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
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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.
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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
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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.
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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
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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
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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.
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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.
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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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