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Titanic – Risk Management
Group 2
Project Objectives: Luxurious First Class Liner Largest ship ever built Integrated Mail system Break-even within 2 years £1.5 million Budget
Deliverables & Milestone 6 months for design 3 years for Construction
Matrix of Priority
Time Performance Cost
Constrain
Enhance
Accept
Technical Requirements: Decks : 9 in total. Width : 92.5 feet. Height : 175 feet from
keel to top of funnels. Gross tonnage : 46.328
tons. Boilers : 29 Watertight
compartments : 16, all the way to F-deck.
Passengers : capacity of more than 3500 people
Engines : 2x 4 cylindered, 30.000 hp, 1 Parsons turbine, 16.000 hp.
Propellers : 3. Top speed : 23 knots. Shipyard: Brand New
Shipyard in Belfast
Limits & Exclusion: Limited labour
Limited Riveters Limited Resources Limited time
due to 3 ships built at the same time
RISK BREAK-DOWN STRUCTURE
TITANIC PROJECT
Organisational Voyage
Funding
LeadershipRessources
Marketing
Climate
Emergency procedure
Construction
Project Management
Materials
Labour
Time
Cost Leadership
Communication
Planning
Budgeting & Estimations
Communication
Lifeboats
Design
CONSTRUCTION Materials – Low Quality Labour – Insufficient & Unqualified Time – Delay Cost – Over Budget
VOYAGE Climate – Bad Weather, Icebergs Communication – Miscommunication Emergency Procedure – No Contingency Plan Lifeboat – Not Enough
RISK ASSESSMENT FORM
RISK RESPONSE DEVELOPMENT
RISK SEVERITY MATRIXLI
KEH
OO
D
IMPACT
Risk Response Control ‘Literature often refers to unexpected events
as low probability, high impact situations. Yet, this does not necessarily mean that the event is purely unforeseeable or unknown’ (Geraldi, Kelley, and Kutsch,2010).
Project Managers and team members need to be vigilant in monitoring potential risks and identify new land mines that could derail a project (Larson and Gray, 2011).
Risk Response ControlLand Mines of the Titanic’s Maiden Voyage Poor Design and Construction Unique weather conditions Evacuation Procedures & Lifeboats Communication Ineffectiveness
Evacuation Procedures & Lifeboats
14 Standard Wooden lifeboats on the Titanic 40 People per lifeboat
Two emergency cutters 40 People per cutter
Four Englehardt Collapsable Lifeboats 47 Person per lifeboat
Titanic had a capacity capability of 3,547 Total Lifeboat Capacity 2,095
Communication Ineffectiveness
Senior Wireless OperatorJohn Jack Phillips
Junior Wireless OperatorHarold Bride
Communication Timeline 14th April 1912 5am Radio Fixed and contact from Athina 9:30pm Warning from Masba 10:55pm Warning from Californian Despite being knowledgeable about the risks in a
project, they elect to shelve some under the rationale, ‘it will not happen to me’.
Conclusion Was the Project a Failure?
A ship was built On time
Underestimate the risks: Safety Control Communication
References Geraldi, J. G,Kelley, L.L and Kutsch, E. (2010) The Titanic sunk, so what? Project
manager response to unexpected events, International Journal of Project Management, Issue 28, pp.547-558.
Larson, E.W, and Gray, F.C. (2011) Project Management The Managerial Process, 5th International Edition, McGraw Hill, New York
Brown, P.L. (2011) Titanic: Sinking the Myths, BBC History [Online]. Available at: http://www.bbc.co.uk/history/british/britain_wwone/titanic_01.shtml#two (last accessed 2nd November, 2011).
Johnson, D.A. (1998) The Radio Legacy of the RMS Titanic, [Online]. Available at: http://www.avsia.com/djohnson/titanic.html (last accessed 30th October, 2011)
Holland, M.K, (2005) Titanic Lessons for IT projects, 1st Edition, Multi-Media Publications, Lakefield, Ontario.
Holland, M.K. (2011) Avoiding Project Disasters: Titanic Lessons for Modern Projects. [PowerPoint Presentation Online]. Presented at APM London and South East branches. Available at: www.lessons-from-history.com (last accessed 1st November, 2011).
References Kinghorn, J. (2007) The IMM. The Atlantic Transport Line 1881-1934 [Online].
Available at: www.atlantictansportline.us/content/immc.htm (last accessed 29th October, 2011).
Holland, M.K. (2011) Avoiding Project Disasters: Titanic Lessons for Modern Projects. [PowerPoint Presentation Online]. Presented at APM London and South East branches. Available at: www.lessons-from-history.com (last accessed 1st November, 2011).
Kinghorn, J. (2007) The IMM. The Atlantic Transport Line 1881-1934 [Online]. Available at: Miller, S. A. (2011) Project Management Of The RMS Titanic And The Olympic Ships. [online] Available at http://www.sheepguardingllama.com/2008/02/project-management-of-the-rms-titanic-and-the-olympic-ships/ (Accessed 2 November 2011).
Titanic Lifeboats, [Online]. Available at: http://www.titanic-titanic.com/lifeboats.shtml (last accessed 2nd November, 2011).