Risk and Opportunity Management Plan
Identification of the Human Genome Project
Keller Graduate School of Management
PROJ 595 – Project Risk Management
August 16, 2013
TABLE OF CONTENTS
I. Introduction: Background, Scope and Objectives
II. Sources of Construction Project Risk
a. Timing and Schedule
b. Technical and Performance
d. Force Majeure
III. Systems to address Construction Project Risk
IV. Catastrophic Failure Fault Tree
V. Discussion of Fault Tree
a. Reduce Risks
b. Mitigate Risks
c. Avoid Risks
VI. Course Project Part I
VII. Risk Tables, Charts, Sheets
I. BACKGROUND, SCOPE AND OBJECTIVES
International scientific research has been performed to discover the sequencing of the human genome and identification of the genes it contains. The Human Genome Project (HGP) was initiated in 1990 through funding from the US Department of Energy (DOE) and the National Institutes of Health (NIH). The three billion dollar project was completed in April 2003, which was 2 years ahead of their expected completion date.
Findings of the project revealed 20,500 numbers of protein-coding human genes. This detailed information gives the basic set of inheritable “instructions” for the development and function of a human being. It is predicted that by 2020, the impact of genetics on medicine meaning drug responsiveness, will be even more widespread with this dramatic change.
The ethical, legal and social implications of the knowledge learned form the project includes discriminating practices, synthetic biology, and emerging technologies. The National Human Genome Research Institute (NHGRI) role in the future of Genomic Research is implementation in large-scale production of genomic data sets, pilot-scale efforts, technology development, ethical, legal and social research, longitudinal population cohorts, non-genetic factors in health and disease, use of genomic information to improve health, improving the health of all people, and policy development.
The Risk Management Plan defines how risked associated with the Identification of the Human Genome Project will be identified, analyzed, and managed.
II. SOURCES OF CONSTRUCTION PROJECT RISK
The sources of risks identified during the initiation of the project lifecycle were timing and schedule, technical and performance, capital requirements, and human resources. The project risk characteristics are constructed in the following table: Table 1
Perceived Level of Risk
Type 2: Medium to High; >>>>
Technical risk and hazard assessments: Hazard Analysis will be performed to review the concept design and identify significant hazards to provide an opportunity for their elimination or minimization by changes to the fundamental concepts, re-design or by incorporating protective measures. A feasibility study will be conducted as a risk assessment and will be incorporated in the project risk register. Value improvement exercised may be conducted in this phase.
I. CASTROPHIC FAILURE FAULT TREE
Catastrophic: extreme event, potential for large financial cost or delays, or damage to the organization reputation.
II. DISCUSSION OF FAULT TREE
Operational Risk Management (ORM) and Risk Analytics & Instruments (RAI) develop and maintain key risk measurements methods. The IT system failures fall within the remit of ORM, which provides the framework to ensure consistent remediation or acceptance of these risks. Development and implementation of internal regulatory risk measurement methodologies for operational risk are needed in order to support accurate management of risks. Reduce, Mitigate and Avoiding Risks
The following steps should be considered to prevent and mitigate the risks and uncertainties once the risk assessment has been performed: Early...
Please join StudyMode to read the full document