One of the risks you anticipated for the project was the late delivery of the prototype
Compiled risk management plan with 1 page addendum and 2-3 page document answering the questions
One of the risks you anticipated for the project was the late delivery of the prototype from the vendor. You adjusted your project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. You also identified a risk with the vendor that they have very little technical depth; if the key engineer is not available to your project, the risk of a delay is even greater. You determined how you would monitor the vendor's performance and ensure a timely delivery. You took a very risk-averse, protective approach to the relationship, but now, as the project is progressing, you are wondering if there is something you could do with the vendor to actually benefit the project instead of just protecting it.
Assignment Guidelines:
Create a 1-page addendum to your risk management plan that describes how you will modify the plans or create new plans relative to that vendor to create an opportunity that will result in lower costs, earlier delivery, higher quality, or other positive impacts.
Also, answer the following questions: **IN A SEPARATE 2-3 PAGE WORD DOCUMENT**
- What can you change in your plans to create an opportunity?
- What would that opportunity be?
- What is the probability that this opportunity could occur? What is the impact?
- What are the risks (adverse effect) that are introduced by this change in plans?
- How will you communicate this change to the vendor?
Your submitted assignment (130 points) must include the following:
- A compiled risk management plan with your 1-page addendum in it
- A SEPARATE 2–3 page document answering the questions above
- Submit both files as 1 zipped document to the drop box
Please submit your assignment.
Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.
For assistance with your assignment, please use your text, Web resources, and all course materials.
This assignment will also be assessed using the Common Assessment criteria provided here.
| Projected Risks | ||
| RISK | DESCRIPTION | CATEGORY |
| Staff Knowledge | The project is technology intensive and requires a | Resources/People |
| group of people with specific knowledge. The company is not planning to hire | ||
| any more employees for the project and lack of staff knowledge | ||
| may be a hindrance to the completion and quality of the project. | ||
| Staff Availability | Since the company is not hiring any more employees, there may be a shortage of | Resources/People |
| staff as the available employees work on their individual projects as well as the | ||
| boards' project concurrently. | ||
| Staff Cohesion | The project will include employees from different departments having to work | Resources/People |
| together. Friction and bad blood may arise since these individuals have never | ||
| worked so closely before. | ||
| Communication | The employees have never worked together on a project of this magnitude. Thus, | Strategy |
| effective communication might be difficult to establish owing to the complex group | ||
| dynamics | ||
| Leadership Inexperience | The project manager is new to the company and has not had much experience with | Resources/Management |
| the members of the project team. | ||
| Leadership Gap | The project does not have a quality control manager. This might result in delays in | Resources/Management |
| project commencement and completion because the quality control manager needs | ||
| to be there from the very beginning of the project. | ||
| Time | The project may not be completed within the designated time frame because of | Schedule |
| entrusting the project to a group of people who have never worked together before. | ||
| Conflicts are bound to ensue among the project personnel | ||
| Budget Constraint | The money allocated does not cover for unplanned cost. If an emergency were to | Resource/Money |
| arise then the roject may grind to halt due to deficiency in funds | ||
| Supplier Delay | There could be a delay in the supply of raw materials to the company's manufacturing | Schedule |
| laboratory. Such a delay may interrupt the schedule of the project | ||
| Lack of Raw Materials | There could be a shortage of the raw materials required in the building of the final boards. | Resources/Raw Materials |
| A lack of raw materials will lengthen the time required to complete the project | ||
| Government regulation | The company will have to abide to several government regulations especially in regards to | Regulation |
| quality that may increase the overall cost of the project. The company may deem the project | ||
| too expensive to proceed with it | ||
| Lack of Strong Processes | Previous projects undertaken within the company have shown that there are hardly any strong | Strategy |
| processes that can be followed when handling a project. Lack of processes can lead to | ||
| mayhem and disorganization | ||
| Demand of the Product | No conclusive reports on the potential demand of the product have been given to the project | Strategy |
| manager or the sales and marketing team. Such a report is crucial, because without it, the | ||
| project team is simply working in a vacuum | ||
| Marketing Objective | There needs to be a marketing objective so that the sales and marketing team can come up | Strategy |
| with a strategic plan for capturing the market | ||
| Prototype Issues | The creation of the prototype is being outsourced, which can lead to a myriad of problems. | Resource/people |
| The company mandated to do so might develop the wrong prototype or have substantial delays | ||
| in the creation of the prototype. Such problems might stall the commencement of the project | ||
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Rating:
/5
Solution: One of the risks you anticipated for the project was the late delivery of the prototype