DiPaolo Brittany FPX 5334 3-2

Risk Management Plan Project Name: Bausch + Lomb Project Learner Name: Brittany DiPaolo Course Name: FPX5334: Project Risk Assessment and Control Date: November 2, 2023 Table of Contents Sec$on 1 – Introduc$on to the Plan 4 ______________________________________________________________________________ 1.1 Benefits of Risk Management 4 _______________________________________________________________________________________ 1.2 Project Goals and Objec?ves 4 ________________________________________________________________________________________ 1.3 Company Background 4 _____________________________________________________________________________________________ 1.4 Risk Iden?fica?on 6 _________________________________________________________________________________________________ Sec$on 2 – Risk Scope, Components, and Value 6 ____________________________________________________________________ 2.1 Scope of the Risk Management Plan 6 __________________________________________________________________________________ 2.3 Expected Monetary Value 10 _________________________________________________________________________________________ 2.4 Determine the Risks 11 ______________________________________________________________________________________________ Risk iden?fica?on techniques involve accessing threats and vulnerabili?es to determine the likelihood of iden?fied threat sources exploi?ng vulnerabili?es and causing one or more adverse events. 11 ___________________________________________________________ Stakeholder interviews, brainstorming, checklists, assump?on analysis, the Delphi technique, and affinity diagrams are some of the tools used for determining risks. 11 ___________________________________________________________________________________________ Stakeholder interviews involve defining specific ques?ons and repea?ng them for every customer. 11 ________________________________ Brainstorming involves gathering team members and other dependent partners and shareholders and holding a brainstorming exercise. 11 _ Checklists involve determining if the company has a risk checklist from past projects and reviewing it. 11 _____________________________ Assump?on analysis involves asking stakeholders to iden?fy their project assump?ons and reviewing them for poten?al risk. 11 __________ The Delphi technique involves a group of experts answering ques?ons to arrive at a group decision. 11 _______________________________ 1

The affinity diagram involves brainstorming risks and recording them on a s?cky note. Risks are then sorted into groups or categories and recorded. 11 __________________________________________________________________________________________________________ 2.5 Evaluate and Assess the Risks 12 ______________________________________________________________________________________ 2.6 Qualita?ve and Quan?ta?ve Processes 12 ______________________________________________________________________________ Sec$on 3 – Risk Analysis and Assessment 13 ________________________________________________________________________ 3.1 Major and Minor Risks 13 ____________________________________________________________________________________________ 3.2 Risk Probability 15 __________________________________________________________________________________________________ 3.3 Risk Matrix Template 15 _____________________________________________________________________________________________ 3.4 Risk Data Quality Strategy 15 _________________________________________________________________________________________ 3.5 Risk Reviews 16 ____________________________________________________________________________________________________ Risk reviews are a forward-looking technique for monitoring and controlling risk. A risk review helps in modifying the risk response plans and risk management processes to improve the chances of success in the future. It is important to remember that the impact and probability of risk can change over ?me, and therefore, regular review and reevalua?on of the risks is necessary (How to Conduct a Risk, n.d., para. 12). A good cadence for conduc?ng a risk review is shown in the example below. 16 ______________________________________ Sec$on 4 – Correc$ve Ac$on and Monitoring 17 _____________________________________________________________________ 4.1 Risk Tolerance 17 ___________________________________________________________________________________________________ In project management, risks refer to the amount of uncertainty that a project-driven organiza?on can bear. The risk tolerance of such an organiza?on is an indicator of its willingness, as well as that of its personnel, to either avoid or accept risks (Zamaeatski, n.d., para. 1). Risk tolerance can be analyzed from different perspec?ves, including those of the company, project manager, and stakeholder. 17 _____________ 4.2 Risk Mi?ga?on 17 __________________________________________________________________________________________________ 4.3 Correc?ve Risk Management Strategy 17 _______________________________________________________________________________ 4.4 Correc?ve Ac?on Plan 18 ____________________________________________________________________________________________ Sec$on 5 – Postmortem Plan 18 __________________________________________________________________________________ 5.1 Results 18 _________________________________________________________________________________________________________ 5.2 Follow Up 19 ______________________________________________________________________________________________________ 6.1 Cita?ons 21 _______________________________________________________________________________________________________ 2

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Section 1 – Introduction to the Plan 1.1 Benefits of Risk Management Effective risk management is a crucial aspect of any project, allowing for efficient handling of project risks, reduction of negative risks, and maximization of potential opportunities. By rating and scoring risks related to staffing, design, budgets, and timelines, project leaders can accurately evaluate potential issues and make informed decisions. The benefits of risk management are numerous, including the ability to rapidly forecast probable issues, avoid catastrophic events, enable growth, stay competitive, improve business processes, and enable better budgeting (Benefits of Risk Management, n.d., paras. 2-12). 1.2 Project Goals and Objectives The project goal and objectives are as follows: - A study team will evaluate the value and risks associated with a no-value-add project. - A feasibility study will be conducted, followed by a design review and evaluation of national and international regulatory compliance. The plan will then be signed off by the project team and senior management. - A realistic project timeline will be created, which will include regulatory clinical trials and filings for devices and pharmaceuticals. - The plan will encompass all pre-product launch testing and training. - The team will adhere to all standardized product development processes, ensuring compliance adherence and quality performance. - Project leaders will follow project management practices and use Microsoft Project program to ensure proper project tracking and management. 1.3 Company Background Bausch + Lomb's website describes the company's mission and vision is to help people see better and live better all over the world.Through unwavering focus rooted in innovation, quality, and craftsmanship, they continue to pursue our lifelong vision of protecting and enhancing the gift of sight through every phase of life (Bausch Lomb, n.d., para. 2). PitchBook, a financial data and software company, reports that as of 2021, Bausch + Lomb employs 12,500 individuals and generated $3,765,000 in revenue. According to PitchBook, the company is headquartered in Laval, Quebec, Canada, and is currently the fourth-largest vision care firm in the United States by sales. Bausch + Lomb is the leading consumer vision care company in India and China. Previously a subsidiary of Bausch Health, the company became a public entity in May 2022. Bausch + Lomb operates in three segments: vision care and consumer (60% of revenue), surgical (20%), and ophthalmic pharmaceuticals (20%). The company is geographically diverse, with 48% of revenue generated in the Americas, 30% in EMEA, and 22% in the Asia-Pacific region (Bausch Lomb General Info, n.d., para. 1). 4

The process begins when a project idea is submitted to the steering team. The team is comprised of senior leadership representatives from marketing, strategy, research, development, engineering, and supply chain. Together, they review all of the ideas and select the most promising ones. In Phase 2, the project is handed over to a study team. This team investigates the project's feasibility, offering a way forward (time and budget) or recommending that the project be dropped. The study team reports back to the steering committee. If approved, the project moves on to Phase 3 - Development/Scale up and then to Phase 4 - Design/ Technology Transfer. During this time, regulatory clinical trials and filling are carried out. The project concludes with a launch at the end of Phase 5. Risks are identified and addressed throughout all stages of the cycle. 5 (Kohli, 2022)