Running head: RISK MANAGEMENT PLAN 1

RISK MANAGEMENT PLAN

Student’s Name

Institution

Course
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Contents
1. EXECUTIVE SUMMARY.................................................................................................................3

2. SCOPE AND OBJECTIVES..............................................................................................................3

2.1 Scope......................................................................................................................................3

2.2 Objectives...............................................................................................................................4

3. ATOM PROCESS APPLICATION.....................................................................................................4

4. Analysis of top risks.....................................................................................................................4

4.1 Noise......................................................................................................................................4

4.2 Theft of equipment.................................................................................................................5

4.3 Social and political impacts...................................................................................................5

4.4 Risk of moving heavy equipment during transportation........................................................5

5. Analysis of risk tools and techniques...........................................................................................6

5.1 Root Cause Analysis..............................................................................................................6

5.2 SWOT analysis......................................................................................................................6

5.4 Risk Assessment Template for IT..........................................................................................6

5.5 Risk register...........................................................................................................................7

5.6. Probability and Impact Matrix..............................................................................................7

5.7 Risk Data Quality Assessment...............................................................................................7

5.8 Brainstorming.........................................................................................................................8

6.0 Risk breakdown structure (RBS)................................................................................................8

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Risk map analysis.........................................................................................................................9

6.1 Analysis of roles and responsibilities.......................................................................................10

6.1.1 Sponsors............................................................................................................................10

6.1.2 Project manager.................................................................................................................10

6.1.3 Risk champion...................................................................................................................11

6.1.4 Risk owner........................................................................................................................11

6.1.5 Action owner.....................................................................................................................11

6.1.6. Project team member.......................................................................................................11

7.0 Conclusions and recommendations........................................................................................11

1. EXECUTIVE SUMMARY
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The free student career fair project is meant to offer services to all the potential and

former students of Conestoga College. The project will entail both outdoor and indoor events

where beverage, food, and entertainment would be offered during sessions. The project will

allow various employers to interact with employees thus interview them based on their interests.

On the same note, the project supports the invitation of various guest speakers based on college

programs and employers. On this note, the project is set to offer free services to persons who

voluntarily get the chance to join. Implementation of the project would be prone to risks that

would require management. In order to mitigate such risks, this risk management plan aims to

identify potential risks that could inhibit the operation of the project, thus recommending

possible solutions. Furthermore, this project risk management plan will mention changes since

the previous review of the project. 

 2. SCOPE AND OBJECTIVES

The Conestoga College Project risk management plan seeks to manage all possible risks

by focusing on both threats and opportunities in a proactive manner. This way, the plan

maximizes the likelihood of the project acquiring its objectives while maintaining acceptable

levels of risk exposure. 

The risk management plan also covers the entire activities undertaken during the project’s

lifetime. The project assumes that every participant of the project is either an associate of

Conestoga College or an employer. The project would consume an average of $673,000 that

would include costs for operation. Costs such as hire are included in the average project cost.

Moreover, the project is expected to take a period of 81 months for effective implementation.
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The risk process seeks to engage the entire team of project stakeholders in the communication

regarding potential project risks. On this note, information regarding risks would be effectively

communicated to the project stakeholders in time. This will allow the modification of strategies

through which the risks would be mitigated. The risk management plan will also help the project

stakeholders to focus on areas prone to risks. 

3. ATOM PROCESS APPLICATION

This risk management plan will utilize reduced ATOM process based on the assertion

that the project is medium-sized. The reduced ATOM process will specifically serve as a risk

management technique that incorporates the reduction of financial results of a loss. This will

encompass a range of things, such as reducing the severity of loss by lowering its frequency, thus

reducing the likeliness of overalling. 

Furthermore, the risk management plan will employ quantitative modeling techniques to help

determine which risks had a potential impact on the project. Through such analysis, the project

planners would identify the specific strategies to counter possible challenges. 

4. Analysis of top risks

4.1 Noise

The free student career fair project promotes interaction among employers and students

with the help of the event. The event project involves the use of entertainment speakers that

would also be used to address and make announcements. The utilization of such equipment

would result in noise pollution that would be dangerous to the public. Jurisdictions protect such
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human rights by fining persons who engage in noise pollution. As such, the project would be

subjected to risk.

4.2 Theft of equipment

The fact that the event is hardly held at a single location reveals that in most cases, the

equipment would be transported. This is one way through which most of the equipment would be

exposed to theft risks. The project budget reveals that the equipment will be expensive; thus

losing such to theft would incur significant losses to the project shareholders. Furthermore, theft

of the project equipment is a possible cause of project delay. Therefore, realizing such risks

would help the project planners create strategies through which theft risks would be mitigated. 

4.3 Social and political impacts

Social activities such as strikes are likely to impact the activities of the event project. For

instance, the event project would be conducted in a violent location where the public is engaging

in strike activities. Such activities are associated with disorder and malpractices that could result

in the destruction of the project equipment. On the same note, political events such as rallies are

likely to influence the operations of the event project in two possible ways. Firstly, project

participants would choose to attend such political rallies rather than listen to project work. As

such, political activities are prone to cause poor participant turnout. On the other hand, political

activities commonly associated with the use of similar equipment would result in confusion. 

4.4 Risk of moving heavy equipment during transportation

There are various physical risks associated with the transportation of heavy event

equipment. Such hazards include potential damage to roads and also injury to the event

organizers. Both risks would limit the effectiveness of the project based on the assertion that the

project schedule hardly includes time wastage.

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5. Analysis of risk tools and techniques

5.1 Root Cause Analysis

The root cause analysis serves as a systematic process through which risks would be

embedded in the event project. The tool debates that good leadership is not only responsive but

also preventative. In the case of the free student career fair project, the root cause analysis

technique would be utilized after the identification of the previous phase of top risk analysis. On

this note, the root cause analysis seeks to focus on the cause rather than symptoms. The

utilization of this technique would enable the project planners to develop a plan of action through

which potential risks would be mitigated.

5.2 SWOT analysis

SWOT technique would be applicable in the case of the event project. Here, the project

planners would be required to start by identifying the threats to determine those related to the

project. The next procedure in the technique would involve listing the weaknesses that could be

improved in the event project. On this note, positive risks would result from the identification of

strengths. On the other hand, identification of threats would be associated with the realization of

negative risks.

5.4 Risk Assessment Template for IT

While the tool was developed for IT projects, it is applicable in projects such as the free

student career fair project. The tool encourages listing of the risks in a given order, thus allowing

the reality of a risk to be traced. One of the significant aspects of the risk assessment template is

that the spreadsheet has an in-built calculator that estimates the likelihood of a risk. This would

enable the event project manager to determine the potential harm of risk, thus prioritizing
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responses. In the case of the free student career fair project, a risk assessment template would be

utilized to realize the potential harm associated with the previously identified risks. 

5.5 Risk register

The risk register aims to analyze further the list of risks identified by describing them.

The risk register provides the required space to explain the project's possible impacts. In the case

of the free student career fair project, a risk register would be utilized to prioritize specific risks

and develop appropriate resolutions. On this note, the risk register would serve as a strategic tool

to control potential project risks. By gathering data from the identified risks, the tool prevents the

project from exceeding the previously planned budget. Upon identifying the potential risks, it

would be the responsibility of the project planners to add details to the project management

software. This would enable efficient tracking of project risks in real-time. 

5.6. Probability and Impact Matrix

The probability and impact matrix would help the project planners to prioritize risks, thus

preventing time wastage. Furthermore, the technique would be helpful in terms of exhausting all

the available resources. For example, in the case of the free student career fair project, the

technique would combine the impact scores of the risks and the probability of the risks. This

way, each risk would be understood in a larger context for the benefit of the project

implementation phase. 

5.7 Risk Data Quality Assessment

With this technique, project managers would utilize the data for the risks already

identified. In the case of the free student career fair project, the risk data quality assessment

would enable the project manager and the planners to embrace reliability, accuracy, and the

integrity of risks related to the gathered information. For each identified risk, the risk data
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assessment would require the project planners to determine the extent of realizing the risks.

Through the examination of parameters such as the risk, accurate estimate would be reached in

the case of free student career fair project.

5.8 Brainstorming

To begin utilizing the brainstorming procedure, the project planners must assess the

possible risks that are likely to impact the project. The technique starts by reviewing the project

documentation by looking at similar projects' general historical data. On this note, the project

planners of the free student career fair project would be required to gather and analyze details of

similar projects. It is then that the project planners would interview experts with the aim of

realizing potential risks that would impact the project. 

6.0 Risk breakdown structure (RBS)

Below is a diagrammatic representation of the RBS for the free student career fair

project. It is through the analysis of the diagram that the project planners would effectively

analyze and evaluate all the phases of implementing the project. 

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Risk map analysis

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6.1 Analysis of roles and responsibilities

6.1.1 Sponsors

The project sponsors would be responsible for providing funds through which the

allocated budget would be determined. Furthermore, project sponsors would help analyze

possible risks and their solutions. 

6.1.2 Project manager

In the case of the free student career fair project, the project manager would be

responsible for coordinating the activities between the phases involved. Through the managerial
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role, the risks would be foreseen thus mitigated accordingly. Furthermore, the manager would

also help advise all data gathering activities related to the project. 

6.1.3 Risk champion

The risk champion would be responsible for maintaining the risk register in the event project.

The risk champion would also guarantee the quality of the risk data.

6.1.4 Risk owner

In the event project, the risk owner would be responsible for developing possible

responses to risks assigned to the action owners. Furthermore, the risk owner is responsible for

monitoring the progress of the risk responses by reporting to the risk champion.

6.1.5 Action owner

The action owner in the event project would be responsible for the implementation of the

accepted actions regarding the strategies. 

6.1.6. Project team member

Project team members are associated with active participation in the risk process.

Furthermore, the proactive identification and management of risks would be supported by the

project team members.

7.0 Conclusions and recommendations

As depicted in the above discussion, the success of the free student career fair project is

dependent on the participation of all the involved parties. Moreover, the ability of the project

manager to coordinate the participants effectively would result in the effective and efficient

realization of the potential risks that would impact the operation of the project.
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For future sustainability, it is recommended that the project team members should first work on

their own before the final phases of uniting to come up with final decisions regarding project

risks. 

It is also recommended that the use computers should be utilized for fast processing and

manipulation of data. On the same note, the use of computers to analyze most of the data would

minimize the occurrence of errors in the project. The assertion is backed up by the fact that

computers are prone to data credibility and accuracy.

Finally, it is recommended that the project managers should encourage the team members

by using strategies such as brainstorming to give the team members easy time to deliver assigned

tasks regarding the event project. Moreover, the project manager should focus on gathering

external data relevant to the event project context with the aim of relating possible risks and their

solutions.