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
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