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Risk Management Plan Assignment

Instructions

Risk Plan Overview
Risk Event Description
What is the event?
A Source of a risk or hazard – the thing which has the potential to harm or assist e.g. a dangerous chemical, competitors, government.
An Event or Incident – Something that occurs such that the source of risk has the impact concerned e.g. a leak, competitor expands into or leaves your market, new or revised regulations, or some level of observation reaching a particular trigger level.
A Consequence, outcome or impact on a range of stakeholders or assets e.g. environmental damage, loss or increase of market/profits, regulations increase or decreased competitiveness
Risk Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring?
There are two beneftits to identifying risk drivers:
– Focus attention on the probable root cause(s) to aid in developing a Risk Response Strategy
– Identify events or trends that should be monitored
Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts?
Accept: This response accepts or ignores the risk. This may be the appropriate choice when the impact or likelihood of the risk is so low that it does not warrant further attention or if you have no control whatsoever over the impact or likelihood of the risk. (e.g. the risk that your project will be terminated or be placed on hold due to a company merger).
Transfer: This response involves moving all or part of the risk to another party. (e.g. purchase automobile insurance and transfer the risk to the insurance company, for a small monthly fee of course). Transferring risk comes with a cost.
Mitigate: This response involves reducing the likelihood that the risk will happen, reducing the impacts of the risk or both. This is what most people are referring to when they are discussing risk management. Most risks can be mitigated with some effort. Although it is unlikely that you can reduce the impact and likelihood of occurrence to zero, this would in essence be eliminating the risk, it is often possible to significantly reduce them. For example, if you have a technical team member who is critical to the success of the project and if that person left, the project schedule would be at risk, you may be able to mitigate the risk by training a backup person to reduce the impact or offer that individual a bonus or incentive to stay reducing the likelihood of occurrence.
Avoid: This response focuses on eliminating the risk from the project. This sounds like a great choice, so you might ask why we don’t choose this all the time. The reason, it often comes at great cost. To eliminate a risk generally requires that you remove the source of the risk from scope. For example, you may have a schedule risk associated with a new version of software that has not been released yet by the vendor. Although the customer may be expecting this software as part of their project, removal from scope would eliminate this risk.
These general response strategies can be used in combination to address a single risk event. This may be done in the event that your chosen strategy is not working effectively or as a way to attack certain types of risks. For example, you may begin by mitigating a risk reducing both the likelihood and impact. The remaining risk could then either be avoided by a smaller scope reduction, transferred to a vendor or accepted.
Contingency Plan
What action(s) will be taken if this event occurs?
Complete the “Contingency Plan” column for all risk events that the Project Manager deems necessary to adequately address the risks of the project.
The contingency plan describes what needs to be done in the event that the risk actually occurs. When the risk event actually occurs, it is no longer a risk event; it is simply an event and may require a response or plan to be activated. The project manager will need to determine what the criteria are to trigger the need for a contingency plan. One method is to use the “Total Score” column of the risk plan template to determine a threshold that requires the development of a contingency plan. For example, a total score of 85 or higher may be the threshold which triggers the need for a contingency plan to be developed. However, there may be a need to develop a contingency plan for a risk event that scores much lower due to likelihood, but has a high impact. In the end, the project manager must be comfortable with the decision around when to develop a contingency plan.
Risk Timeframe
Critical date(s) or period of exposure
Some risks are related to specific events, milestone dates or time periods. These critical dates should be documented to focus attention on the associated risk at the appropriate time.

Impacts Defined

Risk impact level Matrix
Likelihood Low Medium High
Unlikely Likely Almost Certain
Impacts Low Medium High
Schedule No Impact to Critical Path or Field Work Potential to Affect Critical Path or Field Work Certain to Affect Critical Path or Field Work
Cost Less Than $ 10,000 $ 10,000 to $ 50,000 Greater Than $ 50,000
Quality Minor impact to product deliverables Moderate impact to product deliverables Major impact to product deliverables
Safety No Impact to worker safety Minor impact to worker safety Major impact to worker safety
Scope < 1% 2% to 5% > 5%

Risk Register

H
M Yes
L No
Project Name: Risk Plan Date: ##/##/##
Impacts
# Risk Event Description
What is the event?
Category
Sub-project, Project Phase, Location etc.
(Optional)
Likelihood Schedule Cost Quality Safety Scope Total Score Risk Event Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring?
Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts?
Contingency Plan
What action(s) will be taken if this event occurs?
Owner Risk Timeframe
Critical date(s) or period of exposure
Organizational or Cross-Project Impacts Comments Status
1 Insufficient number of skilled internal technical resources available to support the development of the new system. Development H H H M L L 75 Drivers to monitor:
– Development schedules slips
– Excessive overtime is needed to keep pace with the schedule
– High number of quality errors discovered during the testing cycle
Drivers that have occurred:
Planned Actions:
– Train additional internal resources
– Hire additional contractors
– Add contingency to the budget to allow for overtime work
Completed Actions:
Planned Actions:
– Outsource portions of the development to an outside vendor
– Adjust project schedule and budget
Jane Smith 3/1/11 – 6/30/11 Yes ERROR:#REF!
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Closed Risks !Ox
Open Item
Completed Activity

Page &P of &N

Applies to All

H
M
L
AMI Project: Risk Plan Date: 01/27/2010
Applies to All Project List
# Risk Event Description
What is the event?
Applies to All Likelihood Impacts Total Score Risk Event Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring?
Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts?
Contingency Plan
What action(s) will be taken if this event occurs?
Owner Risk Timeframe
Critical date(s) or period of exposure
Comments
Schedule Cost Quality Safety Scope
68 Corporate financial position changes and does not support project execution plan Y H H M L L H 75 Norlin
4 System integration scope is not well defined Y H L H H L M 75 Melton
3 System integration costs are higher than expected Y H L H H L M 75 Melton Combine 3&4?
1 Project may not be funded to end and benefits may not be realized Y H H M L L H 75 Norlin
97 Inadequate # of IT human resources to support the project (project & operations) Y H H L M L L 55 Norlin
53 Required firmware/software upgrade negatively impacts production devices Y M H H H L L 51 Moccia
86 Operational business units / contractors not staffed properly to support project Y H M L M L L 45 Norlin
55 Lack of adequate vendor documentation Y H M L M L L 45 Moccia
87 AMI failures or problems at other utility adversely affects project Y M H M M L L 39 Sitkauskas
6 MPSC disallows a component of the plan impacting benefit realization or cost recovery(example: remote disconnect) Y M M H L L M 39 Sitkauskas
57 Organization human resources not adequate to accept and utilize as required (too busy, other focus) Y H M L L L L 35 Sitkauskas
49 Catastrophic storm occurs impacting Communications (meters to AMI) Y H M L L L L 35 Switala
48 Catastrophic storm occurs impacting rollout schedule Y H M L L L L 35 Jamerson
105 Higher than expected work required at customer site due to aging infrastructure Y M L M L M L 27 Jamerson
101 Failure to follow proper installation procedures impacts customers Y M L L M M L 27 Jamerson
100 Higher than expected inclement weather conditions Y M M L L M L 27 Jamerson
96 Inadequately defined design freeze date & procedure Y M M L L L M 27 Melton
95 Later than expected IT system change Y M M L L L M 27 Melton
94 Higher than anticipated number of IT system changes Y M M L L L M 27 Melton
78 Loss of key personnel without effective knowledge transfer or replacement (DTE & Contractors) Y M M L M L L 27 Sitkauskas
59 Future state business processes not properly defined prior to milestone date Y M L M M L L 27 McCormick
56 Discover a problem in the field that was not anticipated causing cost and schedule overruns Y M M M L L L 27 Switala
7 Security vulnerability discovered with outward equipment(meters, cell relays, home area network, other) Y M M L M L L 27 Melton
104 DTE may not have adequate diagnostic tools to support post-meter installation Y H L L L L L 25 Switala
58 Ineffective change management strategy Leads to low employee engagement Y M L L M L L 21 Sitkauskas May affect ability to realize benefits
2 New firmware technology does not perform to specifications Y M M L L L L 21 Melton
16 Itron is acquired by a competitor which leads to technology change Y L H H M L H 19 Kret
15 Itron goes out of business / defaults on contract Y L H H M L H 19 Kret
8 Security breach takes place with outward equipment(meters, cell relays, home area network, other) Y L H H H L M 19 Melton Safety is M for SmartCircuits
108 Significant schedule delay may result in technology obsolescence Y L M H M L M 15 Norlin
102 Customer complaints may be higher than expected Y M L L L L L 15 Jamerson
98 Ineffective stakeholder engagement Y M L L L L L 15 Norlin
73 Installation causes higher levels of property damage than projected Y M L L L L L 15 Jamerson
61 Takes longer than anticipated for Operations to understand and effectively utilize new technology & processes Y M L L L L L 15 McCormick
39 DOE payments to DTE come in later than expected. Y M L L L L L 15 Hull
83 Project cost is grossly underestimated Y L M H L L M 13 Norlin
70 DOE terminates grant for convenience Y L H H L L L 13 Hull Would return to original project plan pre-DOE
34 DOE grant is not executed – Never reach agreement Y L H H L L L 13 Hull Scope =H for other projects
81 Higher than expected failure rates of meters Y L M L H L L 11 Kret
43 Itron may not be able to keep up with the schedule Y L H M L L L 11 Jamerson
42 Itron may not provide materials according to the schedule Y L H M L L L 11 Kret
17 Itron could introduce security risk into product Y L M H L L L 11 Moccia
9 DTE employee misuse role resulting in sabotage Y L M H L L L 11 McCormick
107 Lack of effective Testing Plan Y L M L M L L 9 Moccia
84 Itron system fails to perform according to standards Y L M L M L L 9 Moccia
82 DOE(or other Federal) rule change impacts project execution plan Y L M M L L L 9 Hull
80 New technology standards require infrastructure change Y L M M L L L 9 Melton
79 Communication technology may change impacting meter operation / communication(AT&T) Y L M M L L L 9 Melton
72 Union employees go on strike Y L M L L M L 9 Jamerson
65 DOE rejects customer behavior study plan Y L M L M L L 9 Hull Hull: Review Impacts
64 DOE rejects risk analysis/benefits plan Y L M L M L L 9 Hull Hull: Review Impacts
63 DOE rejects project execution Y L M L M L L 9 Hull Hull: Review Impacts
62 DOE rejects cyber security plan Y L M L M L L 9 Hull Hull: Review Impacts
52 Single point vulnerability with communications architecture Y L L M L L M 9 Melton
38 Supply chain does not do proper debarment due diligence Y L L H L L L 9 Kret
37 Supply chain does not include necessary flow-down provisions to vendors Y L L H L L L 9 Kret
36 DOE audit disallows some costs Y L L H L L L 9 Hull
35 Unanticipated action related to Davis-Bacon Act Y L L H L L L 9 Hull
33 Improper costs are included in DOE accounting Y L L H L L L 9 Hull
32 Time keeping for DOE reporting is inaccurate or incorrect Y L L H L L L 9 Hull
31 DTE time keeping system cannot provide necessary information for DOE Reporting Y L L H L L L 9 Hull
30 Accounting for DOE reporting is inaccurate or incorrect Y L L H L L L 9 Hull
29 DTE accounting system cannot provide necessary information for DOE Reporting Y L L H L L L 9 Hull
28 Vendors do not provide in kind-services (Cost share) Y L L H L L L 9 Hull
27 Terms of DOE grant are violated Y L L H L L L 9 Hull
26 Vendors / contractors do not provide timely info for DOE Reporting Y L L H L L L 9 Hull
25 Vendors / contractors do not provide proper info for DOE Reporting Y L L H L L L 9 Hull
24

Risk Management Plan Assignment


Background

Develop a project risk register for General Motors Company. General Motors Company has over 215,000 union and non-union employees spread over six continents in 370 facilities and is headquartered in Detroit, MI. The company needs to replace their current Human Resource system (payroll, benefits, compensation, evaluation, employee/manager self-service). They would also like to add a Data Warehouse to analyze and run reports against their human resource data. Develop a risk register for this important project.


Assumptions

· The risk register should cover all phases of the project and work which includes: Planning, Analysis, Design, Development/Configuration, Data Conversion, Testing, Implementation and Post-Implementation.

· The risk register should be developed from the perspective of General Motors Company and the risks that the project is exposed to during the course of the project execution.

· General Motors Company has selected IBM as their implementation partner for this project.

· You may use one of the risk registers provided on Blackboard or develop your own.


Assignment

Develop a risk register. The risk register must include the following columns:

A. Description of Risk Event – be specific

B. Likelihood or probability of the risk event occurring

C. Impact of risk event if it occurs

D. Risk Response Strategy (what specific actions will you take prior to the risk occurring to Mitigate, Transfer, Avoid, or Accept Risk). This should be multiple bulleted items, not a single item.

E. Risk Contingency Plan (what you do after the risk occurred to address the risk that has happened) – this is your plan “B”

The format for this should be a Microsoft Excel file intended for use by the project manager of this human resource system.

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