Project Risk Management Plan - 2746 Words

The simulation requires that the project manager successful and effectively manage the Project Integra that will influence the integration between American Bank of Indiana (ABI) and First American Financial Service Group (FAFS). A successful Project Manager must simultaneously manage the four basic elements of a project: resources, time, money, and most important, scope. To excel at this position an individual must have communication and interpersonal skills, attention to detail, and strong analytical skills. The Project Manager must motivate the project team to adopt the goal and methods to achieve them by evaluation through performance. The Project Manager must break the project into many steps and perform them in logical order. This†¦show more content†¦The time span of a project being finite puts pressure on decision-making processes where factors other than analysis will dictate the effectiveness of a decision. Using non-project resource and an increase is budget will create a work environment that is conducive to high-performance, both physically and organizationally. It will be up to the project manager to assist within group processes and keep informal channels of communication open. By showing commitment to the project, and continuity, morale will increase, which could ultimately save time, and money. Weighing of Perceived RisksA major source of risk in project management is inaccurate forecasts of project costs, demand, and other impacts (Flyvbjerg, B.). The following risks were established, which are listed in order to minimize an undesirable outcome. 1.Resource Constraints2.Skills and Competency3.Dependency on FAFS for Design Inputs4.Availability Systems and Standards5.Legacy Systems and Standards6.Infrastructure Problems7.Natural or Manmade Disasters8.Technology Obsolescence9.Change in Management Priorities10.Lack of Team Synergy and CommitmentThe result of the risk planning is the Plan how to manage risks and the List of Risks with actions to avoid them. The Risk Management Plan contains definition of roles and responsibilities related to the risk management, potential risks scoring and interpretation, the way of tracking and reporting format. InShow MoreRelatedProject Risk Management Plan1382 Words   |  6 Pagesï » ¿ Project Risk Management Plan PM/584 July 14, 2014 Project Risk Management Plan The purpose of the risk management plan is to identify any event or condition that may occur which could have a positive or negative affect on the project. Risks management is the process of identifying, assessing, responding to, monitoring, and reporting risks. The Risks Management Plan will define how risks associated with the Baderman Island Casino Hotel project will be identified, analyzedRead MoreA Project Risk Management Plan1546 Words   |  7 Pages A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. A project risk is an event which have a positive and negative impact on a project objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. A Project risk management plan is critical in identifying, monitoring and reporting risks. This Risk Management Plan defines how risks associated with ten story-building projectRead MoreAbi Project Risk Ma nagement Plan3254 Words   |  14 PagesRunning head: ABI PROJECT RISK MANAGEMENT PLAN ABI Project Risk Management Plan Your Name Here University of Phoenix ABI Project Risk Management Plan The recent acquisition of the ABI company by FAFS mean that ABI needs to change many of their internal processes to coordinate and be accessible by both entities. The union of these banking companies means a merging of databases and software applications. The challenge is to implement the fusion of these companies in a timely cost efficientRead MoreIs3110 Project: Risk Management Plan1805 Words   |  8 PagesIntroduction a. Scope b. Assign to departments c. Risk Matrix d. Risk mitigation plan e. Impact Analysis II. (BIA) f. Departments g. Business Impact h. Costs Analysis III. Recommendations (BIA) i. Business Impact Analysis Results j. Maximum Acceptable Outage IV. (DLIS) Business Continuity Plan a. Purpose b. Scope c. Plan Objectives d. Disaster definition e. Recovery teams f. Read MoreRisk Management Plan the Silver Fiddle Construction Company Project: Czopeks Dream Home Project3559 Words   |  15 PagesUnit 5 Assignment 1 – Course Project: Risk Management Plan The Silver Fiddle Construction Company Project: Czopeks Dream Home Project Matthew Daley 16 February 2014 Capella University Professor Haziel Matias MBA6233 – Assessing and Mitigating Risk Section 101 Introduction: Silver Fiddle Construction Company specializes in building high quality, customized homes in Grand Junction, Colorado. Silver Fiddle Construction Company has been contracted to build a 2,500-square foot, 2 ½-bath 3-bedroomRead MoreBusiness Analysis : Rhubarb Bakers1326 Words   |  6 Pagesoffer the service of the team that is friendly and knowledgable. Management summary: Team Expertise John Callum (Head chef) Pastry chef for more than 25 years at Langham hotel, Auckland Navjot kaur ( Project manager) 15 years of experience in hospitality and expert in accounting and finance Parmeet kaur (HRM and consultant) Human Resource Manager(HRM) with an exerience of 15 years as HR consultant and Risk management Expert. Sunil Nadella (Maintenance manager) Mechanical engineerRead MoreBusiness Paper2611 Words   |  11 PagesIMPACT ON FINANCIAL DEPARTMENT: 1 Section 2.0 2 LINKAGES WITH OTHER DEPARTMENTS: 2 Section 3.0 3 MILESTONES AND TIME PLAN FOR FINANCIAL ACTIVITIES: 3 Section 4.0 4 RISK MANAGEMENT PLAN: 4 TABLE 1: Showing Risk Plan for Implementation Plan 5 TABLE 2: Showing Risk Assessment for Implementation Plan 5 Section 5.0 6 FINANCIAL OVERVIEW OF INVESTMENT: 6 COST-PLAN 6 TABLE 3: SHOWING DETAILED EXPENSE ACCOUNT 7 TABLE 4: SHOWING TOTAL PROJECTED YEARLY INCOME 8 TABLE 5: SHOWING PROJECTEDRead Moreis3110 project1391 Words   |  6 PagesProject Project: Risk Management Plan Purpose This project provides an opportunity to apply the competencies gained in the units of this course to develop a risk management plan for a specific business problem related to an organization’s identification of an outdated plan. Required Source Information and Tools The following tools and resources that will be needed to complete this project: ï‚ § Course textbook ï‚ § Internet access for research ï‚ § Defense Logistics Agency: www.dla.mil Learning ObjectivesRead MoreProject Risk And Risk Management1412 Words   |  6 Pages1- Abstract: Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk. The project risk management includes six process: 1- Risk Management Planning: Deciding how to plan and execute the activities. 2- Risk Identification: DeterminingRead MoreAnalyze The Concept Of Risk. Risk Is Not A Problem Risk1374 Words   |  6 PagesAnalyze the Concept of Risk Risk is not a problem; risk is an issue that could possibly develop and affect the outcome of a project (Risk Management Plan, 1997). The cost of the project, quality, scope, and schedule could all be affected if a risk surfaces. This does not necessarily mean that the risk is negative; risks can create a positive opportunity (Project Management Institute, 2013). For example the vendor informs us that the specified wood flooring is no longer available; as a result