Risk Management Plan

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Risk Management Plan

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Table of Contents
Introduction............................................................................................................................3
Risk register............................................................................................................................3
Conclusion............................................................................................................................10
References............................................................................................................................11

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Introduction
The task of this project was the joint venture of the two companies, Corwin Corporation and
Peter’s Company to perform R&D in a new line of rubber product. The project was assigned by
the Peter’s Company to Corwin Corporation and due to the poor handling and planning of the
project, the project was cancelled after some tests and a certain amount of problem occurred
while the project was running. This risk register contains all the possible risk that were occurred
during the project and describes the impact of the risks on the said project.
Risk register
Project Manager
Name
Dan West
ID Curr
ent
Statu
s
Risk
Category
Risk
Description
Risk
Impa
ct
Probab
ility of
Occurr
ence
Risk
Ratin
g
Risk
Respo
nse
Strate
gy
Response
Strategy
Assigned
To
1. Open Planning The biggest
risk that was
involved in the
failure of this
product was
the improper
planning and
plan
management
that was
carried out
during the
initial phase of
the project.
High High High Avoida
nce
The
response
strategy to
avoid or
recover
from this
kind of
risk was to
use the
several
tools that
are used in
the
planning
The work
to
carefully
and
successful
ly plan
the
project is
the
responsibi
lity of the
Project
Manager.
The

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The project
was started by
roughly
analyzing all
the details and
the risks that
were going to
be face while
working on the
project
(Nehrebecka,
2018).
and
manageme
nt of the
company
and the
product
that they
are
providing.
Some of
the tools
which
could have
been used
were the
Project
Manageme
nt Plan.
Project
Manager
should
properly
use the
tools to
prepare a
successful
and
detailed
project
managem
ent plan
to
smoothly
carry on
the
project
work and
avoid the
risks
involved
in it.
2. Open Communi
cation
Reason for the
occurrence of
this risk was
due to the lack
of proper
communicatio
n between the
marketing vice
High High High Mitigat
ion and
Avoida
nce
The
marketing
vice
presidents
of both the
companies,
the project
managers
The
people in
charge of
the
communi
cation
risks were
the vice