Risk Management: Analyzing and Planning for a Waste Management System

This assignment focuses on risk management within a waste management project. It begins with the identification of 15 potential risks, assessing their probability, severity, and impact factor. A detailed risk impact matrix is constructed to prioritize these risks. Following this, a risk management plan is developed, addressing the top 5 prioritized risks. Each risk is assigned to a responsible individual or department, and a management plan is outlined, including strategies to mitigate each risk. The assignment also references relevant literature to support the analysis and recommendations, providing a practical approach to risk management in a real-world context. The project includes risks related to marketplace competition, timing, user acceptance, implementation, unforeseen issues, documentation, resource allocation, lack of sponsor support, technology, project dependencies, operation, health and safety, quality, supplier, and information security.

Running head: RISK MANAGEMENT
Risk Management
Name of the Student:
Name of the University:

1RISK MANAGEMENT RISK IDENTIFICATION AND IMPACT MATRIX
Identify at least 15 risks below.
For Probability and Severity Columns, use a scale of 1 -5 with 5 being the highest level
Calculate the Impact Factor Column by multiplying the Probability value * the Severity value.
Risk
ID Description of potential risk Probability Severity Impact Factor
1
Marketplace competition
The competition of Industry City is affected by
barriers of entry in the market and lack of product
features for new program of waste management. 4 3 12
2
Timing issues
There is delay in signing of contract for the waste
management program. 4 5 20
3
User acceptance
The user is not accepting the waste management
program implementation as it not meets with the
client’s requirements (Chapman 2019). 2 3 6
4
Implementation issues
Design of the waste management system is not
clear to the developer, therefore it affects the
implementation work as the system is not
implemented based on project scope. 4 4 16
5
Unforeseen issues with weather conditions
The weather conditions are not forecasted
previously before conducting the project work,
leads to provide effect on implementation work. 2 2 4
6
Errors in documentation
The project documents for the waste management
program have lack of designing, causes issue in
realization of the project documents. 3 2 6
7
Resource allocation issues
The resources those have skills to implement of
waste management system is not involved in the
project ( Paquin, Gauthier and Morin 2016). 3 4 12
8
Lack of sponsor support
The funds required for the system implementation
are not collected as the project sponsor is not
provided enough support to fund the project plan. 4 4 16
Technology risk
The technology is a risk due to service outages
which can disrupt the implementation work of
RISK MANAGEMENT PLAN
Use the top 5 prioritized risks from the Risk Impact Matrix you have prepared and describe how the risk will be
handled if it occurs.
Each of these risks should be assigned to an individual/department who will be responsible for managing the risk if
it occurs.
Calculate the Impact Factor Column by multiplying the Probability value * the Severity value.
Risk
ID Description of potential risk Management Plan Owner
1
Timing issues
There is delay in signing of contract for the
waste management program.
The project schedule risk is required to be
managed by taking sign of contract from the
project contractor as per the scheduled date.
Proper scheduling is to be done before starting
the project work. The critical path of the project
is to be determined to determine which tasks
are causing delay in project work (Crispim, Silva
and Rego 2019). The project manager should use
scheduling software to schedule the activities as
per project requirements. Project Manager
2
Health and safety risk
This risk is occurred when people are being
exposed to the hazards. It may be caused
due to manual handling of the tasks and
use of unsafe equipment for waste
management system implementation.
Health and safety program should be
implemented in the organization for managing
the waste management implementation work.
The program should provide strict guidelines and
regulations to the workers to maintain safety
measures (Pheng 2018). H&S program would
help to determine causes of physical hazards and
likelihood of its occurrence. HR Manager
3
Implementation issues
Design of the waste management system
is not clear to the developer, therefore it
affects the implementation work as the
system is not implemented based on
project scope.
A design document is to be followed by the
project designer to design the project work. The
design of waste management system should be
as per the client’s as well as project’s
requirement. System Developer
Quality of the system is to be managed by using
quality materials for implementation of the
waste management system. The system should
be designed by considering the quality standards
of system implementation. ISO 9001:2015
quality standard helps in demonstrating ability to
provide products as well as services meet with

2RISK MANAGEMENT

3RISK MANAGEMENT
References
Chapman, R.J., 2019. The rules of project risk management: Implementation guidelines for major projects. Routledge.
Crispim, J., Silva, L.H. and Rego, N., 2019. Project risk management practices: the organizational maturity influence. International journal of
managing projects in business.
Dandage, R.V., Mantha, S.S., Rane, S.B. and Bhoola, V., 2018. Analysis of interactions among barriers in project risk management. Journal of
Industrial Engineering International, 14(1), pp.153-169.
Fontaine, M., 2016. Project risk management. Enterprise Risk Management, pp.47-58.
Lin, S. and Huang, D., 2020. Project Risk Management. In Project Management Under Internet Era (pp. 209-246). Springer, Singapore.
Paquin, J.P., Gauthier, C. and Morin, P.P., 2016. The downside risk of project portfolios: The impact of capital investment projects and the value
of project efficiency and project risk management programmes. International Journal of Project Management, 34(8), pp.1460-1470.
Park, K., Lee, H.W., Choi, K. and Lee, S.H., 2019. Project risk factors facing construction management firms. International Journal of Civil
Engineering, 17(3), pp.305-321.
Pheng, L.S., 2018. Project Risk Management. In Project Management for the Built Environment (pp. 159-176). Springer, Singapore.