Risk Management Report: Acquisition Project Challenges and Mitigation

This report focuses on risk management within the context of project acquisition, specifically addressing the challenges faced by Kingston-Bryce Limited. It identifies key risks such as financial constraints, project delays, cultural integration issues, market competition, and managerial inadequacies. The report provides a detailed analysis of each risk, its potential impact, and proposes mitigation strategies, including budget management, project planning, cultural sensitivity initiatives, competitive analysis, and improved management practices. The report includes a table summarizing the risks, their likelihood, responsible parties, and proposed actions. It also includes a bibliography of relevant academic sources.

Running head: RISK MANAGEMENT
Kingston-Bryce Limited
Name of the Student
Name of the University
Author’s Note

1
RISK MANAGEMENT
Risk mitigation plan
As the organization wants to move forward by undertaking acquisition of the
competitors, the organization faces a number of challenges which are highlighted in the below
table. As per the description of the challenges, proper mitigation strategies are implemented so
that the risks related with the project can be mitigated quite effectively. In addition to this, the
table also helps in showcasing the likelihood, impact, responsible person as well as the type of
response with which the project can be managed.
Ris
k Id
Risk Description Impact Likelihoo
d
Responsibl
e
Type of
response
Mitigation
1 Financial
risk
If the
budget that
is assigned
to the
project is
not properly
managed
then the
project
faces a
number of
financial
issues.
High High Financial
manager
Mitigatio
n
In order to
mitigate the
issue, it is
necessary
to utilize
budget
properly as
per the
initial
planning
for
avoiding
financial
challenges.

2
RISK MANAGEMENT
2 Project risk While
undertaking
acquisition
during the
progress of
the project,
if the work
of the
project is
not
managed as
per
planning
then it
generally
can cause a
lot of
challenges
due to
schedule
slippage
including
delay.
High High Project
planner
Resolve For
resolving
such issues,
the project
manager
needs to
keep track
on the
project
status for
knowing
whether the
project is
on track or
not. If the
project is
running
behind then
the
manager
needs to
take proper
action so

3
RISK MANAGEMENT
that the
entire
project gets
completed
as per the
initial
planning by
avoiding
the issue of
delay.
3 Cultural
issue
Cultural
compatibilit
y is one of
the major
issues that
the
organizatio
n faces
during
acquisition
of the
competitors
and
High High Project
manager
Mitigate For
effectively
mitigating
such issues,
it is quite
necessary
to properly
stimulate
the culture
of the
organizatio
n by
making

4
RISK MANAGEMENT
therefore it
would be
quite
difficult to
maintain
proper work
culture
within the
organizatio
n.
proper
interaction
with the
leaders
such that
proper
culture can
be
developed
within the
organizatio
n.
4 Competitio
n
The
competition
and the
markets
authority
are mainly
responsible
for properly
reviewing
different
types of
Mediu
m
Medium Project
manager
Mitigate The
organizatio
n that
undertake
acquisition
of the
competitors
must be
able to
properly
reflect that

5
RISK MANAGEMENT
potential
impact and
it further
creates
negative
impact on
the
consumers,
markets as
well as
economy of
the
organizatio
n.
the
acquisitions
generally
prove to be
much more
beneficial
for dealing
with the
risks and
challenges
of the
project.
5 Manageme
nt issue
If the
managers
are unable
to use
proper
managemen
t strategies
then it is
quite
Mediu
m
Medium Manager Resolve For
resolving
such type of
challenges,
it is
necessary
to use
proper
managemen

6
RISK MANAGEMENT
difficult to
properly
handle the
project
progress
quite
effectively
and as a
result the
project
faces a lot
of
challenges
including
delay as
well as
budget
related
issues.
t strategies
within the
project so
that the
entire
project can
be
effectively
managed
that further
helps in
completing
the entire
project as
per the
estimated
budget and
time.
Furthermor
e, the
challenges
that are
associated

7
RISK MANAGEMENT
with budget
shortfall
and
schedule
slippage
can be
effectively
avoided
within the
entire
project.

8
RISK MANAGEMENT
Bibliography
Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their
foundation. European Journal of Operational Research, 253(1), 1-13.
Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management:
Review, critique, and research directions. Long range planning, 48(4), 265-276.
Cagliano, A. C., Grimaldi, S., & Rafele, C. (2015). Choosing project risk management
techniques. A theoretical framework. Journal of risk research, 18(2), 232-248.
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.