Risk Management Plan Week 5

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

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.

Describe common practices to estimate the duration of project activities as well as real reasons that cause project delays.

You make a valid point; event planners are better equipped to deal with the constant changes required for risk management planning. “The risk management plan should detail your strategy for dealing with risks specific to your business” (Identify risks to your business, 2014, para.2). Therefore, putting together a solid risk management plan will take careful planning and foresight. However, foresight will not stop the risks from changing over time, so it is important to have a risk plan that can be adapted to fit the constant changes that can happen. Additionally, the ability to think about the about the worst case scenario will assist the event planner, and stop them from having to make too many changes to the risk management

Hey Alex, Congratulation on graduating from Herzing University with your Bachelor’s degree in Criminal Justice and joining the law enforcement family as a Deputy Sheriff’s. As, I understand Alex, you just finished the Sheriff Department Training Academy and will be beginning your career patrolling the north end of the city on the night shift. Alex, some of the important things to remember when you are patrolling your area are citizen’s civil rights, defenses to civil litigation, the elements of managing risk on the job and how your decision could make a positive or negative impact in someone else life.

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.

The principal stage begins by welcoming topic masters speaking to distinctive exchanges, for example, structural lives up to expectations, electrical, mechanical, and so on. The masters precisely surveyed the errands identified with their zone of mastery and separate them into exercises and sub exercises that might be effectively overseen. They additionally recognize the required assets, and focus the obliged length of time for every movement focused around standard benefit record, and outline the conditions of those exercises. When the work of the Smes is finished, they meet with the scheduler and assessing and arranging chiefs to draw up the starting calendar, expecting boundless assets.

1. Analyze how the Critical Success Factors (CSFs) apply to the facts of the case study. Provide examples to support your analysis.

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.

The purpose of a risk assessment plan, and especially this one in particular, is to analyze the threats or dangers to the Defense Logistics Information Service, which is the largest logistics combat support agency for the Department of Defense. A proper risk assessment plan is vital to protect both the information we store for the military, as well as the troops and civilians that would be in danger should this data be compromised.

The STREAM SEND`s report shows that many customers (stakeholders) and potential custotmers are recommended plenty of offers which some of them :

Delay in payment,Delay in delivering the material, Long lead items. Delay in financial injection to project

SO 31000:2009 explains the general guidelines and rules on risk management. These guidelines are used by associations, companies, organisations, private, communities, public and groups or individuals. Hence, ISO 31000:2009 does not limit to any particular industry.

Proper following and acknowledgement of the timeline is vital to the success of this project. If the project goes overtime, it can cause serious budget mess-ups and furthermore delays.

A project to manufacture, deliver and install a large power transformer is time and resource (material and labour) consuming, relies on services and products provided by more than one supplier, involves multiple expertise, and costs tens of millions of Rands. If a transformer fails, the cost of rectification can go as high as over 70% of the price of a new one. By so saying, risk management and contingency planning plays a key role in the management of such a project. In this report, the need and process of risk management as well as the types of risks in relation to the power transformer project are discussed.