Space tourism risk identification and analysis Essay

Space tourism risk identification and analysis - Essay Example Use the 4 categories learned for the RBS: technical, organizational, external and PM risks. Hilson (2002) defined risk breakdown structure or RBS as a source-oriented grouping of project risks that is detailed as in descending manner towards the sources of the risk. It is hierarchical in structure and provides a guideline in risk management. The usefulness of the method is: it aids in identifying risk allowing for complete coverage; allows risk assessment and categorization by source, thereby identifying dependency or correlation that results to capability in focused or generic responses; allows comparison of alternatives or options for management and investment decisions; risk reporting reduces misunderstanding as well as provides consistent information sharing from the bottom up to the highest level of the organization. Comparative Histories: Look back at other projects and if there were scope creep issues or major scheduling risks. The PERIL database (in the back of your Kendrick textbook) is a good example, but most organizations have files of project completed – or cancelled – which could be reviewed for insights and ‘lessons learned’. Decomposition Discussions: Experts who have worked on similar projects are great at ‘taking a potential project apart’. ... Calcium is a metal in the structure of bones necessary for biochemical mechanisms that contract muscles. Crystals growing in urine rich in the right chemicals block the kidneys or the bladder (NASA, 1998). Protein loss was also noted where 45 % decrease in protein synthesis occurred as compared to a 15 to 20 % decrease expected from bed rest studies (NASA, 1998). Forecasting: Often used in the financial arena, there are many methods such as extrapolation, causal forecasts, etc. These projections always will have limitations: they depend on the quality of the historical data available, and are useful for identifying ‘trends’ but cannot ID specific risks. Soft System Analysis: This method assists in the identification of feelings, attitudes and perceptions of stakeholders that could trigger conflicts in projects if left unchecked, not discussed or not considered during risk/opportunity analysis. Pareto Diagram: Demonstrates frequency over time of risks occurring. Review pa ges 210-211 in the PMBOK Guide for an illustration of this diagramming method. Also see the diagram style on p.42, Kendrick text. Straw Man Analysis: A ‘what if’ scenario is developed (hypothetical, like a man built of straw) and then stakeholders discuss the potential risks which might arise in a project. Soft system analysis can also take place here: better discussed beforehand than during any risk crisis. Brainstorming: A group process, useful to ID risk/opportunity decisions about new, large, complex or non-standard activities and project scope, scheduling and aspects. This method relies on group dynamics and depends upon the experience of the participants in identifying and dealing with risks. The method is limited due to ‘group think’