Risk Management Plan- Doc


Added on  2019-09-26

13 Pages2323 Words162 Views
Running Head: Risk Management PlanRISK MANAGEMENTPLAN[Document subtitle]

Risk Management Plan1People RiskPeople are considered the most important asset in any business, but they are also the most vulnerable asset. So, the people risk has great potential of influencing the success of the project. People risk mainly arises due to the failure in recruiting the right candidate or any mistake or unavailability of staff. The followings are some people risk that can face within the project:R0001: Team Description: This risk is associated with the higher rate of attrition. Attrition happens due to lackof mutual understanding and cooperation between the members of the project. Possible Risk: 1. Robot parts can’t integrate effectively in the absence of team members. 2. The conflicts and disengagement comes with worse quality of Robot. Likelihood: HighThe conflicts and disengagement problems quite common and occurs much time within a single project. Severity: SeriousDepending on the team and resources, the robot may lose its effectiveness and design efficiency due to the high rate of attrition. This will prove serious which may affect in a negative context.Grades of Risk: A, BRisk Indicator: Growing number of Conflicts, Disengagement, and Growing rate of employee turnover, and attrition. Control Strategies

Risk Management Plan2The project management team can control this risk by involving the employees in different project decisions on a continuous basis. This gives them a feeling of attachment and bonding with the management as well as the company operations. On the other hand, it can also control by giving importance to the employee for the successful accomplishment of the project.R0002: Absence of Team MembersDescriptionThis risk is associated with the high rate of employee's absenteeism. It may happen due to the employee dissatisfaction and exploitation at the workplace. Absenteeism comes with high projectfailure chances with the delay in its accomplishment.Possible Risks: 1. less manpower to produce the desired specification robot. 2. Up and down in the project success or failure factors. Likelihood: LessEmployee Satisfaction is the first priority of the project team. Therefore, there is a lack of probability of happen the risk of absenteeism.Severity: SeriousIt is the human resources which become the core success factor of a project. Due to the absenteeism, the robot project does not only lose its quality but also become delay in implementation.Grades of Risk: A to CRisk Indicator: These are conflicts, Dissatisfaction, and frustrated human resources.

Risk Management Plan3Control Strategies: The management of robot project can control the risk of absenteeism by giving proper importance to its employees and special performs that act that will give them sufficient motivation and personal achievement.R0003: Diverse Competency of Human ResourcesDescription: It is common that the employees working on a particular site have a difference as per their region, language, and nations. In that situation, it becomes difficult for the management to manage the diverse competency of human resources and precede the project in the desired manner. Therefore, this diversification further rise dissatisfaction, and conflicts between the management and employees.Possible Risk: Conflicts and Disengagement between employees comes with poor robot quality. Likelihood: HighThe Diversification between employees is quite common. It is because it never becomes possiblefor the management to hire employees of a particular nation or region only. Therefore, the chances of conflicts and dissatisfaction may be great in that situation.Severity: SeriousThe diversification management is essential in order to implement and accomplish the robot project as per predetermined timeline. So, a large number of attentions should pay towards the diversification management at the workplace.Grades of Risk: A, BRisk Indicator: These are conflicts, Politics, Lag Pulling, and others. Control Strategies

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