Risk Management in Project Execution and Control - Desklib

Running Head: PROJ6003 PROJECT EXECUTION AND CONTROL
Assessment 2: Risk Management
Name of the Student
Name of the University

1PROJ6003 PROJECT EXECUTION AND CONTROL
Table of Contents
Part B: Risk Management................................................................................................................2
1. Risk Identification and Impact Assessment.............................................................................2
Major Mistakes Made by Corwin Corporation........................................................................2
Risks Caused due to the Mistakes Made by Corwin Corporation...........................................2
2. Risk Management and Reporting............................................................................................4
Risk Management Strategies...................................................................................................4
Stakeholder Reporting Requirements......................................................................................5
References........................................................................................................................................7

2PROJ6003 PROJECT EXECUTION AND CONTROL
Part B: Risk Management
1. Risk Identification and Impact Assessment
Major Mistakes Made by Corwin Corporation
During acceptance of the project, Corwin Corporation made some fatal risks that led to
some critical risks in the project. The mistakes are listed as follows.
 The corporation has zero acceptability for risks in the project and hence, there are
no contingency plans considered while accepting the project.
 The company selected Dan West from the R&D department who has no previous
experience and expertise in project management.
 The project accepted solely based on the potential monetary benefit without
assessing the feasibility of the requirements.
 The proposal was based on only the estimated costs of the project instead of the
approach and other important factors.
Risks Caused due to the Mistakes Made by Corwin Corporation
The main risks that have been identified to be associated with the project are listed and
explained below.
Lack of Project Management Leadership and Expertise – In the case study, it is seen that
the director of R&D was not available and Royce wanted to deploy someone from the R&D only
for managing the project (Marcelino-Sádaba et al., 2014). Dan West was chosen as the project
manager and he was required to lead the project in the right direction. However, although West is
a very competent employee and has a lot of expertise in the research and development, but has