You are preparing the project risk-management plan for review with the sponsor and your manager. You have identified the risks, assessed the probabilities and impacts, and created your responses. You now need to present the comprehensive plan and gain the buy-in from the sponsor on the risk-management plan.
Individual Guidelines:
• Create risk responses (reduce probability, reduce impact, and respond) for each of the 15 risks you identified and assessed in the prior unit.
• Use either Word or Excel to record this information
Types of risk involved in the project
1. the first risk involved deals with marshaling the manpower for the project in time. This is a schedule risk. This risk exists because the project is to be handled exclusively by internal manpower.
2. the second risk is that of completing thee milestones of the project in time. This is a schedule risk. Since this product is new a risk exists that there may be aspects of the project which may have been overlooked..
3. the budget estimates may need to be revised. This is a budget risk.
4. there may be a problem with the contractors brought in to consult on the production process. This is a business risk.
5. the production of this product is also new for the company. This is a business risk ass it is unchartered waters for the company.
6. employees working on this project will be forced to massively multitasks a number of projects at thee same time. This is a technical environment risk.
7. the fact that the product will be produced internally also poses a new challenge to the company as this is a first. This is a technical environment risk.
8. the person chosen to lead the process has not led any projects since joining the company. This is a technical environment risk.
9. the decision of the project leader came as a surprise to the person chosen as a project leader. This surprise is due to the fact that inadequate notice was not given to the chosen project leader. This is a technical environment risk.
10. the project manager has not worked with any of the people outside the engineering department and barely knows them. This is a technical environment risk.
11. the market has not been effectively analyzed before the onset of this project. This presents a programmatic risk.
12. something might go wrong during the manufacturing process. This is an operational risk.
13. since the product is to be released in a field that is highly regulated by the government there may be a lot of constraints placed on the product. This is a business risk.
14 the consumers might reject this product due to its untested nature in the business field. This is a business environment risk.
15. the quality manager position is still vacant. This is an internal environment risk. This is a critical role and the project cannot begin without this role being occupied.