Risk management Project Assignment
Added on 2021-05-27
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Risk management Project Report 1
Executive Summary In the report, the project of the launch of the online business and the information related tothe project is presented. The objective of this project is to launch the online businesssuccessfully. The benefit of this project is that it will help the owners of the business toachieve higher profits through connecting with the customers through the online portal orwebsite and the sales of the business can be increased as people are more attractedtowards the online purchasing activities. The budget of the project is presented in the report.The project schedule is prepared by the project manager as he is responsible for managingall the activities and the tasks related to the project. The work break down structure isprepared for the project in order establishes the understanding of the different activities ofthe project by the senior management and the project team in an efficient manner. Thestakeholder analysis is performed in the report in order to analyze the key stakeholders andtheir importance. The communication plan is also prepare in order to establish theunderstanding among the individuals associated with the project about the initiation and thecompletion of the different activities. The communication plan is a helpful tool to develop theflow of the information to the right people at the right time. The risks management plan isdeveloped for the project in order to identify, assess, control and monitor the risks in theproject. The risks management policies are also developed in order provide the guidance tomanage the risk under the conduct of the business. The potential risks in the project and themitigation responses are established to reduce or eliminate the risks in the project andaccomplish the project on time. It is concluded that the effective project management isimportant in order to accomplish the project on time and within the budget. Thecommunication of the responsibility play an important role in establishing the flow in theactivities of the project.2
Table of ContentsExecutive Summary...............................................................................................................1Introduction............................................................................................................................4Description of the project........................................................................................................5Background........................................................................................................................5Benefits...............................................................................................................................5Objectives...........................................................................................................................5Constraints.........................................................................................................................5Key assumptions................................................................................................................6Expected outcome..............................................................................................................6Project scope.........................................................................................................................6Start and finish date...............................................................................................................7A monetary value associated with the project.........................................................................7Work Breakdown Structure (WBS) and work Schedule..........................................................8A Gantt chart........................................................................................................................10Stake holder analysis...........................................................................................................11Communication planning......................................................................................................14Risk management plan.........................................................................................................15Risk management policies....................................................................................................20Ratings to each potential risk according to project’s risk management policy.......................23Conclusion...........................................................................................................................23Bibliography.........................................................................................................................243
IntroductionThe project management is considered as a tool that helps in managing the project in aneasier manner and meeting the requirements of the project. The project manager isresponsible for managing the project and accomplishing the project to deliver it on time withthe help of the human resources and the required physical resources. The projectmanagement plan is developed by the project manager so that all the tasks related to theproject can be accomplished in an effective manner[ CITATION Dun93 \l 1033 ]. There arevarious areas in the project management that should be considered by the project manager.The key deliverables of the project are the major element for which the project manager hasto coordinate all the resources so that the he can deliver the key deliverables in an effectiveand efficient manner. The project team is the important elements that contribute inaccomplishing the project[ CITATION APM18 \l 1033 ]. The support of the seniormanagement and the owner is important for initiation and completion of the project. Inestablishing the new business, the risks are always there for the companies. It is importantfor the companies to take risks to develop and to grow the business[ CITATION Pro10 \l1033 ]. It is important to manage the risks in order to minimize their impact or to reduce thethreats for the further functions of the company. The risks management involves theanalysis, understanding and analyzing the risks so that company can attain theobjectives[ CITATION Fra02 \l 1033 ]. Risk management is a continuous process whichincludes risk management planning, identification, analysis, monitoring and risk controlling.The main aim behind the risk management is to reduce the probability of the adverse events[CITATION RSK08 \l 1033 ]. In this report, the project management and risk managementplan for the launch of an online business is presented in the report. The report includes theinformation about the project, key deliverables, objective of the project, assumptions,constraints, project scope, project budget, work break down structure of the project Ganttchart, risk management plan and the risk management policy. 4
Description of the project Background The project management is an area that helps in accomplishing the project in a systematicand effective manner. In this report, the project related to the launch of an online business ismanaged through the project management. The risk management plan is prepared in orderto reduce the effect of the risks in the launch of the online business. The key deliverables ofthe project is successful launch of the online business. Benefits The benefits of launching an online business are:It will provide the ability to the stakeholders to attain the profit through the onlinebusiness. Managing the project will help in the launching of the online business in an effective andsuccessful manner.The project will help in increasing the sales of the business. Objectives The main objective of the project is the launch of the online business To increase the number of the customersIncrease the sales of the online business Spread the awareness about the online business among the people. Constraints ConstraintsLimitations Document productionThe documents for the launch of online business should beproduced so that the acceptance for the project can be achievedby the top management in the first review without any delay. Product deliverablesThe online website for the business and the launch of the onlinebusiness should be delivered on time in order to increase thenumber of customers for the business.BudgetThe project should be managed with the budget of the project andthe resources should be allocated in a proper manner so that allthe tasks related to the project can be accomplished within thebudget and on time. Permits The failure in securing the needed permits or the approvals5
according to the schedule of the project can result in the delay ofthe project completion and successful launch of online business. Tight schedule The schedule for the project is specified and the project should beaccomplished on time in order to reduce the consumption of theextra time, money and efforts. Key assumptions The project will be delivered on time.The estimated budget for the project will be sufficient for the project.The approval will be obtained from the senior management on time. Expected outcome The successful launch of the online business on time and within the estimated budgetAwareness about the online business among the people Proper support of the senior management for the launch of the online business.Project scopeThe project will help in launching of the online business in an efficient and effective mannerand the owners of the business will be able to achieve higher profits through it. Now a daysmore number of customers like to buy products or services from the online platform hence,launch of the online business will help in increasing the number of customers of thebusiness. The increase in the customers will eventually increase the sales of the products orthe service which will help in satisfying the stakeholders of the business. The influence of thecustomers towards the online business can be identified through their activity on the websiteof the business. Start and finish date The start date of the project is 17th march 2018. The finish date of the project is 13thDecember 2018. The start and the finish date of the project is estimated with the help of theGantt chart for the project. 6
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