Individual Project: Communicating Risk Fri 2016 Numeric 8 12

Individual Projectcommunicating Riskfri 52016numeric8 12 Slides Plu

You have finished the risk management plan and are preparing to present it to your manager and the project sponsor. Once they review and approve it, you will then present it to the stakeholders and the team. Although the project has not officially started, some upfront design work is being done by the vendor and three of the engineers. In the course of this work, you sat in on a design meeting and discovered that the vendor does not follow the documentation processes you had clearly defined as critical, because of the regulated nature of the product. Your engineers, who are not comfortable with the formal process approach the new CEO is taking, have told the vendor not to worry about the documents because they will do them at the end after they get the real work done.

You spoke with the quality manager who was hired just a couple of weeks ago. He (understandably) feels that this is the occurrence of a major risk, with project-stopping ramifications. The quality manager agreed not to immediately go to the CEO, giving you the opportunity to present the risk event to the sponsor and implement your action plan. During the course of the design meeting, you also determined that your risk of the key engineer not being available to the project is actually occurring. Some junior engineers are doing most of the design work and are clearly struggling.

Your engineers left the meeting frustrated, grumbling, and nervous about the project.

Paper For Above instruction

Individual Projectcommunicating Riskfri 52016numeric8 12 Slides Plu

This presentation aims to communicate the identified risks associated with the ongoing project, the approach taken to assess these risks, and the strategic actions planned for mitigation and communication. The project team has developed a comprehensive risk management plan, which has been tailored to the specifics of this project. The presentation will address how risks are identified and assessed, detail the communication strategy for sharing risk information among stakeholders, outline the specific risks deemed most critical, and propose action plans including vendor negotiations and resource management. Moreover, an escalation pathway will be clarified for situations requiring higher-level intervention to ensure project continuity and stakeholder confidence.

Risk identification was conducted through a combination of review meetings, interviews, and analysis of project documents. The team used qualitative and quantitative tools, such as risk registers and probability-impact matrices, to evaluate and prioritize risks. The focus was on critical processes, especially related to documentation compliance, vendor collaboration, and resource availability. The assessment revealed significant risks linked to non-compliance with documentation procedures by the vendor, and the potential unavailability of a key engineer. These risks were prioritized based on their potential to cause project delays, regulatory issues, or project stoppages.

The communication approach was designed to ensure transparency and timely updates. Stakeholders—including the project manager, sponsor, vendor, engineering team, and quality assurance—will receive risk status reports weekly via email and through bi-weekly status meetings. Mechanisms such as risk dashboards, detailed reports, and face-to-face briefings will be utilized. Exceptions, such as critical risk escalations, will trigger immediate notifications through direct phone calls or urgent emails. The communication plan emphasizes clarity, regularity, and stakeholder engagement to mitigate misunderstandings and ensure a unified response.

Key risks identified include the vendor’s non-adherence to documentation processes and the potential unavailability of a key engineer. To address these, specific action plans have been devised. For the vendor risk, strategies include formalizing documentation expectations through contractual amendments, conducting follow-up meetings, and involving the quality manager to monitor compliance. The vendor will be made aware of the regulatory importance of documentation, with an emphasis on immediate corrective actions if non-compliance persists. For the engineer availability risk, contingency plans such as redistributing workload, engaging additional engineering resources, or adjusting project schedules have been proposed. The communication with all parties will involve obtaining their buy-in during collaborative planning sessions and providing status updates on these actions.

Gaining buy-in is critical for effective risk mitigation. This will be achieved through stakeholder meetings, securing formal agreement on action plans, and fostering a collaborative environment where concerns can be openly discussed. It is vital that vendors and team members understand the implications of the risks and the importance of their role in mitigation efforts.

The escalation path will follow a predetermined hierarchy. Should risks escalate beyond the control of the project team—such as persistent non-compliance or critical resource unavailability—the issue will be escalated to the project sponsor and, if necessary, to the senior management or CEO. This ensures rapid intervention, resource allocation, and decision-making support, which are essential to minimize potential project disruptions.

References

• Hillson, D. (2017). The Risk Management Memo: Your Essential Guide. Routledge.
• PMI. (2013). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition. Project Management Institute.
• Chapman, C., & Ward, S. (2011). How to Manage Project Risk and Uncertainty. Wiley.
• ISO 31000:2018. Risk management — Guidelines. International Organization for Standardization.
• Kutsch, E., & Hall, M. (2010). Deliberate Rumination and the Preparation of Risk Responses in Project Risk Management. International Journal of Project Management, 28(8), 822-831.
• Fraser, P., & Simkins, B. (2010). Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives. Wiley.
• Bannert, M. (2009). Strategies for Knowledge Integration in Multidisciplinary Teams. Journal of Knowledge Management, 13(4), 180-197.
• Ward, S., & Chapman, C. (2003). Convert Project Risk Into Reward. Project Management Journal, 34(2), 41-49.
• Hubbard, D. (2009). The Failure of Risk Management: Why It’s Broken and How to Fix It. Wiley.
• McConnell, S. (2004). Software Project Survival Guide. Microsoft Press.