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Risk Management Plan - Assignment

   

Added on  2021-05-27

6 Pages822 Words115 Views
Running head: RISK MANAGEMENTProject: Extension of Riverina Oils (RO)Name of the StudentName of the UniversityAuthor’s Note

RISK MANAGEMENT11). Identification of risk The risks that are associated with the project “extension of riverine oils” are listedbelow:Schedule slippage: If the project manager does not track the schedule of the projectproperly on a regular basis then it will be quite difficult to manage the schedule of the projecteffectively.Budget Shortfall: If the budget of the project is not estimated properly, then thebudget that is associated with some of the activities can misused, which further can raise theentire budget of the project.Use of improper quality of materials: If the materials that are utilized within theproject is not of proper quality then the quality of the project get affected negatively.Hiring of inexperienced subcontractors: If the subcontractors who are mainly hiredfor the project are not skilled and experienced then they will face lot of challenges anddifficulties in finishing the project within the expected time and budget.Technical issue: If the HMI software programming that is done within the project arenot managed properly then it will create lot of technical issues within the project.2) Risk prioritization The risks of the project are prioritized below:RiskRankTechnical issue1Budget shortfall2Use of improper quality materials3Schedule slippage4Hiring of inexperienced subcontractors5

RISK MANAGEMENT23) Preparation of risk registerRiskDescriptionResponsiblepersonImpactProbabilityMitigationTechnicalissue As the HMIsoftwareprogrammingis not doneproperly,therefore itgenerallycreatesnumber oftechnicalissue that canaffect theprojectnegatively. TechnicalanalystSevereLikely The technicalrisk can beprevented byexecuting theHMIprogrammingproperly.Budgetshortfall If the budgetof the projectis not trackedproperly thenitcauseshortfall ofproject budgetand furthercreates lot offinancialissues for theproject.FinancialmanagerMajorLikely The risks thatmainlyoccurred dueto the shortfallof projectbudget can bemitigatedproperly byundertakingearned valueanalysis. It isidentified thatwith the helpof earnedvalueanalysis, theorganizationcan be able totrackthebudget quiteeffectively forensuringwhether theproject is ontrack or out oftrack.UseofimproperqualitymaterialsIf thematerials thatare used in theproject are notofgoodQualityanalystModeratePossibleThechallengesthatareassociatedwiththe

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