MC WK 7
tina11689
Projectfinal1.docxRunning head: PROJECT
PROJECT 5
Project
Student Name
Institutional Affiliation
Project
Q1
Risk 1
Risk Name: Regulatory risk
Description: The regulatory risks are about the regulations that we should meet before launching the project especially the pandemic control guidelines. The challenge is how to meet the provided health guidelines early enough to avoid delays in launching.
Category: The risks is in the category of compliance risk
Status: Identified
Likelihood: 3, the likelihood is high because several businesses are also working on meeting the set health guidelines where assessment and inspection has to be conducted before approval.
Consequences: 2, the overall consequences of the risk are losing clients to other upcoming coffee vendors that are already in business.
$ Impact: The occurrence of the risk has a financial value of $1000 loss
Trigger event: The trigger event is failure to acquire coffee stores spacious enough to allow social distancing of the staff in coffee preparation and administrative duties.
Mitigation plan: I would mitigate the risk by handling each coffee store per state and also involve the public health officials on the implementation processes for easier approval.
Risk 2
Risk Name: Technological risk
Description: The technological risk is about challenges of having modern technology tools to facilitate online coffee ordering and feedback platform. The technological resources necessary include IT experts, advanced computers and strong network connection.
Category: Resource
Status: Identified
Likelihood: 2, it is likely to occur but in a moderate level because available staff may be trained.
Consequence: 2, poor online communication and ordering would cause delays implementation of online services and service delivery project.
$ Impact: The coffee project would lose about $500 in a month.
Trigger event: Dynamic market trends
Mitigation plan: The risk is mitigated through continuous training of available staff and leasing computers in case of malfunctioning of the available devices.
Risk 3
Risk Name: Unit Cost
Description: The project would incur additional costs compared to what the physical coffee store spends. The risk is about unwillingness of customers to pay more for the coffee if delivering it to customer adds costs on each unit.
Category: Budget
Status: Identified
Likelihood: 4, there is high possibility that the risk might occur.
Consequences: 3, the occurrence of the risk would result to coffee store losing its loyal customers to competitors
$Impact: The risk occurrence would lead to a loss of $200 monthly
Trigger event: delivery costs
Mitigation plan: The plan is to focus on broadening business market scope to increase customers and produce more coffee to enjoy economies of scale lowering coffee unit costs.
Risk 4
Risk Name: Interpersonal risks
Description: Staff implementing the project may differ on some issues and policies in place due lack of effective communication caused by the pandemic that forces other staff to work from home.
Category: Resource
Status: Identified
Likelihood: 1, the risk is less likely to occur
Consequences: 2, occurrence of the risk would affect the implementation of the project
$Impact: The coffee store project would lose $100 if the risk occurs due to inefficiency in implementation
Trigger event: Diversity
Mitigation Plan: The plan is to ensure that the implementation team work harmoniously and involve them in most of the processes.
Risk 5
Risk Name: Program management
Description: The risk involves change of scope during project implementation
Category: Schedule
Status: Identified
Likelihood: 2, the risk has a moderate chance of occurrence
Consequences: The risk occurrence would increase the project implementation costs.
$Impact: A loss of about $250 would be experienced if changes of the project scope occur.
Trigger event: Mismanagement of resources
Mitigation plan: Training project team on resource management
Q2
The already made milestone in the project implementation includes:
1. The acquisition of stores in 7 states.
2. The project planning is complete all the requirements are in place including the sourcing for computers and linking with delivery firms.
3. The other milestone is meeting health guidelines based on the pandemic
