Project Management: Risk Management Project at Wilson & Jones

This project management assignment explores various facets of risk management within an organizational context, focusing on the case of Wilson & Jones. The assignment begins with an introduction to the complexities of organizational management and the importance of forecasting. It then addresses multiple assessment questions related to risk objectives, stakeholder involvement, risk classification, and the risk analysis process. Detailed answers cover risk context, identification methods, and the significance of the project client. The assignment further delves into the components of a risk register, steps to identify and control risks, and different risk treatment responses. It also examines risk context, methodology, roles and responsibilities, and reporting. The review of risk, changes in the risk environment, and the effectiveness of risk management processes are discussed. The document also touches on the importance of internal control systems, risk response strategies, and the evaluation of project outcomes. It identifies the strengths and weaknesses of a risk management plan, organizational standards, and the qualitative and quantitative characteristics of a risk management strategy. Finally, the assignment presents risk objectives, standards, and a risk context template for Wilson & Jones, along with a table detailing potential project risks, their likelihood, consequences, and proposed mitigation strategies. The assignment provides a comprehensive overview of risk management principles and their practical application.

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student:
Authors Note:

1
PROJECT MANAGEMENT
Contents
Introduction:................................................................................................................................................................................................3
Assessment 1:..............................................................................................................................................................................................3
Answer 1:.................................................................................................................................................................................................3
Answer 2:.................................................................................................................................................................................................3
Answer 3:.................................................................................................................................................................................................4
Answer 4:.................................................................................................................................................................................................4
Answer 5:.................................................................................................................................................................................................5
Answer 6:.................................................................................................................................................................................................5
Answer 7:.................................................................................................................................................................................................5
Answer 8:.................................................................................................................................................................................................6
Answer 9:.................................................................................................................................................................................................7
Answer 10:...............................................................................................................................................................................................7
Answer 11:...............................................................................................................................................................................................8
Answer 12:...............................................................................................................................................................................................9

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Answer 13:...............................................................................................................................................................................................9
Answer 14:...............................................................................................................................................................................................9
Answer 15:.............................................................................................................................................................................................10
Assessment 2:............................................................................................................................................................................................11
Assessment 3:............................................................................................................................................................................................26
Assessment 4:............................................................................................................................................................................................44
References:................................................................................................................................................................................................61

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PROJECT MANAGEMENT
Introduction:
Managing an organization is a very difficult and complex task. It requires management personnel to be aware of the existing situations
and scenarios in addition to the ability of forecasting the future economic conditions and their effects on the functioning of the
organization. With specific focus on answering different questions relating to the management of an organization an honest effort has
been made here to discuss about various aspects of business management.
Assessment 1:
Answer 1:
In order to determine the risk objectives properly it would be extremely beneficial to involve all the stakeholders. This is because the
interests of all stakeholders shall be considered to determine the risk objectives. Accordingly, it would be possible for the management
to use necessary measures to safeguard the interests of all stakeholders. Without involving the stakeholders the risk of improper
management of interests of certain stakeholders is quite high. Thus, it would be advisable to the management to involve all
stakeholders in determination of risk objectives; (Aazan, n.d.).
Answer 2:
The project risk context is affected by the individuals, stakeholders, client and the project management team. The risk context in
general can be segregated into internal and external risk context.

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PROJECT MANAGEMENT
Internal risk context: Internal risk context includes host organization, individuals and groups including staffs and employees of project
management team.
External risk context: External risk context on the other hand includes the client, stakeholders and external environment at large.
Two valid and reliable risk identification methods are enumerated below:
I. Regular appraisal of procedures and methods used to complete the project.
II. Periodical testing of a Project.
Answer 3:
In order to classify risks under different classification such as high risk, medium risk and low risk the risk items shall be identified
using ranking system in the order of risk. The factors which are very important to the project is to be assigned rank 1 and then as the
importance of the items of risk reduces the ranking shall be lowered accordingly (Davidson Frame, 2014).
Answer 4:
Risk analysis process firstly, include identifying the various stakeholders of a project and the interests of these stakeholders to the
project. The impact of any unexpected incident on the interest of the stakeholders of a project shall be evaluated to properly assess the
risk associated with different projects. Risk analysis process must be effective to implement safeguards to protect the interests of
different stakeholders from various risks.

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PROJECT MANAGEMENT
Answer 5:
The project client is the most important stakeholder in a project as the whole project is developed for him. Thus, agreement between
the project client and the project management team shall contain all necessary details as to the requirements of the former to prioritize
different risks accordingly. Apart from that interest of other stakeholders shall also be mentioned in the agreement for the project
management team to prioritize risks.
Answer 6:
Following components need to be documented in risk register:
I. The various stakeholders of the project and their interests in the project.
II. The risk attached to the different stakeholders.
III. Classification of risks.
IV. The standard procedures to be followed to minimize the threat of risk.
V. Alternative strategy in case risks are materialized (Davidson Frame, 2014).
Answer 7:
In order to identify and control risks in an organization or in a project it is important to have an effective risk management plan in
place. The following seven steps shall be taken to identify and control risk in a project:

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PROJECT MANAGEMENT
I. Assessing the requirements of the stakeholders of a project.
II. Identifying the risks associated with the interest of different stakeholders.
III. Identification of possible reasons that could create barriers in completing a project successfully.
IV. Identification of underlying variables that will dictate the outcome of a project.
V. The possible and probable reasons that the underlying variables might change in the future.
VI. The necessary steps to be taken to effectively manage the risks identified above to ensure completion of the project as per
the requirements of the client (Davidson Frame, 2014).
VII. Continuous evaluation of a project to identify any probable fluctuation in the quality of the project to control the risks in
the project.
Answer 8:
Four risk treatment responses are mentioned below:
I. To install necessary safeguards: Installation of necessary safeguards to protect the stakeholders of a project from these
risks.
II. To reduce the impact of risk: Reducing the impact of risk by installing safety and security measures.
III. Risk management: Managing risk effectively by using an effective strategy.
IV. Accept risk: To accept the risk in case the risk is not detrimental to the interest of the stakeholders.

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PROJECT MANAGEMENT
Answer 9:
Risk context: It is the attitude of the individual and institution towards the risk management in a project. In order manage the risk
effectively it is important to understand the risk context at the beginning.
Risk methodology: Risk methodology is the method used to manage the risk in a project or within an organization to minimize the
expected loss from different risks.
Roles and responsibilities in risk: The individuals shall be given roles and responsibilities according to their abilities to manage
different risks effectively. It is important to ensure that qualified and skillful professionals are given responsibilities as per expertize.
Risk reporting: Reporting risks is an essential part or risk management as it helps the stakeholders of a project to take into
consideration the possible effects of different risks on their interests (Mir and Pinnington, 2014).
Answer 10:
Review of risk: The risks identified earlier to which a project is vulnerable shall be reviewed on regular basis to identify any changes,
in case any to the risk factors affecting the project or an organization.
Reviewing the effectiveness of risk management process: The effectiveness of risk management processes shall be reviewed on
regular basis to ensure these are effective in managing the risks in a project.

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PROJECT MANAGEMENT
Review of changes in risk environment: The review of risk environment to identify any changes in the environment that is expected to
have significant impact on the overall risks of a project will be helpful in designing an effective risk management system for a project.
Answer 11:
Immediately after identification of risk an appropriate safeguard shall be instituted within an organization or in project management to
protect the stakeholders from the threat of risk. Having an effective internal control system in place is crucial to the management of
risk in a project. The project management team shall immediately implement the emergency plan to reduce the losses to a project in
case any threats have penetrated the internal control system to turn into a material risk.
In order to make the risk response strategy effective the following factors shall be given due importance:
I. An effective risk response strategy shall be formulated.
II. Effective implementation of the strategy.
III. Periodic revaluation of the strategy to ensure it is appropriate as per the current situation.
IV. Making changes to the risk response strategy to make it even more effective after evaluation.
V. Use of qualified professionals in formulation and implementation of risk response strategy ((Kerzner and Saladis, 2009)).

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Answer 12:
In order to review the project outcome to verify the effectiveness of risk management processes firstly, it is important to collect the
feedback from the client of the project. Since the project is developed fir the client thus, his feedback is the most important feedback
to evaluate whether the requirements of the clients have been met. In case the project has been completed successfully on time and
within the budget constraints of the client then it can be assumed that the risk management processes have worked effectively.
Answer 13:
The strengths of risk management plan: The strengths of risk management plan shall be identified and preferably documented for
future reference to be used in future risk management plans for different projects.
The weaknesses of the plan: The weaknesses identified and observed during the review of risk management plan shall also be
documented to be used as a reference point in formulating an effective risk management plan.
Implementation issues: The implementation issues faced by the project management team while implementing the risk management
plan shall be identified properly and documented.
Answer 14:
Organizational and industry standard for risk management requires an organization in Australia to have an effective risk management
standard in place to deal with probable risks that may arise in the future.

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PROJECT MANAGEMENT
The four risk management standards in Australia are;
I. International standard ISO / IEC 31010: 2009.
II. AS/ NZS ISO 31000: 2009.
III. AS/ NZS 4360: 2004.
IV. IEC/ FDIS 31010
Answer 15:
The following qualitative and quantitative characteristics in risk management strategy are enumerated below.
I. Creation and protection of value.
II. Integral part of organizational process.
III. Integral part of decision making process.
IV. The decisions shall be taken on the basis of best available information.
V. Addressing uncertainty.
VI. The risk management plan shall be tailored according to the requirements of the organization and shall be in alignment
with the risk profile of the organization.
VII. Flexibility to make necessary changes as and when required.
VIII. Systematic, structured and timely was to deal with risk.

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PROJECT MANAGEMENT
IX. Taking into consideration human factors.
X. Transparent and inclusiveness.
XI. The objective should be continuous improvement of risk management plan.
The above features must be present in a risk management plan and it shall be implemented within an organization and shall operate
effectively throughout an intended period of reliance. Services of appropriate professionals shall be used to apply the procedures of
risk management plan within an organization. (Turner, 2006)
Assessment 2:
RP2.1 Identify risk objectives, standards for the project using the template provided below:
Risk Objective template

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PROJECT MANAGEMENT
Objective Agreed Quality Standards Responsibility
Detection of risk
Threats and vulnerabilities
shall be identified properly
that are expected to affect the
assets of the organization.
The responsibility is partly on the
management of Wilson & Jones
and partly on the Salesforce to
ensure that the system is capable of
detecting threats and
vulnerabilities in an organization.

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PROJECT MANAGEMENT
Objective Agreed Quality Standards Responsibility
Analysis of risk
The risk must be analyzed
accurately in order to take
appropriate and effective steps
to implement solutions to deal
with different risks.
The marketing manager, sale
manager, customer service
manager, PMO manager and
operations manager of the
company shall be responsible to
provide accurate data and
information to the Chief
Information Officer to assess the
expected situation to take decisions
accordingly.

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PROJECT MANAGEMENT
Objective Agreed Quality Standards Responsibility
Control of risk
Threats and vulnerabilities
shall be effectively
encountered by the system.
Chief information officer of the
company shall be responsible for
implementation of effective
controls to deal with vulnerabilities
and threats (Condon and Revelle,
2016).
RP 2.2:
Risk context for the project are as following for Wilson & Jones:
I. To operate on the most up to date CRM available.
II. The employees shall be capable in providing standardized services to the clients.
III. Reducing expenses (Zhang, 2014).

15
PROJECT MANAGEMENT
IV. Reducing corruption and dirty data.
V. Enhancing the authenticity of client data (Turner, 2006).
Possible project risks and
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
1 CO Strat
egic
risk
Wrong
processing of data
Slim Wrong
informa
tion
provide
d to
other
depart
Risk is
less
Appli
cable
Checki
ng data
process
ing
Immediately
changing data
processing
method
Imme
nse
Correct
processi
ng of
data
Risk
is
very
less
June
30
Salesf
orce

16
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
ments
2
IT
mana
ger
Strat
egic
risk
Improper
Development of
system.
Low
Inabilit
y to
correctl
y
manage
work
Risk is
low
Appli
cable
Using
steps to
ensure
proper
manag
ement
of
work
Timely
responses
Very
much
Improv
ement
in work
manage
ment
Risk
is
less
7th
July
(Afte
r a
week
from
comp
letion
)
Salesf
orce
3 Sales
mana
Com
plian
Reduction in sale Mediu Deterio
ration
Risk is
mediu
Appli Use of
inform
Ensuring
proper data
Signif Improv
ement
Risk
is
31st Salesf

17
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
ger
ce
risk
s
m
in
revenue
m cable
ation
correct
ly
processing to
provide
important
information
icant
in
revenue
med
ium
July
orce
4
Proc
urem
ent
mana
ger
Oper
ation
al
In effective
operations. Low
Operati
onal
inefficie
ncy
High
Appli
cable
Having
an
effectiv
e
recruit
ment
policy
Procuring
materials as
per the
requirements
in advance
Signif
icant
Operati
onal
efficien
cy
Low 30th
June
Salesf
orce
5 Cust Repu The reputation of Low Loss of Low Appli Collect The data shall Signif Improv Risk 30th HRM

18
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
omer
Servi
ce
Man
ager
tatio
nal
risk
the company will
be hampered goodwil
l
risk cable
data
properl
y to
provid
e
proper
custom
er
service
s
be correctly
properly and
used for
customer
service
icant
ement
in
custome
r
service
is
low
June
6 Oper
ation
Oper
ation
Inefficient
business
Low Increas
e in
Low
risk
Appli
cable
Introd
uction
Improve the
quality of
Subst
antial
Increas
e in
Risk
is
30th
June
Salesf
orce

19
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
s
mana
ger
al
risk
operations
operati
ng costs
and
lack of
profit
of
Effecti
ve
method
s
business
operations
profitab
ility
subsequ
ent to
reducti
on
operati
ng costs
low

20
PROJECT MANAGEMENT
RISK MONITORING, CONTROLLING, AND REPORTING:
Overall management of the project is the responsibility of the project manager, i.e. Salesforce. Risk monitoring of the project is the
responsibility of IT manager along with solution architect. The quality management plan of the project is to be implemented properly
in order to control the quality of the project. The progress of the project shall be reported properly to ensure that all stages of project
development is properly documented for future references. The following quality plan is important in maintaining the quality of the
project (Mir and Pinnington, 2014).
 The Project Sponsor is
responsible for approving all quality
standards for the CRM Project.
 The Project Sponsor will review
all project tasks and deliverables to
ensure compliance with established
and approved quality standards.
 Additionally, the Project Sponsor
will sign off on the final acceptance
of the project deliverable

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PROJECT MANAGEMENT
 The Project Manager is responsible
for quality management throughout the
duration of the project and is also
responsible for implementing the
Quality Management Plan to ensure all
tasks, processes, and documentation are
compliant with the plan.
 The Project Manager will work with
the project’s quality specialists to
establish acceptable quality standards .
 The Project Manager is also
responsible for communicating and
tracking all quality standards to the
project team and stakeholders .

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PROJECT MANAGEMENT
 The Quality Specialists are also
responsible for verifying that all quality
standards are met for each deliverable.
 Quality Specialists will recommend
tools and methodologies for tracking
quality and standards to establish
acceptable quality levels.
 The Quality Specialists will create
and maintain Quality Control and
Assurance Logs throughout the project.
 The remaining members of the
project team will be responsible for
assisting the Project Manager and
Quality Specialists in the establishment
of acceptable quality standards
 And will work to ensure that all
quality standards are met and will
communicate any concerns regarding
quality to the Project Manager .
Tools and practices:
The tools and practices are as following:

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PROJECT MANAGEMENT
I. Software.
II. Online platform.
III. WBS Dictionary.
IV. Solution Architecture Document (SAD)
V. Business Requirements Document (BRD)
VI. Internet (Moeck et. al. 2015).
Closing risk:
A particular risk shall be considered close when the following criterions shall be met:
I. The risk has been addressed carefully.
II. All necessary safeguards have been used to reduce the probability of risk from materializing.
III. The expected risk to an organization or to a project is very low (Hanna et. al. 2016).
The risk owner has the authority to determine whether to close a risk or not.

24
PROJECT MANAGEMENT
Lessons learned:
I. Benefits of an effective strategy in place.
II. Recruitment of professionally qualified personnel to do different parts is immensely beneficial to an
organization.
III. Importance of having consultants.
IV. Benefits of proper schedule and control plan.
V. Importance of receiving and using continuous feedback to improve the quality of project.
VI. Benefits of involving all stakeholders in the process of project development.
Assessment 3:
Project title Version Date Filename
CRM System Salesforce 2.0 30th June
Project sponsor Project manager Project client
Wilson & Jones Salesforce Wilson & Jones
Part 1:
Process risk management procedure is summarized below in the tabular format as per the case study:

25
PROJECT MANAGEMENT
The aim of the risk management policy is
to:
 identify, evaluate and control risks
on approved projects
 identify and manage potential
threats to the delivery of approved
projects
 ensure that all project team
members are aware of their roles and
responsibilities in relation to risk
management on their allocated projects
 ensure adequate and timely
reporting of risk management activities
 ensure risk management is an
integral part of planning and delivery of
any project at all levels of the
organization

26
PROJECT MANAGEMENT
 Policies and procedures – A series of
policies underpin the internal control
process across all operational and
business projects.
o These policies are endorsed by the
senior management team and are
implemented and communicated to all
staff.
 Frequent Risk & Impact analysis –
Risks will be raised within any project
team operating at Wilson & Jones at the
regular project risk and issue workshops.
o These will be managed by the project
manager and held at a frequency that is
determined necessary to ensure
effective and proactive management of
the risks and issues.
 Monthly reporting – Comprehensive
reporting from these meetings is
designed to clearly communicate the key
risks and issues that are under
management along with their relevant
treatments.
o This reporting will be made available
to all project team members along with
the relevant steering committee and/or
project sponsor.

27
PROJECT MANAGEMENT
1.1. Roles and responsibilities
Role Responsibilities
Project sponsor Authority of management of all risk and issues
Project manager Project management authority
Corporate Project
Management Office
(PMO)
all project managers and project team members understand and
implement the process and procedures for risk management.
PMO Providing training to all project team members
project team members follow the risk identification processes
Test specialists To coduct tastings on the project.
HRM To recruit appropriate professional for different jobs.

28
PROJECT MANAGEMENT
Risk identification
I. Identification of reasonable and foreseeable risks.
II. Identification of any event that could result in death or injury, lead to financial loss, lead to loss of reputation and damages the
physical environment.
III. Identification of material threats.
Methods for Risk Identification

29
PROJECT MANAGEMENT
Clearly, many risks will be identified by
staff during the course of their work on
projects at Wilson & Jones. When risks
are identified in this way staff must:
 Determine whether
immediate action is necessary to
reduce (mitigate) the risk, and if
so carry it out; for example, there
may be a safety risk where
immediate action is necessary to
prevent injury
 Complete a risk identification
report form which will then be
forwarded to the project manager
 On receipt of a complete risk
identification report form, the
project manager must:
o Assess the risk in
consultation with
appropriate staff to
determine whether any
further immediate action is
required
o Initiate any further
immediate action that is
required; this may involve
escalating the issue to the
steering committee or

30
PROJECT MANAGEMENT
Risk Analysis:
Analyze the risk. Once risks are
identified the project manager will
determine the likelihood and
consequence of each risk in consultation
with the relevant stakeholder or project
team member.
The project manager will develop an
understanding of the nature of the risk
and its potential to affect project goals
and objectives. This information will
also be input to the Project Risk Register
Qualitative Risk Analysis:
Likelihood
Consequence
Insignificant Minor Moderate Severe Catastrophic

31
PROJECT MANAGEMENT
Never
Low Low Medium Medium High
Occasionally
Low Medium Medium High Extreme
Sometimes
Medium Medium High Extreme Extreme
Often
Medium High Extreme Extreme Extreme
Frequently
High High Extreme Extreme Extreme

32
PROJECT MANAGEMENT
Risk Response Planning
I. Immediate implementation of emergency plan in case any risk is materializes.
II. Analyse the expected impact and make decisions accordingly.
III. Dealing with specific risk in a manner conducive for the recovery from the risk.
IV. Use of alternative strategy in case the preliminary strategy fails.
Risk Classification criteria:

33
PROJECT MANAGEMENT
Risk Level Action
Act immediately:
The proposed task or
process activity must not
proceed. Steps must be taken
to lower the risk level to as
low as reasonably
practicable.
Act today:
The proposed activity can
only proceed, provided that:
 the risk level
has been reduced to
as low as
reasonably
practicable using
relevant risk
controls
 the risk
assessment has
been reviewed and
approved by the
Supervisor
 a Safe Working
Procedure or Safe
Work Method has
been prepared (if
the risk relates to a
health and safety
risk)
Act this week:
The proposed task or
process can proceed,
provided that:
 the risk level
has been reduced to
as low as
reasonably
practicable
Extreme
High

34
PROJECT MANAGEMENT
Strategies for risk mitigation:
1. Elimination of the Hazard
2. Substitution; e.g. substitute
your equipment with something
different
3. Isolation; e.g. store away
hazardous item or cordon off area
where hazard is found
4. Engineering Controls; e.g. put
a guard on a blender
5. Administrative Controls; e.g.
training, creation of safe
operating procedures, job
rotation and Policies and
Procedures
6. Personal Protective
Equipment and Clothing; e.g.
gloves
Risk mitigation activity - action Item / Milestone

35
PROJECT MANAGEMENT
Risk mitigation activities
 identify, evaluate and control risks
on approved projects
 identify and manage potential
threats to the delivery of approved
projects
 ensure that all project team
members are aware of their roles and
responsibilities in relation to risk
management on their allocated projects
 ensure adequate and timely
reporting of risk management activities
 ensure risk management is an
integral part of planning and delivery of
any project at all levels of the
organization
Risk Register:

36
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
1
CO
Strat
egic
risk
Wrong
processing of data
Slim
Wrong
informa
tion
provide
d to
other
depart
ments
Risk is
less
Appli
cable
Checki
ng data
process
ing
Immediately
changing data
processing
method
Imme
nse
Correct
processi
ng of
data
Risk
is
very
less
June
30
Salesf
orce
2 IT
mana
ger
Strat
egic
risk
Improper
Development of
system.
Low Inabilit
y to
correctl
Risk is
low
Appli
cable
Using
steps to
ensure
Timely
responses
Very
much
Improv
ement
in work
Risk
is
7th
July
(Afte
Salesf
orce

37
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
y
manage
work
proper
manag
ement
of
work
manage
ment
less r a
week
from
comp
letion
)
3
Sales
mana
ger
Com
plian
ce
risk
Reduction in sale
s Mediu
m
Deterio
ration
in
revenue
Risk is
mediu
m
Appli
cable
Use of
inform
ation
correct
ly
Ensuring
proper data
processing to
provide
important
information
Signif
icant
Improv
ement
in
revenue
Risk
is
med
ium
31st
July
Salesf
orce

38
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
4
Proc
urem
ent
mana
ger
Oper
ation
al
In effective
operations. Low
Operati
onal
inefficie
ncy
High
Appli
cable
Having
an
effectiv
e
recruit
ment
policy
Procuring
materials as
per the
requirements
in advance
Signif
icant
Operati
onal
efficien
cy
Low 30th
June
Salesf
orce
5 Cust
omer
Servi
ce
Man
Repu
tatio
nal
risk
The reputation of
the company will
be hampered
Low Loss of
goodwil
l
Low
risk
Appli
cable
Collect
data
properl
y to
provid
The data shall
be correctly
properly and
used for
customer
Signif
icant
Improv
ement
in
custome
r
Risk
is
low
30th
June
HRM

39
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
ager e
proper
custom
er
service
s
service
service
6 Oper
ation
s
mana
ger
Oper
ation
al
risk
Inefficient
business
operations
Low Increas
e in
operati
ng costs
and
lack of
Low
risk
Appli
cable
Introd
uction
of
Effecti
ve
method
Improve the
quality of
business
operations
Subst
antial
Increas
e in
profitab
ility
subsequ
ent to
Risk
is
low
30th
June
Salesf
orce

40
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
profit s
reducti
on
operati
ng costs

41
PROJECT MANAGEMENT
Assessment 4:
Part 1:
With one of the test specialist unable to work for next three months the project risk will increase as the specialist has significant
knowledge in the project since he was involved in the project from the beginning. Hiring a contract employee will increase the risk
both the quality and security of the project. Adding enhancement in the project will also increase the risk of deterioration in the quality
of the project since such enhancements have been added recently. Delay in delivery of hardware could potentially delay the whole
project. Inability to provide feedback to the IT development team could potentially increase the risk of not including any necessary
changes to the project based on any recent changes in the requirements of the customers. The risk of physical damage to the working
site of the project is significant thus, the risk of damage to the project is quite high (Jami and Walsh, 2014).
Part 2:
The contract employee to be hired shall be hired after conducting a standard recruitment process to ensure that only a qualified
test specialist is appointed in place of the worker who suffered an accident. An in-depth analysis shall be conducted on the new
enhancements and how the same is to be made to ensure that the project quality is improved with the addition of enhancement to the
project. By ensuring advanced delivery of hardware, the company can reduce the risk of delay in the completion of the project.
Collecting feedback from outside shall be important since the marketing team at present has not been able to provide necessary

42
PROJECT MANAGEMENT
feedback to the IT development team. By entering into a contract with cloud service providers to use back up in case of any damage to
the physical asset of the company (Kiely, Cashman and ODIN Consortium, 2015).
Part 3:
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
1 CO Strat
egic
risk
Wrong
processing of data
Slim Wrong
informa
tion
provide
d to
other
depart
Risk is
less
Appli
cable
Checki
ng data
process
ing
Immediately
changing data
processing
method
Imme
nse
Correct
processi
ng of
data
Risk
is
very
less
June
30
Salesf
orce

43
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
ments
2
IT
mana
ger
Strat
egic
risk
Improper
Development of
system.
Signifi
cant
Inabilit
y to
correctl
y
manage
work
Risk is
high
Appli
cable
Using
steps to
ensure
proper
manag
ement
of
work
Timely
responses
Very
much
Improv
ement
in work
manage
ment
Risk
is
less
7th
July
(Afte
r a
week
from
comp
letion
)
Salesf
orce
3 Sales
mana
Com
plian
Reduction in sale Mediu Deterio
ration
Risk is
mediu
Appli Use of
inform
Ensuring
proper data
Signif Improv
ement
Risk
is
31st Salesf

44
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
ger
ce
risk
s
m
in
revenue
m cable
ation
correct
ly
processing to
provide
important
information
icant
in
revenue
med
ium
July
orce
4
Proc
urem
ent
mana
ger
Oper
ation
al
In effective
operations. Signifi
cant
Operati
onal
inefficie
ncy
High
Appli
cable
Having
an
effectiv
e
recruit
ment
policy
Procuring
materials as
per the
requirements
in advance
Signif
icant
Operati
onal
efficien
cy
Low 30th
June
Salesf
orce
5 Cust Repu The reputation of Low Loss of Low Appli Collect The data shall Signif Improv Risk 30th HRM

45
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
omer
Servi
ce
Man
ager
tatio
nal
risk
the company will
be hampered goodwil
l
risk cable
data
properl
y to
provid
e
proper
custom
er
service
s
be correctly
properly and
used for
customer
service
icant
ement
in
custome
r
service
is
low
June
6 Oper
ation
Oper
ation
Inefficient
business
Low Increas
e in
Low
risk
Appli
cable
Introd
uction
Improve the
quality of
Subst
antial
Increas
e in
Risk
is
30th
June
Salesf
orce

46
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
s
mana
ger
al
risk
operations
operati
ng costs
and
lack of
profit
of
Effecti
ve
method
s
business
operations
profitab
ility
subsequ
ent to
reducti
on
operati
ng costs
low
Part B:
To,
The CEO,

47
PROJECT MANAGEMENT
Wilson & Jones
Subject: Application of approval for identified risk and mitigation plan.
Respected sir,
As a result of the recent incidents as mentioned in the earlier email the increased amount of risk shall be mitigated by the steps
provided in part 2. Hereby approval is sought on the above issues. Kindly accept the request to authorize mitigation of above risks by
employing a professional test specialist.
Regards
Part c:
Risk management plan after appointment of a consultant:

48
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
1
CO
Strat
egic
risk
Wrong
processing of data
Slim
Wrong
informa
tion
provide
d to
other
depart
ments
Risk is
less
Appli
cable
Checki
ng data
process
ing
Immediately
changing data
processing
method
Imme
nse
Correct
processi
ng of
data
Risk
is
very
less
June
30
Salesf
orce
2 IT
mana
ger
Strat
egic
risk
Improper
Development of
system.
Less Inabilit
y to
correctl
Risk is
less
Appli
cable
Using
steps to
ensure
Timely
responses
Very
much
Improv
ement
in work
Risk
is
7th
July
(Afte
Salesf
orce

49
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
y
manage
work
proper
manag
ement
of
work
manage
ment
less r a
week
from
comp
letion
)
3
Sales
mana
ger
Com
plian
ce
risk
Reduction in sale
s Mediu
m
Deterio
ration
in
revenue
Risk is
mediu
m
Appli
cable
Use of
inform
ation
correct
ly
Ensuring
proper data
processing to
provide
important
information
Signif
icant
Improv
ement
in
revenue
Risk
is
med
ium
31st
July
Salesf
orce

50
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
4
Proc
urem
ent
mana
ger
Oper
ation
al
In effective
operations. Signifi
cant
Operati
onal
inefficie
ncy
High
Appli
cable
Having
an
effectiv
e
recruit
ment
policy
Procuring
materials as
per the
requirements
in advance
Signif
icant
Operati
onal
efficien
cy
Low 30th
June
Salesf
orce
5 Cust
omer
Servi
ce
Man
Repu
tatio
nal
risk
The reputation of
the company will
be hampered
Low Loss of
goodwil
l
Low
risk
Appli
cable
Collect
data
properl
y to
provid
The data shall
be correctly
properly and
used for
customer
Signif
icant
Improv
ement
in
custome
r
Risk
is
low
30th
June
HRM

51
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
ager e
proper
custom
er
service
s
service
service
6 Oper
ation
s
mana
ger
Oper
ation
al
risk
Inefficient
business
operations
Low Increas
e in
operati
ng costs
and
lack of
Low
risk
Appli
cable
Introd
uction
of
Effecti
ve
method
Improve the
quality of
business
operations
Subst
antial
Increas
e in
profitab
ility
subsequ
ent to
Risk
is
low
30th
June
Salesf
orce

52
PROJECT MANAGEMENT
Ris
k
ID
Raise
d By:
(perso
n/
team)
Risk
Categ
ory
Risk description
Likelih
ood
Consequ
ence
Overall Status
Risk
treatme
nt
Method /
Potential
responses
After mitigation Date
for
revie
w
Risk
owner
Likelih
ood
Consequ
ence
Over
all
profit s
reducti
on
operati
ng costs
Task 6:
To,
The HRM,
Wilson and Jones.
Sub: Proposed appointment of consultant.

53
PROJECT MANAGEMENT
Respected sir,
It is hereby ordered that a tax consultant shall be appointed to improve the quality of the product as it will be helpful for the
organization.
Regards
Part D:
Part 7:
To,
The CEO,
Wilson & Jones.
Subject: This mail is in reference to the outcome of the project.
Respected sir,
The following outcomes are expected from CRM system.
I. Improving in the quality of the system.