Topic

The Orbiting Carbon Observatory (OCO) Mishap

Instructions

Draw on your own experience and reflections resulting from your previous work and/or the seminar programme to critically discuss the strengths and limitations of various tools and techniques.

Answer preview

Risks essentially refer to adverse events that are likely to occur in a process. When a risk occurs, it typically results in negative impacts for the activity or project. A risk involves an ambiguity or uncertainty and is characterized by a perception that an adverse event is likely to occur, and when it does the process or activity would suffer unwanted effects (Thamhain, 2013). It is on this note that project managers need risk management plans, which are designed to decrease the probability of an adverse event occurring, and its potential impacts while optimizing the probability of positive events or opportunities. Every project has inherent risks, which if they occurred would prevent full realization of the desired outcomes of the project (Perrow, 2018).

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