Discussion: Risk and Quality Impact

In the initial discussion post, respond to the following prompts:

List the top three risks that you have identified for your individual project.

1. Technical Challenges (related to new technology and product development)

2. Supply Chain Disruptions

3. Quality Assurance Issues

How did you identify these risks?

I have analyzed all aspects of the project, including the project chart, high-level project
description, project assumptions, preapproved financial resources, major project
deliverables, and associated benefits section to identify potential risks.

1. Technical Challenges: The project involves developing and delivering an advanced

gearbox system for public transportation, which may lead to technical complexities and
challenges during the design, development, and testing phases.

2. Supply Chain Disruptions: The project assumes that suppliers will collaborate consistently
and deliver materials on time. However, any disruptions in the supply chain, such as delays
in raw material/component delivery, could impact project timelines and budgets.

3. Quality Assurance Issues: The project aims to deliver high-quality gearbox systems that
meet or exceed technical specifications. Any lapses in quality assurance could lead to
defects, performance issues, and potential rework, affecting project schedules and customer
satisfaction.
What will be your response to these risks?

1. Technical Challenges:

Response/Strategy:

 Conduct thorough research and development to anticipate and address potential

technical hurdles.
 Allocate additional resources, expertise, or time as necessary to overcome
challenges.
 Conduct regular technical reviews and seek input from subject matter experts to
ensure comprehensive problem-solving.
 Implement a proactive approach to risk management by identifying technical risks
early and developing mitigation plans.

2. Supply Chain Disruptions:

Response/Strategy:

 Reduce dependency on a single source by diversifying the supplier base.

 Maintain open communication channels with suppliers to monitor potential disruptions.
 Develop contingency plans and alternative sourcing strategies to mitigate supply
chain risks.
 Regularly assess supplier performance and reliability to proactively identify and
mitigate potential risks.

3. Quality Assurance Issues:

Response/Strategy:

 Implement strict quality control processes throughout the project lifecycle, including
design, manufacturing, and testing phases.
 Conduct regular inspections and audits to ensure compliance with technical
specifications and quality standards.
 Invest in training and development programs for project team members to enhance
their understanding of quality requirements and best practices.
 Establish clear accountability and responsibility for quality assurance tasks and
outcomes.
How you will manage the risks throughout the project management life cycle to
ensure maximum quality.

I can help you create a risk management process or plan, which involves the following steps:

1. Plan Risk Management:

• Develop and document a strategy for managing risks throughout the project lifecycle.

• Define roles, responsibilities, and procedures for identifying, assessing, and responding to
risks.

• Establish criteria for prioritizing risks and determining appropriate risk response strategies.

2. Identify Risks:

• Conduct a thorough examination of all areas of the project to identify potential risks.

• Utilize various techniques such as brainstorming, SWOT analysis, and historical data
review to uncover risks.

• Engage stakeholders and subject matter experts to ensure comprehensive risk

identification.

3. Perform Risk Analysis:

• Estimate the probability and impact of identified risks on project objectives.

• Assess the severity of each risk and prioritize them based on their potential impact on
project success.

• Analyze the interdependencies between risks and their potential effects on project
outcomes.

4. Plan Risk Response:

• Develop and implement strategies to mitigate, transfer, or accept identified risks.

• Define specific actions and contingency plans for addressing each risk.

• Allocate resources and establish timelines for executing risk response strategies.
5. Monitor and Control Risks:

• Continuously track the status of identified risks and their associated response plans.

• Evaluate the effectiveness of risk response actions and adjust as necessary.

• Maintain open communication channels to promptly address new risks and changes in risk
status.

• Update the risk register and documentation to reflect changes in risk exposure and
response performance.

Risk management plays a role in quality. Share a link to a recent news article
depicting a situation where risk assessment and response had a direct impact on
quality. Explain why you feel the article depicts a situation where risk impacted
quality.

You can access the articles through the following links:

https://www.emerald.com/insight/content/doi/10.1108/IJQRM-01-2020-0011/full/pdf?
title=assessing-project-risks-from-a-supply-chain-quality-management-scqm-perspective

The article "Assessing project risks from a supply chain quality management (SCQM)
perspective)" proposes a methodology that integrates Bayesian Belief Networks (BBNs) and
Game Theory to address the challenges of managing risks in project-driven supply chains. It
emphasizes the importance of proactive risk mitigation strategies in ensuring project quality
and highlights the critical role of effective risk management in project success and supply
chain performance. The proposed methodology provides a comprehensive framework for
identifying, analyzing, and managing risks, ultimately contributing to improved project quality
management in complex supply chain environments.

Please find the links below to access the article titled "Assessing project risks from a supply
chain quality management (SCQM) perspective". It discusses the complex relationship
between risk management, supply chain, and project quality. The article proposes a
methodology that integrates Bayesian Belief Networks (BBNs) and Game Theory, which
addresses the challenges of managing risks in project-driven supply chains.

The article emphasizes the importance of proactive risk mitigation strategies in ensuring
project quality. It highlights how traditional risk management approaches often fall short in
addressing the complexities of project-driven supply chains, which have unique processes
and dependencies.

The article uses the Boeing 787 project as a practical example, showcasing how effective
risk management contributes to project success and quality. By incorporating insights from
game-theoretic risks and leveraging expertise in supply chain risk management,
organizations can enhance their ability to achieve project objectives while navigating
challenges such as quality, time, and efficiency.
In conclusion, the article stresses that risk assessment and response have a direct impact on
quality by highlighting the critical role of effective risk management in ensuring project
success and supply chain performance. The proposed methodology provides a
comprehensive framework for identifying, analyzing, and managing risks, ultimately
contributing to improved project quality management in complex supply chain environments.

References

Gaudenzi, B., & Qazi, A. (2020). Assessing project risks from a supply chain quality management

(SCQM) perspective. International Journal of Quality & Reliability Management, Vol. 38 No. 4, pp.

908-93. https://www.emerald.com/insight/content/doi/10.1108/IJQRM-01-2020-0011/full/pdf?

title=assessing-project-risks-from-a-supply-chain-quality-management-scqm-perspective

Hi Venkata,
Thank you for sharing your thoughts. I agree with you that project managers can enhance project
resilience and ensure alignment with organizational objectives by integrating risk management and
quality measures throughout the project lifecycle. In addition, in the case of a manufacturing firm,
identifying alternative suppliers, optimizing logistics, and implementing strict quality checks can help
to reduce supply chain risks.

In my opinion, to monitor potential disruptions, it is necessary to maintain open communication

channels with suppliers and regularly assess supplier performance and reliability. This proactive
approach can help to identify and mitigate potential risks.

I am curious to know if there are any specific metrics or indicators in place to measure the
effectiveness of risk management strategies. Could you also please elaborate on how risk assessment
influenced decision-making in the example of the manufacturing firm?

Hi Mohit,

Thank you for sharing your thoughts. It is valuable to hear about Ford's response to safety risks as it
highlights the importance of risk management in ensuring product quality and user safety, especially
as an engineer. I understand that component safety during the design phase is critical because it
concerns people's lives.

In your project, clear communication channels and stakeholder engagement are essential for
effectively managing project risks and ensuring that they align with project objectives. Additionally,
consider integrating feedback loops into the risk management process to continuously improve risk
identification and response strategies throughout the project lifecycle. These steps will help you
reduce or mitigate project risks.

I am curious to know if there are any specific metrics or benchmarks you will use to evaluate the
effectiveness of your marketing and user acquisition strategies in mitigating market competition.