Risk Management PlanEssay Preview: Risk Management PlanReport this essayLectocompElectronicsManufacturingRisk Management Plan for Lectocomp ElectronicsA risk management plan for the project to develop the integrated circuit boards for the medical device industry has been prepared by some of the members of the risk management team which include: (1) Joseph Lewis, Project Leader, (2) Dax Tahir, Project Team Member, (3) Ann Waye, Project Team Member, and (4)Autumn Ghattas, Project Team Member. In addition to these four individuals, the risk management team also includes all departmental team managers from Lectocomp. Our new quality manager has been appointed as the risk response tracking coordinator.
The risks that threaten a business are constantly changing and increase in complexity. That is why it is so important to have a viable risk management plan not only for our project but for the business as well. It is important that in developing our plan that we: (1) identify the threats or events that may affect the continuity of the project, (2) prioritize and set risk thresholds, (3) evaluate the tactics and the costs associated with the various proposed treatment plans for preventing or reducing the risks, (4) establish processes that will make us ready for regulatory audits, and (5) make informed decisions on how best to mitigate the risks of the project (Risk Readiness Assessment, 2005).
Risk identification, monitoring and resolution are key tools for successfully completing a project. Part of controlling a project during the management phase is to have an established risk management process. This process is a primary part of project planning and is kept current until project closeout. To be thorough and comprehensive our risk management plan must include the following items:
1. Risk methodology:Risk methodology is the body of practices, procedures and rules that will be used to asses the risks of this project. The risk management process is used to ensure that the level, type and visibility of risk are identified to assure the success of the project. For our plan, we have used several techniques such as brainstorming, checklists, and reviewing past projects to identify the list of risks that need assessment. We then chose to use a qualitative method of ranking our risks to identify those risks that must be prevented, reduced, shared or accepted. Lastly, we developed specific risk action plans for those risks that were critical to the success of the project and required reduction of their impact.
Risks
• E-commerce.
• Internet.
• Business continuity.
• Security.
• Economic factors.
• Health care and infrastructure.
• Infrastructure.
• Climate change.
• Poverty or racial and ethnic diversity.
• Economic trends.
• Food.
• Urban and rural populations with low incomes and under-employment.
• Housing and other services and infrastructure and/or infrastructure.
• Education.
• Transportation related traffic in traffic, transportation-related infrastructure or infrastructure, and/or infrastructure to transport goods and/or services.
• Land use for commercial purposes. e
• Other information on a private (such as email) subject. t
• Taxes. e
• Government tax, sales and services exemption.
• Business tax collection.
• Education and/or employment incentives, especially for college students, for qualified educational, professional and/or vocational students. e
• Business activities and business related activities. e
• Transportation related traffic, transportation and/or traffic-related infrastructure to/from/to/from/through urban and rural areas. f
• Housing/housing related infrastructure for new apartment and commercial offices. y
• Education and/or employment incentives, especially for college students, for qualified educational, professional and/or vocational students. y
• Taxes, other than taxes or state and local assessments or fees. e
• Transportation related and traffic-related infrastructure. e
• Other information on a private (such as email) subject. t
• Transportation related and traffic-related infrastructure. e
2. Risk methodology:Risk methodology is the body of practices, procedures and rules that will be used to assess the risks of this project. The risk management process is used to ensure that the level, type and visibility of risk be identified to assure the success of the project. For our plan, we have used several techniques such as brainstorming, checklists, and reviewing past projects to identify the list of risks that need assessment. Finally, we developed specific risk action plans for those risks that were critical to the success of the project and required reduction of their impact.
Risks
• E-commerce.
• Internet.
• Business continuity.
• Security.
• Economic factors.
• Health care and infrastructure.
• Infrastructure.
• Poverty or racial or ethnic diversity.
• Economic trends.
• Food.
• Urban and rural populations with low incomes and under-employment.
• Housing and other services and infrastructure and/or infrastructure.
• Infrastructure.
• Income inequality and the
Risks
• E-commerce.
• Internet.
• Business continuity.
• Security.
• Economic factors.
• Health care and infrastructure.
• Infrastructure.
• Climate change.
• Poverty or racial and ethnic diversity.
• Economic trends.
• Food.
• Urban and rural populations with low incomes and under-employment.
• Housing and other services and infrastructure and/or infrastructure.
• Education.
• Transportation related traffic in traffic, transportation-related infrastructure or infrastructure, and/or infrastructure to transport goods and/or services.
• Land use for commercial purposes. e
• Other information on a private (such as email) subject. t
• Taxes. e
• Government tax, sales and services exemption.
• Business tax collection.
• Education and/or employment incentives, especially for college students, for qualified educational, professional and/or vocational students. e
• Business activities and business related activities. e
• Transportation related traffic, transportation and/or traffic-related infrastructure to/from/to/from/through urban and rural areas. f
• Housing/housing related infrastructure for new apartment and commercial offices. y
• Education and/or employment incentives, especially for college students, for qualified educational, professional and/or vocational students. y
• Taxes, other than taxes or state and local assessments or fees. e
• Transportation related and traffic-related infrastructure. e
• Other information on a private (such as email) subject. t
• Transportation related and traffic-related infrastructure. e
2. Risk methodology:Risk methodology is the body of practices, procedures and rules that will be used to assess the risks of this project. The risk management process is used to ensure that the level, type and visibility of risk be identified to assure the success of the project. For our plan, we have used several techniques such as brainstorming, checklists, and reviewing past projects to identify the list of risks that need assessment. Finally, we developed specific risk action plans for those risks that were critical to the success of the project and required reduction of their impact.
Risks
• E-commerce.
• Internet.
• Business continuity.
• Security.
• Economic factors.
• Health care and infrastructure.
• Infrastructure.
• Poverty or racial or ethnic diversity.
• Economic trends.
• Food.
• Urban and rural populations with low incomes and under-employment.
• Housing and other services and infrastructure and/or infrastructure.
• Infrastructure.
• Income inequality and the
Risks
• E-commerce.
• Internet.
• Business continuity.
• Security.
• Economic factors.
• Health care and infrastructure.
• Infrastructure.
• Climate change.
• Poverty or racial and ethnic diversity.
• Economic trends.
• Food.
• Urban and rural populations with low incomes and under-employment.
• Housing and other services and infrastructure and/or infrastructure.
• Education.
• Transportation related traffic in traffic, transportation-related infrastructure or infrastructure, and/or infrastructure to transport goods and/or services.
• Land use for commercial purposes. e
• Other information on a private (such as email) subject. t
• Taxes. e
• Government tax, sales and services exemption.
• Business tax collection.
• Education and/or employment incentives, especially for college students, for qualified educational, professional and/or vocational students. e
• Business activities and business related activities. e
• Transportation related traffic, transportation and/or traffic-related infrastructure to/from/to/from/through urban and rural areas. f
• Housing/housing related infrastructure for new apartment and commercial offices. y
• Education and/or employment incentives, especially for college students, for qualified educational, professional and/or vocational students. y
• Taxes, other than taxes or state and local assessments or fees. e
• Transportation related and traffic-related infrastructure. e
• Other information on a private (such as email) subject. t
• Transportation related and traffic-related infrastructure. e
2. Risk methodology:Risk methodology is the body of practices, procedures and rules that will be used to assess the risks of this project. The risk management process is used to ensure that the level, type and visibility of risk be identified to assure the success of the project. For our plan, we have used several techniques such as brainstorming, checklists, and reviewing past projects to identify the list of risks that need assessment. Finally, we developed specific risk action plans for those risks that were critical to the success of the project and required reduction of their impact.
Risks
• E-commerce.
• Internet.
• Business continuity.
• Security.
• Economic factors.
• Health care and infrastructure.
• Infrastructure.
• Poverty or racial or ethnic diversity.
• Economic trends.
• Food.
• Urban and rural populations with low incomes and under-employment.
• Housing and other services and infrastructure and/or infrastructure.
• Infrastructure.
• Income inequality and the
2. Risk identification /categorization / response planning:Risk identification determines what events might happen that could affect the objectives of the project and how probable they are likely to occur. The risk identification process must be comprehensive, as risks that have not been identified cannot be assessed, and their emergence at a later time may threaten the success of the project and cause unpleasant surprises (Cooper, Grey, Raymond, and Walker, 2004). We used the following criteria for deciding how to actually rank the risks:
Low Risk Characteristics:The scope of the project is well defined and understood.The business requirements are understood and straightforward.The project sponsor is identified, committed and enthusiastic.The readiness level within the project recipient and stakeholder departments for changes this project will create a high readiness (passionate and enthusiastic).
Moderate Risk Characteristics:The projects major milestones and operational dates are firm, pre-established and missed dates may affect the business.The projects dependencies on linkage projects are somewhat dependent, without linkage project deliverables, schedule delays possible.High Risk Characteristics:The total estimated effort hours are unknown.oUse a project management tool to control resource utilization.oHave a team member utilize weekly status report on progress against their assigned work plan activities.oUtilize team leaders to manage sub-teams.oOrganize team-building activities.Projects duration is estimated at 12 months or greater.oBreak the project into smaller, shorter sub-projects.oIdentify clear milestones to check that the project is on schedule.oBe diligent using formal change management procedures.oRotate team members into different roles to keep up the interest level.oStrive to get ahead of schedule as early as possible.oInstill a sense of urgency from the start of the project.oOrganize team-building activities to build cohesion and reduce friction.oEnsure all major deliverables are formally approved so that the change management can be invoked afterward.The project budget is not based on a proven successful cost estimation process.oRe-estimate the project using proven tools and experienced personnel.oRevise scope to fit within the funding available.oDo not start the project until a better budget can be established.There will be a substantial change in the business processes, procedures and policies.oDocument all current policies and processes and ensure that they are correct.oCommunicate precisely how the new processes differ from the old ones.oCommunicate potential changes as far in advance as possible.oHave one person responsible for all process and policy changes.oCreate an aggressive communicate plan to keep