Managing Risk in the SR 520 Project Project

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Project Team PitfallsA project manager’s job is to ensure that a project is completed on time, within budget, and to the required quality standards. To do this, they must identify and avoid potential pitfalls that could cause the project to fail. One way to find potential pitfalls is to carry out a risk assessment. This involves identifying all the possible risks that could affect the project, and then assessing their likelihood and impact. The risk assessment will help the project manager to identify which potential pitfalls are most serious and need to be addressed first. Another way to find potential pitfalls is to talk to previous project team members. They will be able to share their experiences of what went wrong on previous projects, and how these problems could have been avoided. Overall, by being aware of the potential pitfalls before they happen, the project manager can greatly increase the chances of success. This paper will address the project pitfalls related to the SR-520 Floating Bridge and explain what I would do as Sponsor.Some of the pitfalls of the SR-520 Floating Bridge project included a lack of oversight, a lack of adherence to standards, and a lack of engineering testing. In short, the pitfalls could have been avoided if the project had been managed more effectively from a risk point of view. Because there are so many stakeholders in the SR-520 project, it is absolutely important that waste not become a concern. No one wants to see billions more spent on a project that has already run over-budget and over its deadline.Thus, when embarking on a new project, it is important to consider all potential risks that could impact its success. By identifying and evaluating these risks, project managers can develop strategies to mitigate their impact. One of the most common risks faced by new projects is the possibility of cost overruns.

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This can occur when unexpected expenses arise or when project scope creep occurs. To manage this risk, project managers need to carefully track project costs and ensure that adequate contingency funds are available. This, project managers did not do for the SR-520 project (Bonjukian, 2013). Instead,…

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…team act as a sounding board for ideas (Shirey, 2012). This person can help to provide an objective perspective and identify groupthink before it becomes a problem. By taking these steps, you can help your project team avoid the pitfalls of groupthink.Any project team can be susceptible to pitfalls that can lead to problems down the road. However, these pitfalls can be avoided with proper management of risk, oversight, and avoidance of groupthink. One of the most common problems is poor communication, which can lead to miscommunication and misunderstanding. This can be avoided by setting clear expectations and having regular check-ins throughout the project. Another potential problem is lack of trust, which can lead to conflict and finger-pointing. This can be avoided by building trust within the team through transparency and respect for each team member's expertise. Finally, groupthink can be a major issue on any project team. This happens when team members value conformity over creativity and different perspectives. To avoid this, it is important to encourage open-mindedness and debate within the team. By avoiding these pitfalls, project teams….....

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"Managing Risk In The SR 520 Project" (2022, September 08) Retrieved May 20, 2024, from
https://www.aceyourpaper.com/essays/managing-risk-520-2179180

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https://www.aceyourpaper.com/essays/managing-risk-520-2179180
   

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