MEPM 543 Risk Management for Project Managers Assignment - Qualitative and Quantitative Analysis, American University of Ras Al Khaimah, UAE
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A- For the same project that you have chosen in assignment No. 1
a. Conduct risk qualitative analysis. (Please justify you risk priority list, explain why you choose some risks to be in high priority ranks).
The highest priority mainly includes two classifications, (i) mechanical and (ii) technical. In a mechanical, the connecting pipes need to be of the same size such that it can maintain the pressure and flow. This is important because it can avoid the accident as well as malfunctioning of the pipe replacement process. The pipe size will also determine the effectiveness in calculating height, velocity, and efficiency of slow. Failure of this criteria we need to poor functioning after replacement. Second, the functioning of discharge head is also an important priority in risk assessment. Here, the qualitative analysis requires pilot-scale testing of every component (Kockmann, Thenée, Fleischer-Trebes, Laudadio & Noël, 2017). As a result of this, the compatibility of different components, replacement of discharge head, and mechanics of flow can be estimated accurately.
In the technical part, accident and hazard are considered as the most prior risk criteria. In particular, it is essential for every employee to be aware of the responsibility assignment. The employees engaged must be trained and they should follow the regulations required in conjunction with the health and safety framework (Olazaran, Albizu, Otero & Lavía, 2018). Secondly, the knowledge for evacuation and emergency procedure management is considered to be important for qualitative analysis. The plan for evacuation during emergency situation, alarm, and firefighting equipment including extinguishers as well as storage of hazardous material should be known to all employees. This strategy is critical to minimize any accident or unfavorable conditions during the replacements project.
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b. Conduct risk quantitative analysis. (Please calculate the impact of risk as cost, time and quality).
The quantitative risk analysis includes the following prospects in terms of Cost:
- Specific employees will be hired to provide a training service to the employees. Two employees with monthly salary 5500 UAE Dirham/month.
- Evaluation test for employees which comprised of the interview and practical session. Cost of the session - 500 UAE Dirham/month. The interview will be conducted at internal to the organization by the senior official. No extra cost for this process.
- Classroom sessions will be dedicated to the employees in order to make them aware of safety regulations, storage of hazardous substances, evacuation plan, and other safety knowledge. No extra cost for this process.
- Cost of operation 96,000 UAE Dirham (as an annual estimation), which also includes salary of engaged employees.
- Cost of material (pipe, connector, discharge head, and other instruments), is divided into two section. First part is "one time use" material 100,000 UAE Dirham. Second, the depreciation charge of instruments 15,000 UAE Dirham/year.
- Cost of fluid - Water will be used for the pilot scale testing, 5000 UAE Dirham annual estimation.
- Pilot scale testing and evaluation test will be performed once in a month.
- Classroom sessions will be dedicated once in 6-month duration.
- Two employees will be specifically dedicated to the evaluation and testing for risk analysis.
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B- Report includes:
a. Assignment No. 1, modified as per feedback
The relevant modification as per the feedback is now included.
b. New sections for qualitative and quantitative analysis which will include:
i. Methodology and process inputs
The input for methodology related to qualitative and quantitative analysis will be based on collecting information from experienced employees as well as the actively engaged workforce (Kumar & Pansari, 2015). This will include a questionnaire, in order to collect information relevant to the risk criteria. Common subject that will be included in question are, (i) existing knowledge for pipe size and discharge head (ii) documentation and information about similar projects in the past (iii) knowledge and awareness of employees in conjunction with evacuation and emergency procedures (iv) knowledge of health and safety regulations among the employees (Loschilova, Lizunkov & Zavyalova, 2015).
The decision for hiring professionals that can deliver training and education to the employees will be considered by human resource and board members.
Pilot scale testing will be performed under the supervision of senior officials. The actively engaged workforce will be participating in the pilot scale testing. The important outcomes from these testing will be documented and, further will be implemented in the project plans. Any amendment or changes required in the project will be based on further consideration.
ii. Tools and techniques
- Collection of information will be based on the questionnaire, and the participant will be the active employees engaged in the project (Quist et al., 2017).
- Viewpoint from experienced employees and lessons learned from previous will be considered for the decision-making process.
- The documentation process is important, as for the changes in the project will be based on information collected within.
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iii. Output and discussion
- All the high-risk priority analysis will be considered after pilot-scale testing.
- Decision-making power will be among experienced professionals.
- Engagement of workforce in power head changing process will be based on the successful evaluation of the training and learning process.
- Documentation will be given high priority at each step of risk analysis and testing.
iv. Summary and conclusion
In summary, the changes with respect to mechanical risk will be based on pilot skill testing for pipe size and discharge head. The technical risk criteria will solemnly be based on the learning and training outcome of employees. The objective here is to minimize the operational risk and consider the health and safety impact on the engaged workforce.
c. Section for the updated risk register
Risk register section is complete and further changes will be made with reference to the outcomes of pilot-scale testing and documentation outcomes.
d. Report conclusion
The present report analyzes the high-risk criteria in terms of mechanical and technical input. It is realized that pilot-scale testing as well as training consideration for employees out of high importance. The estimation for cost, time and quality consideration has been analyzed in this report, which aims to minimize accident and health hazard to the engaged workforce.
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