Engineering Risk and Risk Management
Discuss about the Organizational Project Management Maturity Model.
Critical thinking is one of the most draw conclusions by analyzing any situation or scenarios. Thus, to analyze any scenario, effective system thanking approach and tools is used in order to relate the consequence with scenario. The critical aspect attracts the analyzer’s attention while analyzing any case study or scenario. Hence as per project manager these tools are significant in identifying risk, conflicting situation and functional problems related to the scenario of any project development stages (Fahrenkrog, Haeck, Abrams, & Whelbourn, 2003). This paper explains the concepts of critical thinking approaches and various function al tools.
The prose of this book is to assist author in understanding the system engineering body of knowledge for identifying the curriculum related to advance system engineering projects. The interdiscipanary approach of system engineering enable the life cycle of efficient and successful system architecture. These life cycle compromises of various issues, functional area of sustain most and development standard (Guide to the Systems Engineering Body of Knowledge (SEBoK), 2017). Thus, book elaborates all these stages and the concept related these stages with respect to overview of systems. In addition, it also recognizes the economic value creation of the sustainable system development life cycle in relation to various scenarios involved within the system development and critical concepts.
The SEBOK has different segment which consist of role of system engineering foundation requested for the system engineering, application of the system engineering, management of life cycle of system engineering, discipline and rule required for managing the development system engineering standard within the project and practices. Hence, all of the above-mentioned aspect is functional related to the business value, general system management, risk management and risk management concept (Guide to the Systems Engineering Body of Knowledge (SEBoK), 2017). The general system management is one of the most popular approach for analyzing the concept of SEBok. All these theories and the general system process of the general system process management priorities the functionality of the system process and system architecture.
Thus, signifies that all the outcome system development life cycle from any project are countered within the general system management process. Additionally, the SEBOK also explain about the relevance and application of system engineering approaches and standard life cycle of the system which includes the impacts and significance of business value formed within any system development process. One of the specific segment of the SEBOK is related to is concern of team, knowledge and relation, with people involved within any project team describes business values creations process.
Analysis of AS/NZs 15288: 2013 system engineering system life cycle process
These are other two aspect which can’t be ignored during the development of system development life cycle or project management. Hence it is important to consider the issues and problems while identify and managing risk with any engineering system architecture. Thus, it can be said that identification and management of risk are vital for managing system development approach and functionalities. All other concept is also included in this book which is used at all time for managing and elaborating concept along with functionality of standard life cycle development of system engineering concept (Guide to the Systems Engineering Body of Knowledge (SEBoK), 2017). The SEBOK is also helpful in providing effective knowledge development concept and functionality on system engineering required within any project organization. The book also presents the important business development values within the organization to create sustainability of the system architecture.
The identification of risk, business values providences along with risk management are significant and efficient system thinking to analyses the content present inside the book.
It considers knowledge scope and values creation as system development approaches which is used in any system development aspect.
This is one of the most sought book for project management concepts and theories which are applicable within any organization the book explains all the concepts and applications required for the project management like project management plan, project scheduling, project development phase etc. All of these concepts and description is presented in this book explains all the consequences that a project manager must consider during the project development plan (Kerzner, 2013). This book not only explains the project management rules and regulations but and also the general systems management concerns and its consequences involved within the projects.
Although there exit various types of logical explanation that are used in any project development plan and project management (Kaisera, Arbib, & Ahlemann, 2014). The business value, risk management, organizational maturity and genera system management along with the assessment are proven to be the efficient project management tools for the analyzing different context and scenarios.
The general system management is also considered one of the important concept which is required for managing the project and development of organization in relation to various function involved within an organization (Kerzner, 2013). It also considers the positive outcomes from the project which is managed with respect to system tools and techniques. The organizational maturity is one of another aspect which is used for better understanding the project management methodology involved within any project development structure and stages (Miller, 2002).
Traditional organizational workflow approaches of project management are explained in this paper and these approaches are analyzed with respect to organizational maturity. Thus, organizational maturity states those organization which have enough experience over their past includes that can manage development of projects (WATT, n.d.).
Thus, book also explains about the risk identification and risk management process in relation to concept of financial areas of project development aspect and concern.
Due to various consequences and functionalities of system development life cycle, the system development approaches are getting complex (McDonald, 2016). The level of complexities has increased the opportunities and challenges for the business organizations and projects. Therefore, to manage these complexities of the system development life cycle, there has to be some set of standards and regulatory measures.
There are standards published by the Australian government which are helpful in managing the management and development of System engineering concepts within any project management. Organizational structures, risk management, engineering risk along with the organizational maturity (Viana & Maria, 2016). These all concepts are often used as a tool for analyzing the concepts in the system development life cycle in order to gain competitive advantage. The paper analyzes the different stages of system development engineering processes which has to be evaluated critically with respect to selected theories and processes. The possibility of developing any system within the organization or project, system life cycle processes, confirmation of system development plan, enterprise environment for resource management etc. are explained in this journal in order to brief about the system development life cycle with its consequences.
The organizational structure is considered to be one of the important measure required for any system development with respect to the considerations involved within the system development life cycle or enterprise process. It determines the functional measure that helps in managing the system development concepts as the organizational structure directs the objectives and elements behind the system development and system engineering concepts.
As per AS/NZS 15288:2013 System engineering-system life cycle process: It is found that project planning and investment management processes are explained in regards to the concept of System development approaches which can be analyzed with respect to organizational maturity concepts in any project or organization. The depth knowledge of organizational maturity determines where does the company stands in regard to investment standards and project planning concepts.
Above all the concepts explained in the paper, risk management and engineering risk are two vital aspects which can manage the functional errors and issues within the system development life cycle approaches. The AS/NZS 15288: 2013 System engineering system life cycle process journal explains about the project control processes and risks management plan that can reduce functional issues and possibility of errors within the system development approaches and other application measures involved within the system management processes. Thus, the system engineering and system development methods incorporates several security aspects that are analyzed with respect to risk management and engineering risks system tools within this paper.
It is also known as the Gulf of Mexico oil spill that occurred in 2010. It was the biggest marine oil spill that took place in the Gulf of Mexico. It was operated and owned by oil drilling company called as Transocean and was rented by BP an oil company.it was one of the largest organization that had more than 92000 employees ( National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling, 2011) .
According to various case studies and research it was found that this disaster occurred due to 3 major risks in their infrastructure systems. There were several other risks factors and mistakes that led to such dreadful event. If BP had good effective and efficient management system, good communication in the organization, better risk management system and proper personnel management it could have prevented. There were several technical issues, regulatory and management issue that was the cause of the disaster. The main technical fault for the disaster was the cement that the organization had used. The cement that was pumped below the well failed to seal hydrocarbons during formations. Drilling complications, poorly designed cement slurry, temporary designed procedures were the factors that enhanced the risks.
There were some technical issues that team of Chief Council tracked was the errors in the management company that was involved in the disaster. The organization did not properly supervise the work given to the contractors who did not deliver good service. its employees on the rig were not properly supported and trained and all the company associated with it failed to communicate effectively was also main cause to the incident.
There were some regulatory issues like the organization was incapable to find the risks associated with the deep wells drilling projects. The regulation system at that time was not sufficiently relevant to the management and technical problems which contributed to the disaster or blowout. The regulatory employee did not have proper training and had inadequate experience to examine the overall risk of the project.
On the basis of facts engineering risk management and organizational maturity are best to manage risk and increases performance level. So, the head of the BP and its project manager first analyses the risk factors and try to sort out all the technical, regulatory and management problems to make organization in better position and achieve success. Each members of the organization should work for the betterment of the organization to achieve company goals and objectives. Project manager of the BP should make appropriate projects on the basis of past experience, analysis risk factors and data to make work more productive and efficient.
Conclusion:
From the above paper it can be concluded that every business organization has its goals and objectives, to achieve this they work in a team making several strategies and plans. Every organizational hierarchy consists of higher level management to lower level employees which follows various theories and approaches to make work more productive, efficient and effective. There are several ideas and theories which is used in the organization are discussed in this paper which helps to manage proper analysis i.e. organizational structures, culture and forms, engineering risks and risk management, general system management, portfolio alignment, portfolio management and organizational maturity. The main aim of this paper was to analyses and develop different concepts that are used in the project management regarding critical analysis tools and several systems thinking which are used within an organization for project development and to solve problems within the organization. This paper also discusses the brief about the incident of Deepwater horizon oil spill. there were several regulatory, technical and management issues that contributed in the explosion and it also suggests few points that will help the organization to plan project and solve issues in the organization in order to achieve its objective and goals.
References:
Fahrenkrog, S., Haeck, W., Abrams, F., & Whelbourn, D. (2003). PMI’s organizational project management maturity model. Retrieved from Project Management Institute: https://www.pmi.org/learning/library/pmi-organizational-maturity-model-7666
Guide to the Systems Engineering Body of Knowledge (SEBoK). (2017, November 2017). Retrieved from Sebokwiki.org: https://www.sebokwiki.org/wiki/Guide_to_the_Systems_Engineering_Body_of_Knowledge_(SEBoK)
Kaisera, M., Arbib, F., & Ahlemann, F. (2014). Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment. International Journal of Project Management, 33, 126-139. https://doi.org/10.1016/j.ijproman.2014.03.002
Kerzner, H. (2013). Project Management t : a systems approach to planning, scheduling, and conrolling. John Wiley & Sons.
Management Process. (n.d.). Retrieved from PressBook: https://pm4id.org/chapter/11-2-risk-management-process/
McDonald, K. (2016, April 26). What Is Business Value and How Do You Measure It? Retrieved from Techwell insights: https://www.techwell.com/techwell-insights/2013/04/what-business-value-and-how-do-you-measure-it
National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. (2011). Retrieved from Macondo: https://www.wellintegrity.net/documents/ccr_macondo_disaster.pdf
Systems Engineering Guide. (2010). Retrieved from Mitre: https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-identification
Miller, J. (2002, October 3). A proven project portfolio management process. Retrieved from Project Management Institute: https://www.pmi.org/learning/library/proven-project-portfolio-management-process-8503
Viana, J., & Maria, C. (2016). Enhancing Organizational Project Management. Universidade Federal de Pernambuco, 26(2), 313-329
WATT, A. (n.d.). Risk Management Planning. Retrieved from Project Management: https://opentextbc.ca/projectmanagement/chapter/chapter-16-risk-management-planning-project-management/
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