UK College HND Business Project Risk Log Book - Digital Tech

This document presents a project risk log book created for an HND Business assignment focusing on the impact of digital technology on business activity. The log meticulously details various risks encountered during the project lifecycle, including time constraints, budget limitations, and stakeholder management concerns. Each entry in the log includes the date of identification, weekly updates on research progress, a description of the specific risk or problem, an assessment of its impact (High, Medium, or Low), the effect on the project, proposed and actual risk reduction actions, and tasks planned for the following week. The risks are categorized, with 'High High' risks emphasized for their critical importance. The project involves iterative analysis, monitoring, and risk reduction efforts, spanning from initial research on digital technology applications in pharmaceutical companies to final project presentation. The log highlights the evolution of the project, detailing how the team addressed issues such as time management, budget allocation, communication, and stakeholder expectations to meet project goals. The assignment aims to provide a practical understanding of project management and risk assessment in a business context, offering insights into how to mitigate potential challenges and ensure project success.

Project Log
Project & Risk Log Book
 This document contains examples of activities that you undertake and log risks that you may encounter during the course of your project. Clearly it is not a template – you can’t just take the
risks and assume that they will be the ones you will encounter. Also the probability and impact of risk will vary from project to project, as well as the risk reduction and contingency actions you
can take.
 The ‘High High’ risks are made bold in the list below as clearly it is these risks that should get most attention in terms of analysis, monitoring and risk reduction effort.
Live Risks
Week
No.
Date
Identifie
d
Update
on
weekly
research
(includin
g new
ideas or
change
in
project
direction
)
Risk
identifie
d or
Problem
encounte
red
Impact
(L, M,
H)
Effect on
Project
Risk
Reductio
n Actions
proposed
& actual
Tasks for
next
week
1 5-June-
2018
Find out
main
areas of
Time
consumin
g
High It would
help to
know the
Find an
expert to
understan
Study of
true cost
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pharma
company,
where
digital
technolog
ies can be
installed
area
where
digital
technolog
ies are
needed.
d these
key areas
2
14-June-
2018
Understa
nding the
impacts
of true
cost
along
with
making
business
cases.
Time-
consumin
g and
expensive
High To build
up
business
case a
proper
budget
plan is
needed
Discussio
n with
finance
experts.
Bring a
team of
the
supply
chain.
3
22-June-
2018
Bringing
a team of
supply
chain and
More
time and
cost.
High It guides
the
company
to
It can
solve the
problems
of current
Rigours
for
manufact
uring
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research
on the
various
applicatio
ns of
digital
technolog
ies.
mitigate
their
problems
in both
present
and
future
business
problems
along
with
providing
a plan for
future.
4
29-June-
2018
Utilize
rigors for
manufact
uring
improved
medicines
It
requires
proper
time and
cost
managem
ent
High It helps
the
company
to
understan
d their
current
financial
situation
Tale loan
from
governme
nt
Open
communi
cation
5
5-July-
2018
Open
Communi
cation
among
the team
members
Need
patience
and
proper
leadershi
p
Low Resolve
miscomm
unication
It has
major
impacts
on the
user-
security
Improve
the tools
of
manufact
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uring
6
11-July-
2018
Eliminate
the tools
which do
not have
enough
utilizatio
n. Bring
modern
tools
which
can
manufact
ure more
products
in short
time.
Need
support
of expert
engineers
Medium It reduces
useless
costs and
improves
the
financial
stability
of the
company.
New
tools
enhance
manufact
uring
process,
enough
productiv
ity
encompas
ses
distribute
d
customisa
tion.
Engage
constitue
nts
7
18-July-
2018
Engaging
more
expert
and
Need
time and
budget
Medium It
develops
the skills
and
Take
advantage
ous
points of
Communi
cate with
stakehold
ers.
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educated
constitue
nts
efficiency
to
manage
new
technolog
ies
the
competito
rs
8
25-July-
2018
Meet and
discuss
with the
stakehold
ers.
Keep
their
interests
in mind
High It will
help to
develop
the
scopes
for
further
business
expansion
of the
company
It reduces
the
chances
of
miscomm
unication
Discussio
n about
the
deliverabl
es
9
31-July-
2018
Define
and
discuss
all the
Specificat
ion of
individua
l product
High It
requires
to
implemen
It may
reduce
the
confusion
Set goals
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deliverabl
es in
applicatio
n of
digital
technolog
ies
in
different
sectors
t as per
the goals
of the
project
of the
stakehold
ers
regarding
the
usefulnes
s of
digital
technolog
ies.
10
9-
August-
2018 Set the
goals and
prioritize
them
Different
sets of
ideas on
each of
the single
factors.
High
It will
help to
achieve
an outline
of the
objectives
and share
the main
idea of
the
project
easily.
It can be
done
properly
by
making a
list of
objectives
.
Schedule
managem
ent
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11
16-
August-
2018 Build up
a proper
time
schedule
Deadline
for the
project
Medium Define
the series
of all the
tasks
Involve
the entire
team to
make
plans.
Issue
identifica
tion
12
22-
August-
2018
Issue
identifica
tion Issues
that can
affect the
entire
project
High
The
company
can
improve
their risk
managem
ent
strategies.
Creating
the buffer
of time
Divide
team
roles
13
29-
August-
2018 Divided
the roles
of each
member
Coordinat
ion of the
team
Medium The total
project
may miss
the
deadline.
Enhance
ment of
the
communi
cation
process
between
leader
Communi
cation
with team
members.
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and
members.
14
10-
Septembe
r-2018 Talk to
each of
the team
members
Identify
the
problems
of
individua
ls
Medium It helps to
engage
all the
members
in project
related
attentions
Consider
using
Team
inbox
Final
schedule
15
16-
Septembe
r-2018 Final
schedulin
g
Missing
some
points of
entire
framewor
k of the
project
High Total
project
plan will
hamper
Requires
to follow
specific
steps.
Presentati
on
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16
25-
Septembe
r-2018 Present
the
Project
plan
Filed to
meet all
the
expectati
ons of
stakehold
ers
High Expectati
ons of the
stakehold
ers
Instead of
mentioni
ng
problems
tell the
stakehold
ers how
the plan
can be
executed
Project
kickoff
meeting
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