University of California Risk Management Plan Paper
Anonymous

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The papers are already written I just need them combined and a communications plan written . communication plan is 800 to 1000 words bringing the paper to 6000 words. I will reiterate the papers just need to be combined. the only thing that needs to be written is the communication plan.

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Running Head: PROJECT RISKS 1 Project Risk Author’s Name Institutional Affiliation Date PROJECT RISK 2 Project Risks Every project has risks that need to be accessed and determined at the right time. The importance of risk assessment, helps understand the magnitude of risk, what the company can bear and more importantly how to overcome them (Ameyaw & Chan, 2015). In the construction of water storage which will be able to supply water to 500,000 people, it is a big project that has several risks to think through and understand how they can affect the project positively or negatively. The first is water scarcity. Is a challenge that leads to constructing storage tanks (Ameyaw & Chan, 2015). When there is no adequate supply that may render the project unable to meet the goals of supplying 500,000 to people. Currently, human activities like deforestation affect the water sources, so that a risk that may occur in the future will affect the resource to be stored. Water needs to be supplied and pumped using energy which poses a risk in case there energy prices go up (Ameyaw & Chan, 2015). Further, political and social instability could affect the completion of projects that are meant o help people. Loss of competitive advantage since other companies can come together and give better services. Additionally, the project is big such going forward there may be water management risk that can affect the economic value (Hillson, 2017). Default to pay from the people whom they are meant to benefit from the project. To ensure that services need to be maintained, there is a need for people to pay the fee to ensure proper management. Another risk is the leakages that may occur during delivery to households. Additionally, poisoning of water can also happen in case impurities get into waterways. Further, poor designing of the pipe placement can have a PROJECT RISK 3 serious effect on the project. Through the analysis of the pipeline placement risk, it can help maintain the project for the long and to have economic value. The storage of water also poses a risk when there are peak demands that can be hard to supply. Also, environmental changes affect the supply of water (Hillson, 2017). The project can be faced by the risk of drought where it can affect the sources of water to be stored. Weak executive support in most projects leads to failure or no execution is made. The scope also is important to understand and it may lead to a huge problem when done on guesswork. Stakeholders' concern affects the project since they do though roadblocks hen they have a negative attitude. Lack of authority to guide and command the completion of the construction can cause project uncertainties (Iqbal, Choudhry, Holschemacher, Ali & Tamošaitienė, 2015). There need to have people to follow up and lack of authority can be seen as a risk to the project. Also, the lack of acceptance by the user can make the whole project useless (Iqbal, Choudhry, Holschemacher, Ali & Tamošaitienė, 2015). Therefore, the stakeholders need to agree and be in support so that it can be a success. Additionally, secondary risks are likely to be witnessed after the development and execution of mitigation. The design of the distribution network requires flexible and feasible architecture which has a positive impact since it can do change. Another positive risk is the integration of processes, systems, organizations, culture, and knowledge. That is important since it helps to solve most of the risks mentioned above. Though it may face a challenge in integrating all the elements have a positive result once it is done. PROJECT RISK 4 The techniques used in identifying the above risk are brainstorming. Understanding the project and trying to understand it shortcoming help identify the risks. Further, conducting the SWOT analysis of the project highlights the weaknesses that may lead to uncertainties during and after the construction (Hillson, 2017). Lastly, is the risk questionnaire where the team workers and the stakeholders give their views. From that, it was able to understand how each team understands the project and their suggestion highlighted several concerns that may be risky to the project. Qualitative and Quantitative Analysis Qualitative Analysis Quantitative analysis Risks Ranking Risks Ranking Water Scarcity medium Energy Prices High Deforestation high Political and Social Medium Water management low Poor pipe placement low instability Lack of competitive low advantage Poor designing Peak demands Water Impurities Lack of Authority low Defaults from users low Leakages high Integration low low high low PROJECT RISK 5 Secondary Risk medium Environmental high Scope high Change Poor planning low Stakeholder’s buy in medium Risk tolerance is the amount of risk that an investor is willing to take or they can handle. Every project sponsor, employ a team of risk managers so that they can determine the risk associated with a project. After the assessment, the sponsor determines the risk appetite and those that they cannot bear, they devise mitigation strategies. The construction of the storage water project is a big project and the sponsor would bear very few losses arising from risks. This is because it may be costly and push the deadline more compared to small projects PROJECT RISK 6 References Iqbal, S., Choudhry, R. M., Holschemacher, K., Ali, A., & Tamošaitienė, J. (2015). Risk management in construction projects. Technological and Economic Development of Economy, 21(1), 65-78. Hillson, D. (2017). Managing risk in projects. Routledge. Ameyaw, E. E., & Chan, A. P. (2015). Risk ranking and analysis in PPP water supply infrastructure projects: an international survey of industry experts. Facilities, 33(7/8), 428-453. Running head: APPLICATION OF RISK RESPONSE TYPES Application of Risk Response Types Name: Institutional affiliation 1 APPLICATION OF RISK RESPONSE TYPES Application of Risk Response Types Risk Risk Response Type Water Scarcity Mitigation Deforestation Avoidance Water management Mitigation Poor pipe placement Monitoring and preparing Poor designing Transference Peak demands Sharing Water Impurities Acceptance Lack of Authority Avoidance Secondary Risk Transference Environmental Change Acceptance Poor planning Transference Stakeholder’s buy in Mitigation Risks Ranking Avoidance Energy Prices High Mitigation Political and Social instability Transference 2 APPLICATION OF RISK RESPONSE TYPES Lack of competitive advantage Mitigating Defaults from users Transference Leakages Monitoring and preparing Integration Enhance Scope Exploit 3 Application of Risk Responses The organization will apply mitigation risk response type for water scarcity. It implies putting in place strategies to reduce the effects inherent to the risk. The increase in the economic costs of adverse weather conditions requires an organization taking steps to assess and mitigate the water scarcity risk. The response relates to the corporate water policy that requires top management to ensure the effective management of water. It also includes understanding areas where water could cause material risks to supply chains and operations (Walker, 2013). The company is putting in place strategies for the full water footprint. The company will start by putting in place policies that aim at addressing a specific risk. Reduction of the risk will range from simple steps such as a change in the process flow to complex like the introduction of new software for automation of a process. Although it could be challenging to avoid risks such as deforestation, the avoidance risk response is the easiest way of eliminating and reducing the adverse impact of such threats. It includes removing the tasks that contain the highest probability of causing deforestation. In this circumstance, the organization will put in place pro-active risk management planning aimed at APPLICATION OF RISK RESPONSE TYPES 4 removing substantial risk factors of deforestation. The company is planning to adopt a Global Forest Watch (GFW) Pro to do away with deforestation in its supply chain. The long term goal is to achieve the duo outcomes of protecting the forests as well as avoidance of the risk related to deforestation to the firm. Other examples of avoidance strategy the firm could apply are halting of a product line as well as selling part of the company. This strategy aligns with the organization’s long term goal of achieving zero tolerance for risk. The application of acceptance risk response type will involve putting in place a contingency plan that outlines what the firm will do in the event the projected risk occurs. It will help in dealing with any consequences caused by the uncertainty with low impact and the likelihood of happening (David, 2001). During budgeting, the organization will allocate some capital and resources to deal with such situations. Some of the threats that will fall in this category include emerging risks or those that could affect the organization in the future. The project team members will not monitor the acceptable risks frequently because of their low probability and impact. The management will also conduct an assessment to compare the cost of other risk management options against the cost of the risk in case it occurs, which relates to the profit-maximization goal. In circumstances where the benefits are less than the cost, the organization will accept the risk as opposed to spending more money on mitigating it. Application of monitoring and preparing risk response will be applicable in significant risks that, despite having high severity and probability, the organization has to accept them. It will include adherence to the adherence of plans to monitor the factors that cause activates the occurrence of the risk. It also involves coming up with action plans that the company can mobilize immediately in the event the risk occurs. The firm will put in place strategies aimed at ensuring they have a clear picture of the project development situation. It will imply keeping a APPLICATION OF RISK RESPONSE TYPES 5 track on the identified risks as well as assessing if the risk response meets the intended objective. This risk response type will also be applicable in the identification of the changed or new risks (Turner, 2016). It requires not only putting in place an active reporting mechanism but also ascertaining the essential reviews and reports cover the risk. The firm has put in place a continuous monitoring plan to evaluate the pipe placement project to avoid future leakages. It encompasses a daily review of the quality of the pipes before installation and whether the process adheres to the set standards. Applying the transference risk response requires trade-off when transferring the risk to the third party. This strategy will be useful in shifting the burden of the risk to a more experienced party, more so, in situations where the organization has limited knowledge on how to deal with the threats. For instance, the business could source for the services of a designing firm to limit the risk of poor designing. Similarly, it could take insurance against secondary threats to reduce the adverse impacts in case there is an emergence of new risk as a result of the implementation of the response plan. By adopting this risk response type, the company is acknowledging the possibility of a risk to occur, but it will not be responsible for managing the threat (Shenkir & Walker, 2007). The management will move it to the right location or transfer it to the insurance company. This risk response type relates to the objective of the company to protect itself against insurable risks. It has outlined insurance as the ultimate safeguard in the management of risk. It also emphasizes on outsourcing challenging tasks to experienced companies. The organization can use the sharing risk response type to distribute the threat across multiple team members (Mohtashami et al., 2006). For example, the firm could use it in dealing with peak demands due to the incapability to realize the opportunity on its own. It will include APPLICATION OF RISK RESPONSE TYPES 6 teaming up with other firms and working together towards the achievement of the goal. Consider a case where the business lacks particular technical capability that prevents it against from bidding on a project. In such an instance, the company could team up with other firms that have the skills of performing the task and bidding for the job jointly. The company will adopt the escalate strategy for other parties to handle it to realize the opportunity. In the past years, the organization has put in place plans to acquire some of the companies in the industry to increase its market share. The use of mergers and acquisitions will ensure that the company teams up with the other to increase its production to meet the peak demands. Risk Breakdown Structure RBS Level 0 RBS Level 1 1. TECHNICAL RISK 2. MANAGEMENT RISK 0. ALL THE SOURCES OF PROJECT RISKS 3. COMMERCIAL RISK 4. EXTERNAL RISK RBS Level 2 1.1 Scope 1.2 Integration 1.3 Poor pipe placement 1.4 Leakages 1.5 Poor designing 1.6 Risk Ranking 2.1 Lack of Authority 2.2 Stakeholder’s buy in 2.3 Poor planning 2.4 Water management 3.1 Water Scarcity 3.2 Deforestation 3.3 Water Impurities 3.4 Environmental Change 4.1 Peak demands 4.2 Secondary Risk 4.3 Energy Prices High 4.4 Political and Social instability 4.5 Lack of competitive advantage 4.6 Defaults from users APPLICATION OF RISK RESPONSE TYPES References David, H. (2001, October 5). Effective Strategies for Exploiting Opportunities. Retrieved from https://www.pmi.org/learning/library/effective-strategies-exploiting-opportunities-7947 Mohtashami, M., Marlowe, T., Kirova, V., & Deek, F. P. (2006). Risk management for collaborative software development. Information Systems Management, 23(4), 20-30. Shenkir, W. G., & Walker, P. L. (2007). Enterprise risk management: Tools and techniques for effective implementation. Institute of Management Accountants, 1-31. Turner, R. (2016). Gower Handbook of Project Management. London, England: Routledge. Walker, L. (2013, January 18). Steps to Mitigate Water Scarcity Risk. Retrieved from https://www.environmentalleader.com/2013/01/steps-to-mitigate-water-scarcity-risk/ 7 Running head: RISK MANAGEMENT PLAN Risk Management Plan Chevenia Anderson Colorado Technical University 10/09/2019 1 RISK MANAGEMENT PLAN 2 RISK MANAGEMENT PLAN Executive Summary Risk in can in simple terms is defined as the possibility of occurrence of an event. The event in question can either have positive or negative impact on a project. Risk can bring one or many impacts to a particular project. Risk management is a continuous process through the lifespan of a particular project. It is therefore performed at different stages. The first stage is the risk management planning. This stage involves the thought and implementation of the possibility of a risk in a project. The second stage is the identification of the risks. The process comes at the early stages of the project i.e. before initiating the project (Tom, 2013). After identification, the analysis of the risks comes third. This step involves a critical look into the risks with all their components. Control and monitor of the risks come last (Lowers and Associates, 2016). This process involves taking into account all the possibilities of the risks and then looking for all the solutions available for them. When accessing the possibilities of a risk, there has to be means of minimizing the occurrence of the risks. This process is called mitigation. This stage is important because it helps in reducing the chances of occurrence of the risk. There also has to be a plan of a series of events that can happen either before or after the occurrence of a risk. This stage is called contingency plan. These two categories are also very important in risk management. Introduction This project is on constructing a water storage facility. The project belongs to Zenko Group of companies. It involves building of storage tanks and pumping stations for water to a small town RISK MANAGEMENT PLAN 3 and the residents around it. The target service capacity of the project is 500,000 people. It means that the facility will be considerably big. The objectives of the project are to provide the best and most convenient facility desirable by everyone. The external dependencies of the project are; compliance with the regulations and guidelines by the local authorities, the weather of the area, the availability of raw materials and approval of the project by the Zenko Group. These dependencies have to be met for the project to continue. The stakeholders involved in this project are the residents of Lake Bridge town, the project team and the Zenko Executives. The residents are the clients of the project hence the first prioritized stakeholder. The initiators of the project are the second stakeholders i.e. the project team. The last category is the management of the project owners. Other stakeholders are the suppliers, the insurance and the local government. Purpose of the Document This document contains the methods, steps and stages that are to be undertaken in the event that a risk occurs in the course of the project. It contains all the required stages and measures to control the possibilities of any risk. The contents of the document are Identification, assessment, mitigation, contingency planning and control. Project Tasks The following tasks are to be done and the various activities done in each of them No. Task 1 Identification of the risk 2 3 4 5 6 Possible solutions Implementation Preparing the implementation Meeting with the project owners Meeting the stakeholders Activity Research on possible risks, Benchmarking, Case studies Research and analysis Tasking various teams Research Presentations, talks Presentations, Talks RISK MANAGEMENT PLAN 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Accessing the site prior to project Initiating the project 1st Monitor of the risks Implementing solutions 2nd monitor Providing solutions Meeting with the owners Accessing project compliance Reporting on compliance Meeting the project team Meeting the owners Briefing other stakeholders Reporting on the stakeholders Meeting and briefing the team 3rd monitor Analysis of the assessment Meeting the owners Briefing the team Next steps toward finishing Final assessment of the risks Analysis Meeting the owners Implementing solutions Final brief Handing over 4 Surveys Actual work Surveys Surveys Surveys Presentations, Talks Presentations, Talks Presentation, Talks Presentations, Talks Presentations, Talks Presentations, Talks Surveys Presentation, Talks Presentation, Talks Presentation, Talks Risk Identification For Zenko Group project for construction of water storage tanks, there are a number of risks that can be identified. They have been categorized as follows. Risks to the general public, risks to the management team. The shared risks in this category are overcrowding, food poisoning, natural disaster, chemical hazards, fire, accidents, and emergency response and so on. The specific risks for the project team are lack of coordination and cooperation among teams. Risk Assessment RISK MANAGEMENT PLAN 5 The assessment of the risks has to be constantly done to make sure that any risk that comes up is dealt with (Prachi, 2015). The assessment enables the project manager and the team to be aware of the extent to which the risk may affect the project. It enables good preparedness in case of the occurrence of the risk. The following matrix will be the guidance for the assessment. SERIOUSNESS POSSIBILITY OF HAPPENING LOW MEDIUM HIGH LOW MEDIUM HIGH The levels of seriousness can ...
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Running head: RISK MANAGEMENT PLAN

Risk Management Plan

Chevenia Anderson

Colorado Technical University

10/09/2019

1

RISK MANAGEMENT PLAN

2

RISK MANAGEMENT PLAN

Executive Summary

Risk in can in simple terms is defined as the possibility of occurrence of an event. The event in
question can either have positive or negative impact on a project. Risk can bring one or many
impacts to a particular project. Risk management is a continuous process through the lifespan of
a particular project. It is therefore performed at different stages. The first stage is the risk
management planning. This stage involves the thought and implementation of the possibility of a
risk in a project. The second stage is the identification of the risks. The process comes at the
early stages of the project i.e. before initiating the project (Tom, 2013). After identification, the
analysis of the risks comes third. This step involves a critical look into the risks with all their
components. Control and monitor of the risks come last (Lowers and Associates, 2016). This
process involves taking into account all the possibilities of the risks and then looking for all the
solutions available for them.

When accessing the possibilities of a risk, there has to be means of minimizing the occurrence of
the risks. This process is called mitigation. This stage is important because it helps in reducing
the chances of occurrence of the risk. There also has to be a plan of a series of events that can
happen either before or after the occurrence of a risk. This stage is called contingency plan.
These two categories are also very important in risk management.

Introduction

RISK MANAGEMENT PLAN

3

This project is on constructing a water storage facility. The project belongs to Zenko Group of
companies. It involves building of storage tanks and pumping stations for water to a small town
and the residents around it. The target service capacity of the project is 500,000 people. It means
that the facility will be considerably big. The objectives of the project are to provide the best and
most convenient facility desirable by everyone. The external dependencies of the project are;
compliance with the regulations and guidelines by the local authorities, the weather of the area,
the availability of raw materials and approval of the project by the Zenko Group. These
dependencies have to be met for the project to continue. The stakeholders involved in this project
are the residents of Lake Bridge town, the project team and the Zenko Executives. The residents
are the clients of the project hence the first prioritized stakeholder. The initiators of the project
are the second stakeholders i.e. the project team. The last category is the management of the
project owners. Other stakeholders are the suppliers, the insurance and the local government.

Purpose of the Document

This document contains the methods, steps and stages that are to be undertaken in the event that
a risk occurs in the course of the project. It contains all the required stages and measures to
control the possibilities of any risk. The contents of the document are Identification, assessment,
mitigation, contingency planning and control.

Project Tasks

The following tasks are to be done and the various activities done in each of them
No. Task
1
Identification of the risk
2

Possible solutions

Activity
Research on possible risks,
Benchmarking, Case studies
Research and analysis

RISK MANAGEMENT PLAN

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Implementation
Preparing the implementation
Meeting with the project owners
Meeting the stakeholders
Accessing the site prior to project
Initiating the project
1st Monitor of the risks
Implementing solutions
2nd monitor
Providing solutions
Meeting with the owners
Accessing project compliance
Reporting on compliance
Meeting the project team
Meeting the owners
Briefing other stakeholders
Reporting on the stakeholders
Meeting and briefing the team
3rd monitor
Analysis of the assessment
Meeting the owners
Briefing the team
Next steps toward finishing
Final assessment of the risks
Analysis
Meeting the owners
Implementing solutions
Final brief
Handing over

4

Tasking various teams
Research
Presentations, talks
Presentations, Talks
Surveys
Actual work
Surveys
Surveys

Surveys
Presentations, Talks
Presentations, Talks
Presentation, Talks
Presentations, Talks
Presentations, Talks
Presentations, Talks
Surveys
Presentation, Talks
Presentation, Talks

Presentation, Talks

Risk Identification

For Zenko Group project for construction of water storage tanks, there are a number of risks that
can be identified. They have been categorized as follows. Risks to the general public, risks to the
management team. The shared risks in this category are overcrowding, food poisoning, natural
disaster, chemical hazards, fire, accidents, and emergency response and so on. The specific risks
for the project team are lack of coordination and cooperation among teams.

RISK MANAGEMENT PLAN

5

Risk Assessment

The assessment of the risks has to be constantly done to make sure that any risk that comes up is
dealt with (Prachi, 2015). The assessment enables the project manager and the team to be aware
of the extent to which the risk may affect the project. It enables good preparedness in case of the
occurrence of the risk. The following matrix will be the guidance for the assessment.
SERIOUSNESS
POSSIBILITY
OF
HAPPENING

LOW

MEDIUM

HIGH

LOW
MEDIUM
HIGH

The levels of seriousness can be substituted by numbers 1, 2 and 3 for low, medium and high
respectively or A, B, C

Risk mitigation

The mitigation of risk includes what can be done in case a change occurs during the project.
There are many approaches to this process. For the Zenko project, the following can be done;

Eliminating the possible causes of the risks is the first mitigation process. This technique
involves doing away with the reasons and catalyzes of the dangers. It may include changing
routes, installing security systems.

RISK MANAGEMENT PLAN

6

Reduction of the possibilities of the risks is another measure. This tactic includes minimizing
opportunities for threats. Some of the things that can be done include equipping the workers with
safety attires, putting caution boards on the site, and so on.

Accepting the occurrence of an unavoidable loses from risks is another way of risk mitigation.

Implementation

The mitigation methods put in place have to be put into practice to ensure the success of the
project. There processes and steps have to be followed by final evaluation and review of the
whole process of risk management. It is therefore important to note that a risk management plan
should be very specific to a particular project.

Risk Responsibility Plan

Today businesses are harnessing technologies for their operations. Such innovations are
utilized in areas such as consumer experiences, product and service redefinition (Broder and
Tucker, 2012). Hornet enterprise is the company bein...

bilhamay (12199)
Carnegie Mellon University

Anonymous
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