Risk Management Plan

Fisher, Vida

OGL 421 Project Risk Assessment

Professor Rodgers

September 2, 2021
Risk Management Plan

Risks

Eldon Tyrell, our Executive Sponsor has given our project three months to complete. With the

time given, the team leaders need to get the teams selected and roles assigned. Before that, I

will meet with all the team leaders and Rachel, our liaison to Mr. Tyrell, to collaborate and plan

for the teams we will be selecting and assigning roles to. During this meeting, we will list tasks

and work breakdown structure as our time is very limited. After this meeting, our teams will be

formed and meeting dates for these teams will happen immediately after one-on-one

conversation from their respective team leaders. I do believe that the risk I have listed are still

valid and will need to be well-defined and collaborative with the help of the team leaders to

ensure that we have exhausted all possible solutions.

Solutions

Risks Solutions
Budget Risk- Team overspends the budget. 1. Each team must have

record keeping of their spending and

reports any potential overspending.

2. The team meets

regularly to share their spending and

if there are any budget issues.

 3. Team leader and PM

audit the record keeping ensuring

accuracy.
Team Risk- Task assignments and delegation 1. Ask team for their

are not given to the right person with the strengths and which task they choose

best skills and experience. to do. It’s key to know if they can

perform the task completely.

2. Team members are

flexible and can perform other team

member’s tasks as needed.

3. All tasks are assigned

equally to the team. If some other

team members assume more tasks,

these will be communicated, recorded

and checked on regularly to prevent

burnouts and stress.

Team Risk- The team is not working well 1. Team leader will

together due to lack of communication, conduct regular meetings to give and

leadership, coaching, and feedback. receive updates from the team

members on their tasks and

deadlines.

2. Team leader will

recognize individual achievements,

 team achievements at meetings.

3. Team leader coaches

the team on behavior that needs to

be addressed like finishing tasks on

time, building relationships with other

team members, and evaluating their

performance.

4. Team leader seeks

feedback from the team on project

updates and the leader’s effectiveness

on their role.

5. Team leader addresses

attendance issues as it arises and if

problem persists, team leader

removes the team member from the

team. All unfinished tasks will be

divided amongst the other team

unless one is recruited or volunteered

to help from another team.

Communication Risk- The team fails to 1. PM and Team leaders

communicate regularly. will set up dates for daily updates,

weekly meetings and monthly

connects. Each member must update

their team leaders on their task

completions and tasks updates

including issues, and successes.

2. Team leader randomly

checks on the team via email for

updates.

3. PM meets with Team

leaders regularly for updates, project

plan readjustments if needed, and all

meetings must have a record keeper

to send meeting notes to all

attendees. All meetings are

scheduled, and impromptu meetings

will be scheduled as well. If not

needed, the time will be used to finish

tasks.

4. There is an open-door

policy for team members to reach out

to the PM and team leader for

questions and concerns.

5. Team leaders check in

 on their team and PM checks in on

their team leaders.

Health Risk- Team members get ill or become 1. Each team member

unavailable and they have no proxy to finish must have someone on their team

their tasks. who can perform their tasks and are

updated on their tasks just in case

they get ill or indisposed due to an

emergency.

2. Team leaders are

aware of the proxy who will perform

tasks when a team member becomes

unavailable.
Technology Risk- Computer system goes 1. Each team must have a

down due to natural disaster, server crash shared drive or online collaborative

and power outages. tools such as Google Drive, One Drive

or Dropbox to save their work.

2. Team members report

any potential technology issue

immediately to the IT team.

3. Completed work/tasks

especially sensitive tasks need to be

saved using shared drive.

4. Be aware of severe
 weather conditions that could cause

power interruptions.

5. Have a backup battery

for computer to use during power

outages.

6. Have an available

hotspot to provide internet

connection during power outages.

Business Objective Risk- The team fails to 1. All team members

understand the vision that can lead to false know and understand their job

start on tasks and derail the project. expectations.

2. Team leaders share

goals and the project vision during

meetings.

3. Team leaders and PM

are meeting with the teams regularly

to answer questions, seek feedback,

and provide clarity for the team. Their

main objective is for all the teams to

work together with open

communication.
External Risk- The teams have not been able 1. All teams are proficient
 to meet in person due to a pandemic or a in using virtual meeting applications

safety issue at the office. such as Google Meet, Zoom, or Skype.

2. All teams are utilizing

shared drive actively during virtual

meetings for any project updates.

3. If needed to meet in

person, the teams can meet at a

backup meeting spot like a coffee

shop or a diner that was picked during

project planning.

Action Plan 

These risks will be listed from least impact to the greatest impact on the project.

1. External Risk- The teams have not been able to meet in person due to a pandemic or a

safety issue at the office. This risk is a contingency and needs to be a detailed action plan

for it to effective. Virtual meetings are becoming more common in many companies, but

it takes great practice and follow-up to collaborate and communicate via virtual meetings.

There has to be an agenda and a schedule to be followed and led by the team leader to

ensure timeliness of task completion. All teams have access to virtual meeting

applications that suit best for all team members, and it also needs to be easy to use, has

note-taking capabilities, and messaging capabilities to record all meeting notes.

2. Health Risk- Team members become ill or become unavailable and they have no proxy to

finish their tasks. All team leaders must set expectations on their teams on attendance and

tardiness. Absences can negatively affect the project and the work completion due to

missing team members. Nevertheless, absences sometimes cannot be avoided, and team

members must have a proxy to help finish their tasks to assure completion of tasks as

scheduled. Team leaders assign proxies if team members can’t find one. This risk is a

contingency because the work will continue, and the project plan will proceed

accordingly.

3. Technology Risk- Computer system goes down due to natural disaster, server crash, and

power outages. This has a medium impact depending on the severity of weather or

technology issue such as server crash. Saving all the documents, notes, spreadsheets, and

all related files for the project in a cloud such as a shared device like Google Drive, One

Drive or Dropbox is a must-do for all team members and major stakeholders of the

project. This will guarantee that the project stays on track and won’t lose any information

deemed important for the project.

4. Business Objective Risk- The team fails to understand the vision that can lead to a false

start on tasks and derail the project. This risk is a moderate risk for the project. Being

able to have a shared vision with all of the teams means that the team understands what is

expected of them. They are self-motivated because they believe in the project and that

they share the same goals as everyone else. To achieve this, team leaders and PMs need

to collaborate with the team regularly. The more involved the teams are with their leaders

and the project itself, they feel valued. Sharing details even ugly details will show the

team that their leaders are trusting them with valued information. This is preventative
 because the project’s vision is an evolution and can’t just be achieved overnight. It takes

leadership and ownership from all stakeholders.

5. Team Risk- Task assignments and delegation are not given to the right person with the

best skills and experience. This risk is moderately significant because the team leaders

and PM must be assessing the team members based on skill level and experience. Team

leaders are responsible for knowing the strengths of their team members. Those strengths

need to be included in deciding which task each member can perform. It is also critical

that all team members have role clarity. Team members will be aligned with their team

leaders and the project itself when they clear understanding of what is expected of them.

6. Communication Risk- The team fails to communicate regularly. This is a significant risk

for the project. Excellent communication is one of the most important tools for all

stakeholders. Open, direct, and honest communication means all stakeholders are

listening actively, sharing reinforcing and positive feedback, and keeping those lines of

communication open to everyone to address anything crucial to the project and the person

respectively. Effective communication builds relationships, and trust amongst the team.

There are different ways to communicate in projects and those can include and are not

limited to face-to-face communication, email, text messaging for informal and work-

related messages, and virtual meetings. Team leaders need to foster open and honest

communication during meetings through recognition and feedback. Teams thrive when

they feel safe to share and speak with their leaders. Daily, weekly and monthly meetings

need to be scheduled and adhered to for updates and task completion but there need to be

unplanned meetings allowed to keep those lines of communication open. This risk is
 preventative when we regularly communicate with the teams and there are systems in

place to foster communication.

7. Team Risk- The team is not working well together due to a lack of leadership, coaching,

and feedback. This risk is highly significant to the project. Leadership from the team

leaders, PM, and even team members are not only critical but a requirement in a project.

With leadership, there is a positive and encouraging environment created for the team to

feel inspired and excited to work. With leadership, the right people are selected to

perform the right tasks for them. As team leaders, it is crucial to show up to work

prepared. Just like project planning, team leaders and PMs plan the times and dates to

meet with their teams. There are agendas written and observation notes that need to be

shared and celebrated when meeting with their team members individually or

collectively. At meetings, team leaders encourage working together by pairing up certain

members based on strengths and opportunities. Transparency with the team by its team

leaders and PM helps build trust and strengthen the relationships amongst each other

because, with transparency, there is honesty and courage to share critical and sometimes

stressful information. Celebrating the success of the team at meetings while everyone is

present can be motivating and can inspire others to work harder to be recognized.

Recognition of excellent performance is an important step in ensuring the success of the

team and the project. This risk is preventative as long as the team leaders and the PM are

practicing self-awareness and are meeting regularly.

8. Budget Risk- The team overspends the budget. This risk is a severe event and is a

contingency risk and a preventative one too. The team needs to be fully aware of their

budget goals and parameters. Team leaders must have systems in place to make sure that
the team is recording their spending diligently. PM and team leaders are regularly

examining and auditing the budget spending. This is one element of the project that

requires diligence, and consistency from all stakeholders. The teams need to be able to

address any budget issues during meetings even before spending any of the budgets.

Running the risk of overspending only happens when there is poor planning and a lack of

research and knowledge from stakeholders. For the most part, the teams know how much

their labor, tasks, and materials cost but also are aware if there is any increase because

they are experts in their fields. Each team needs to use tools such as Microsoft Excel

spreadsheets to track spending and applications like Mint or Quickbooks for more

detailed budget resources.