Project Management Risk Management - 2441 Words

1 Executive Summary Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. Project managers should keep a watchful eye on all of the project s risks as they have a direct impact on a project’s cost, schedule, and performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential to impact the outcome of a project. Risk management is an ongoing process that must continue through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring, and control. These processes need to be reviewed throughout the project’s lifecycle as new risks arise throughout the implementation of the project. It is the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited. The identification of risk normally starts before the project is initiated, and the number of risks increase as the project matures through the lifecycle. When a risk is identified, it is first assessed to ascertain the probability of occurring, the degree of impact to the schedule, scope, cost, and quality, and then prioritized. A risk’s probability of occurrence, number of categories impacted and the degree (high, medium, low) toShow MoreRelatedProject Risk Management : Project Management3143 Words   |  13 Pages Project Risk Management Assessment Essay Student ID: 27465209 Word Count: 2997 MANG6143 Project Risk Management Prof Chris Chapman University of Southampton March 2015 Contents 1. Introduction 3 2. PART1: PUMP approach 4 3. PART2: Third phase in PUMP approach 9 4. PART3: Evaluation phase in PUMP approach 13 5. References 16 Introduction The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete theRead MoreProject Risk And Risk Management1412 Words   |  6 Pages1- Abstract: Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk. The project risk management includes six process: 1- Risk Management Planning: Deciding how to plan and execute the activities. 2- Risk Identification: DeterminingRead MoreRisk Management Of A Project1504 Words   |  7 PagesRisk management to mitigate identified risks According to Pelletier Albright, 2010 (pp. 523-560), risk management in a project should create value by ensuring that the cost of mitigating the risk is less than the perceived risk. Also the mitigation process should already be a fundamental part of the organization. There is already a commitment to patient safety education as indicated in the Nurse Anesthesia trainee curriculum, however, the specific focus on near miss education and error managementRead MoreProject Risk Management1805 Words   |  8 PagesProject Final 1. Why should all projects include risk in their project planning? What are some of the drawbacks if risks are not considered? Technology projects worldwide are costing companies billions of dollars more than they budgeted for, and almost half don’t live up to the clients’ expectations (Kendrick, 2009). Newspapers and business trumpet few project successes, but a massive number of failures. As projects grow larger and more complex with every passing year, their outcome, bothRead MoreEffective Management Of Project Risk Management1435 Words   |  6 PagesGood Risk Management – Good governance This article describes the effective management of project risks in an educational institution. In this article I’ll be talking about the information that are useful to the board members as well as the team with their risk management efforts. â€Å"In the future we will look at risks affecting the whole of an organization and its place in the community. We will address both upside and downside consequences, and our view will be enterprise-wide, integrated and holisticRead MoreImportance Of Project Risk Management Project Management2916 Words   |  12 PagesWan The Importance of Project Risk Management Project management has become a really important aspect that companies have started to take advantage to have success in their projects. Within project management, there are ten areas that are specific to different parts of a project, such as communications, time, scope, and cost. This paper will focus specifically on one, known as project risk management. The reason why this area was chosen is because this area focuses on the risks that can occur outsideRead MoreProject Risk Management4330 Words   |  18 PagesPAPER ON :PROJECT RISK MANAGEMENT BY: DIPTENDU BASU PNR NO: 001 EXECUTIVE MBA (2012-14) ABSTRUCT Risk is everywhere. From driving a car to parachuting, risk is inherent in the activities we choose. Within a project, risks are unplanned events or conditions that can have a positive or negative effect on its success. Not all risks are bad, but almost all are seen as a threat. Even the most carefully planned project can run into trouble. No matter how well you plan, your project can alwaysRead MoreProject Risk Management2257 Words   |  10 PagesRisk ( the effect of uncertainty on objectives, whether positive or negative) the probability of unfortunate events . Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary. Project finance is different from traditional forms of finance because the financier principally looks to the assets and revenue of the project in order to secure and service the loan. In contrastRead MoreThe Role of Risk Management in Project Management1629 Words   |  7 PagesTHE ROLE OF RISK MANAGEMENT IN PROJECT MANAGEMENT Risk Risk is an uncertain event or a set of circumstances whose occurrence will have an impact on achievement of one or more of the expected project goal and objectives. Probability – A risk is an event that may occur. The probability of it occurring can range anywhere from just above 0 percent to just below 100 percent. Impact – A risk, by its very nature, always has a negative impact. However, the size of the impact varies in termsRead MoreRisk Management : Processes : Project Management780 Words   |  4 PagesRisk Management: Processes In project management, a ‘process’ is a series of steps taken to get from point A to point B while, ‘risk’ identifies issues that may arise and cause a project to fail. â€Å"Risk management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.† (Verzuh, pp. 99, 2012). Project managers need to take the lead when developing and training the team but, also chose wisely when planning, identifying, mitigating, and

Mahou Factory Free Essays

Mahou Factory Visit Mahou is a Spanish brewery house founded in the year 1890, in the capital Madrid. The company created a reputation for it self that precedes it even now a days, for its quality of production and the traditionalism of the production. Today the company is among the largest and most powerful brewery in Spain with a dominant market share. We will write a custom essay sample on Mahou Factory or any similar topic only for you Order Now The main brewery factory, being the one we visited, is located in the outskirts of Madrid, Alovera Guadalajara to be more specific. The Factory is the biggest in Spain and second biggest in Europe, it is unique in Europe for its complex automatized process and innovative technology. The factory produces up to 4 million liters of beer a DAY. Trough out our visit we could observe the process of production of the beer, most being completely automatized, yet having key workers in key locations were mistakes cannot occur. Even the most efficient machines can make mistakes, the problem is that the problem wont be spotted it since its and automatized process therefore you need the scientist and key workers in place to reassure the smoothness of the process. This could be considered a poki oki in Japanese terms or a security measure for the avoidance of problems in the production process. From the beginning we could observe a complex system practically runed by computers, the only un automatized process is the lab and examination of samples. But in order to keep control of quality, it’s a process that need to be done with detail and personal, to keep better control of quality even if the cost for it might be high. This with the large control room constantly observing and controlling the brewing process day and night, 24/7, 365 days a year, make it a supper efficient machine for quality control and cost control. The control room has constant machines and computers controlling the brewing process from start to end including the bottling and packaging, This is then combines with a couple of professionals constantly examining and managing the process of production with constant control like sample taking to ensure that the quality and process is going to perfection. With this, we can surely say we are of to a good start. Continuing on with the quality control process we then have again several controls to ensure quality, like exporting the water from the erfect mineralization from Guadalajara, like exporting the main resources needed to ensure that their customer gets the quality expected always. After the brewing process there are several other controls like the bottle revision that ensures that they are clean, then there’s another machine ensuring that they all have the perfect measurements (full) with a laser measurer, after wards a few samples are taken from the produced batch of the day to again lastly ensure that the quality is the desired one. Furthermore we can also observe the cost efficiency process in place. Even though the machinery implemented is expensive in the long term it cuts cost by huge amounts ensuring less mistakes higher quality and happier customers. The control room cuts cost by having many less workers doing the control process over the brewing production process by having it all automatized, not counting how more efficient it is. Then they cut cost by implementing this brewing tanks outside the factory were its easier to obtain the liquid in bigger quantities. But, by a long shot the most efficient cost cutting control is the logistics the factory built right next to the high way to have a quick and easy way to transport and move things. Also they have deals with multiple other breweries to bottle their bear were they do not have a factory in order to make it seemingly less costly and easier to distribute their product. Lastly, I will talk about their green impact on the world, or ecological controls. Now days every company is striving to be a leader as social responsible and environmentally friendly. Every company ahs its motives for this, some marketing technique, others tax benefits or company reputation etc. What’s very admirable of Mahou’s environmental help to the world is that it not only gives good company reputation, tax, etc, its that it is cost reducing also making it cost efficient. Mahous recycles 90 % or more in some cases, of their bottles and containers, due to a deal established with the distributor and maker of the beer containers. This is extremely efficient and green for the environment counting the huge amount of production and trash they are avoiding creating. With both eh process distinguishing the broken or defect bottles and the un-cleanable they have created a perfect quality, cost and environmental friendly control all in one, keeping to its name and reputation. How to cite Mahou Factory, Essay examples

Cutting Tool Edge Preparation free essay sample

Various edge preparations are available for PCBN inserts when hard turning, but not all are equal. Parts manufacturers face a conundrum when finishing hardened workpieces. Hard turning is often considered a more flexible, more environmentally benign and higher throughput alternative to grinding. However, grinding is a more reliable process and imparts a higher quality surface finish than hard turning because of issues related to a cutting tool’s geometry, according to Tugrul Ozel, associate professor at Rutgers University’s Department of Industrial and Systems Engineering.Users typically apply PCBN insert tools when hard turning because the tool material is harder than carbide. Also, PCBN doesn’t chemically react with ferrous workpieces when cutting them and produce premature tool failure as does PCD. PCBN tools can withstand the high temperatures associated with hard turning, but PCBN’s metal binder material softens and then fails after the cutting temperature exceeds about 1,200 ° C, Ozel noted. We will write a custom essay sample on Cutting Tool Edge Preparation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He added that flank wear, which occurs at the flank face of the minor cutting edge, is followed by crater wear, which predominantly forms on the rake face near the major cutting edge, and edge chipping, which can lead to catastrophic tool failure. To improve the productivity and reliability of hard turning with PCBN tools, impart finer surface finishes and protect the cutting edge—especially around the insert nose—an optimal edge preparation is required. Courtesy of Conicity TechnologiesCutting tests conducted by Conicity Technologies show tool wear and its direction on PCBN DNGW 150608 inserts with a standard T-land edge preparation (upper left) and Conicity’s waterfall edge preparation (upper right). In addition, the T-land insert produced unstable chip chips (lower left) and the waterfall insert created stable chips (lower right). Edge Prep Options Toolmakers try to apply an edge preparation uniform in size and shape on all cutting edges, typically a T-land chamfer or radial style, according to Bill Shaffer, vice president of Conicity Technologies LLC, Latrobe, Pa. a provider of cutting tool edge preparation equipment. A T-land chamfer is the most common edge prep, he added, but while effective at min imizing chipping it presents an â€Å"extremely† negative surface to the workpiece, with the cutting corner looking more like a plow than a cutting edge. â€Å"With the cutting edge assuming a negative position, the chip being separated from the workpiece exits and basically dives directly into the face of the T-land,† Shaffer said. â€Å"That is one of the reasons a T-land tool will fail due to cratering of the cutting edge. Shaffer noted that cratering causes two types of tool failure. If a crater is deep enough, a chip can drive into the tool and fracture directly in line with the cutting forces—vertically down the tool’s flank side. Or, if a crater allows a chip to become lodged, the cutting forces become horizontal and fracture the PCBN by cleaving the rake face surface of the tool. Courtesy of T. Ozel et al A comparison of a uniform edge preparation and a variable edge preparation.Unlike a T-land, which causes wear to begin at the cutting edge and move toward the center of the tool, a waterfall, or oval, corner profile having a variable edge preparation causes the wear to begin away from the cutting edge and move toward the edge, Shaffer explained. â€Å"This delays the distortion of the cutting edge and allows a higher level of chip control,† he said, adding that chips hug the top of an insert with a waterfall hone and effectively exit the cutting zone.In contrast, chips get pinched between the tool and workpiece and exit vertically with a T-land tool. â€Å"There is no real exit avenue for chips with this edge geometry,† Shaffer said. Compared to a standard radial hone that keeps cutting forces isolated on the tool tangency, the oval geometric profile directs cutting forces off the tangency and deeper into the tool, which reduces tool pressure, according to Shaffer. In tests and hard turning applications, waterfall edge geometry reduced tool pressure as much as 40 percent, he reported. Very Able EdgeShaffer added that with a waterfall hone’s variable edge preparation, a tool is edge prepped based on the way it is going to be applied to cut, where the primary, or leading, cutting edge is a specific size b ased on the feed rate. As the cutting edge transitions around the nose radius, the edge prep decreases in size until it is essentially sharp at the tangency of the nose radius and the adjacent cutting edge, which takes a â€Å"trace† cut, he noted. â€Å"Chip load thickness naturally decreases as the nose radius turns away from the primary line of cut. †