MGT 523 California Intercontinental University Stakeholder & Risk Management for An On Ground Team Essay

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MGT 523

California Intercontinental University

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Description

Write a 2-3 page paper in APA format (not including the cover page and reference page) and complete the six (6) templates. Please click here to view the criteria by which you will be assessed for the achievement of the CLO for this unit. Please use the APA Sample provided in in the student resources to complete your assignment.


    For this class, you will be analyzing a project. You may select a project that you have worked on in the past, or you may make up a fictitious project. Another choice is to Google for failed projects and then develop a plan that would have helped the project succeed. In most cases, you will need to develop a plan for a ground based team to successfully complete the project; and at the same time, you will develop a plan for a virtual team to successfully complete the project.

    As you know, each type of project will face its own challenges and as you develop your plan for project success, you need to address the differences in the projects. You do not have to use the same project from week to week, but you may find it helpful to do so. If you decide to change projects, each week, you will need to explain to your instructor an overview of the project. This week, you will complete a stakeholder register for a virtual team and a stakeholder register for an on-ground team.

    You will also complete a stakeholder management plan for both teams. Download the Stake holder-register-template and stakeholder management plan. You also need to complete a risk management plan for each team. Download the risk management plan. After you have completed the templates, write a paper in APA format that explains why you think your stakeholder management plan and risk management plan will be effective for each team.

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MGT 523 UNIT 2 View of CLO assessment. Highly Developed CLO 2. Plan a project with on ground teams and also virtual teams. The student demonstrates an excellent understanding of planning a project with on ground teams and also virtual teams by showing a thorough, correct and accurate understanding of the concepts, theory, and/or research, as well as the ability to critically evaluate the topic. The student shows a mastery of the subject and is able to integrate concepts within this course and from other areas of application. Developing Emerging Beginning MarginalSubstandard The student demonstrates a good understanding of planning a project with on ground teams and also virtual teams by showing a correct and accurate understanding of the concepts, theory, and/or research, as well as the ability to evaluate the topic. Some concepts may not be fully explored. The student shows a comprehensive understanding of the subject and is able to integrate concepts within this course. The student demonstrates a fundamental understanding of planning a project with on ground teams and also virtual teams. While the key and essential concepts, theories, and research are adequately covered, there may be other relevant aspects of the topic which are not treated adequately. This is an average level of performance. The student shows an adequate but not fully correct understanding of planning a project with on ground teams and also virtual teams. Some key points are addressed, but other points are left out or are not covered at all. There are specific problems, weaknesses and/or gaps in accuracy, correctness and/or logic in the presentation of the assignment. In general, the work is marginally acceptable. Work was insufficient to demonstrate achievement of the competency at any level. See the guidelines for the APA and writing below. No Submission Fails to submit the work. APA/Writing, Organization, formatting and writing Ranking Few to no errors in APA style with scholarly writing. Wellorganized. No syntax errors. Has correctly formatted document with in-text citations and references. Minor errors in APA style with scholarly writing. Well – organized. Minor syntax errors Minor errors in formatting of document, intext citations, or references. Some errors in APA style with some informal tone. Satisfactory flow. Several syntax errors. Multiple errors in formatting of document, intext citations, or references. Significant errors in APA style with informal tone. Poor flow. Multiple syntax errors. Efforts at formatting of document, intext citations, or references do not meet average expectations. Informal tone with numerous errors in APA style or APA style is not used. Does not meet minimum expectations for flow, syntax, or formatting of document, in-text citations or references. 5 4 3 2 1 0 PROJECT RISK MANAGEMENT PLAN TEMPLATE This template enables you to create a comprehensive and well-evidenced risk management plan. To complete this plan you need to bring together a wide variety of individuals to ensure all potential risks can be assessed and analyzed to ensure your project’s success. You must gather together key individuals from your project team, your stakeholders and your subject matter experts so that every assumption and constraint can be fully discussed and weighted in terms of its probability and severity as it relates to the project. Using this template will ensure that all communications on project risks are properly analyzed and recorded with all the necessary supporting documentation. Part of the process of producing this management plan creates to key living documents that any project must have, the risk register and risk log. Both of these documents are constantly updated and referred to throughout the life of any project and it is this management plan that defines how this process will be monitored and reported. This management plan needs a solid foundation of project data that provides sufficient structure to allow probabilities and the level of severity for each risk to be quantified. For example • Assigned ‘key’ project individuals with the responsibility for managing risk. • The scope of the project work must be defined. This includes its schedule, costs and resource requirements. • Baseline thresholds for costs, resources and schedule must have a minimum and maximum. • Reporting requirements must have been established in regards to their different formats, frequencies and circulations. FRONT COVER Displays a top-level summary of essential information relating to the Risk Management Plan. DESCRIPTION: this page details the typical items found on the cover of risk management plan. Amend its contents to reflect the needs of your specific project and organization’s culture. • • • • • Project Manager is listed as its author along with their contact details. Project Name that this plan relates to. Version of Risk Management Plan – Version history will be shown in relevant appendix. Approval: – Lists the names and job titles of each person who as given approval and sign-off of this plan. – The date and version they have approved accompany their signature. Circulation List of who (name, location & organization) has received stated version. © www.free-management-ebooks.com All Rights Reserved Project Working Title: Project Sponsor: Version: Date: Organization: Project Description: Contact tel: email: Plan Author: Contact tel: email: RISK MANAGEMENT PLAN APPROVAL Printed Name & Job Title Project Role Signature Project Sponsor CIRCULATED TO: - - - - - - - - - - © www.free-management-ebooks.com All Rights Reserved Date Approved INTRODUCTION: describes the purpose of this plan, which is to identify all possible risks to the project. The plan then quantifies how much of a risk they are, the probability that they could occur and the likely impact they would have on the project if they happened. It outlines how risks will be monitored, managed and reported on for the duration of the project. RISK MANAGEMENT APPROACH: this plan is written by the project manager and in this section he or she describes how they will manage any identified risks with the objective of keeping their impact on the project to a minimum. This section defines who will act as risk manager throughout the project, usually this is the project manager but in some instances it is more effective to assign this role to one individual. It also outlines the processes to be used to manage the risks faced by the project. NOTE: Some organizations like to see a high-level description of most critical risks (top three-five) in this section and how they will be mitigated and managed. Processes: Risk Management Team Roles & Responsibilities: © www.free-management-ebooks.com All Rights Reserved RISK IDENTIFICATION: this section defines that the project will use to identify risks. It must be performed as early as possible in the project and requires key project documents – definitions, baseline minimums/maximums for project costs, resources, schedule and scope. This process creates the Risk Register that is recorded in appendix C and the Risk Log, which is recorded in appendix D and is the document used to monitor and report on the status of each risk to the risk management team. RISK ANALYSIS: having identified specific risks this part of the plan describes how each one will be analyzed using qualitative and quantitative methods. A level of probability will be calculated and as assessment made of its likely impact on the project for each risk. The resulting data enables the risk team to prioritize the risks it faces and decide how best to plan for it. Probability Severity Impact © www.free-management-ebooks.com All Rights Reserved RISK RESPONSE PLANNING: this section details how you aim to respond to each risk that has a high enough probability of happening or its impact is significant to warrant planning how to handle it. The risk log assigns an owner to each of these major risks and it is their responsibility to monitor it and escalate its status if required to ensure the project continues to run smoothly. RISK MONITORING & CONTROLLING: the process for monitoring major risks, escalation procedures and reporting requirements are defined here. The greatest risks are often included in the project schedule as this is a clear way to observe if and when ‘trigger’ conditions occur or changes are requested. © www.free-management-ebooks.com All Rights Reserved RISK REPORTING: this is a critical part of risk monitoring and starts from day one and continues till project closure. The project manger defines the type of reports he or she wants to see in connection with risk management, who they are circulated to and their frequency. The output data from risk management forms a key segment of any project status report and needs to be regularly communicated to the project sponsor and other key project personnel and stakeholders. © www.free-management-ebooks.com All Rights Reserved APPENDIX A – VERSION HISTORY This appendix records the version history of this plan. For each new and approved version the reasoning behind its creation are described below Version Number Name of Implementation Author Date Revised Approved by Date Approved Reasoning behind new version 1.0 APPENDIX B – GLOSSARY OF PROJECT TERMS Each project uses standard acronyms and develops their own for the ease of communication. It is important to record them in this plan to ensure clarity of description and terminology is consistent in every communication. Acronym / Term PMO Standard or Project Definition Project Management Office © www.free-management-ebooks.com All Rights Reserved APPENDIX C – PROJECT RISK REGISTER Project Manager: Project: ID Risk Description Likely Cause of Risk Occurring Affect on Project Phase Affected Date: ProbaSeverity Ability to bility Level Detect % Overall Risk Rank CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL © www.free-management-ebooks.com All Rights Reserved ID Risk Description Likely Cause of Risk Occurring Affect on Project Phase Affected ProbaSeverity Ability to bility Level Detect % Overall Risk Rank CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL CRITICAL % High EASY Med MODERATE Low COMPLEX SERIOUS MODEST TRIVIAL © www.free-management-ebooks.com All Rights Reserved APPENDIX D – PROJECT RISK LOG Project: ID Owner Project Manager: Phase Affected Date Logged Risk Description Impact Rating Escalation Activated Date: Current Status Planned Mitigation Proba -bility YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % © www.free-management-ebooks.com All Rights Reserved Sever -ity ID Owner Phase Affected Date Logged Risk Description Impact Rating Escalation Activated Current Status Planned Mitigation Proba -bility YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % YES / NO % © www.free-management-ebooks.com All Rights Reserved Sever -ity APPENDIX E – DOCUMENTATION REFERENCES Any professionally managed project has extensive documentation the purpose of this appendix is to record which documents (plus the version used, if applicable) have been used in the production of and conjunction with of the communications management plan. ISBN / Reference / Version Document © www.free-management-ebooks.com All Rights Reserved Author PROJECT STAKEHOLDER MANAGEMENT PLAN TEMPLATE This template The Stakeholder Management Plan template will enable you to identify and categorize your stakeholders in terms of their ‘interest’. The level of interest for each stakeholder is defined by assessing three key facets as they relate to that individual and the project: • Level of influence • Level of interest • Level of involvement Thus allowing you to develop a comprehensive management strategy that ensures you set expectations appropriately and retain their support throughout the project life cycle according to their ability to affect the project and its outcome. There are four processes in the creation of this management plan. 13.1 Identify Stakeholders 13.2 Plan Stakeholder Management 13.3 Manage Stakeholder Engagement 13.4 Control Stakeholder Engagement The importance of planning and preparing a sound strategy to manage your stakeholders as early as possible in the project management process cannot be over emphasized. Good management of stakeholder’s interests from the outset will help you to avoid unnecessary diversions that arise from a lack of understanding of their needs and interests. FRONT COVER Displays a top-level summary of essential information relating to the Stakeholders Management DESCRIPTION: this page details the typical items found on the cover of stakeholders management plan. Amend its contents to reflect the needs of your specific project and organization’s culture. • • • • Plan. • Project Manager is listed as its author along with their contact details. Project Name that this plan relates to. Version of Stakeholders Management Plan – Version history will be shown in relevant appendix. Approval: – Lists the names and job titles of each person who as given approval and sign-off of this plan. – The date and version they have approved accompany their signature. Circulation List of who (name, location & organization) has received stated version. © www.free-management-ebooks.com. All Rights Reserved Project Working Title: Project Sponsor: Version: Date: Organization: Project Description: Contact tel: email: Plan Author: Contact tel: email: STAKEHOLDERS MANAGEMENT PLAN APPROVAL Printed Name & Job Title Project Role Signature Project Sponsor CIRCULATED TO: - - - - - - - - - - © www.free-management-ebooks.com. All Rights Reserved Date Approved INTRODUCTION – this section of the plan provides an outline of the objectives behind the strategy for managing the project stakeholders. It describes how this plan aims to gain and retain each stakeholder’s support for the project. It also outlines how it intends to anticipate any resistance, conflict or opposing requirements that exist among the stakeholders. IDENTIFY STAKEHOLDERS – the first action of this plan is to identify the individual stakeholders and define the methodology that the project team will adopt to complete this task. It is vital that ALL a projects stakeholders are identified whether they have a major or minor stake in the outcome of the project. If insufficient time is given to this process. Part of the methodology is agreeing the different categories that will be used to classify the different needs and interests that will be used in the Stakeholder register (often an appendix to this report – Appendix D). It is important that all ‘key’ stakeholders are clearly identified as they frequently those individuals that are most affected by the projects implementation and/or have considerable influence over the project. Communication to and from this group must receive priority and be well managed. KEY STAKEHOLDERS © www.free-management-ebooks.com. All Rights Reserved STAKEHOLDER ANALYSIS – this section is extremely important because it ensures that any future obstacles and diversions that can occur from poor communication are avoided. It will describe how this process will be performed and outline the tools and techniques that will be used. It consists of a two part process – first to identify and categorize each individual stakeholder according to their level of interest, influence and involvement. Secondly to then use these assigned categories to detail their main concerns and define their level of need (actively involve, retain support, reassure & prevent surprises) and strategy behind communications. Tools & Techniques ID Name of Stakeholder Category Interest (1-5) Influence (1-5) Involvement (1-5) Concerns © www.free-management-ebooks.com. All Rights Reserved Communication Strategy MANAGE STAKEHOLDER ENGAGEMENT – this section describes how the expectations of stakeholders will be managed to keep their positive support throughout the duration of the project. It will outline the tools and techniques to be used as part of this process. Tools & Techniques CONTROL STAKEHOLDER ENGAGEMENT – this part of the plan outlines the different ways each category of stakeholder swill be controlled through the lifecycle of the project. It describes which tools and techniques will be used as part of this process. Tools & Techniques © www.free-management-ebooks.com. All Rights Reserved APPENDIX A – VERSION HISTORY This appendix records the version history of this plan. For each new and approved version the reasoning behind its creation are described below Version Number Name of Implementation Author Date Revised Approved by Date Approved Reasoning behind new version 1.0 APPENDIX B – GLOSSARY OF PROJECT TERMS Each project uses standard acronyms and develops their own for the ease of communication. It is important to record them in this plan to ensure clarity of description and terminology is consistent in every communication. Acronym / Term PMO Standard or Project Definition Project Management Office © www.free-management-ebooks.com. All Rights Reserved APPENDIX C – DOCUMENTATION REFERENCES Any professionally managed project has extensive documentation the purpose of this appendix is to record which documents (plus the version used, if applicable) have been used in the production of and conjunction with of the communications management plan. ISBN / Reference / Version Document Communications Management Plan Stakeholder Register © www.free-management-ebooks.com. All Rights Reserved Author APPENDIX D – STAKEHOLDER REGISTER Stakeholder Name: Job Title: Organization: Contact Details Project Related Role Category Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: © www.free-management-ebooks.com. All Rights Reserved Interest Influence Involvement STAKEHOLDER REGISTER TEMPLATE This template records the output of identifying your project stakeholders from process 13.1 of the PMBOK project methodology. It collates all the information required to understand the needs and expectations of each stakeholder enabling you to define the most appropriate way to manage this relationship. This process involves assigning a category to each stakeholder that helps you classify the level of interest, influence and involvement in your project. It also documents the main requirements they want the project to meet and their expectations of what will happen on completion of the project in relation to their role and organization. Project Working Title: Project Description: Project Sponsor: Contact Email: Tel./Ext.: Version: Project Manager: Contact Email: Tel./Ext.: Date: Ver.No. History Author & Reason for review Date Revised Approved Name & Signature Date Approved 1.0 CIRCULATED TO: - - © www.free-management-ebooks.com All Rights Reserved Stakeholder Name: Job Title: Organization: Contact Details Project Related Role Category Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: © www.free-management-ebooks.com All Rights Reserved Interest Influence Involvement Stakeholder Name: Job Title: Organization: Contact Details Project Related Role Category Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: © www.free-management-ebooks.com All Rights Reserved Interest Influence Involvement Stakeholder Name: Job Title: Organization: Contact Details Project Related Role Category Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: Name: Job Title: Organization: Email: Tel: Location: Major Requirements: Main Expectations: © www.free-management-ebooks.com All Rights Reserved Interest Influence Involvement GLOSSARY OF PROJECT TERMS Acronym / Term PMO Standard or Project Definition Project Management Office © www.free-management-ebooks.com All Rights Reserved © www.free-management-ebooks.com All Rights Reserved This assignment will be graded using the below rubric. The instructor will select the appropriate level for each standard. Instructors: Please follow this link and use the standards defined to select the most appropriate scoring for each ULO listed in the rubric. After completing the rubric, total the score and select the corresponding level for the attached learning course outcome Highly Developed 20 points Developing 17.6 points Emerging 15.6 points Beginning 13 points Marginal/Substandard 0 points ULO 2.1 Construct a stakeholder template for an on-ground team and for a virtual team. Developing 17 points Emerging 15.6 points Beginning 13 points Marginal/Substandard o points ULO 2.2 Create a Highly stakeholder Developed management plan 20 points for an on-ground team and for a virtual team. Developing Emerging Beginning 13 points Marginal/Substandard 0 points 17.6 points 15.6 points ULO 2.3 Highly Complete a risk Developed management plan 20 points for an on-ground team and for a virtual team. Highly Developed Developing 13.2 points Emerging 11.7 points APA/Writing, Organization, formatting and writing Beginning 9.75 points Marginal/Substandard o points 15 points
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Explanation & Answer

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OUTLINE

1

Outline
Student’s Name
Institutional Affiliation
Instructor’s Name
Course
Due Date

OUTLINE

2
Outline

I.

Introduction
a. Topic: Developing Project Plan: The Millennium Dome
b. Project overview

II.

Project Plan for the Ground Team to Complete the Project
a. Develop a project vision
b. Define management structure
c. Project costing and Income

III.

Project Plan for the Virtual Team to Complete the Project
a. Establishing communication channels
b. Develop the right methodology
c. Conduct market survey

IV.

Justification for Stakeholder and Risk Management Plans
a. Ground-based team
b. Virtual team

V.

Appendices: Templates


DEVELOPING PROJECT PLAN

1

Developing Project Plan
Student’s Name
Institutional Affiliation
Instructor’s Name
Course
Due Date

DEVELOPING PROJECT PLAN

2

Developing Project Plan: The Millennium Dome
Planning is a critical phase in project management. Failure to plan is likely to lead to
suboptimal outcomes or complete failure. This plan is developed for the Millennium Dome, a
project that failed because of fundamental weaknesses during the planning stage.
Project Background
Millennium Dome is a megastructure based in Greenwich peninsula in London. The
structure was intended for celebrating the turn of the third millennium (Abbasi et al., 2014). It
contained a theme park as well as a scientific exhibition. However, the project failed to attract
visitors that would generate revenues to maintain the project. On 31 December 2000,
administrators announced closing the project because of the low visitor numbers. The dome was
eventually sold and converted to a stadium.
Project Plan for the Ground Team to Complete the Project
Develop a project vision
One of the key reasons for the project failure was the lack of proper planning. The project
lacked clarity regarding its scope. For example, the project plan involved converting the dome into
a soccer pitch for any of the London football teams. However, the plan did not involve prospective
teams during the development phase making the final product improper for football use (Abbasi
et al., 2014). Second, the project did not provide adequate cover for the £1 million maintenance
costs that proved to be too high. The project should define and develop a long-term vision of the
project supplemented with well-defined project scope (Larson & Gray, 2014). The essence of the
vision is to offer a commonality of purpose among all decision-makers.
Define management structure

DEVELOPING PROJECT PLAN

3

The management structure should be reconstituted to ensure that all project activities are properly
defined and covered. In particular, the marketing and advertising function was properly addressed
and the financial management overlooked critical elements such as short-term and long-term costs.
The management team should indicate lines of authority and the interaction patterns to follow.
Project costing and Income
The total estimate of project costs should be reasonable. Before the commencement of the
project, it is vital to conduct feasibility and viability studies to determine the sustainability of the
project. The project manager should proceed with the project if the full life-cycle assessment of
project costs and returns indicates sustainability. It is critical to realize that additional costs could
arise at later stages making it necessary to account for them during preliminary project assessment
(Larson & Gray, 2014). The significance of project planning is evident in the Millennium Dome
project. Estimating project income was particularly vital for the project. Projects that rely on the
visitor for income may be challenging especially because of the uncertainties and difficulties
surrounding the estimation of the number of visitors. The project manager should have
contingency plans to cover for low visitor turnover.
The marketing manager should be properly facilitated to conduct robust marketing and
advertisement of the project to generate interest within the public. Aggressive marketing tactics
are likely to increase the number of visitors and the associated project revenues (Jimenez et al.,
2017). Crucially, the project manager should allow for a reasonable period to sell the project idea
to the public in anticipation of increased customer engagements in the future. Contingency
planning will be vital for the project to overcome adverse variances. Contingency planning refers
to a plan that is developed in anticipation of an outcome that is contrary to the expectations.
Project Plan for the Virtual Team to Complete the Project

DEVELOPING PROJECT PLAN

4

The virtual team plays a crucial role in ensuring the success of the project. However, the
effectiveness of the virtual team in successfully turning around the project Millennium Dome will
depend on a variety of factors.
Establishing communication channels
Establishing communication patterns is vital for virtual teams. Since the majority of
communication is likely to take place through telephone and e-mail conversations, it is crucial to
hire good writers to form this critical team (Jimenez et al., 2017). Proper communication skills
limit misunderstandings and enhance rapid decision-making. Additionally, the lead project
manager should set a common meeting schedule with all team members. The project manager and
project leads should make daily calls/emails to all virtual team members to ascertain the current
status of their tasks such as what has been accomplished, pending tasks, and any challenges faced.
Develop the right methodology
Determining the right mechanisms within which to run a virtual team is important. The
project manager in collaboration with the IT team should identify appropriate online tools that
enable collaborative work to support the execution of assignments and scheduled tasks (Jimenez
et al., 2017). For example, virtual teams should engage the public through social media to raise
project awareness as a way of increasing sales turnover.
Conduct market survey
The feasibility of the project relies on its relevance to the consumer. The virtual team
should conduct a market survey regularly to determine consumer expectations and preferences.
The general trends in public taste regarding theme parks and quality standards of stadium
development should be well understood from the inception of the project to make it relevant to the
final consumer. Online market surveys using social media and telephone calls would lead to an

DEVELOPING PROJECT PLAN

5

informed decision-making process (Larson & Gray, 2014). The process will provide insight into
the nature of products and services to provide through the project to make it commercially viable.
Millennium Dome failed partly because of poor marketing strategies that relied on ticket sales and
word of mouth. The marketing budget was also set very low making it difficult to raise public
awareness of the project offering.

DEVELOPING PROJECT PLAN

6
References

Abbasi, N., Wajid, I., Iqbal, Z., & Zafar, F. (2014). Project failure case studies and
suggestions. International journal of computer applications, 86(6).
Jimenez, A., Boehe, D. M., Taras, V., & Caprar, D. V. (2017). Working across boundaries: Current
and

future

perspectives

on

global

virtual

teams. Journal

of

International

Management, 23(4), 341-349.
Larson, E. W., & Gray, C. F. (2014). Project management: the managerial process 6th ed.
McGraw-Hill Education.


PROJECT RISK MANAGEMENT PLAN TEMPLATE
This template enables you to create a comprehensive and well-evidenced risk management plan. To complete this plan you need to bring together
a wide variety of individuals to ensure all potential risks can be assessed and analyzed to ensure your project’s success. You must gather together
key individuals from your project team, your stakeholders and your subject matter experts so that every assumption and constraint can be fully
discussed and weighted in terms of its probability and severity as it relates to the project.
Using this template will ensure that all communications on project risks are properly analyzed and recorded with all the necessary supporting
documentation. Part of the process of producing this management plan creates to key living documents that any project must have, the risk
register and risk log. Both of these documents are constantly updated and referred to throughout the life of any project and it is this management
plan that defines how this process will be monitored and reported.
This management plan needs a solid foundation of project data that provides sufficient structure to allow probabilities and the level of severity for
each risk to be quantified. For example


Assigned ‘key’ project individuals with the responsibility for managing risk.



The scope of the project work must be defined. This includes its schedule, costs and resource requirements.



Baseline thresholds for costs, resources and schedule must have a minimum and maximum.



Reporting requirements must have been established in regards to their different formats, frequencies and circulations.

FRONT COVER

Displays a top-level summary
of essential information
relating to the Risk
Management Plan.

DESCRIPTION: this page details the typical items found on the cover of risk management plan. Amend its contents
to reflect the needs of your specific project and organization’s culture.






Project Manager is listed as its author along with their contact details.
Project Name that this plan relates to.
Version of Risk Management Plan
– Version history will be shown in relevant appendix.
Approval:
– Lists the names and job titles of each person who as given approval and sign-off of this plan.
– The date and version they have approved accompany their signature.
Circulation List of who (name, location & organization) has received stated version.

© www.free-management-ebooks.com All Rights Reserved

Project
Working Title:
Project
Sponsor:

Version:
Date:
Organization:

Project Description:
Contact tel:
email:

Plan
Author:

Contact tel:
email:

RISK MANAGEMENT PLAN APPROVAL
Printed Name & Job Title

Project Role

John Stone

Project Sponsor

Feline Rawlings

IT Manager

Mary Smith

Marketing Manager

Emily Clinton

Project Manager

Joshua Edwards

Finance Manager

Signature

CIRCULATED TO:
- All departmental unit heads

-

-

-

-

-

-

-

-

-

© www.free-management-ebooks.com All Rights Reserved

Date Approved

INTRODUCTION: describes the purpose of this plan, which is to identify all possible risks to the project. The plan then quantifies how much of a risk
they are, the probability that they could occur and the likely impact they would have on the project if they happened. It outlines how risks will be
monitored, managed and reported on for the duration of the project.

The purpose of this plan is to identify all possible risks associated with the Millennium Dome project. There are several risks associated with the
project ranging financial risks, environmental risks, and legal risks to logistical risks. These risks represent substantial amount to the project
estimated at $500 million. The probability of financial risks are estimated at 20% while environmental risks are assessed at a low of 2%. Financial
risks such as failure to raise capital and low revenue generation can halt the project. However, environmental and logistical risks can only delay
the project. The project will be monitored through regular performance appraisals, observation, and establishing goals and milestones.

RISK MANAGEMENT APPROACH: this plan is written by the project manager and in this section he or she describes how they will manage any
identified risks with the objective of keeping their impact on the project to a minimum. This section defines who will act as risk manager throughout
the project, usually this is the project manager but in some instances it is more effective to assign this role to one individual. It also outlines the
processes to be used to manage the risks faced by the project.
NOTE: Some organizations like to see a high-level description of most critical risks (top three-five) in this section and how they will be mitigated and managed.

Processes:
1. Risk identification
2. Analysing risk
3. Prioritizing risks
4. Implementing solutions
5. Monitori...

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