Risk Management Plan for Corwin Corporation

Running head: RISK MANAGEMENT PLAN
Project Execution and Control: Risk Management Plan
Corwin Corporation case scenario
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1RISK MANAGEMENT PLAN
Part B
Introduction
This report depicts the roles and importance of implementing project risk mitigation plan
for identifying, prioritizing and mitigating all potential identified risks. The project undertaken
for the project is Corwin Corporation’s contract taken for the Peter’s new project. Before
signing the contract of the project proper risk management plan is needed o be taken by the
project manager. A detail of risk identification and impact assessment for Corwin Corporation is
elaborated in this report along with that a risk probability assessment matrix and risk register are
also elaborated in this report. In addition to that, appropriate risk management strategies are also
elaborated in this report.
1. Risk management Report
1.1 Risk identification and impact assessment
Successful study of the Corwin Corporation’s project implementation failure cases study
it is identified that while taking the project contract of PETER’s company the Corwin faced
major operational and functional challenges. The company faced challenges because of project
handling errors. Different project selection processes are there such as economic model, payback
period, discounted cash flow, cost benefit ratio etc, but the project manager of Corwin
Corporation failed to identify and adopt the most suitable project selection method while taking
the contract. Apart from that, the new product development approach was not fit into the
conservations, adverse market expansion focus etc. The decision making approach followed by

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the company was also not accurate from the project management perspectives. The company
does not have any exact development policy.
While signing the contract the Peter’s company gave a fixed price contract which was
again not accurate for Corwin Corporation. The actual price needed for the project was higher
than the estimated value. Corwin Corporation faced over running budget challenge. For this
particular project, the vendors took on the majority of finance risk. The rough draft produced
with Corwin Corporation was not accurate but though Peter’s Company approved that. Due to
wrong approval Corwin Corporation progressed with the project which causes major risk for the
project. If initially it was blocked then may be theses risks would not have been occurred. As per
the complexity of the project the time that has been estimated for the successful accomplishment
of the project was not appropriate. It results major cost oriented challenge for Corwin
Corporation. The senior manager assigned for the project was not enough skilled and as a result
the manager failed to keep the other project associates engaged to their responsibilities and
duties.
1.2 Risk register
Ri
sk
ID
Risk
Statement
Probabilit
y
Score
Response
Revised
Probabil
ity
Responsi
ble Party
Status
R1 Fixed budget
contract
high 13
Risk
accepted Medium
Finance
Departme
nt
Under
progress
R2 Inexperienced high 12 transferred Medium Project Under