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Risk Management impact

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(@sallirab)
Posts: 74
Trusted Member
Topic starter
 

When we say the word "Risk" it always come in mind a Negative thoughts, but does the Risk are always negative ?

As we know Risk results can be positive or negative, can you please give an examples where a Risk Results affected a project you work on in a negative way? 

 
Posted : 15/03/2020 8:56 pm
Jafar reacted
(@ad487)
Posts: 46
Eminent Member
 

According to the lectures from Dr. Simon, a risk is the probability of a hazard which (which is an undesired consequence) of occurring. They are important to discuss when managing a project as it can affect the timeline and the resources of the project through many unforeseen ways. I have seen risks due to managing resources recently because in the recent events of COVID-19 and everyone working from home, the servers are having trouble dealing with the load. Thus, upper management has tried to mitigate the risk by sending half the workforce into office and rotate that schedule biweekly. If they allowed everyone to work from home, the servers would eventually collapse and it would lead to a breakdown in multiple projects and tasks.  

 
Posted : 22/03/2020 7:53 pm
(@jea42)
Posts: 39
Eminent Member
 

Risks are the odds of a hazard happening. It is important to mention because it projects any possible affects to timelines. The current riskks that are presented now include the COVID-19 outbreak wwhere resources have been limited to some companies and the lack of preparation are causing companies to resort to splitting the work force from half working from home to half working in office and will rotate aat a biweekly schedule. If this risk was prepared for in advanced, then they would have a much more powerful server to have everyone working from home.

 
Posted : 29/03/2020 1:18 pm
(@jjp93)
Posts: 79
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The word risk does give off negative thoughts, but I do not believe that risks are always negative. Having risk management is important in knowing the potential hazards that can affect the product and the consumers which will help the product be safe when it is released in the end. Risk management is also for complaints that consumers have that might not be a risk to the patient but something that the costumer such as the doctor or clinics do not like. Some risks could be that having a device that does not match the print could jeopardize the inspection process. Other risks could be that certain instruments aren’t the correct angle or length for a surgeon to use which means other methods have to be used for the surgeon to do what’s necessary. Risks like COVID-19 is also something that needs to be aware of when doing surgery or limiting the devices/products that are being sold because many small clinics are closing which lowers the amount of product being sold.

 
Posted : 29/03/2020 4:03 pm
(@266)
Posts: 78
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My company was recently contracted to perform corrective remediation service on recalled infusion pumps for a well-known manufacturer. This project spans the course of 18 months and will remediate over 40,000 recalled infusion pumps. With a project of this magnitude, there are a variety of risks to monitor and analyze throughout the process in order to maintain successful execution of the project. One of the major risks associated with this project is the logistics of receiving a steady flow of remediation parts from the manufacturer which ensures my company can provide continuous work flow. Unfortunately, there have been multiple times where the remediation parts have been placed on backorder. Since then, my company prepared for this risk by planning alternative methods of receiving remediation parts rather than directly from the manufacturer. When the manufacturer fails to deliver parts on time, my company works internally to borrow parts from other district offices who work on the same project as mine.

 
Posted : 29/03/2020 8:58 pm
(@es446)
Posts: 78
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I think that since hazards are undesirable to come across in your project, then by definition a risk has a negative connotation, but the process of risk management is very beneficial and should be viewed in a positive light. Identifying risks during the planning phase of a project and mitigating them as much as possible can help prevent delays in project performance further down the line.

However, the scale that the COVID-19 pandemic has reached was virtually unpredictable, and thus many companies are facing the unprecedented challenge of a severely reduced on-site workforce. The company I work for was in the middle of a project to move production of one of our products from one site to another, and many protocols need to be executed on production equipment to get manufacturing up and running. In this situation my company had to assess the risk vs. reward of continuing the project despite the virus, and the best solution was only allowing team members that absolutely need to be in the building in order to execute protocols to come to the office. The concept of risk management is currently very relevant even to the entire country, as we are assessing the risks of continuing the nationwide lockdown despite the impact to the economy.

 
Posted : 29/03/2020 9:09 pm
(@sameer-rana)
Posts: 78
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While risks can be associated with a negative connotation, the application of risk management during a project is a positive contribution. For starters, as mentioned in the lecture, risk management can be a crucial factor that determines whether a project is worth pursuing in relation to the probability of potential hazards that may be associated with it. In relation to the project itself, the application of risk management is important to predict potential hazards and work to address the concerns early on during the development stages of the project. In general, this procedure of identifying potential hazards is crucial to ensure the development of a product that is safe and performs as intended. Furthermore, risk management can be applied to various other aspects during the project life cycle. A potential example is the application of risk management to determine alternatives in a scenario where a supplier for a needed product is unable to deliver at the desired time. If risk management were applied to such a situation, the project team would be better prepared with an alternative to mitigate any delays in the project that could occur from the proposed scenario.

 
Posted : 21/02/2021 9:46 pm
(@jonwil123)
Posts: 58
Trusted Member
 
It is true that when I see the word "Risk", I think of negative possibilities. However, that is not always the case. Risk is only the probability of hazard occurring. The biggest example of how risk has resulted in negative ways is working on a project during this pandemic. There is a high probability that parts for the project that are needed will need to be ordered. When COVID-19 was getting serious and sent everyone home, I was in Capstone working on a project. For this project, I needed to order parts and I had to decide whether certain parts we necessary because if these parts were ordered, we wouldn't be able to complete the project in the timeline we provided. An item I ordered came in two days late and I had to improvise to replace that part. While the crisis was averted, it was still unfortunate. I took a risk and it didn't pay off until the final version of the product was complete.
This post was modified 3 years ago by jonwil123
 
Posted : 21/02/2021 11:49 pm
 sin3
(@sara)
Posts: 69
Trusted Member
 

Having worked in Quality, risk is very important when it comes to projects and product development. It is what runs companies and allows them to continue developing products. From my experience working in the quality department, I have worked alongside the risk management team and risk documents to ensure that our products and the failures being reported to us are within the anticipated risk levels. If there are certain risks that have not been anticipated, or we see an increase in complaints being reported to us, necessary steps are taken such as thoroughly investigating the complaints to mitigate any future risks that would occur on the field, such as a recall on products ,for example. Albeit it may have a negative connotation, risks are put into place as a preventative measure to ensure a company is releasing a safe product, and ensure the safety of the end-user. 

 
Posted : 22/02/2021 12:42 am
(@jafar)
Posts: 75
Trusted Member
 

I agree that risk has negatively impacts even for hearing the word. However, in the project management knowing the risks earlier gives a good impression, so that means the risks can be avoided. For me, I worked on a construction project that was assessed as a perfect project without serious risks except one, which an unexpected financial crisis shut down the entire project.

 
Posted : 22/02/2021 12:49 am
(@am2343)
Posts: 77
Trusted Member
 

Despite having a negative connotation in everyday life, risk, and more importantly risk management, is crucial within industry. Risk management should be applied as a preventative measure during every process when completing a project. Ranging from usage to manufacturing, risk management can help the overall project succeed. In the beginning of a project, analyzing the risks can help to determine if a project is worth pursuing, especially when compared to the rewards that result from the project. Related to the content covered this week, risk management should also be considered in the creation of a schedule as well. Potential delays in any step within a process is a risk, and this should be reflected within the schedule. Planning for potential risks helps to create a timeline for a project that is more accurate and versatile to problems. Therefore, although risk in general is considered to have a negative meaning, risk management within industry is extremely beneficial.

 
Posted : 28/02/2021 10:19 pm
(@mam289)
Posts: 39
Eminent Member
 

The word "risk" does tend to have more of a negative connotation attached to it, but this is misleading and can be disproved by a singular phrase we have learned in this course - "risk vs. reward." This statement implies that, in many cases, the greater the risk, the higher the reward and vice versa. Project managers must weigh the risk and its subsequent outcomes in order to determine whether the project should follow through with a certain task regardless of its respective risk. Going through with a task or project as a whole despite risks can lead to a huge breakthrough for a project that would have never been achieved if the project team avoided certain risks, or it can lead to extremely severe failures that a project may never be able to recover from. With that being said, there are obviously certain risks that should always be avoided, such as those that have the potential of being life-threatening upon failure.

 
Posted : 02/03/2021 12:33 pm
(@mark-abdelshahed)
Posts: 80
Trusted Member
 

The word "risk" itself tends to imply a negative result or red flag that the team should get away from. However, risk management is very beneficial to any project in order to evaluates all potential risks. Risk management file does not imply anything negative to the product or project, but it highlights all things that can go wrong and the severity of each in order to be proactive and try to avoid all those risks. If anything it actually ensures the success of the product in the market, especially when it gets updated based on risks obtained from a human factors study or clinical study. The only negative way I would think of right now is being overprepared by spending extra money and/or time to ensure that the risk is being mitigated or avoided, especially when there are no complaints regarding those risks for the predicate or existing devices in the market.

 
Posted : 02/03/2021 9:59 pm
(@rb668)
Posts: 30
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To see what's Risk Management Impact we should first understand what's really Risk Management and it's process then we can talk about Risk Management Impact so Risk Management is the process of Risk Identification, Risk Assessment, selection of Risk - Management Techniques, Implementation and finally Review. So now we can understand lack in risk management or poor risk management can have some irreparable impacts like Poor User Adoption, Unrealized Benefits, Late-Running Projects, Overspent Budgets, Unhappy Clients, Reputational Damage and Project Failure.

 
Posted : 03/03/2021 10:22 am
(@ps689)
Posts: 49
Eminent Member
 

There are risks to every project so it is important that risks are assessed in the beginning of the project. More often than not risks affect a project negatively which is why project teams have to come with backup plans to lessen the detrimental effects of any foreseeable risk. It is important that the team do their research in order to understand which risks are worth taking. I have worked on a project before where the goal was to modify a medical device for a specific customer. The team had come up with a plan for modifications but upon receipt of the device to be modified, we realized there were risks with certain aspects of our proposed design that we had not seen before. In the end, we decided to change the design aspects that ran the risk of making the customer uncomfortable or could result in injury. 

 
Posted : 07/03/2021 7:02 pm
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