Project Management Case Study Example | Topics and Well Written Essays - 500 words

Project Management - Case Study Example The risks have an effect on the elements of the project and once should consider factors that may delay a project or may affects its cost, so that contingency plan may be made. All of these, will aid an organization in defining what will be the scope of the project and the time and cost involved in its completion. Case study 1: Hydroelectric Development is better in identifying the risks since it listed risk involved in each element, this makes is easier to see the possible risks and it is even grouped depending on what will be affected like quantity, unit cost, schedule or global (overall). This is found in Table 20.3 - Risks for the hydroelectric project (John Wiley & Sons, 2005) Case study 2: Irrigation scheme, on the other hand, is better in quantifying risks because it is able to assess the overall effect of risks to the elements, meaning, it balances each risk based on the strength of another risk or weakness of the other. Each risk may have an effect to the other, and considering its combined effect is more accurate in quantifying the risk involved than by considering individual risk for each element. Dependence and correlation is also computed for the 2nd case study. As defined in Wikipedia: Correlations are useful because they can indicate a predictive relationship that can be exploited in practice. For example, an electrical utility may produce less power on a mild day based on the correlation between electricity demand and weather. In this example there is a causal relationship, because extreme weather causes people to use more electricity for heating or cooling; however, statistical dependence is not sufficient to demonstrate the presence of such a causal relationship. Overall, it is easier to follow the method used for the Hydroelectric development because as mentioned above, it listed all risks involved for each element. The analysis is simple and straight forward, that all risks having both direct and indirect effects to elements were listed,