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Activity Template - Risk Management Plan

The document provides a risk management plan for a new plant delivery service project. It identifies two main risk types: going over budget and falling behind the training schedule. For each risk type, potential scenarios are described and assigned a probability and impact level. Mitigation strategies are proposed, such as finding alternative vendors or modifying project timelines. Key performance metrics and risk assessment criteria are defined in appendices to help evaluate risk probability and impact.

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Cholita Cabagui
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54 views

Activity Template - Risk Management Plan

The document provides a risk management plan for a new plant delivery service project. It identifies two main risk types: going over budget and falling behind the training schedule. For each risk type, potential scenarios are described and assigned a probability and impact level. Mitigation strategies are proposed, such as finding alternative vendors or modifying project timelines. Key performance metrics and risk assessment criteria are defined in appendices to help evaluate risk probability and impact.

Uploaded by

Cholita Cabagui
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Operations & Training Risk Management Plan

Author: Nathalie Rivera Created: Oct 19


Status: Draft Updated: Oct 19

Objective

Under normal conditions, we anticipate launching the Plant Pals service within six months. This
includes launching a new website and delivering plants to clients. The risks associated with this
project and the strategies to overcome them are detailed below.

Executive Summary
[Detail the length of the project, project milestones, and introduce potential risks here.]

RISK TYPE ONE: Going over the project budget

Scenario Risk to Mitigation Plan


project
(L/M/H)

Each delivery vehicle cost H Avoid- This risk can be avoided if the delivery
$16,000 more than quoted trucks are sourced from a different vendor.
initially.

A merchant charges a M Transfer -Sharing this risk with a third party


greater price than seller who distributes identical products is the
anticipated. safest way to reduce the high price.

RISK TYPE TWO: Falling behind the training schedule

Scenario Risk to Mitigation Plan


project
(L/M/H)

A corporation has L Modify the scope and set attainable objectives.


introduced new products to Here, the organization should address the
the market and altered its situation by analyzing the circumstance and
manufacturing processes. contacting team members to recommend
recovery steps.
Analyze the key causes of delays and
immediately fix them. Follow-up is required to
guarantee that errors do not repeat.

Some of the industrial M Another option for a project to recover after


methods substitute manual falling behind the training schedule is to allocate
labor with contemporary additional resources, such as to purchase the
technology. necessary equipment and pay for overtime to
However, the strategy is increase productivity.
falling behind the training
timeline due to insufficient
production caused by power
outages and machine
failures.

Additional time and H Regular evaluation and timely feedback should


resources are required to aid in keeping team members on track and
recoup the lost production reducing errors.
quantity.

Appendix:

Probability chart:

Probability
Qualitative Quantitative (if measurable)

Less than <10% chance of risk


Low Very low chance of risk occurring.
occurring.

Medium Medium chance of risk occurring. 10%-49% chance of risk occurring.


High High chance of risk occurring. 50%-100% chance of risk occurring.

Impact chart:

Types of
Impact Low Medium High
Low financial impact, Medium financial impact, High financial impact,
costing the company costing the company costing the company
Financial $0-$14,000 $15,000-$29,000 $30,000 or more
Medium impact to project
Low impact to project operations, High impact to project
operations, causing with potential to delay operations,
delays of a few days to a project by a month or with potential to cause
Operational few weeks more project failure
Low impact to employee Medium impact to High impact to employee
attrition, with 5%+ of employee attrition, with attrition, with 50%+
employees quitting 25%+ of employees employees quitting
People quitting

Probability and Impact Matrix:

Inherent Risk
Impact
Low Medium High
High Medium High High
Probability Medium Low Medium High
Low Low Low Medium

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