Business Finance
MGMT 440 American InterContinental Prototype Risk Management Plan Project

MGMT 440

American InterContinental University

MGMT

Question Description

I’m working on a Management question and need guidance to help me study.

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:

  • 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 (250 points) must include the following:

  • A 1-page addendum
  • A 2 to 3 page document answering the questions above

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.

Running head: ADDENDUM

1

Addendum to the Risk Management Plan

Institution Affiliation

Date

ADDENDUM

2
Addendum to the Risk Management Plan

One problem with the current risk management plan is that the plan is quite protective.
The vendor's two major risks are the late delivery of the prototype and little technical depth on
the side of the vendor. The occurrence of the anticipated risks could adversely affect the project
schedule. A significantly risk-averse approach was adopted in response to the two anticipated
risks. The current risk management plan largely focuses on mitigating adverse effects that could
arise due to the risks. A more beneficial approach to the risks, i.e., an approach that would help
the vendor deliver the prototype in time, would benefit the project compared to the risk-averse
approach. The proposed risk management approach is supporting the vendor in project
management regarding the development and delivery of the prototype.
Collaborating with the vendor in managing the prototype’s development and delivery is a
beneficial approach to managing the risks. It will help provide the vendor with additional project
management expertise to help deliver the prototype in time. The proposed approach presents the
customer with the opportunity to ensure that the prototype under devel...

nkostas (31632)
New York University

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