Week 3 Risk Response Plan
Use the same company/project idea you used in the Week 2 Learning Team assignment.
Write a 1,050- to 1,400-word paper in which you address each of the following items:
· What is the purpose of a risk response plan?
· What is a risk owner?
· Who should be appointed to own risk on a project?
· What is a risk owner’s role in the risk response plan?
· How should a project manager assess and deal with risk?
· List and describe the most common areas of the project where risks can originate.
· List and discuss at least two types of risk for each area.
· In the project you discussed in Week 1, what were the risks, and how were they handled? Should they have been handled differently?
Format your paper consistent with APA guidelines.
| Requirement Matrix | |||||
| Requirement | Phase of the Project | Responsible Party | Cost to Complete | Duration to Complete | |
| Get Approval for New Department with Stakeholders and Host Organization | Planning | Project Leader | $0 | 2 day | |
| Hire correct Team | Initiation | Project Manager | $20,000 | 2 weeks | |
| Schedule Meeting with Project Sponsor | Initiation | Executive Sponsor | $250 | 1 day | |
| Make a Project Plan and Work Breakdown Structure | Initiation | Business Analyst | $1,800 | 3 days | |
| Get Building Approval for Purchase | Launch | Project Leader | $5,000 | ||
| Once Approved Purchase | Launch | Finance Dept | $300,000 | 5 weeks | |
| Locate and Hire a Moving Team | Launch | Project Team Member | $10,000 | 6 weeks | |
| Have IT Wire Building | Launch | IT Project Manager | $3,500 | 3 weeks | |
| Install Workspaces | Project Performance and Control | Suppliers/Vendors | $80,000 | 1 day | |
| Final Meeting with All | Closing | Project Manager | $300 | 1 hour | |
| Grand Opening | Closing | Project Manager | $2,800 | all day | |
| Project Total Cost | $423,650 | ||||
| Risk Assessment Matrix | |||||
| Risk | Potential of Risk Occuring Scale Low Risk 1 – High Risk 10 | Level of Impact to the Project Scale Low Impact 1 – High Impact 10 | Total of Risk and Impact = | How Risk can be Mitigated | |
| Building approval is delayed | 3 | 7 | 10 | Work with finance department to ensure funding is approved and ready for use. | |
| Office equipment damaged during move | 5 | 3 | 8 | Hire a a good moving company | |
| Grand opening delayed due to weather | 2 | 7 | 9 | Make sure to plan grand opening at an inside location of the building | |
| Management staff resigns | 1 | 5 | 6 | Ensure that the team has members to back each position | |
| Operation permits delayed | 7 | 9 | 16 | Work with permit officer to ensure that all required permits are in hand | |
| Inspection Delays | 4 | 4 | 8 | Schedule inspections ahead of time so that if there are any issues they can be addressed before it becomes an issue. | |
| Planning Delays | 8 | 9 | 17 | Work closley with the plannig tam to ensure that each area of the project is approved before you reach that area | |
| Manning Issues | 4 | 8 | 12 | Always develop a plan for hireing also ensure the contractor you are working with has enough employees to carryout the project. | |
| Project Cost Breakdown | |||||
| Phase | Requirement | Responsible Party | Duration | Cost | |
| Initiation | Team Orignation Project development | Executive Project Management Team | 3 weeks | $22,050 | |
| Executing | Locating and aquiring building, hirig for projrct | Project Manager and Team | 14 weeks | $318,500 | |
| Control | Ensuring work is complete and correct | Suppliers and vendors | 1 day | $80,000 | |
| Close | Final inspection Final meeting and Grand Opening | Project Manager | 1.5 days | $3,100 | |
| Total Cost | $423,650 | ||||