Risk Management Plan and Appraisal Methods for Ongoing Risk Management

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

2
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.

3
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.