Risk Management Plan and Appraisal Methods for Ongoing Risk Management

This case study discusses the risk management plan and appraisal methods for ongoing risk management in the Corwin Corporation project. It includes strategies for managing identified risks and ways to appraise the project for ongoing risk management.

Running head: PROJECT MANAGEMENT
Case Study- Corwin Corporation
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
1. Risk management plan with proper response strategies for managing the
identified risks
Risk Id Risk Description Impact Probability Response
strategies
1 Communication
gap
In order to
prepare the
project, West
solicit support
that is
required by
him but it is
identified that
the project
team
members are
upset as they
were not
informed
about the
support that
they need to
provide to
west
High Medium The
communication
gap must be
removed by
utilizing proper
communication
strategies so
that the team
members get
information
about each of
the phase of
the project.

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PROJECT MANAGEMENT
2 Budget shortfall The project
manager
purchases raw
materials of
around
$30,000 and
in addition to
this therefore
is an
additional
expenditure of
around
$12000. It is
found that
they are
unsure about
the project but
spends huge
amount of
money on the
purchase of
the raw
materials.
High High It is quite
necessary to
manage the
budget of the
project quite
effectively in
order to avoid
extra expense.
In addition to
this, proper
resource
management is
necessary for
managing the
resources and
for avoiding
over expense
on the project
resources.

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PROJECT MANAGEMENT
3 Negative result of
testing
The tests that
were
undertaken
generally
scattered over
wide range
without
drawing
proper
conclusion
from the
project
High High It is quite
necessary to
undertake
testing
properly with
the help of
technically
experienced
testers so that
testing can be
undertaken
effectively.
4 Refuse to remove
West from the
project
It is found
that Royce
refused to
remove west
as project
manager from
the project
and asked
Reddy to help
West in the
work so that
Medium Medium It is quite
necessary to
assign project
manager for
the project as
per the
knowledge as
well as skills
that is present
within the
person. The

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PROJECT MANAGEMENT
the entire
project work
can get
completed
within the
expected time
as well as
budget.
person who is
knowledgeable
as well as
skilled in
managing the
work that
should be
allocated for
the project so
that entire
work that is
associated with
the project
must be
managed
effectively.
5 Marketing driven
organization
It is found
that Corwin
corporation is
one of the
marketing
driven
organization
Medium Medium It is quite
necessary for
the
organization to
focus on the
product pricing
estimation so

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PROJECT MANAGEMENT
although the
management
of the
organization
have different
types of ideas
and thus the
decision that
is generally
made by the
marketing
with the
exception of
product
estimating as
well as
product
pricing.
that the
decision would
be helpful in
bringing
proper benefits
to the
organization.
6 Improper support
to the project
manager
West does not
receive proper
support from
the project
and as result
High Medium It is quite
necessary to
provide proper
support to the
project

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PROJECT MANAGEMENT
he is unable to
complete the
work of the
project quite
successfully
and as a result
of issues as
well as
problems
generally
arises within
the project.
manager so
that the project
managers can
be able to
complete the
work of the
project quite
successfully
without facing
any type of
challenges as
well as issues
within the
project.
7 Absence of
president and vice-
president
It is found
that as the bid
and no bid
related
decisions are
generally
made by the
committee
however the
Medium Low It is quite
necessary to
have president
as well as vice
president for
making proper
decisions
related with the
project for

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PROJECT MANAGEMENT
president as
well as vice
president who
are the
members of
the project
are on
vacation and
thus delay is
faced in
making
proper
decisions that
is associated
with bid not
no-bid
decisions.
avoiding
challenges.
2. Description of the ways for appraising the project for ongoing risk
management
The project stakeholders will be apprised about the project ongoing risk management
with the help of the methods that are generally elaborated below:

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PROJECT MANAGEMENT
Proper communication: Communication is one of the important way that helps in
properly appraising the project for the ongoing risk management. With the help of
communication, the higher authority of the organization can be able to know about the steps that
are followed in order to manage the risks and challenges which are associated with the project
(Badewi, 2016). In addition to this, it is found that utilization of communication method helps in
providing proper detailed information about the risks that are mainly associated with the project.
Reporting: It is found that reporting is one of the document that generally contains
proper details as well as information about the risk management process that is followed for
managing the risks (Hornstein, 2015). It is found that in order to appraise the project stakeholder
about the risk management plan, it is quite necessary to provide weekly reports on the status of
the risk management that reflects that the risks that are associated with the project can get
resolved and thus helps in completing the project as per the pre-defined goals and objectives.
Meeting: A project meeting is one of the regular occurrence where the people who are
involved generally discuss on a certain topic. It is found that in order to appraise the risk
management strategies to the project stakeholders, meetings are arranged. By undertaking the
meeting, the project manager generally discusses the issues, the ways that are used for assessing
the risks as well as strategies that are generally set for resolving the risk (Badewi, 2016). The
stakeholders are apprised with the help of meeting so that the project stakeholder can have
proper idea about the project and they can be able to deal with the challenges if any type of
project risk occurs.

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PROJECT MANAGEMENT
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