BUS 528 Week 6 Assignment A-1

Assignment A-1
Chapter 5 ideas- Risk Management

Earlier of the semester, we were ask to comment why Project Management is important and what is our expectation for this course of study.

This assignment on Chapter 5 – Risk Management further meet my expectation that touched on Murphy’s law topic that I mentioned in my first week Assignment blog for this subject BUS 528.
http://lowedmond.blogspot.com/2010/06/bus-528-week-1-assignment.html

Let’s find out who is Murphy and why he have his own law from this link:
http://www.murphys-laws.com/murphy/murphy-true.html

Basically – the main point is “Anything that can go wrong, will go wrong”.

These are few of the exposure, tool or knowledge I learn through out the years that very much relates to Risk Management from identifying/ forecasting the issues --> Develop mitigation plan --> Establish contingency --> Close loop risk management

• FMEA – Failure Mode and Effect analysis
• Reliability Analysis
• Fishbone diagrams
• Bowtie diagrams
• 6 sigma

The advantages of managing risk will lead to;

• Good company image and competitiveness
• Improve quality, reliability and safety of a product/process
• Customer satisfaction
• Reduce system development time and cost
• Reduce future failures, capture engineering knowledge
• Preventing problem
• Prosper teamwork and idea exchange between functional team