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Questions:

1. Identity your project’s(Redesigning a Company Website risks Using the RMP template and after discussion with your supervisor, complete the left hand side of Part 2: Risk Register (i.e. the first five columns, ending in “Risk Consequences”. You should list at least 8 possible risks. 

Details of fields in the RMP Risk Register: 
• Risk Ref. No: This is just a sequential number, used as a key for associating with the Risk Treatment Plan. 
• Category: Select Commercial, Finance, Security, Safety, or Legal/Regulatory from the drop down list. You may have more than one risk in a category. 
• Risk Description: e.g. “Older scanners may not work under Windows 12”. 
• Risk Cause: e.g. “Drivers may not exist for Windows 12”. 
• Risk Consequences: e.g. “Invoices cannot be scanned in”. 
 
2. Analyse your project’s risks Analyse the risks in your project; you may discuss these with your supervisor. Using the RMP template again, complete the right hand side of Part 2: Risk Register (i.e. Impact and Likelihood). Do not change the Rating column, it will be calculated for you automatically by the spreadsheet. 

3. Complete the last section of your RMP, the Risk Treatment plan Using the RMP template that you have been using for the last two weeks, work with your supervisor and complete the final section - the Risk Treatment. Details of fields in the RMP Risk Treatment plan are described in this week’s seminar.
 
 

Answers:

(1).

ACS Professional Environments
RISK MANAGEMENT PLAN - Part 1: Project Context

Plan Prepared by

Organization

Date

Project Sponsor (Position Title)

PLEASE FILL

PLEASE FILL

PLEASE FILL

PLEASE FILL

Project Name

Project Description

Problem the project is seeking to solve

Redesigning a Company Website

The project aims at facilitating a more user-friendly design with dynamic content loading and interactive icons. The website design will focus on including greater informative contents with 24x7 hours online support available so as to help the customers easily comprehend the functions and utilities provided by the company. The aim is to increase website traffic and attract more customers to the business, as well as providing them a user friendly and easy-to-operate online platform where they can easily communicate with the service providers. It is mainly targeted to increase customer base and customer satisfaction, along with introducing a more efficient way towards customer relationship management.

The project is trying to solve the problem of existing poor user interfaces and experiences. Another problem here is the low internet traffic due to lack of sufficient customers. These problems are to be solved through this project.

Project Deliverables

Business benefits i.e. what will the company gain from this project?

Project Management Method

Ø  User-friendly interface

Ø  Interactive website with the help of dashboards

Ø  Dynamic and informative website content design

Ø  HTML5 supported

Ø  24x7 online help desk

Ø  Activation of email and SMS alert

Ø  Multi browser support

v More customer friendly interface

v Better customer services with enhanced interactive methods

v Enhanced website design along with increased content

v Latest technical upgrades

v Better customer care and efficient help desk

v Promotion and service alert systems

v Increased number of customers

v Maximized profits and annual revenue

 The project will be managed and undertaken step by step. First, the necessary resources will be analyzed and the equipments will be bought. After that, experts will be hired and they will be instructed regarding the guidelines and requirements of the project. Finally, the project will be in full flow until completion.

Resources to be applied

Estimated Project Duration

People:

 25

Budget:

$500,000 

Start:

20/06/2016

Equipment:

 $400,000

End:

 20/08/2016


Risk Ref. No.

Risk Category

Risk Description

Risk Cause

Risk Consequences

1

Finance

The actual expenses may exceed the budget by a long margin

Insufficient funds, malfunctioning equipments, systems errors causing over expenditure

The project may fail altogether, feasibility of the project may get lost due to over expenditure

2

Finance

The project sponsor might stop funding for the project

The sponsor may not be satisfied with the progress of the project, sponsor may have some financial problems of their own

The company will encounter heavy losses, project may fail completely

3

Legal/Regulatory

The project may be stopped for indefinite time due to legal issues

The company might not have followed legal restrictions or received legal approval before starting the project, copyright issues

The project might be stopped for indefinite period or permanently, company may encounter huge penalties and other losses

4

Safety

 The equipments may get malfunctioned, network malfunctioning may cause loss of the programs and softwares

The malfunctioning of equipments may occur if proper safety measures and not taken, network malfunction may occur due to network errors or external harmful agents 

 Repair or replacement of equipments will require extra cost, network errors and loss of data will require extra work of the experts

5

Security

External network threats like virus attacks, breach of security attacks and malwares may damage or destroy the whole system

There are some third party agents and unethical hackers who try to breach the security of an organization and extract confidential information from the systems

Consequences are huge, all confidential data maybe leaked, critical documents may get destroyed or lost forever

6

Commercial

The project may not have commercial feasibility

The main commercial requirements of the company may not have been analyzed properly before approving the project 

The company may not achieve commercial success as expected

7

Commercial

Even after successful completion of the project, the company still fails to attract customers

The project requirements may not have been met properly, there might be some internal undetected errors 

The company may not be able to recoup expenses through revenue

8

Commercial

Even after the project, the market may not the suit the company in that situation

Proper market analysis might not have been made prior to the project

The company may not achieve any commercial success

(2).

RISK MANAGEMENT PLAN - Part 2: Risk Register

Risk Ref. No. 

Risk Category

Impact

Likelihood

Rating

1

Finance

4-Major

3-Possible

High

2

Finance

5-Catastrophic

4-Likely

Extreme

3

Legal/Regulatory

5-Catastrophic

3-Possible

High

4

Safety

4-Major

3-Possible

High

5

Security

5-Catastrophic

5-Almost Certain

Extreme

6

Commercial

4-Major

3-Possible

High

7

Commercial

4-Major

2-Unlikely

Medium

8

Commercial

2-Minor

1-Rare

Low

(3).

RISK MANAGEMENT PLAN - Part 3: Risk Treatment Plan

Risk Ref. No. 

Treatment Strategy

Treatment Description

Treatment Resources

Risk Owner

Deadline

1

Avoid

Unnecessary expenses are to be avoided, extra funds should be kept available to avoid fund shortage

Excess Funds

 Project Manager, Company Director, Accountant

 Before the start of the project

2

Transfer

The sponsor should be changed and transferred to some other company

Sponsor Contract 

 Commercial Director, Finance Department

 After termination of one sponsor

3

Mitigate

The legal issues must be mitigated quickly with legal help and right procedures

 Legal Obligations

 Lawyer

 As soon as possible

4

Avoid

Any safety loopholes are to be avoided during the course of the project

 Hardwares and Softwares

Resource Manager, Computer Engineers 

Within 10-15 days for hardwares, 5 days for softwares 

5

Mitigate

Security issues are to be mitigated at the highest priority using firewalls, anti-virus and other software tools

 Security Softwares

 Computer Engineers, Security Experts

 As soon as possible (highest priority)

6

Accept

The company should accept the results and use it as a basis for further development

 Survey Reports

Project Designer 

Within 6 months 

7

Accept

The company should accept the results and emphasize more on the customer demands

 Sales Reports

Sales Manager 

Within 3 months 

8

Transfer

The company may transfer or relocate to a region with lesser competition in market

 Financial Reports

 Marketing Manager

Within 6 months 

 

References

Huemann, M., & Silvius, G. (2015). Call for papers: International Journal of Project Management: Theme:“Managing projects & sustainability”.International Journal of Project Management, 33(71), 9-720.

McManus, J. (2012). Risk management in software development projects. Routledge.

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.

Neves, S. M., da Silva, C. E. S., Salomon, V. A. P., da Silva, A. F., & Sotomonte, B. E. P. (2014). Risk management in software projects through knowledge management techniques: cases in Brazilian incubated technology-based firms. International Journal of Project Management, 32(1), 125-138.

Pryke, S., & Smyth, H. (2012). The management of complex projects: a relationship approach. John Wiley & Sons.

Sehrawat, N., Munsi, N., & Jain, M. (2014). RISK MANAGEMENT in SOFTWARE PROJECTS.

Titarenko, B., Titov, S., & Titarenko, R. (2014, September). Risk management in innovation projects. In Applied Mechanics and Materials(Vol. 638, pp. 2338-2341). Trans Tech Publications.

Turner, J. R. (2014). The handbook of project-based management (Vol. 92). McGraw-hill.

OR

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