Risk Management and Evaluation in Project Life Circle Based on the Sodor Oil Terminal Case Study

The purpose of this article is to sketch out the various general risk issues in the period of project management based on the Sodor Oil Terminal case study and establish risk management strategies and actions including avoidance, transference, Mitigation and acceptance. this paper uses project management techniques such as Earned Value Methodology, Scope Change Control, WBS (work breakdown structure) and Data Capture to monitor and ultimately control projects so that they can be completed with constrain of time and cost. Empirical results show that only when risk is understood roundly, risk management could be carried out correctly and the best strategy can be identified, and then design specific actions can be taken to implement that strategy. So if an unanticipated risk emerges, or a risk´s impact is greater than expected, the project manager and the supervisor can perform additional response planning such as choosing alternative response strategies, implementing a contingency plan, taking corrective actions and re-planning the project to control the risk.