Risk Management Plan for Corwin Corporation

Running head: RISK MANAGEMENT
Assessment 2: Risk Management
Case study on Corwin Corporation
Name of the Student:
Name of the University:

1RISK MANAGEMENT
Table of Contents
Part B: Risk Management Plan........................................................................................................2
1. Risk identification and impact of possible risks in Corwin Corporation.....................................2
1.1 Identification and critical analysis on impact of possible risks in Corwin Corporation........2
1.2 Risk identified in the risk register..........................................................................................3
1.3 Risk probability and impact matrix.......................................................................................5
2. Risk management and reporting..................................................................................................6
2.1 Development of appropriate risk response strategies for managing risks in Corwin
Corporation..................................................................................................................................6
2.2 Stakeholders will be apprised for managing project ongoing risks.......................................7
Bibliography....................................................................................................................................8

2RISK MANAGEMENT
Part B: Risk Management Plan
1. Risk identification and impact of possible risks in Corwin Corporation
1.1 Identification and critical analysis on impact of possible risks in Corwin
Corporation
Risk management plan is referred to as an essential project knowledge area which
requires special focus from the project team members and project managers as well. The case
study that has been nominated for presenting the risk management plan is based on Corwin
Corporation’s out of scope acceptance of project of Peter’s Company for developing speciality
product. The project was accepted by Corwin Corporation without checking the rough draft
report and risk analysis. The company initiates the project before the contract was signed. Apart
from that some other factors, norms and policies were also not properly adopted by the project
managers. The project contract that was signed by the project manager was a fixed 5 years
contract that is out of scope. As a result the company faced issues of over running cost and the
complexity was not primarily analyzed.
The project manager assigned for the project was also not skilled and experienced
enough. Though, one of the senior project managers showed concern about assigning an
inexperienced project lead but his concern was ignored. The project manager failed to identify
proper project selection method while conducting the project. The Request for Proposal (RFP)
presented for Peter Company’s product development project was not accurate In order to prepare
the proposal Royce used unskilled and inaccurate resources. Apart from that the risk
management plan developed for the project was also not accurate. The change management plans