Obvious Risks And Steps To Quantify The Risks (Case Study Sample)
I'm working on a case study in the class called Engineering Management of the project attached below which is called DEMETER. So as a group we have to evaluate and assess the project based on the course material that we have covered so far. My part is to work on the risk management where I have to answer the questions below based on the DEMETER's project:
what were the obvious risks?
Were any steps taken to quantify risk?
Were any specific risk management techniques used?
Were there any innovative approaches used to mitigate risk?
I also have attached a file within an example of last year case study who got an “A”. You could use it as a reference on how they did the risk management part. I named the attached file "LastYearCaseStudy".
I have also interviewed with one of the people who do the project DEMETER regarding the risks and issues they have faced and they respond to me with the following “Some of the risks and issues that we had is that we created a new mold last year which led to a new design. The mold materials had to get donated from a member's family due to the large cost of the materials necessary. A big issue we have every year is that when we work to finish the canoe, we wind up cracking the walls of the canoe. Some are larger than others which leads to stress on the captains and on the canoe. it doesn't hurt our overall performance at the competition but it can compromise the overall canoe performance.”
Lastly, I have attached the slides of Managing Risks where I want you to use it as one source for the paper.
Note that I'm an international student, so I would like the one who is going to write the paper for me to use simple and direct sentences that applicable for an international student.
Rochester Institute of Technology (RIT) founded in 1891 is involved in innovation and research in engineering and technology. The RIT concrete Canoe team designs and constructs concrete canoes to compete in the Upstate New York regional conference every year (Rochester Institute of Technology, 2017). The 2017 competition theme “Demeter” is a combination of a fun festive theme and the team's hardworking character. To construct the Demeter, The canoe team may face some risks; therefore, they need to develop innovative approaches to mitigate these risks.
The limited budget and lack of all the necessary materials is a major risk for the team, although the team received donations they had to purchase expensive materials required for its new canoe design (Rochester Institute of Technology, 2017). Adopting a new style of mold would mean changing the construction process to a more sustainable and reusable method, which is obviously expensive. The overall risk of the project is to develop a design that would withstand three load cases which include racing, transportation, and display (Rochester Institute of Technology, 2017).
Steps are taken to quantify the risks
The team focused on compliance and worked within the standard rules and regulations. The personnel selected for the project was knowledgeable in their respective areas, this guaranteed the best design. To quantify the risks, the project team did an overhaul of the design structure using the Load Reduction Factor Design (LRFD) for its paddler weight (Rochester Institute of Technology, 2017). In order to account fo
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