Running head: RISK MANAGEMENT PLAN 1

Risk Management Plan

Name

Institutional Affiliation

Date of Submission
 RISK MANAGEMENT PLAN 2

Risk Management Plan

Description of Risk Management Activities

Risk in this project is typically the unavoidable part throughout the project process, the

risk keeps on evolving throughout the course of a project. In this regard therefore, there arises the

necessity to deal as well as to effectively and efficiently manage these risks. In this regard

therefore, the Risk management activities usually takes into consideration various activities

which include the identification, management as well as control of the risks both before as well

as after the project (Frenkel, Hommel, & Rudolf, 2005). Therefore, there are basically three

major types of activities which are usually covered under the risk management process. These

activities include:

 Risk Identification.

 Risk Analysis.

 Risk Control.

In addition to the three major activities outlined above, the project manager will conduct

various types of meeting that will involve the key stakeholders as well as the project team

members, when members meets, they will be able to brainstorm and discuss then they will be

able to identify other risks that may face the project. The various meetings the project manager

will conduct include:

Status Update Meetings

This will include regular team as well as project meetings that will facilitate alignment of the

team through updates on progress, challenges, as well as the next steps. The major activities in

the status update meetings will take into consideration the problem solving, decision making
 RISK MANAGEMENT PLAN 3

regarding the project, prioritization of the risk, as well as task assignment. Moreover, monitoring

the identified risks as well as opportunities in the project may be affected in the meeting.

Information Sharing Meetings

This will help to identify as well as provide a detailed definition of the risks as well as

opportunities that might present in the project. The major activities in this meeting 3would

include: Presentations, panel debates among others and this will facilitate information sharing. In

this case, the speakers will be able to share information with the attendees or the project team

(Raydugin, 2013). Moreover, new risks or opportunities are likely to be identified and defined

while at the same time monitoring the risks already identified during this meeting.

Decision Making Meetings

This will facilitate project decisions which will be made by group meetings. Activities

will include information collection as well as sharing, brainstorming the various risks as well as

opportunities that may present themselves in the project, providing solutions, evaluation of the

options, ranking preferences among other activities (Raydugin, 2013).

Risks Opportunities Identified Throughout Different Phases of the Project

This project has three phases, there are different risks that have been

identified that may present in the project. The first phase of the project will involve the office

employee in the information department and the whole company[ CITATION Ros18 \l 1033 ].

From the fact that the system is meant to reduce the number of employees and this cut short the

cost of operating, it means that the employee will have a conflict of interest with the

technology[ CITATION Vil01 \l 1033 ]. This may cause the repulsion effect where the employee

will be against the project, which poses the risk of the project failing. The employee will not take

the system positively.

 RISK MANAGEMENT PLAN 4

The second phase of the project is reporting on the progress of the report. The risk that

may be experienced is the lack of enough data to develop or support the study

argument[ CITATION Mim19 \l 1033 ]. To prevent this, the project reporting will wait until

June when the monitoring of the phase of the project is complete.

The third stage of the project will come with a change in the communication approach in

the company[ CITATION Ros18 \l 1033 ]. This will involve every employee of the company as

they will have to conform to the new communication approaches, which include sending a client

receipt using the email. The workers may rebel against using the latest communication

method[ CITATION Abd16 \l 1033 ]. This means that the company employee will subject the

project into a hard time implementing its procedure as they would want things to stay as they

were

Risk Register Table

Risk Register:___________________________Compiled
by:________________________Date:___________________Reviewedby:_________________
______________Date:_____________________

Risk Register

Risk/Op Risk/op Impact Impact Likeliho Risk/op Potentia Risk/op signatur

portunity portunit probabi severit od of portunit l portunit es/dates
ID y lity (IP) y (IS);  advance y respons y owner  for key
descripti discover priority es to stakehol
on y (AD);  number  each ders
(RPN)  risk/opp
ortunity
1 Project 4 53 60 Explain Project
Failure- ing to manager
this is employ
likely to ee the
be as a importa
 RISK MANAGEMENT PLAN 5

result of nce of
the the
employe project
es’ and
conflict how it
of will
interest impact
with the them
technolo and
gy further
which assuring
then them
leads to that
repulsio they
n effect won’t
where be
the jobless
employe
e will be
against
the
project
2 Lack of 2 2 2 8 project IT
enough reportin Manager
data- g will
Normall wait
y, data until
is June
required when
to the
develop monitor
 RISK MANAGEMENT PLAN 6

or ing of
support the
the phase of
study the
argumen project
t. This is
will complet
negative e.
ly
impact
the
reportin
g on the
progress
of the
report
3 Resistan 4 4 1 16 Conduc Human
ce from ting Resourc
workers employ e
against ee manager
the new training
commun on how
ication they
approac will
hes hand
the new
commu
nication
approac
h prior
to start
 RISK MANAGEMENT PLAN 7

of the
project

References

Abdou, S. (2016). Project complexity influence on project management performance. The

Malaysian perspective. MATEC Web of the conference, 66(5), 64.

Frenkel, M., Hommel, U., & Rudolf, M. (2005). Risk management: Challenge and opportunity.

Springer Science & Business Media.

Raydugin, Y. (2013). Project risk management: Essential methods for project teams and

decision makers. John Wiley & Sons.

Rose, K. H. (2018). Project Quality Management: Why What and How. Fort Lauderdale,

Florida: Ross Publishing.