PM 595 - Risk Management
February 23, 2012
Hydroelectricity refers to electricity connected through hydropower. Hydropower (from hydro meaning water) is energy that comes from the essence of moving water. The fall and movement of water is part of a continuous natural cycle called the water cycle. (The Need Project 2011). Irrigation is the science of artificial watering of land or soil. Â It allows countries or regions who normally do not get enough rainwater to still successfully grow crops. Â The similarity between the cardinal case studies is that both revolve around water, using technology to harness its powers for usage. Â The difference is the scope of the jump out. Â The irrigation redact is a frequently smaller, low process project and the hydroelectric development is a more high scaled project.
Identifying Risks:
When analyzing risks for the hydroelectric development project common considerations were the forefront and force majeure was lumped in as spherical risk.
According to the text (Cooper, Grey, Raymond, & Walker, page 266, 2005) , abnormal or catastrophic sources of risks having the effect of force majeure were outside the scope of this embody analysis; they were treated as project conditions in the adept that the analysis and outcomes were conditional on them not arising. Â Cost estimates were the derriere for the analysis. Â In contrast, the irrigation project included potential sources of risks in their use breakdown structure (WBS). Â The irrigation project did a better demarcation of identifying risks because they were not limited to just the cost estimate as basis. Unknown risks can be a major disbursement and can make or break a project; they should be thought out and planned for.
Quantifying Risks
Quantifying risk provides a numeric estimate of the overall effect of risk on the objectives of the project based on the current plans, and information when considering risks simultaneously....If you wishing to get a full essay, order it on our website: Ordercustompaper.com
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