Risk Management Project Report - Course Name Analysis

This report presents a comprehensive risk management analysis of a project, including a detailed risk register with financial, operational, and schedule risks, likelihood, impact ratings, and mitigation strategies. The report also features a discussion on the significance of a risk register, referencing relevant literature, and provides case studies of project success and failure, exemplified by companies like Dollar Shave Club and Yahoo. The analysis includes contingency plans, status updates, and responsible owners for each identified risk, offering insights into effective project management and risk mitigation techniques. Furthermore, the report provides a bibliography of the cited sources.

Running head: RISK MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

Running head: RISK MANAGEMENT
Part A
Financial Likeliho
od
Impa
ct
Ratin
g
Mitigatio
ns
Likeliho
od
Impa
ct
Ratin
g
Continge
ncy Plans
Status Owner
F1
Improper
expendit
ure on
the
resources
that are
not
necessar
y causes
budget
shortfall
during
the trip
3 2 6
The
students
must
make plan
so that
they do
not waste
money on
the
resources
that are
not
required
during the
trip
2 2 4
Proper
managem
ent of
resources
can be
one of the
best
option
Action
compl
ete
Financi
al
manage
r
F2 Improper
informati
on about
the
3 2 6 The
objectives
of the
project
2 2 4 The
money
that is
allocated
Action
compl
ete
Financi
al
manage

1
RISK MANAGEMENT
project
can
increase
the
budget of
the
project
due to
improper
utilizatio
n of
money
must be
clearly
understoo
d in the
initial
phase so
that they
can make
planning
as per the
informatio
n for
avoiding
financial
crisis
during
project
must be
used on
the
resources
which are
important
so that the
project
can get
completed
r
F3 If the
students
faces
budget
shortfall
during
3 2 6 It is quite
necessary
to track
the
schedule
of the
2 3 6 Earned
value
analysis
will be
helpful in
managing
In
progre
ss
Financ
e
Directo
r

2
RISK MANAGEMENT
the trip
then they
will face
a number
of
economi
c risk
project
every
week for
avoiding
budget
slippage.
the budget
of the trip
Operatio
nal
Likeliho
od
Impa
ct
Ratin
g
Mitigatio
ns
Likeliho
od
Impa
ct
Ratin
g
Continge
ncy Plans
Status Owner
O1 The
team
members
are not
much
experien
ced in
gathering
informati
on and
details
about the
sustainab
2 1 2 The
student
must be
trained in
gathering
each and
every
details of
the project
so that
they can
collect
informatio
3 2 6 Proper
presentati
on must
be
provided
before the
trip was
conducted
Action
s in
progre
ss
Project
Team

3
RISK MANAGEMENT
le
projects
and as
result
they are
unable to
meet the
objective
of the
project
n related
to the
project for
gaining
business
knowledg
e
O2 In the
absence
of
experien
ced
project
manager,
it is quite
difficult
to
manage
the
project
3 2 6 It is
necessary
to hire
experienc
ed project
manager
who can
be able to
manage
any type
of conflict
in the
project
3 2 6 Training
facility
must be
given for
clearly
reflecting
the
objectives
so that
they can
be able to
work
properly
Action
s in
progre
ss
HR
manage
r

4
RISK MANAGEMENT
effectivel
y
O3 If the
students
does not
able to
select
location
properly
then the
students
can face
a lot of
challeng
es in
getting
informati
on about
sustainab
le
projects
3 3 9
The
students
must
undertake
proper
analysis
on the
projects
that they
want to
visit and
as per
their
budget
they must
select the
appropriat
e place
3 2 6
It is quite
necessary
to gather
important
informatio
n about
the place
so that the
students
does not
face any
hurdle in
engaging
with the
sustainabl
e projects
Action
s in
progre
ss
Organi
zer
o4 The
project is
3 2 2
Experienc
2 2 4 It is
necessary
New Organi
zer

5
RISK MANAGEMENT
not
organize
d
properly
and as a
result the
students
faces a
lot of
hurdles
during
the trip
ed
organizers
must take
the
responsibi
lity of
arranging
the trip
to cross
check the
facilities
of the trip
including
all the
bookings
for
avoiding
any type
of issues
for the
students
Schedule Likeliho
od
Impa
ct
Ratin
g
Mitigatio
ns
Likeliho
od
Impa
ct
Ratin
g
Continge
ncy Plans
Status Owner
S1 If the
students
does not
follow
the
schedule
then it
3 3 9 The
student
must
undertake
the trip as
per the
schedule
1 2 2 It is
necessary
to track
the
progress
report for
avoiding
In
progre
ss
Project
planner

6
RISK MANAGEMENT
will be
quite
difficult
for them
to
complete
the trip
on time
activities
so that
they can
complete
each and
every
work on
time by
gathering
proper
informatio
n about
the
sustainabl
e projects
in Uganda
delay in
the
project
S2 Scope
creep is
one of
the major
problem
faced by
the team
2 3 6 It is
necessary
to follow
the scope
for
avoiding
issues in
3 2 2 The
project
manager
must
focus on
project
scope
in
progre
ss
Project
manage
r

7
RISK MANAGEMENT
the project properly
for
avoiding
any
project
related
issues
S3 If the
project
activities
are not
complete
d on time
then the
project
can face
delay
3 1 3
Following
the scope
of the
project is
helpful in
finishing
the project
on time
1 3 3
The status
report of
the
project
must be
reviewed
on weekly
basis
In
progre
ss
Project
planner

Running head: RISK MANAGEMENT
Part B
B.1 Discussion about the significance of Risk register
According to Ryu, Lim and Suh (2016), risk registers generally helps in providing
the project managers with proper list of risks which are identified and generally state them
clearly in order to meet the objectives of the project. The risk register can further lead to
proper handling of the risk so that the project risks can be mitigated effectively. The main
focus of the risk register is to focus on the quantified risk analysis including proper
schedule risk analysis that is mainly based on the Monte Carlo simulation.
The main purpose of using the risk register within project is to properly record the
details of all the project risks which are identified along with proper analysis of the plans
for how the entire risks can be treated. It is considered as a log that identifies risk with
proper severity as well as actions that are generally taken for mitigating such risks
(Kendrick 2015). The risk register related database can be properly viewed by the project
managers as it is one of the tools that helps in properly monitoring the entire risk
management-based process. It is found that the project manager must take the entire
responsibility of ensuring that the project risk register must be properly updated whenever
necessary. The entire task of properly updating the risk register is generally delegated for
controlling the function of the project (Uzulans, 2016).
In the risk response procedure, a number of response plans are generally created for
successfully managing each of the project risk (Mansfield et al. 2015). The risk response
plan should be properly updated in the risk register and it is further considered as the output

1
RISK MANAGEMENT
for the entire process. Furthermore, within the monitor as well as control risk procedures,
proper plans must be re-assessed as well as re-evaluated. Moreover, the risk register must
be properly updated with proper information on the risk as the output of the entire
procedure and this particular information must be updated within the risk register.
B.2 Examples for two companies where projects succeeded and failed
Example where company failed in the absence of risk management
In the year 2005, Yahoo was one of the main players within the advertising market
but Yahoo generally undervalued the significance of search and the company generally
focusses more on becoming much more media-based giant (Valuer, 2020). The company
does not analyse the risks properly and as a result the company missed a number of
opportunities which could have properly saved them.
Example where company succeeded in the presence of risk management
Dollar shave club took a number of risks within the business and it generally
culminated within the company’s $1billion dollar acquisition by utilizing massive body
related products of brand Unilever (Inc.com 2020). The organization undertakes proper risk
management in the market and achieves success in achieving proper amount of profit.

2
RISK MANAGEMENT
Bibliography
Inc.com., 2020. Companies That Took Huge Risks And Won Big. [online] Available at:
<https://www.inc.com/kenny-kline/5-companies-that-took-huge-risks-and-succeeded-
because-of-them.html> [Accessed 20 March 2020].
Kendrick, T., 2015. Identifying and managing project risk: essential tools for failure-
proofing your project. Amacom.
Mansfield, J.G., Caplan, R.A., Campos, J.S., Dreis, D.F. and Furman, C., 2015. Using a
quantitative risk register to promote learning from a patient safety reporting system. The
Joint Commission Journal on Quality and Patient Safety, 41(2), pp.76-AP1.
Ryu, C., Lim, S.Y. and Suh, M., 2016. Project Risk Management in R&D Organizations: A
Survey on Risk Register from Korean companies. The Journal of Modern Project
Management, 4(2).
Uzulāns, J., 2016. Project Risk Register Analysis Based on the Theoretical Analysis of
Project Management Notion of Risk. Economics and Business, 29(1), pp.43-48.
Valuer., 2020. 50 Examples Of Corporations That Failed To Innovate. [online] Available
at: <https://valuer.ai/blog/50-examples-of-corporations-that-failed-to-innovate-and-missed-
their-chance/> [Accessed 20 March 2020].