring processes for alternative energy resources. The joint venture is tasked to carry out research and development activities on the use of genomics-based techniques and tools to increase the yield and profit stream from crop plants. It will initially focus on whole genome sequencing of oil palm. Synthetic Genomics, which was founded by genome pioneer J Craig Venter, Ph. D. will use its expertise in DNA sequencing to enable SGSI-Asiatic Limited to develop a comprehensive genomic study of oil palm whilst ACGT will be the exclusive agent and sole licensee, on a worldwide basis, for commercialising the technologies developed. In May 2008, the joint venture announced that it had successfully completed the first draft assembly of the oil palm genome. For more information, please visit www. acgt. asia. Genting Plantations is actively involved in environmental conservation and committed to sustainable development of oil palm cultivation. Since 1999, Genting Plantations has collaborated with World Wide Fund for Nature (â€Å"WWF†) in support of its â€Å"Partners for Wetlands†) programme to conserve the Kinabatangan floorplains aimed at rehabilitating and restoring riverine and wetland habitats as wildlife sanctuary and preservation of biodiversity. The Kinabatangan floorplains will serve as a corridor for wildlife movement of Borneo flagship species, such as pygmy elephant, orang utan and proboscis monkey. The Group, noted as the first plantation company to participate in the programme, has extended its partnership with WWF for another 15 years from 2006. On the international front, the Group is one of the first 14 members of the Roundtable of Sustainable Palm Oil (â€Å"RSPO†), a multi-stakeholder association, whose primary objective is to promote the production and use of sustainable palm oil through co-operation within the supply chain and open dialogue with its stakeholders. Genting Plantations will continue to pursue and adopt good plantation management practices to uphold the well being of the environment it operates in.

The Insider Secret on Advantages of Internet Essay Samples Exposed

The Insider Secret on Advantages of Internet Essay Samples Exposed Internet has played a critical function in making communication an effortless process for people. The net also enables people from various cultures and background to attach with one another. Firstly, it can let a person to communicate with people in virtually any parts of the world through the internet or e-mail, without having to leave his room. Communication Through the use of emails, it has enabled faster communication between people in various parts of the world. Internet had discovered a totally new gamut of supplying wisdom to men. It is one of the greatest inventions in 20 th century. It has made people who are miles away from each other to communicate easily. The web makes it possible for people from assorted nations and backgrounds throughout the world to connect together. While the debut of the Internet led to a lot of positive aspects, unfortunately, in addition, it came with its own set of issues. In that instance, the encyclopedia of various topics which can be found on the Internet can be helpful. Web hosting providers have the ability to offer business entrepreneur numerous unique things in regards to their Website hosting. Moreover, the internet lets you get in touch with your customers more in comparison to the way you would contact them traditionally. Additionally, it has been a channel useful in enhancing of both local and international security. Moreover, it provides unlimited cloud storage for businesses and person al devices. For example, it brings harmful electromagnetic rays with it which are very harmful to the human body. Nonetheless, some disadvantages of employing the Internet may also be noticed. It is a medium of quick information which may be misused by many. It has improved the volume of data processing and storage. In the end, similar to each and every invention, it has both advantages and disadvantages. The Secret to Advantages of Internet Essay Samples The amazing ease of marketing online is just one of the biggest benefits of internet advertising. Additional customers can start looking for your merchandise at their most convenient moment. On the flip side, the net has resulted in the development of social networking. For example, in Twitter and Facebook, it acts as a medium in which customers and company owners interact. The Internet also gives all businesses the capability to advertise their product or service to everyone on earth or specify a specific demographic they need to achieve. Creation of Employment it has created thousands of high paying jobs in the technology sector. Furthermore, it has promoted several online jobs such as blogging, online marketing, and online research. It offers a variety of faster, easier ways for companies to make money or even save revenue. So whether you're supposed to compose a computer science essay or some other topic of contrast essay just comply with the given sample. Since large sample size is suitable as a result of its large and wider coverage of the populace of study, it's in the very same way time intensive and expensive to work with. Again communication via the internet has made it feasible for students to perform distant learning activities successfully. Naturally, the advantages of the web for students aren't limited to teenagers. Speeding up communication, it allows students, teachers as well as school administrators to increase their focus on education itself. Students finding it nearly impossible to compose an assignment, essay, dissertation and several other kind of research paper isn't something new. The Appeal of Advantages of Internet Essay Samples Internet addiction contributes to depression, absence of communication among family and a waste of time. It has played a vital role in improving communication around people. As stated earlier, the web consists of an endless supply of wisdom and information that permits you to learn about just about any topic or question you might have.

My Assessment On Business Ethics Online Discussion On Board

Introduction My assessment on business ethics online discussion on board I have to chose best tree in activity 1 to 12 and I have to make report format and describe on details what I understand of all I chose the tree each activity have 4/5 question . I have to define each question and in final I have to make report writing . Best three. ïÆ'Ëœ Behavioral ethics ïÆ'Ëœ bounded ethicality ïÆ'Ëœ conflict of interest I n this activity shows what are loop hole between employs and originations and how personality affect in work place. I have some personal experience on work place and right down it .For my thinking is every Company or origination have monitoring system to keep looking what s going on inside the work place and how to manage†¦show more content†¦1 : Ethics behavior In the ethics behavior means making good business decision establish on based ethics behavior code of ethics .In this activity have video based on ethics behavior and I have six question about the ethics behavior and asked me about any person experience you about . Q1. Yes I am agree with this statement because like in this video a guy facing a problem in his collage that some of his friends taking drugs to improve the performance and that is illegal way but they taken drugs. He feels that why I am not to try to maximize my performance in collage and get more good grades. Q2. I agree with the following statements from researchers in the field. Because I know some friends and me also I cheat or lie in workplace or class .like in work place my working hours is 8/4 mooring but some time I leave early and tell lie that I have class but its not true Q3. Every religions teach the good things in life but every nation have good person and bad person .bad person who bad thing it doesn’t mean that hole nation is bad or corrupt. Q4. in the media there is a person who tell that her class mate doing cheat on test and every one knows it even teacher also but no one say anything or stop that person. Q6 . I thing people in this world or not 100% perfect every one they make mistake and have issues in personality. Some person takes bad decision in life someone take good