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Risk Management Plan - Assignment 2

The risk management plan forecasts risks, potential problems, and mitigation strategies for developing a conversational virtual assistant for the Royal Bank of Canada. It identifies key risks such as inconsistent client requirements, lack of experience managing teams, and data and system complexity. The plan provides a risk assessment matrix to determine priority levels for each risk and the corresponding mitigation approach and timeline.

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Garvit Mehta
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© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
175 views

Risk Management Plan - Assignment 2

The risk management plan forecasts risks, potential problems, and mitigation strategies for developing a conversational virtual assistant for the Royal Bank of Canada. It identifies key risks such as inconsistent client requirements, lack of experience managing teams, and data and system complexity. The plan provides a risk assessment matrix to determine priority levels for each risk and the corresponding mitigation approach and timeline.

Uploaded by

Garvit Mehta
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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RISK MANAGEMENT PLAN

PROJECT NAME: Designing a Conversational Virtual Assistant for Royal Bank Of Canada
PTOJECT MANAGER: Garvit Mehta
PURPOSE: This plan forecasts the risk, potential problems and provides their mitigation plan while
developing the product for the client
IMPACT 1= VERY LOW 2= LOW 3= MEDIUM 4= HIGH 5= VERY HIGH

1 1 2 3 4 5
2 2 4 6 8 10
PROBABILITY 3 3 6 9 12 15
4 4 8 12 16 20
5 5 10 15 20 25

PROBABILITY IMPACT PROJECT TEAM


OF IMPACT
GARVIT MEHTA (PROJECT MANAGER)
OCCURING:
5>75% 5= CRITICAL MAHESH SINGH (RESEARCH HEAD)
4>50% 4= SEVERE PRERNA KHURANA (DEVELOPMENT HEAD)
3>25% 3= MAJOR JACK ROY (CLIENT)
2>10% 2=MODERATE
1>0% 1= MINOR

PRIORITY SCORE = PROBABILITY OF IMPACT OCCURING SCORE* IMPACT SCORE


HIGH PRIORITY SCORE (RED) – RESPONSE PLAN REQUIRED
MEDIUM PRIORITY SCORE (YELLOW) – RESPONSE PLAN AS NEEDED
LOW PRIORITY SCORE (GREEN) – RESPONSE PLAN OPTIONAL

WHO WHEN WHAT WHEN HOW


Who Identified Date Risk Impact Priority Response Due Date Response Plan
Identified Description Score Type

Client (RBC) 18/01/2021 Client Severe 20 Mitigation 18/04/2021 Timely communication


Jack Ray requirements approach with the client and
[email protected] inconsistent give regular update on
throughout the progress of the
the project project to receive
duration. relevant feedback.
Client does
not provide
desired data
and
insufficient
guidance
Project manager 18/01/2021 Lack of Severe 15 Mitigation Ongoing The Project Manager
Garvit Mehta experience in should have expertise
managing and in managerial skills
coordinating and project
internal teams management also
and client. have experience in
Not monitoring and
communicatin coordinating activities.
g client
expectations
to the
concerned
teams timely
which as a
result could
cause
significant
delays in
deliverables
All Team 18/01/2021 Resignation of Moder 12 Mitigation Ongoing Team members
Members a team ate until project should re skill
member completion themselves to take up
the responsibilities of
the member who
leaves the project.

Research Team 18/01/2021 Data not Low 2 Mitigation Ongoing Timely review and
explored until project discuss then data
enough to completion analysis findings with
identify team members, Read
relevant relevant research
trends and articles to find about
patterns that State-of-the-art
could algorithms to increase
influence the the model
modeling. performance.
Literature
survey not
carried out
properly
which could
lead to
missing
important
modeling
techniques.
Development 18/01/2021 System Moder 10 Accept Ongoing Design a prototype
Team complexity ate until the which can be tested
too high due project repeatedly by the
to evolving completion client’s team and
nature of gather feedback from
client’s their experience to
requirements. present them with a
perfect product which
suits their demand
and easy to use.
Risk Management Grid

BARRIER: Keep Satisfied CHAMPIONS: Manage Closely

Project Manager (Garvit Mehta) Mahesh Singh (Research Head)

Client (Jack Roy) Prerna Khurana (Development


Head)

Negative Positive

BYSTANDERS: Monitor ADVOCATES: Keep Informed

INTEREST
Thinking Hats

RED WHITE GREEN YELLOW BLACK BLUE


Using Objectives New Feasibility Looking at Get
Intuition and facts perspectives faults conclusions
Gut Trends Come up Concepts Assessing Setting out
reaction with the yellow hat the agenda
and solutions output
emotion
Considering The List the Values Exploring lack Summarize
feelings in information advantages and of it and get the
decision you have for solutions benefits solutions
making
Think how The Creativity Scanning for Managing
others available thinking and potential thinking
could react Data ideas problems process
emotionally
Adopting a List the Focus and
creative disadvantages control
attitude
Maintaining
discipline

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