Pm 595 Part 1 Essay

Words: 1647
Pages: 7

PM 595
Project Risk Management

Project 1
Empire State Building Risk

April 8, 2011

Table of Contents:
In part one of the project I focused on two potential risks, power outage and work stoppage. As a contractor constructing a facility as massive as the Empire State Building, I would need to be aware of many other risks in order to prevent them from becoming events. Anytime an event occurs, it requires resources to be realigned in order to fix the problem and get the project back on track. This results in a slip in the schedule and unnecessary funds being expended. If I am able to appropriately determine potential risks and build an effective Risk Management Plan, I can minimize the
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If this were added, this could be tied to “there is no hot water using the “and” link.

Fault Tree One:[pic]
Discussion of Fault Tree One: In this fault tree the top event is a power outage. The identified potential causes are facility damage or failure of back-up power. First going through the facility damage chain, the damage is caused by a fire and personnel are injured. The cause of the fire is that there were electrical wires crossed which could have been a result of either inattention to detail by trained electricians or using unqualified electricians on the job. Following the back-up power failure, it could either be long-term or short-term outage. The defining factor on the length of the outage is whether or not repair parts are available.

Fault Tree Two:


Discussion of Fault Tree Two: In this second fault tree the top event is a work stoppage which can be either long or short term in expected duration. Following the short term chain, there could be two causes; materials or personnel. The material chain could also have two contributing causes, either a delay in the shipment of the materials needed at the worksite or a temporary shortage in raw materials required to make the necessary materials. The personnel chain is a result of workers being temporarily sick. Following the long term chain, there are the same two causes of