Circored Project

Circored Project

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Circored Project

One of the key points of this project, which encompassed a new technology aimed at improving the international steel industry, involves the idea of innovations. The Circored technology was a modern technique initiated because of the high demand of high quality iron ore in the targeted market. In order to maintain their market share and avoid monetary losses, Cleveland Cliffs had to utilize practical and lasting approaches to address the situation. Moreover, the element of risks and uncertainties is evident in the case study of the Circored technology. The involved partners had to manufacture products using this technology on a large-scale basis because of the high demand. Nonetheless, they were unsure of the viability of the entire project. Since the expenditures involved in executing this business idea were high, the risks involved were vast (Loch, Meyer & Pich, 2006). There was a possibility of recording hefty fiscal losses if the final products did not meet the expectations of the targeted customers. Nonetheless, an effective risk management criterion aided the technology to gain momentum and facilitated the attainment of spectacular results.

One of the major approaches of risk management implemented in the development of the Circored technology was the identification and evaluation of the available alternatives.  At the beginning of the execution process, the managerial team of Cleveland Cliffs in partnership with other experts in the engineering field identified and analyzed the viability of other technologies of producing reduced iron. This included such ideas as FINMET and Midrex technology. Another crucial aspect of the risk management process with reference to the Circored project was cost analysis. Experts involved in the development of this business idea analyzed the expenditures involved in implementing this scheme from its conception to the production of reduced iron (Loch, Meyer & Pich, 2006). In addition, these professionals compared the costs and benefits of the project in order to justify the feasibility of the Circored technology.

Based on the findings from the operations involved in the formulation and implementation of the Circored project, it is evident that project managers ought to comprehend the major constituents of risk management. To start with, cost analysis is a vital element in the evaluation of any project. This is because the process enables the relevant stakeholders to comprehend the expenses involved in the execution of the planned scheme as well as the benefits of the project. Through this process, it is easy to identify a project whose benefits supersede the expenditures. Cost analysis is also important in understanding the amount of capital needed to execute the strategic plan successfully (Sommer & Loch, 2009). This is because the evaluation process encompasses all programs from the conception of the project to the distribution of the final products to the targeted customers.

Another important point evident in the risk management process of the Circored project is the need to consider all influential factors when investigating the viability of a project or strategic plan. For example, in the evaluation of the feasibility of the Circored project, the involved experts and stakeholders considered such aspects as political factors, costs involved in obtaining raw materials, and the ease of access the market for the final products. Additionally, a project manager should consider the ease of making crucial adjustments to the project in future. In the case of the Circored technology, the professionals involved in its formulation and implementation evaluated this aspect since they intended to execute the idea on a large-scale basis while targeting a vast market for the final product (Sommer & Loch, 2009). This factor was influential in the development of a profitable scheme and product.

 

References

Loch, C., Meyer, A. ., & Pich, M. T. (2006). Managing the unknown: A new approach to project risk management. Hoboken, N.J: Wiley.

Sommer, S. C., & Loch, C. H. (March 01, 2009). Incentive Contracts in Projects with Unforeseeable Uncertainty. Production and Operations Management, 18, 2, 185-196.

 

 

 

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