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Exercise One - reflection on week material 

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Exercise One - reflection on week material 

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Thinking about your undergraduate study area or working experience - what are the typical risks in your industry?

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Exercise Two - Discussion forum question 

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Exercise Two - Discussion forum question 

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After reviewing the case study individually return to your groups and answer the following:

1. Thinking about the risks discussed in the case and this weeks module material - could all of the risks that Boeing faced be expected?

2. Pick one risk and identify alternative response strategies

3. In your opinion - did Boeing effectively manage risk on the project?

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Renewable Energy
(Photovoltaic power generation project)
Construction Risk:
–Quality, standards and specifications, budget, schedule, construction delays, costs overruns and performance shortfall

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- Human Resource risks (skilled labour)
- Schedule Risks
- Cost Risks
- Latent conditions
- Health & safety/environmental risk (asbestos)
- Build ability & quality
- Force majeure (black swan events)

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1. Safety risk: mechanical equipment will be used in the assembly process of auto parts, and it will cause danger if it is improperly operated
2. Labour risk: The automotive industry requires standardized procedures for operations. If employees make mistakes, they will cause delays in delivery
3. Supply risk: supplier quality issues and delivery delays
4. Technical risk: artificial intelligence equipment will cause the leakage of user information

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Agile Scrum- Software development (Polina & Jahnsen)

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Agile Scrum- Software development (Polina & Jahnsen)

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CHURN (business risk but at times relates to projects)

Incomplete requirements.

Lack of communication. Teams and Users are not involved.

Unrealistic expectations & Wrong effort estimation

Schedule risks (not enough resources)

Security: Data breach & Data confidentiality

Governance: Poor data control & governance

Governance: Data location uncertainty & lack of transparency

Documentation (GDPR, security measures)

Technical risks (frequent change in requirements, complex projects, number of skilled developers)

Error in communication

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Civil Engineering:
- Design of the structure is not appliable to the fact situation
- Phase 2 risk - can be avoided or mitigated in phase 1, like site investigation, etc.

IT Marketing:
- Change of scope frequently by the Sponsor.
- Phase 2 risk - This can be avoided in phase 1 by set up a contract and rules. Or Phase 2 mitigation by communicating and etc.

Consulting Industry:
- Policies and regulations are changing frequently by the regulatory bodies.
- Can be mitigated in Phase 1, be prepared for the relevented polices and rules.

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Real estate:
Safety issue
Project delay
Overbudget
Government policy change

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Aviation industry:
Operation risks: Foreign object debris to the airplane. audit certification requirement. supply chain risks. geopolitical risks. personal health risks.

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virus inflection due to uncareful experiments

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My undergraduate internship was as a paralegal in a law firm, where I discovered that the biggest risk for litigators is the false narrative of the client, and that many people who come to a lawyer will choose to hide or make up facts, which can lead to errors in the lawyer's judgment, resulting in a deadlocked case or even a failed defense.

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Manufacturing - Quality risk - substandard product quality will cause rework and finally cost overrun

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Network data risk: There will be network attacks, stealing network data, and attacking the company network.

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Artists don't show up on opening ceremonies.
Fake arts

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In civil engineering site construction, the biggest risk is the safety of labors.

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Raw material prices fluctuate. In the past few years, for example, the price of memory and graphics cards has risen dramatically due to the popularity of coin mining. That puts price pressure on computer makers.

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Worker accidents and injuries.
Poorly defined scope.
Unexpected increases in material costs.
Labor shortages.
Damage to equipment and tools.

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Construction Risk
- Workplace & Health Safety
- Environmental Protection
- Quality Assurance

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Market risk: a common factor that affects the prices of all financial assets in the market and is universal.
Unsystematic risk: a factor that affects a certain asset or a certain group of assets. It is not universal and can be reduced or eliminated through investment diversification.

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candidates dont show up to scheduled interviews

inefficient training due to misunderstanding in duties

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Exercise 1: Disconnection of the industrial chain

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Exercise 1: Disconnection of the industrial chain

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In industrial research work, the biggest risk is the disconnection of the industrial chain. The missing link in the middle will affect all companies in the integrated industry.

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Incomplete information provided by the enterprise will lead to the failure of the work

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- Reputation
- Strategic risk
- Financial risk
- Operational risk

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1. Technical risk: the Internet finance industry brings together a large amount of money, and if there are loopholes in the program will lead to the loss of a large amount of money
2 Management risk: The Internet finance industry may lead to a break in the capital chain if there are problems with management.

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Budget Risk: The costs of rolling stock project are huge, and most projects will exceed the original budget as planned.
Scheduled Risk: The rolling stock project in Australia are extended in schedule due to different reasons in different aspects.

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- Advertisement risk（Shortage of creativity；Balance payment in arrears）
- Industry design risk（Difficulties of 3d model transforming real objects；Intellectual property copying；Computer software system failure）
- International trade risk（Force majeure；Uncertain factors affect the delivery of goods）
- Economy risk（Not meeting customer needs；Performance affects wages）
-International business（Monetary risk;Liquidity risk
Liquidity risk refers to the fact that a company or market is affected by human operations or force majeure, which leads to capital shortage or even exhaustion. Currency risk means that the currency in the market is affected by inflation, which affects the value of financial products and real products.)

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The Industrial Internet field, which can also be called the Internet of Things, involves the combination of information systems (IT) and industrial operating systems (OT), the network security issues that were originally restricted in the information systems will be enlarged to the whole industrial field. This causes the entire risk to be magnified.

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- Cash flow safety & stability
- Delivery Effectiveness
- Weather conditions & unexpected delays
-Labour fource avalibility

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-Unbalanced capacity planning leads to unreasonable resource utilization.
-The lack of in-depth research on workers' working hours and movements leads to low labor productivity.

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Construction & Property

The most common Schedule risk.  Schedule slippage due to unplanned budget overruns and delays.

Accidents arising from inattention to safety and weather factors

The impact of pollution on the surrounding environment, causing dissatisfaction among residents

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Finance - Currency risk
- uncontrollable exchange rate changes and political changes may result in unpredictable losses in foreign investment.

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Competitive Risk
Financial (Foreign Currency Risk)
OH&S Risk (PPE for waste activities)
Political Risk (Foreign government risk)

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The company's business development can not keep up with the trend, so it needs constant change and renewal.

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The classic risks of working on a construction site are:

Personal safety risk: most construction structures are very simple, so it is easy to collapse, falling accidents. Safety equipment such as helmet and protective clothing must be worn on the site

Risk of material nonconformity: Construction materials that do not meet specifications may be supplied due to the supplier's failure to accurately understand the procurement criteria. Therefore, when purchasing, the construction department often requires a detailed specification list and responsibility sharing contract

Project delays: Often due to weather or a change in the scope of the project, more work is added

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Appropriate processes and methodologies
Data security risk
Cyberspace risk

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Because risks are uncertain, not all risks are expected.

Management risks-The project team does not have professionals with supply chain risk management knowledge to deal with 787 unconventional problems

Risks response（Matigation）- Introduce talents with supply chain management skills

Inefficient-The company did not fundamentally solve the problem. Take "Management risks" as an example, because the replacement of the CEO has led to changes in the entire senior management.

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Q1. No,Boeing didn't solve all the risks of the 787 Dreamliner supply chain.
Q2.Supply chain risk：
- Pay more attention to internal management support
- Manage customer expectation and intention
-Organize leadership team and employee manufacturing operations specialists.
-Promote supply chain transparency and team communication
Q3.
Our group opinion is that all the Boeing effectively managed most of the risks, but there still were some issues that they didn't expect. So they don't have the detailed plan for them.