Risk Management Plan for building “Bluewater Island Project in Dubai”

January 30, 2016

Risk Management Plan for building “Bluewater Island Project in Dubai”
An executive report to be considered as the group “Risk Management Plan (RMP)” from Systems Engineering view using the proper standard/applicable documents and references. The report shall include your team’s sensitivity analysis and recommendations based on the risk factor (RF) calculated for your assumption

1) Page (1&2) / Introduction (Case Overview)
*Introduction about “Bluewater Island Project in Dubai”
2) Page (3&4) / Overview about the Risk Management Process
* Introduction about the risk management plan and its purpose.
* What are the steps of the Risk Management Plan?

3) Page (5&6) / Risk Identification
In the Risk Identification you have to consider the below things:

1) what is the risk identification and the purpose of it?
2) Defining types of risk
3) Identifying the stakeholders, (i.e. who is involved or affected).
4) Past events, future developments.
3) Page (7) Work Breakdown Structure
In this page you have to do the Risk prioritizing via categorizing process reflected in a work breakdown structure (WBS) view; “Work breakdown structure” for Bluewater Island Project in Dubai”, Moreover the WBS should be implemented as a chart
4) Page (8, 9, 10, 11&12) Risk Analysis
Answer the question, “How big is the risk?
– Consider the likelihood of the root cause occurrence
– Identify the possible consequences in terms of technical, schedule, and cost

These pages should contain the Risk analysis for the project (How big is the risk?) Please use Quantitative Method for the Risk Analysis which means you have to find the probabilities and the consequences of the project then use them to find the risk factor for the whole project by using this equation from the system engineering risk management; Risks should be prioritized by their level of importance. The Risk Factor (RF) is calculated as follows:
calculate the risk analysis as follows:

For Example: P1 has a factor of 0.9
P2 has a factor of 0.6

so the average of the probabilities will be = P1 + P2 / (Divide by) 2

– And the same thing for the consequences

at the end you use the equation to find the risk factor for the whole project.

In the risk analysis table you have to categorize and prioritize the risk based on its factor
RF=1-[(1-p(f))×(1-C(f))]
4) Page (13, 14) Risk Mitigation Planning

This page should contain (Risk Mitigation Planning) for the project and you have to demonstrate the plan in a table not as paragraphs.

5) Page (15&16) / (Risk Mitigation Plan Implementation)

In the Risk Mitigation Plan Implementation you have to consider the following things:

– Answering the question: “How can the planned
risk mitigation be implemented?”
– Determines what planning, budget, and requirements changes are needed
– Provides a coordination vehicle with management and other stakeholders Risk
– Documents changes
6) Page (17&18) / Risk Tracking
This page should contain Risk Tracking (RISK MONITORING, CONTROLLING, AND REPORTING) for the project.
Answering the question: “How are things going?”
– Communicate risks to all affected stakeholders
– Monitor risk plans