Risk Status Report and Paper

Scenario

The Quick Drop 100 transition team has met to identify project risks, explore contingency plans, and assign owners to watch for symptoms and address the risks. The team surfaced the following information:

1. Julie is scheduled for a one week vacation during month three of the project.

2. The supplier of a common set of hand tools for the manufacturing floor notified the Roto Air Purchasing department that the tools will not be available until one month after manufacturing is scheduled to start. Alternative suppliers are available.

3. The Human Resources department has indicated that despite their best recruiting efforts the two openings for skilled welders have resulted in no qualified local applicants.

4. The manufacturer of the custom-built rotor forming machine now expects to be one month past the last acceptable date for installing the machine. No other suppliers exist for this item.

5. Roto Air uses a Just In Time (JIT) delivery system for major components used at the Florida plant. Hurricane season often interrupts or delays deliveries during one of the scheduled months of the project.

Assignment Instructions

1. Prepare a simple status report for senior management by creating a table within a MS Word document followed by an essay that discusses the options available. For each of the five risks:

2. Determine if each risk should be classified as low, medium, or high based on its impact to the project.

3. Differentiate the risk classifications in the table using green, yellow, and red shading to produce a status report that immediately signals the severity of the impact without reading the details.

4. Describe one plausible risk response for each of the risks.

5. Identify a team member to be responsible for monitoring each risk.

Complete the paper by explaining the options a project manager has available to lessen the effects of risk. These include acceptance, avoidance, control (mitigation), and transfer.