Three Examples Of Poor Risk Management: What Can We Learn From These Projects

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Government chose Yucca Mountain in Nevada (100 miles northwest of Las Vegas) as an ideal place for a nuclear waste depository. The 'not within my backyard" chant was common among Nevadans. Actually, the State of Nevada, its politicians and citizens just weren't consulted when Congress gave the go-ahead. Still, the Bush Administration desired to push on and gave the Department of Energy the nod to construct even when it had been discovered some of the research gathered showed falsified data when it came to the repository's safe-keeping of nuclear waste. Would the stored waste be safe and secure? S Government not accounting for protest and opposition from Nevadans. This demonstration of poor risk management requires the U. Nevada politicians and citizen protest groups fought back. If a project seems controversial, the best choice is to explore the potential health risks associated while using project to see if they are so vast it's not a good idea to proceed. Their efforts to use political power over scientific reality angered their state and for years, the controversy charged by the Bush Administration was investigated, consented to, stopped, restarted and lastly in 2009, the Obama Administration scrapped the project. Government could have taken steps to ensure the scientific data was accurate as an alternative to dismissing inaccurate data the project may have either been reevaluated for safety or pitched out altogether. It's funny how governments often skip the danger prioritizing and go full steam ahead when a little planning would have saved billions and also the unrest from the people living within the great State of Nevada. Much with the nuclear waste inside United States is stored onsite at nuclear plants in above ground containers as well as in hindsight, the politicians in Washington who forced an unwanted nuclear repository on citizens who didn't want to buy turned right into a disaster, both a monetary and embarrassing one for those that supported the project. Even governments can learn from the power of protest plus some say this dilemma for Nevada became section of Barack Obama's campaign path'or his opposition for it. On the other hand, in the event the U. When this big bank decided it would commence to charge customers $5 monthly in 2012 just to gain access to their funds via their debit cards, the opposition was much better than they ever imagined. Here, not just did the government turn a blind eye to opposition, additionally, they managed to spend somewhat over $13 billion of taxpayer money about the project. Back in October of 2011, after BofA announced the brand new fee, a poll by TheStreet showed a stunning 83 percent of BofA customers said they will indeed take some time out of their busy schedules and dump BofA. Opposition from customers was widely from Bank Transfer Day (November 5, 2011) started by Kristen Christian, who came up with 'Day" by way of a Facebook venue. Sure, this financial conglomerate could have thought it would easily overcome some initial angry customers which most wouldn't invest time to change banks'who has the time, who wants the hassle so to speak? BofA couldn't deny two major dates in November of 2011'Dump Your Bank Day and Bank Transfer Day, both started by ordinary citizens protesting the debit card charge. This become a horrible mistake around the part of BofA. If you think a bit research into what might go wrong on the project is often a waste of time, just take a look at Bank of America (BofA). Dump Your Bank Day (November 8, 2011) followed thereafter from Occupy Wall Street protesters. A little too far gone, BofA! What if BofA might have considered just what the average customer would do? Would they've got seen the negativity and dumped the thought? BofA won't say, nonetheless it does seem somewhat risk management planning here could have saved BofA some real bad press along with a lot of customer loss. Or, would they've surged ahead with the idea? Five dollars to become allowed to use your own money angered too many and also the announcement to decrease the charge coming too late, did cause people to bail on BofA. Risk management is one area all project leaders, teams and stakeholders must delve into during project initiation. As vietnam hotel seen using these three examples, when risk management is not used, things don't end up well and sometimes fail with companies and governments losing face. Credit unions shouted with glee as a huge number of folks did indeed 'dump" BofA, however the conglomerate attemptedto sway this from happening by announcing on November 1, 2011 that they rethought the blueprint and couldn't survive charging its customers the $5 debit card fee. There can be a reason for good risk planning and it's really evident these projects and BofA would have benefited by exploring their options (and risks) before hand. Don't permit this to happen to your projects. Instead, review the Bright Hub series on implementing a good plan with examples and templates to aid you. In a period when every American looks at each and every dollar and the way these dollars are being spent, this was obviously a poor idea by BofA.

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