Risk Management Case Study

Risk Management Case Study-78
An effective case study transfers specific knowledge by placing the student or workshop participant in a position to think through choices faced by decision-makers in real-life situations.By confronting actual scenarios, participants develop and refine analytical skills for solving similar problems in their own projects (NASA, 2008).Decision-oriented case studies are structured and written from the viewpoint of a key player, the protagonist.

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275) The definition for Project Risk Management, as defined in the PMBOK Guide, is “Project Risk Management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project.” (p.As experienced risk management and insurance intermediaries, advisors identify risk, examine the adequacy of existing programs and develop customized solutions to reduce exposure, eliminate duplicate coverage and minimize premiums.“Protecht has given us a system that allows us to quantify risk across the full spectrum of the game,” said Luke Sullivan, National Rugby League’s Work, Health and Safety Manager.Erik Gates, Director of Prudential Investment Services Corp., explains how Protecht has enhanced and made his business highly competitive in the industry. Imagine you are the program risk engineer for a new refinery being built in the Middle East.The main challenge was gaining comfort that we would be able to demonstrate the value that we expected would be delivered by that investment to other people within the company” says Matthew Spithill, Chief Financial Officer, Eureka Funds Management.This case study highlights how Eureka Funds Management has used Protecht.A project may choose to use a risk universe checklist (historical review), together with assumptions analysis (current assessment) and brainstorming (creativity).The design and construction of a refinery is inherently complex.The front-end engineering and design (FEED) phase has been completed, and the project will be entering a key phase: procurement.Key decisions need to be made regarding the procurement strategy, the timing of the tendering process, and the number of packages on which contractors will bid. This case study walks participants through the story, pausing at crucial decision points to ask participants how they would respond to the situation.

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