Description
Select an organization you are familiar with as the basis of the 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.
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.
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Running Head: RISK MANAGEMENT BREAKDOWN STRUCTURE
Risk Management Breakdown Structure
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RISK MANAGEMENT BREAKDOWN STRUCTURE
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Introduction
Risk management is the process of putting measures in place to deal with uncertainties
that may cause disruptions to the ordinary operations of an organization. It entails ensuring that
all the potential incidences and events that may cause damage, injury, harm, loss, theft, or loss of
crucial aspects of an organization are mitigated. Given that all risks are uncertain and their
likelihood or probability of occurrence remains unknown to an organization, most organizations
lack accurate information about the future of the organization. None the less, there is a need for
an organization to put in place risk management measures that would enable an organization to
forecast their profitability against the potential consequences of the risks which may hinder the
achievement of the goals of an organization.
This paper will review risk management within the context of Walmart which has already
laid down plans to expand its operations in China and thus remains cautious of the uncertainties
surrounding the globalization efforts. The paper provides an overview of the objectives and
goals, organizational roles and responsibilities, as well as the appropriate tools and techniques
that Walmart can use to effectively managing this expansion. An overview of the information
sources that Walmart may use during the documentation of risk management during the planned
expansion project to the emerging market in China is also provided. Finally, the paper provides
an explanation of the role of risk management during a project planning process.
Risk Management Breakdown Structure
Walmart is the largest retail store globally, both in terms of sales revenue, staff, and
customer base. The giant retailer continues to expand its operation across different countries
globally, with the most recent globalization plan focusing on the Chinese market that it considers
as an emerging and potential growth opportunity (Walmart, 2019). Although the expansion plan
RISK MANAGEMENT BREAKDOWN STRUCTURE
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comes amid concerns that some division of the retailer is not coping with the stiff competition in
the market, the company is ready to take risk and venture into the emerging market in China to
increase its supply and distribution within the market that remains unexploited.
The move to undertake the globalization initiative in a new market that the company is
not familiar with at all means that there are uncertainties that the company may face during the
expansion. Therefore, the company remains unaware of the future outcomes of the globalization
plan and the possible consequences of the planned expansion program. Conversely, Wal...