Week 8 discussion questions ongoing risk management

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Week 8 Discussion Questions
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"Ongoing Risk Management" Please respond to the following: In many risk programs, risks are managed individually. However, a robust risk program considers the cumulative effect of all risks. Assess the following scenario and identify the effect of multiple events on a risk management strategy: When the Titanic struck the iceberg, the weather was bad, the lookouts were not properly equipped, the radio operator was not monitoring other ship traffic in the area, and the ship design had a major flaw in the construction of the hull’s “watertight” compartments. The risk management program was poorly compiled due to all the factors that occurred in the scenario. Most of the risks listed could have been properly planned for had the project manager done the necessary risk review. It is also clear that risk owners have not been assigned to individual risk for the proper assessments to be made and actions to be carried out. The lookouts being equipped, the radio operator monitoring other ships, and the design were all variables that could have had the necessary response plan. One problem either led to another or made it more difficult to resolve any issues. The weather seems to have been the only unforeseen or unknown risk. An adequate risk plan would have included monitoring and controlling associated risks. Each issue listed would have been considered high level on the risk registered. This would have allowed for the prevention of the risks occurring or the immediate remedy of problems after the risk had taken place. Reference Heldman, K. (2005). Project manager's spotlight on risk management . San Francisco: Harbor Light Press. Week 8 Response Dr. Englehart, No, I don’t think that companies think of safety for their products and services in all instances. If safety is considered it is often not the priority. This is evident in all the lawsuits that are advertised when suing companies that provide prescription drugs to individuals and don’t inform the consumer of the detrimental side effects. However, these companies are aware of the risks. Most of the company’s focus are profits. Of course, most of these companies are aware of the risk factors and have calculated the costs of their products or services injuring or killing a percentage of its users. A perfect example of that is the car industry. “According to the latest report from the International Transport Forum, a body that monitors global road safety, the auto death rate in the United States is more than three times higher than the rate in Sweden, a country that has made auto safety a priority. Since its inception, however, the auto industry has resisted regulation, failed to disclose problems, and refused to correct problems when they were detected” ("How General Motors Got Away With Causing Preventable Deaths Yet Again," 2014). With all the data available, it is apparent that in some major companies, profits trump safety.
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