project risk management plan

project risk management plan - Risk Management Running...

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Risk Management 1 Running head: Project Risk Management Plan Project Risk Management Plan University of Phoenix October 21, 2007 MBA 590 Project Risk Management Plan
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Risk Management 2 All projects have some degree of risk and are either a threat to a project or an opportunity. Project risk management seeks to anticipate and address uncertainties that threaten the goals and timetables of a project (Nasa, 2007, ¶ 1). In order for projects to be implemented successfully, several items need addressed by the project manager. According to Gray and Larson, 2006, “two strategies for mitigating risk are reducing the likelihood that the event will occur and/or, reduce the impact that the adverse event would have on the project. (p. 215). When implementing projects, risk needs avoided, transferred, shared, or retained. Sound decisions by the project manager (PM) will enable a company to limit the risk of a project. Risks come in various degrees. The degrees in which the risk can affect the nature of the project are categorized as low, medium, or high. In order to limit risks the PM needs to have a contingency plan in place. Gray and Larson state, “The contingency plan represents actions that will reduce or mitigate the negative impact of the risk event” (p.218). In the Harrison Keyes (H-K) scenario, several risk factors were present. This paper will address several key processes from management responses to risk, weighing perceived risks, identifying additional risks, measuring risk, and defining project closure necessary when evaluating project risks. Management Responses “Every project manager understands risks are inherent in projects. No amount of planning can overcome risk, or the inability to control chance events,” (Gray & Larson, 2006, p. 1). H-K faced a variety of risks associated with launching an e-publishing division. In dealing with the implementation of the e-publishing division, H-K faced disorganization, lack of knowledge by key employees, and an inability for one division to communicate effectively with a selected outsourced vendor. Class discussions lead to several viable recommendations ranging from
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Risk Management 3 canceling the project to reevaluating the direction H-K needed to proceed. Compounded with the project was a shift in management. While one CEO, Meg, was supportive of the project the replacement CEO, William, was not supportive. If appointed project manager the first order of business would be to take a step back reevaluating the direction, the company intended to go with this division. Providing a strategic plan to William Guardo would show him the viability of the program, while outlining the path to reach the goal. William needs convincing that e-publishing is a cost effective solution to a stagnant market. A contingency plan (CP) is an alternative plan that if used will reduce or mitigate a
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