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There can be no project without taking risks. Each idea presupposes dealing with certain difficulties, and implementing these ideas is doubtlessly a challenge.
Despite the fact that both Hydroelectric Development and Irrigation Scheme offer a fair assessment of the possible risks and provide a detailed account of the challenges that one can face in the course of putting these projects to practice, one of the two projects is definitely superior, which calls for conducting comparison between the two case studies.
To start with, each of the projects identifies the risks which can be faced rather accurately. It is essential that each of them offers a table in which every possible risky occasion is considered.
However, it seems that the Irrigation Scheme offers a better identification of risks, since it not only provides a detailed account of every risk involved, but also splits the risks into categories according to their types and, thus, provides a better estimation of the threats which the project can possibly face.
The same can be said about the way the case studies quantify the risks. One must give credit to both case studies, since they offer a detailed description of the risks assessment and provide the risks percentage.
Nevertheless, it is worth mentioning that the Hydroelectric Development project offers the percentage of all possible costs in the summary of the hydro cost estimate, which makes it more comprehensible than the Irrigation Scheme.
However, speaking of which case study is easier to understand, one has to admit that in the given case, numbers and rates are enough only to give the general idea of the situation which the authors of the projects face. For a better understanding of the situation specifics, hoverer, a more explicit description of the factors, the risks and the circumstances is required, which the Irrigation Scheme project provides in a much better way.
In addition, it is worth mentioning that a good assessment presupposes considering the costs which the project can possibly spend. While Hydroelectric Development suggests only the table of the probable risks, Irrigation Scheme offers the information concerning the financial resources which the project will probably need. Such data as “Expected cost $20 million, standard deviation $3 million” is essential to fully realize the scale of risks.
Finally, speaking of the risk assessment, one must mention that the Hydroelectric Development takes the winning position again, because it takes into account not only the inside factors, but also the outside ones, such as weather conditions. In contrast to Hydroelectric Development, Irrigation Scheme provides only the information concerning the risks which come from within the project.
Therefore, it can be considered that the Hydroelectric Development project is by far more compelling and offers much better analysis of the risk factors. In addition, the assessment offered by the above-mentioned project covers not only the major issues, but also the details, which altogether makes it much more plausible than the alternative.
Once all the probable risks are properly evaluated, a project can be considered a success, which, as one can assume, is the case with the Hydroelectric Development.
Although it is not clear yet which of the projects will prove more efficient, and the opinion in the given paper is based solely on the facts offered by the case studies, it can still be assumed that the Hydroelectric Development project is bound to take the first prize in the contest for a better risk evaluation.
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