Risk Management Plan Devry

1. Planning Risks: Inadequate time to plan, allocate resources and scheduling thoroughly for projects completions and budget parameters.

mitigation strategy for each risk. Kaplan and Mikes (2010) noted in the case study that Lee explained

The risk-management plan then starts by identifying each of these sources, their magnitude, their relation to the various design stages, and their possible effects on cost, schedule, quality, and performance. The next step is to look for modifications or alternatives that would permit risk reduction. The thoughtful selection of computer language or operating system may reduce some of the integration risks. If management decides to develop a new software package, contingency plans that cut expenses and development time at the cost of lower performance should be prepared. These plans are used in case the undesired event takes place. By preparing a contingency plan in advance, time is

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

| Major risks that hinder the success of the project are based around the timeline. All micro projects and milestones are consecutive to each other. The largest variable within risk mitigation is the exterior construction. Risks can include but limited to: varance permits, weather, protesting, funds allocation, war, loss of materials, and human hazards and lawsuits/safety

Many risks are interrelated. Analyze the following compound risk: Unstable requirements with tight budget will likely cancel the project. Discuss the dependencies that exist between the two risks.

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

He also purchased copious quantities of both items and made them readily available at the entrance. The foreman is engaged in:

Contingency funds are funds set aside by the project team to address unforeseen events that cause the project costs to increase. Projects with a high-risk profile will typically have a large contingency budget. Although the amount of contingency allocated in this project budget is a function of the risks identified in the risk analysis process, contingency will be managed as one line item in the project budget. Some project managers allocate the contingency budget to the items in the budget that have high risk rather than developing one line item in the budget for contingencies. This approach will allow the project team to track the use of contingency against the risk plan. This approach also allocates the responsibility to manage the risk budget to the managers responsible for those line items. The availability of contingency funds in the line item budget may also increase the use of contingency funds to solve problems rather than finding alternative, less costly solutions. The project manager, will manage contingency funds at the project level, with approval of the project manager required before contingency funds can be

The Business Impact Analysis identifies the impact of a sudden loss of business functions. The impact is often quantified in a cost. BIA also helps you identify the systems critical to the survival of an organization.

Alcohol and rock concerts often intersected over the course of time; plenty of concerts and festivals have either used alcohol as a sponsor or ancillary revenue. Alcohol and other types of concessions sold at festivals are considered ancillary revenue because it is derived from goods or services other than the primary service or good being offered (What is ancillary revenue, 2015, para.1). Therefore, serving alcohol at festivals is another way for the promotors, event managers, and the venue to obtain additional source of revenue. As the event manager for the Freedom festival, a rock & roll festival being held at the PNC Music Pavilion in Charlotte, NC; it is the intention of the festival to provide the patrons with a safe and fun environment to enjoy their favorite music.

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

Internet surfing might be at risk in this product as web commenced is in used.

Within a project, the project’s success and budget belong to and are the responsibility of the customer. The Customer should have the final say in regards to what is acceptable and unacceptable in regards to risk and the quantification of risk. It is however, the contractor’s responsibility to be the primary source of expertise on a project or what they are being contracted to do. The contractor should offer their opinion and recommendations, and the customer should take their contractors opinions and recommendations seriously due to their expertise in the area. Overall, collaboration between the customer and the contractor should be the ultimate way to resolve a matter of dispute. Members from both the customer and contractor side should meet discuss historical events, modeling and simulation to arrive at the appropriate answer. Also, with quantifying risk, the customer and the contractor should be able to go back and look at the data. With risk quantification, there should be very little room for opinion and judgment which should make it easy to base a decision or a resolution based on hard core data. If a solution or an answer is not able to be decided upon, a third party consultation