Deliverable 3 Kingston Bryce Risk Mitigation Plan Competency

Deliverable 3 Kingston Bryce Risk Mitigation Plancompetencyclassify

Deliverable 3 - Kingston-Bryce Risk Mitigation Plan Competency Classify the components of project planning. Scenario In your role as a Project Manager for Kingston-Bryce Limited you have been assigned to create a risk mitigation plan. Risk mitigation is a key component of project planning because you are trying to look at all of the alternatives while planning everything for a project. The Board of Directors for Kingston-Bryce Limited (KBL) is eager to move forward with the acquisition of their competitor. The acquisition of the competitor will enable KBL to expand operations and triple their workforce and will take 18 months to complete with a projected cost of $5 million. The project could be at risk because there have been rumors that another buyer has entered a bid to buy KBL’s competitor. In order for this acquisition to be successful, you will need to use your project management skills to ensure success and that the project stays on budget and time. Instructions Your task is to create a risk mitigation plan in Microsoft Word to ensure that KBL has documentation to complete the acquisition. Detail the risks the project may be subjected to and what actions will be taken to minimize the impact of these risks on your project. You will need to create a list of risks that could potentially happen in the project. Be creative! Think about examples such as cost, contractual, financial, political, or technical risks that might occur when launching a project. A key point to remember is that risks are broken down into the following broad categories, which should be included in your plan: · Risk avoidance · Risk sharing · Risk reduction · Risk transfer Resources · Business Writing · Grammar Checking - How do I create a Grammarly account? BUS/475 v10 Wk 1: Advanced Organizer BUS/475 v10 Wk 1 Apply: Degree of Alignment Advanced Organizer Review the companies listed in the case studies portion of the textbook. Choose 1 of the companies to use for all weekly assessments. Complete the chart below with information provided in the textbook and other resources. Provide your analysis below the chart. Selected Organization: Describe the organization in the follow chart: Element Description Mission Vision Values Structure Culture Analysis Based on your advanced organizer and further research, analyze the degree of alignment between what the organization is currently doing (actions) and their mission, vision, values, structure, and culture. Citations Access the Reference & Citation Generator for citation assistance.

Paper For Above instruction

Introduction

The process of effective project management heavily relies on comprehensive risk mitigation planning. In the context of Kingston-Bryce Limited’s recent acquisition attempt, identifying potential risks and developing strategies to address them are critical to ensuring project success within designated timelines and budget constraints. This paper presents a detailed risk mitigation plan outlining key categories such as risk avoidance, sharing, reduction, and transfer, tailored specifically to the scenario of acquiring a competitor amid market uncertainties and potential bidding war.

Identifying Potential Risks

The initial step involves comprehensive risk identification. Key risks include financial challenges, contractual complications, political and regulatory hurdles, technical issues related to integration, and market competition. Financial risks could arise from unforeseen costs exceeding the projected $5 million budget, such as legal expenses or delays causing increased operational costs. Contractual risks pertain to negotiations with the target company and potential disputes or breaches, especially if an external bidder enters the scene unexpectedly. Political risks include regulatory delays or opposition from government agencies concerned with market monopolization or antitrust issues. Technical risks involve integration problems with existing systems or technology incompatibilities. Market-wise, rumors of a competing bid pose a risk of losing the opportunity altogether, threatening the projected 18-month timeline.

Risk Mitigation Strategies

In response to identified risks, a multifaceted mitigation approach must be employed:

• Risk Avoidance: Establish rigorous due diligence processes and monitor market activities for early detection of competitive bids, minimizing the likelihood of unforeseen external interventions.
• Risk Sharing: Collaborate with external legal and financial consultants to distribute the risks associated with contractual and financial uncertainties. Also, engaging stakeholders through transparent communication shares the risk burden.
• Risk Reduction: Implement proactive measures such as technological assessments pre-merger to address technical compatibility issues and contingency planning for potential regulatory delays to minimize their impact.
• Risk Transfer: Transfer significant contractual or legal risks through comprehensive insurance policies or contractual clauses that assign responsibilities and liabilities appropriately.

Implementation and Monitoring

The plan emphasizes continuous risk monitoring through regular project review meetings, stakeholder engagement, and market analysis reports. Developing flexible strategies allows the project team to adapt swiftly to emerging risks. The deployment of risk mitigation tools like risk registers and contingency reserves further enhances preparedness. Assigning dedicated team members to oversee risk management activities ensures accountability and effective response to risks as they materialize.

Conclusion

A successful acquisition project relies heavily on a well-structured risk mitigation plan that proactively addresses potential threats across various categories. By implementing strategies for avoidance, sharing, reduction, and transfer, Kingston-Bryce Limited can enhance the likelihood of completing their acquisition efficiently, on budget, and within the desired timeframe. Continual review and adaptation of the plan are vital to navigate the complex market environment and safeguard the project’s objectives.

References

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• Hillson, D. (2017). Practical project risk management: The presentation of a software tool to support risk management processes. Routledge.
• PMBOK® Guide. (2021). Sixth Edition. Project Management Institute.
• Kerzner, H. (2017). Project management: A systems approach to planning, scheduling, and controlling. Wiley.
• Chapman, C., & Ward, S. (2014). How specialists manage risk: Think about the risk in your project. Wiley.
• Heldman, K. (2018). Project management jumpstart. Wiley.
• Merrow, E. (2011). Understanding variation and risk in construction projects. ASCE Press.
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• Chapman, C., & Ward, S. (2011). Project Risk Management: Processes, Techniques and Insights. Wiley.
• ISO 31000. (2018). Risk Management — Guidelines. International Organization for Standardization.