Answer:
The Space Shuttle Columbia Disaster presented in Chapter 11 of the book Project Management: Case Studies (pages 497-503) is an example of how risk management is an important aspect of project management. Risk management is the process of identifying, assessing, and prioritizing risks and developing strategies to manage them.
The problem presented in the case study is that the Space Shuttle Columbia disintegrated during re-entry into the Earth's atmosphere due to damage sustained during launch. Based on the case presented, NASA did not appear to have an effective process for managing risks. NASA was more worried about risks to the belly of the shuttle, rather than the leading edge of its wings – which was where the fatal damage occurred.
NASA uses a variety of criteria to identify and analyze risks, including probability, severity, and impact. If a critical risk is discovered, the manager should communicate the effect of the risks to senior management by providing them with a detailed report that outlines the potential consequences of the risk.
To avoid future accidents, NASA should implement more stringent quality control measures and conduct more frequent inspections of their facilities. They should also develop a more comprehensive risk management plan that takes into account all potential risks and develops strategies to manage them.
Having a risk management plan on a project is important because it helps identify potential risks before they occur and develops strategies to manage them. For example, if a construction project fails to adequately manage the risks related to it, it could result in delays, cost overruns, or even accidents.
Step-by-step explanation:
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