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.
The 15 risks that was completed-
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Type of risk
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Description
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Category
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Failure to gain executive support
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Lack of executive support might lead to failure of the overall process since there requires to be the authority when these projects are being approved.
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Executive Support
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Executive disengagement
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Communication has been a major problem within the organization, and it might lead to disengagement of the executives.
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Executive Support
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Ill-defined scope
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Failure of proper scope definition might lead o the project spinning out of hand since. More so, there will be the minimum accomplishment of goals and objectives.
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Scope
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Inaccurate estimates
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Failure of making accurate scope estimates will bring about project risks that will interfere with the employee's performance and the overall project strategies.
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Scope
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Variability of exchange rate
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Whenever there are variability's in the exchange rates, the organization will be forced to use foreign currencies which are more expensive for the overall project
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Cost Management
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Shareholders Disengagement
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If the shareholders are disengaged in the project, it will lead to project failure since there will be no or minimum capital, therefore, crippling the whole project
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Shareholders
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Under communication
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Communication has been a problem for the organization. Provision of inadequate information will lead to failure of the project since the quality of the processes will not be maintained.
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Communication
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Misinformation
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Lack of provision of proper information to all the parties involved will bring about roadblocks for the project since everyone will not be at par.
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Communication
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Inaccurate expectations
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It is crucial that everyone within the organization or all the parties necessary to the process understand what is expected of the project. It will ensure that everyone's expectations are similar therefore being able to work towards that expectation.
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Communication
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Inadequate training
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Training is critical for any process that an organization decides to undertake. This is because everyone should get to understand what is expected of them. More so, they will be able to understand the whole project, therefore, being able to work on their production efficiency.
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Resource team
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Low motivation
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Motivation ensures that the employees can be able to perform their tasks as expected without any flaws. On the other hand, they might even put in some extra time to ensure that the project fairs well ad expected.
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Resource team
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Infeasible design
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The design is crucial for this project since the organization has to make sure that they can get to impress their customers. Failure to do so will reduce their market share as well as their growth.
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Design
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Lack of design flexibility
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Each and every product of an organization should be unique from another. It ensures that there are many choices that customers can go to and also that one can be able to tell from another product.
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Design
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Improper technology contents
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Quality should be maintained all over the process. It will ensure that the product will be accepted within the market and also that the customers will be satisfied. Failure to achieve these might lead to massive losses for the organization.
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Technical
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Security vulnerabilities
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Security is crucial for each and every project. The organization has to ensure that they meet all the required security strategies to be able also to meet the government regulations.
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Technical
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