Risk management breakdown structure paper

Risk Management Breakdown Structure Paper

Risk involves uncertainty, the lack of knowledge of future events, and the measures of profitability and consequences of not achieving the project goal. Your organization has decided that to be successful in the global economy, it must expand its supply base into China or another country approved by your instructor. This has become a strategic project for the organization.

Select an organization with which you are familiar as the basis of the paper.

Write a 1,400- to 1,750-word paper in which you address the following risk management items for this supplier global expansion project:

Describe the objectives and goals, tools and techniques, and organizational roles and responsibilities for effective risk management for the project.
Describe various information sources that may be used by the project team for risk identification.
Identify and describe the risk management documentation that will be required for the project. Examples include RMP and risk management log or register.
Explain the role of risk management in the project planning process.
Create a risk breakdown structure that outlines the organization's risk categories.

Consider the following categories:

Project risks
Business
Contract relationships with customers and suppliers
Management
Political
Organizational risks
Project management risks
Cost estimates
Schedule estimates
Communication
Technical risks
Production risks
Manufacturing concerns
Logistics
Support risks
Maintainability
Warranty
External risks
Procurement
Material availability
Lead times
Quality
Market
Format your paper consistent with APA guidelines.

Submit your paper and risk breakdown structure.

Risk involves uncertainty, the lack of knowledge of future events, and the measures of profitability and consequences of not achieving the project goal. Your organization has decided that, to be successful in the global economy, it must expand its supply base into China, or another country approved by your instructor. This has become a strategic project for the organization.

Select an organization with which you are familiar as the basis of the paper.

A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions. One of the suppliers of a key component has longer lead time than is required to complete the pipeline but may be able to deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.

Write a 1,400- to 1,750-word paper in which you address the following risk management items for this supplier global expansion project:

· Describe the objectives and goals, tools and techniques, and organizational roles and responsibilities for effective risk management for the project.

· flowcharts, checklists, standards, SWOT analysis as well as data gathering

· collaboration of departments

· “Planning for risks is much the same as planning for projects because the more information the project manager has regarding potential problems, the better prepared he will be in having well-thought-out response plans” (Wilson, 2015).

· “The ultimate goal in analyzing risk data is to understand the probability of occurrence, the impact to activities, and the prioritization, which is the design of the response required to mitigate or eliminate the risk” (Wilson, pg. 71).

· Describe various information sources that may be used by the project team for risk identification.

· Identify companies who have successfully expanded globally

· Identify and describe the risk management documentation that will be required for the project. Examples include RMP and risk management log or register.

· “Activity Information Checklist: This typically includes any potential responses would be successful and any early warning signs that would indicate a problem would be imminent. The PM typically uses the activity information checklist as the foundation for all detailed information on which to build the rest of the PM plan because this document is at the ground level of detail that would most likely reveal potential risks”(Wilson, p. 183).

· “Risk register: organizes all information regarding each risk.

· Categorization and prioritization of all risks

· Probability and impact of each risk

· Responses and contingencies

· Owner identified for each risk” (Wilson, p. 183).

· Explain the role of risk management in the project planning process.

· “Monitoring is the process of gathering information that would reveal indicators that a risk is imminent; controlling risks are the actions taken based on the analysis of the information gathered, as to corrections that will be implemented to adjust the conditions of a work activity to mitigate or eliminate a potential risk”(Wilson, pg. 188).

Reference

Wilson, R. (2015). Mastering risk and procurement in project management: A guide to planning, controlling, and resolving unexpected problems. Upper Saddle River, NJ: Pearson.

· According to Wilson (2015), Insert the paraphrased material.

· Insert the paraphrased material (Wilson, 2015).

· Wilson (2015) stated,“Insert the quotation” (p. 183).

Create a risk breakdown structure that outlines the organization's risk categories.

Consider the following categories:

· Project risks

· Business

· Contract relationships with customers and suppliers

· Management

· Political

· Organizational risks

· Project management risks

· Cost estimates

· Schedule estimates

· Communication

· Technical risks

· Production risks

· Manufacturing concerns

· Logistics

· Support risks

· Maintainability

· Warranty

· External risks

· Procurement

· Material availability

· Lead times

· Quality

· Market