2.

Identification of potential risk associated with Alaska fishing expedition The risk management process begins by trying to generate a list of all possible risks that could affect the project. Organizations use various tools to identify risks. The risk breakdown structures (RBSs), in conjunction with work breakdown structures (WBSs),is one such tool used to help management to identify and analyses risks. A risk profile, which is a list of questions that addresses traditional areas of uncertainty on a project, is also one such tool (Larson and Gray, 2011:214).

FIGURE 1 : RISK BREAKDOWN STRUCTURE (RBS)

ALASKA FLY FISHING EXPEDITION

TECHNICAL

PROJECT MANAGEMENT

ORGANISATIONAL

EXTERNAL

DESIGN

STAFF CAPACITY

RESOURCES

INCLEMENT WEATHER

BOAT CAPACITY

PLANNING

BUDGET

AUTHORITIES

COMMUNICATION DEVICES

CUSTOMERS

PARTIAL RISK PROFILE FOR ALASKA FISHING EXPEDITION

1. Technical requirement : Are the requirements stable? 2. Design : Does the design depends on unrealistic or optimistic assumptions. 3. Budget : How reliable are the cost estimates. 4. Management: Do people work cooperatively across functional boundaries. 5. Customer (Bluenote Inc): Does the customer understand what it will take to complete the project. 6. Contractor(GAA): Are there any ambiguities in contractor task definition.

Having brainstormed and compiled the risk breakdown structure and the risk profile the following were identified as risks associated with the Alaska Fly- Fishing Expedition: Weather : Extreme weather conditions may not permit the plane or the boat. Authorities: Failure to issue fishing licenses could be a major risk. Resources: Availability of resources such as fuel, meals and medical care could hamper the project if not managed properly. Staff capacity: Boats should be managed by experienced and competent staff to avoid major disasters. Boat capacity: Performance and reliability of the boats to carry the staff and handle extreme weather conditions is very important.

3. A Risk assessment form to analyze identified risks. Once risks have been identified an assessment has to be made in terms of their likelihood (probability) ,impact, detection difficulty, and frequency of occurrence. The following scales have been used to assess the risks identified: Likelihood measured on a scale of 1=very low to 5=very high Impact measured on a scale of 1=very low to 5=very high Detection difficulty measured on a scale of 1=lots of time to react to 5 = no warning

Risk Assessment Form Figure: 2

Risk Event Likelihood Impact Detection Difficulty 1 When occur Risk Value

Weather

Prior to trip

12

Authorities

Prior to trip

16

Resources

During to trip

Staff Capacity

Prior to trip

Boat capacity

Prior to trip

10

4. A risk response matrix to outline how each risk will be dealt with. When a risk event is identified and assessed, a decision must be made concerning which reponse is appropriate for the specific event. Responses to risk can be classified as mitigating, retaining , avoiding ,transferring or sharing (Larson and Gray, 2011:214).

Risk Response Matrix Figure 3

Risk Event Response Contingency Plan Stay in doors Trigger Who is Responsible Thandi

Weather

Retain Follow up forecasts

Weather bureau

Authorities

MitigateApplication procedures Avoid- Background check

Apply timeously

Not issued within 3 days

Tieho

Resources

Surplus stock

Inventory level

Bongi

Staff capacity

Avoid Confirm certificates

Appoint qualified and competent staff Arrange backup boats

Within 3 days prior

Nthabiseng

Boat capacity

Mitigate- Test boat prior

In 2 hours

Andile

Potential risks associated with Alaska fly fishing expedition