Risk Management Project Report: Online Business Launch Analysis

This report presents a comprehensive project plan for launching an online business, emphasizing risk management. It outlines the project's objectives, which include achieving higher profits through online sales and increasing customer engagement. The report details the project's budget, schedule, and work breakdown structure, facilitating efficient task management. A Gantt chart visualizes the project timeline, while stakeholder analysis identifies key participants and their influence. The communication plan ensures effective information flow, and the risk management plan addresses potential challenges, including mitigation strategies. The report concludes that effective project management and communication are crucial for the timely and within-budget completion of the project. The report includes details on the background, benefits, constraints, assumptions, expected outcomes, project scope, start and finish dates, monetary value, WBS, Gantt chart, stakeholder analysis, communication planning, risk management plan, and risk management policies, providing a complete overview of the project.

Risk management Project Report
1

Executive Summary
In the report, the project of the launch of the online business and the information related to
the project is presented. The objective of this project is to launch the online business
successfully. The benefit of this project is that it will help the owners of the business to
achieve higher profits through connecting with the customers through the online portal or
website and the sales of the business can be increased as people are more attracted
towards 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 managing
all the activities and the tasks related to the project. The work break down structure is
prepared for the project in order establishes the understanding of the different activities of
the project by the senior management and the project team in an efficient manner. The
stakeholder analysis is performed in the report in order to analyze the key stakeholders and
their importance. The communication plan is also prepare in order to establish the
understanding among the individuals associated with the project about the initiation and the
completion of the different activities. The communication plan is a helpful tool to develop the
flow of the information to the right people at the right time. The risks management plan is
developed for the project in order to identify, assess, control and monitor the risks in the
project. The risks management policies are also developed in order provide the guidance to
manage the risk under the conduct of the business. The potential risks in the project and the
mitigation responses are established to reduce or eliminate the risks in the project and
accomplish the project on time. It is concluded that the effective project management is
important in order to accomplish the project on time and within the budget. The
communication of the responsibility play an important role in establishing the flow in the
activities of the project.
2

Table of Contents
Executive Summary............................................................................................................... 1
Introduction............................................................................................................................ 4
Description of the project........................................................................................................5
Background........................................................................................................................ 5
Benefits............................................................................................................................... 5
Objectives........................................................................................................................... 5
Constraints......................................................................................................................... 5
Key assumptions................................................................................................................6
Expected outcome.............................................................................................................. 6
Project scope......................................................................................................................... 6
Start and finish date...............................................................................................................7
A monetary value associated with the project.........................................................................7
Work Breakdown Structure (WBS) and work Schedule..........................................................8
A Gantt chart........................................................................................................................ 10
Stake holder analysis........................................................................................................... 11
Communication planning......................................................................................................14
Risk management plan.........................................................................................................15
Risk management policies....................................................................................................20
Ratings to each potential risk according to project’s risk management policy.......................23
Conclusion........................................................................................................................... 23
Bibliography......................................................................................................................... 24
3

Introduction
The project management is considered as a tool that helps in managing the project in an
easier manner and meeting the requirements of the project. The project manager is
responsible for managing the project and accomplishing the project to deliver it on time with
the help of the human resources and the required physical resources. The project
management plan is developed by the project manager so that all the tasks related to the
project can be accomplished in an effective manner (Duncan, 1993). There are various
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 has to
coordinate all the resources so that the he can deliver the key deliverables in an effective
and efficient manner. The project team is the important elements that contribute in
accomplishing the project (APM, 2018). The support of the senior management and the
owner is important for initiation and completion of the project. In establishing the new
business, the risks are always there for the companies. It is important for the companies to
take risks to develop and to grow the business (POPA et al., 2010). It is important to manage
the risks in order to minimize their impact or to reduce the threats for the further functions of
the company. The risks management involves the analysis, understanding and analyzing the
risks so that company can attain the objectives (Smulders & Collins, 2002). Risk
management is a continuous process which includes 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 (Khatta, 2008). In this report,
the project management and risk management plan for the launch of an online business is
presented in the report. The report includes the information about the project, key
deliverables, objective of the project, assumptions, constraints, project scope, project
budget, work break down structure of the project Gantt chart, 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 systematic
and effective manner. In this report, the project related to the launch of an online business is
managed through the project management. The risk management plan is prepared in order
to reduce the effect of the risks in the launch of the online business. The key deliverables of
the 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 online
business.
 Managing the project will help in the launching of the online business in an effective and
successful 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 customers
 Increase the sales of the online business
 Spread the awareness about the online business among the people.
Constraints
Constraints Limitations
Document production The documents for the launch of online business should be
produced so that the acceptance for the project can be achieved
by the top management in the first review without any delay.
Product deliverables The online website for the business and the launch of the online
business should be delivered on time in order to increase the
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number of customers for the business.
Budget The project should be managed with the budget of the project and
the resources should be allocated in a proper manner so that all
the tasks related to the project can be accomplished within the
budget and on time.
Permits The failure in securing the needed permits or the approvals
according to the schedule of the project can result in the delay of
the project completion and successful launch of online business.
Tight schedule The schedule for the project is specified and the project should be
accomplished on time in order to reduce the consumption of the
extra 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 budget
 Awareness about the online business among the people
 Proper support of the senior management for the launch of the online business.
Project scope
The project will help in launching of the online business in an efficient and effective manner
and the owners of the business will be able to achieve higher profits through it. Now a days
more 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 the
business. The increase in the customers will eventually increase the sales of the products or
6

the service which will help in satisfying the stakeholders of the business. The influence of the
customers towards the online business can be identified through their activity on the website
of the business.
Start and finish date
The start date of the project is 17th march 2018. The finish date of the project is 13th
December 2018. The start and the finish date of the project is estimated with the help of the
Gantt chart for the project.
A monetary value associated with the project
The financial resources are important for the initiation of the project. Below is the estimation
of the budget for the project. The estimated budget for the project of the launch of the online
business is $ 162800.
S.
No.
Particulars Cost
1. Software, hardware and other related machines, server $ 145500
2. Project team $ 1000
3. Project manager $ 5000
4. Website developer $ 2000
5. Trainers $ 1200
6. Documentation $ 100
7. Financial manger $ 2000
8. Risk manager $ 1500
9. Testing team $ 1500
10. Technical team $ 2000
11. Auditor $ 1000
7

Total $162800
Work Breakdown Structure (WBS) and work Schedule
The work break down structure is a tool that is used in the project management in order to
break the activities of the project into simpler parts. WBS help in establishing the
understanding among the people associated with project in an easier manner. It is a kind of
flow chart that helps in demonstrating the sequence of the tasks or the activities of the
project. The planning and the execution of the project management plan are easier with the
help of the WBS. It mainly demonstrates the hierarchy of the tasks or the activities of the
projects and the subdivisions of the activities (workbreakdownstructure.com, 2018). The
responsibilities and the roles are delegated to the team members of the project through
developing WBS. The team members can view the information related the activities of the
project at any time. It can be said that WBS help in reducing the complexity and managing
the tasks related to the project (Tutorial Point, 2018). Below is the work break down structure
of the launch of the online business. The main activities in the project are initiation, planning,
implementation, controlling and closing.
8

9
Lauch Of Online
Business
Initiation Phase
Develop Project
Charter
Submission Of Project
Charter
Approval For The
Project Charter
Develop Project Plan
Submit Project Plan
Approval For Porject
Plan
Appoint Project Team
Planning Phase
Market Research Develop Budget Identify Needed
Resources
Define Technology
Requirements Harware
Computers
Web Servers
Software Develop Risk
Mangement Plan
Implementation Phase
Develop Website
Testing Of The
Website
Launching Of The
Website
Controlling Phase
Manage Risks
Collect Reviews From
The Customers
Test The Performance
Of The Website In The
Market
Closing Phase
Collect All The Data
And Store
Auditing

A Gantt chart
Gantt chart is a tool that is used by the project managers in order to manage and control the
project. It illustrates the graphical form of the schedule of the project which helps in tracking
the tasks of the project, plan and coordinate (ProjectManager.com, 2018). The Gantt chart
allows to demonstrate the start and the finish date of the every activity and sub activity of the
project. It also includes the different elements such as mile stones of the project, tasks,
dependencies and the resources of the project and the project tasks (Mindtools, 2018).
Below is the Gantt chart for the launch of the online business. The main activities in the
Gantt chart are initiation, planning, implementation, controlling and closing (Gantt.com,
2018). Under the main activities, the sub activities are presented in the Gantt chart. The
Gantt chart is defining the link and the sequence of the different activities and sub activities.
10

Stakeholder analysis
Stakeholder analysis is considered as the first step in the management of the stakeholders
of the project. It is an important process that is followed for the purpose to attain the support
from the key people of the project (Best Project Management Software Reviews, 2017). The
stakeholder’s analysis is helpful as:
 It helps in structuring the project into shape and defines the project in the initial stage.
The stakeholders support the project and also help in improving the quality of the project.
 It helps in winning the resources for the project like money, time and people and this
helps in accomplishing the project successfully.
 It helps in building the understanding as the project manager can communicate with the
stakeholders in the initial stage of the project. They will be able to understand the project
and the benefits of the project in an effective manner. The understanding about the
project will increase their interest in the project they will be able to support the project
more effectively (Mindtools, 2018).
Below is the stakeholder analysis for the project.
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Stake
holder
Name
or
Group
Name.
Intern
al
Or
Extern
al
Stake
holder
Unaw
are,
Resist
ant,
Neutr
al,
Suppo
rtive,
or
Leadi
ng?
Role
and
Respon
sibility
Leve
l of
Influ
ence
(1-5,
with
5
bein
g the
lowe
st)
Abilit
y to
Impac
t
Reso
urces
(
1
-
5
)
What
does
this
stakeh
older
need?
Stakeh
older’s
greates
t
concer
ns?
What is
needed
from
this
stakehol
der?
What
is the
risk if
this
stakeh
older
is not
engag
ed?
(add
to risk
plan)
Bob
Henri
and
troy
Benne
tt
Proj
ect
spon
sor
and
own
er
Extern
al
Suppo
rtive
Approva
l for the
launch
of online
busines
s and
financial
support
5 5 To
increas
e the
custom
ers of
the
busines
s
The
support
and the
approval
from
these
stakehol
ders is
importan
t for the
accompli
shment
of the
project
No
further
activity
of the
project
can be
initiate
d
without
the
suppor
t and
the
approv
al from
the
stakeh
olders
Mathe
w
James
Proj
ect
man
ager
Interna
l
Leadin
g and
Suppo
rtive
Manage
the
project
in all the
stages
5 5 Accomp
lishing
the
project
on time.
Support
in
managin
g the
project
The
succes
sful
launch
of the
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of the
project
till the
completi
on of
the
project.
for
completi
on of the
project
on time.
online
busine
ss is
not
possibl
e.
Georg
e
Watso
n
Risk
man
ager
Interna
l
Suppo
rtive
and
leadin
g
Managin
g the
risks in
the
project
4 4 Safety
of the
people
associat
ed with
the
project
Identifica
tion of
the risks
in the
project
Elimina
tion of
the
risks is
not
possibl
e with
the
risks
manag
er’s
suppor
t.
Richar
d
Johns
on
CFO Interna
l
Suppo
rtive
Updatin
g the
roles of
the
people
of the
project
team.
4 4 Provide
support
and
guidanc
e to the
project
manage
r
Accompli
shment
of the
project
on time
and
effective
ness of
the
project
The
effectiv
eness
of the
project
cannot
be
identifi
ed
without
the
guidan
ce.
- Proj
ect
team
Interna
l
Suppo
rtive
Accompl
ish all
the
activities
5 5 Accomp
lishing
tasks as
per the
Involvem
ent in
accompli
shing the
The
activiti
es of
the
13

of the
project
on time
by the
guidanc
e of
project
manage
r.
schedul
e
activities
as per
the
project
schedule
.
project
cannot
be
perfor
med
and
delay
in the
project
comple
tion.
Communication planning
The communication planning is a part of the project management the process of
communication planning helps in delivering the information and defining it. Along with this, it
helps in identifying who will receive the information and what will be the format for the
communication of the information (Mindtools, 2018). The distribution and the time of the
release of the information are also decided in the communication plan. The project manager
is responsible for the communication of the information and he makes sure that all the
people associated with the project will get the right information at right time (Bpayne & Watt,
2018).
The purpose of the communication planning is:
 To update and communicate the plan with the stakeholders about the project
 Discuss the responsibilities and the roles of the project team and the other members
 Modify and update changes in the communication plan after the completion of the
activities of the individuals in the project
 Communicate the information to the people associated with the project.
 Establish the clarity among the individuals associated with the project.
Below is the communication plan for the launch of the online business.
Key Reports / Who to receive Frequency Medium
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meetings
Initiation and planning
meeting
Project manager At the time of initiation
phase of project and
only once
Discussion
session and
meeting
Weekly progress report
meeting
CFO for concerned
authority
On Weekly basis Meeting
Discussion sessions for
major deliverables
Project Team On Weekly basis Discussion
session
Weekly update
regarding risks and
issues
Stakeholders and
project manager
On Weekly basis Meeting
Reporting and
modification sessions
Project
stakeholders
On Monthly Basis One-on-one
session
Change management
meetings
CFO of concerned
authority
On Weekly basis Meeting
Post Implementation
Review meeting
Project Team After the completion of
the project
Meeting
Risk management plan
Risk management is considered as a process that helps in identifying, evaluating,
responding to the risks, monitoring and the reporting of the risks (Microsoft, 2018). The risks
management plan helps in defining the method for identifying the risks associated with the
project, analyze them and manage the risks so that the effect of the risk will not occur upon
the activities of the project (Grey Campus, 2018). The risk management activities are
performed recorded as well as monitored during the each phase of the project and the
practices for the prioritizing and recording of the risks are initiated. The risk management
15

plan is developed by project manager and this plan is developed for the management of the
risks and to present it to the project team and project sponsor.
The risks management includes:
Risk identification: for the risk management, it is important to identify the risks that could
harm the various functions of the organization. In order to reduce the negative effect of the
risks and meet the goals and objectives, the identification of risks is necessary (The
University of the Sunshine Coast , 2018). The root cause of the risks and the drivers of the
risks are identified. The different techniques are used for identification of risks such as brain
storming, SWOT analysis, self assessment, interviews, surveys and facilitated workshops.
The assessment of the wrong list of the risk can result in the waste of time (Solarwinds msp,
2018).
Risk assessment: The assessment of the risk includes the understanding about the
different identified risks and to determine the level of risk. The identified risks are assessed
for the purpose to take the corrective actions in reducing the effect of the risks upon the
project or mitigating the risks. The likelihood and the significance of the risks are determined
along with the consequence of the each of the risks. Basically, the nature of the risks and the
effect of the risk upon the goals and the objectives are determined through the assessment
(Culp, 2002).
Risk control: after the evaluation of the risks. It is important to control the risks. The
immediate actions are taken for the purpose to prevent the risks and eliminating the risks.
The risks are controlled on the basis of the importance of the risks and the need of the
elimination of the risks. The different solutions are identified for the risks of different level.
Mainly the solution for the risks is developed to accept the risks, avoid the risks, reduce the
risks and transfer the risks (EDUCBA, 2018). After the implementation of the control
measures, the documentation is important. There are many of the benefits from the
documentation like it helps in establishing the understanding about the way to handle the
risks and develop different measures to minimize or eliminate the risks (Andresen, 2007).
16

Monitoring and reviewing the risks: the final step in the risk management is monitoring
and review. This step includes understanding about the effect of control mechanism upon
the risks (Continuing Professional Development, 2014). The evaluation of the control
mechanism is done to determine whether the similar type of risk is posed after the
implementation of the control mechanism or not. In case, when the similar type of risk is not
posed after implementation of control mechanism then it is considered as successful and if it
pose similar risk then it is considered as unsuccessful. The failure of the control mechanism
to eliminate the similar type of risk means that the need of developing a different control
mechanism is there. The follow up of the risks is important to make sure that the risk and the
similar mistake will not occur again in future. The monitoring of the risks that cannot be
changed is important so that it will not create further problem for the organization
(Management Study HQ , 2018).
All the risks in the launch of the online business are identified and treated by the project
manager and project team. The identified risks in the project are product risk, technical risk,
execution risk, financial risk and team risk. Below is the risk management plan for the
identified risk in the launch of the online business.
ID Risks and
Consequences
Probability Impact (1-
5)
Priority
(Rank 1-5)
Mitigation
response
1. Product Risk –
offering the
product or the
service that is not
able to meet the
expectations of
the customers
can reduce the
sales of the
30 percent 4 3rd It is important
do the market
research in
order to
understand the
needs of the
customers and
establish the
competitive
17

business advantage in
comparison to
the other
online
business.
2. Team Risk – the
launch of the
project could
delay and the
quality of the
project can
reduce.
50 percent 5 2nd Keeping the
people in the
project who
believe in the
product and
support the
project in all
the situations.
It is important
to keep the
trustworthy
members in
the team as it
will help in
reducing the
risk of backing
out of the
individuals.
3. Financial Risk –
inability to
accomplish the
project on time.
20 percent 3 4th Keeping the
surplus finance
through
coordinating
18

with the
finance
manager will
help in
reducing the
financial risk.
4. Execution Risk
– failure in
accomplishing
the different
activities of the
project as per the
plan.
10 percent 3 5th Providing
proper
information
about the
different
activities of the
task before the
initiation of the
project
activities will
help in
reducing the
risk. During the
project,
clearing out
the doubts of
the project
team members
will help in
mitigating this
risk.
19

5. Technical risk –
can risk the
launch of online
business on time
and consumption
of extra cost.
50 percent 5 1st Keeping the
back up of the
online
business and
the data can
reduce the
risk. Having a
trained
technical team
will help in
reducing the
risk.
(Bright Hub Inc., 2016; Entrepreneur Media, Inc., 2018)
Risk Management Policies
Risks are inherent to any type of project. It is important for the project manager to recognize
the risks so that it can be managed and controlled for the successful accomplishment of the
project on time (Murray Goulburn Co-operative Co. Limited, 2015). The risk management
policies are developed in order to manage the risks through considering the guidelines. The
risk guidelines provide the support to manage the risks of all the areas in the project (Alkem,
2015).
Purpose
The purpose of the risk management policy is to manage the risks in the launch of the online
business. It is important to manage the risks so that the activities of the project can be
performed without any problem.
Areas of risk
The identified risks in the project are:
20

 Product Risk
 Team Risk
 Financial Risk
 Execution Risk
 Technical risk
Risk management policy
For the project of the launch of the online business, the risk management is considered as
an integral part of the project. It is important for ensuring that all the activities of the project
are conducted without any hindrance. The risk management allows to meet the goals and
the objectives of the project through planning and management. The potential risks in the
project are identified and the mitigation plan is developed so that the effect of the risk can be
reduced (Institute of Risk Management, 2018). Fulfilling all the legal requirements for the risk
management policy is considered. The policy will provide guidance and support to meet the
objectives of the project in an effective and efficient manner.
The risk management policy includes:
 The risks management plan should be aligned with the identified risks in the project
 The risks management plan should be embedded in to the day to day activities or the
tasks.
 The management and the board should understand and commit to the risk management.
 All the information about the activities or the tasks of the project should be
communicated to the team and the other members of the projects through the right
channel of communication.
 The progress of the project should be reported to the owner and the key managers
 The monitoring and the review of the risks should follow a structured mechanism so that
the effectiveness of the strategies, processes and the plan for the management of the
risks can be measured.
 The emerged risks should be reported immediately. It should be categorized as per their
consequences and should be investigated so that failures can be determined.
21

 The mitigation responses should be decided so that the likelihood of the harm can be
reduced.
 The financial resources for the project should be allocated in a proper manner so that all
the activities of the project can be accomplished in an effective manner.
 The risk management processes should be followed in an effective manner so that no
such new risk will occur in the future or during the activities of the project. The preventive
measures should be developed for each of the identified risks so that the effect of the
risks can be minimized (Cope Foundation, 2014).
Potential
risks
Planned response Responsibility Timeframe for
the response
Product
Risk
Conduct market research before the launch
of the online business to understand the
needs and the demands of the customers
Project team 10 days
Team Risk Include the individuals in the team who
believe in the project and the product and
the individual who are also trustworthy.
Project
Manager
6 days
Financial
Risk
Coordinate with the financial manager so
that the surplus finance can be obtained at
the time of need.
Project
Manager
6 days
Execution
Risk
The project team provided with the right
information at the right time so that they will
be able to understand how to accomplish
the activity within the available time.
Project
Manager
4 days
Technical
risk
Keeping the backup of all the information
and the data related to online business and
keeping a trained technical team ready to
Technical
Team
3 days
22

fix the problems at the time of need.
Ratings to each potential risk according to project’s risk
management policy
Potential
risks
Rating
Product Risk 4
Team Risk 5
Financial Risk 3
Execution Risk 3
Technical risk 5
Conclusion
The project management is the practice that is followed for the initiation, planning,
implementation, controlling and closing of the project by the guidance of the project manager
and the support of the project team in order to attain the specific goals and the objectives.
Defining the objectives of the project allows the stakeholders of the project to understand the
project and support the project. The launch of the online business can be successful when
the project manager manages all the team members and attains the support of the
stakeholders. The planning for the management of the risks in the project is important in
order to accomplish the project in the estimated time and budget. The Gantt chart is
developed which helps in identifying link between the different activities and sub activities.
The WBS helps in providing with the diagrammatical overview of all the activities of the
project. The Gantt chart and WBS are the two of the tools that helps in enhancing the
understanding about the project activities. It is essential to identify the potential risks in the
23

project so that the risks can be minimized or mitigated. The risks can bring problems in
preceding the other activities of the project as all the activities of the project are linked with
each other. The risk management policy is considered as an important element as it helps in
providing the guidance and the support to manage the various identified risks according to
the conduct of the business. The mitigation responses are developed on the basis of the
level of the risks which helps in minimizing or mitigating the risks from the project. This can
be said that in order to accomplish the project on time, the effective management of the
project is important along with the support of the project team.
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