Week 8 Project Management Plan

Risk ID #

Risk Category

Risk Description

Risk Impact

Risk Response

Risk Response Tracking

Commercial Risks

Financial

Commercial risks are the most significant and severe risks in this project that can adversely affect the success of the project if not appropriately addressed. Financial chances are likely to affect the operation of the business because there will no enough finances to help run the project activities (Charkhakan & Heravi, 2018).

Commercial risks have a direct impact on the project. For instance, financial risks will delay the project activities because most activities will not be performed as planned (Charkhakan & Heravi, 2018).

Secondly, the high cost of implementing activities of the project will reduce the chances of achieving the goals of the project because all activities of the project will not be done to completion (CITATION).

A financial assessment committee will be formed to perform fund availability assessments to ensure that available financial resources are enough to run all project activities. This assessment will be done weekly to help in identifying such risks before they could bring adverse effects to the project.

Besides, risk responses report will be compiled by a financial committee identifying key potential sources financial risks to help in initiating appropriate measures that will be used to minimize the occurrence of such risks.

On the other hand, proper fund allocation will be made to all project units to ensure that no such issues are faced when activities of the project are ongoing (Charkhakan & Heravi, 2018).

Commercial risk is assigned to accounting professionals to help in resolving possible effects that these risks can cause by these risks.

The first meeting held to was meant to address possible financial challenges that can reduce the chances of achieving the goals of the project (Charkhakan & Heravi, 2018).

The project manager is mandated to assess how potential commercial risks mentioned by accounting can affect the activities of the project.

Managerial Risks

Managerial

Managerial risk factors in this project arise from management decisions that affect the flow of performing operations of this project (Fang et al., 2011). Inappropriate managerial activities will lead to performing project activities wrong procedure, which will adversely affect the outcomes of the project (CITATION).

Managerial risks directly affect the efficiency of activities in this project. In the case project, implementers use inappropriate managerial methods; the goals of this project will not be achieved (Fang et al., 2011).

Besides, managerial risk will lead to slow flow and sharing of information during project implementation. As a result, this will reduce the chances of achieving all activities as planned (CITATION).

The project committee of this project will have weekly evaluation meetings to assess managerial efficiency and how the management skills used in running activities impact the effectiveness of performing operations of the plan (Fang et al., 2011).

The second meeting will involve sharing the first experiences encountered at the begging of implementing strategic plans. Since the conference will be after the first week of achieving the project goals, it will be held online chaired by the Project Lead. During this meeting, stakeholders present will discuss how issues during the first phase of implementation can be eliminated.

The second meeting will also involve assessing the progress of the project and whether the methods used can make the project successful.

However, a crisis meeting will be attended by key stakeholders to discuss possible methods or ways of correcting problems faced after the first implementation process. Management risk will be mitigated by ensuring that appropriate methods are used to facilitate the smooth running of activities. As well, such threats will be reduced by making frequent supervision to help in identifying areas that affect the success of the project (Fang et al., 2011).

Management activities were tracked daily to help in making sure that all procedures are followed to achieve all goals of the project. Project management will be in in-charge of this activity. Tracking activities are conducted frequently (Fang et al., 2011). In doing so, measures to be taken in the future should be proposed based on the findings from the project.

Emergencies should be handled as they arise during project implementation (Fang et al., 2011).

Technical Risks

Technology

Technical risk factors in this project arise from issues or activities associated with the scope definition, research design, research of information, and methods used to conduct the research study. Challenges arising from the use of technology are the main key components in this case since they will directly affect the efficiency of project activities (Gonen, 2011). For example, if advanced technology is used in running events of this project, no difficulties will be faced.

Risks under these categories might arise as a result of technological issues. They affect the efficiency of the activities of the project. For instance, the use of inappropriate technical components will reduce the speed of implementing activities of the project, thus reducing the chances of achieving the goals of the project. Therefore, it essential to ensure that such risks are not experienced during this project to help in increasing the chances of achieving the purposes of this project (Gonen, 2011).

In case technical risk arises before project goals are achieved, a professional response team will hold a crisis meeting to find possible measures that should be taken to curb the issue before it adversely affects the entire project.

The project manager will be present during the meeting to help in diving directions to ensure any action taken to solve the problem will lead to a long-lasting effect to prevent such technical issues from occurring happening again in the future.

Besides, the technical response team will frequently meet to encourage the use of new technological devices to enhance the smooth run of activities.

Technical risks will be mitigated by using an advance technological component that cannot fail to operate very efficiently (Gonen, 2011).

Technical components used in running activities of the project will be reviewed frequently to ensure that now all processes used are useful and can help in achieving the goals of the project.

Tracking of activities will be conducted frequently to ensure each operation is performed as planned to achieve all project goals (CITATION).