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Questions: 1. Identity your projects(Redesigning a Company Website risksUsing the RMP template and after discussion with your supervisor, complete the left hand side of Part 2: Risk Register (i.e. the first five columns, ending in Risk Consequences. You should list at least 8 possible risks. Details of fields in the RMP Risk Register: Risk Ref. No: This is just a sequential number, used as a key for associating with the Risk Treatment Plan. Category: Select Commercial, Finance, Security, Safety, or Legal/Regulatory from the drop down list. You may have more than one risk in a category. Risk Description: e.g. Older scanners may not work under Windows 12. Risk Cause: e.g. Drivers may not exist for Windows 12. Risk Consequences: e.g. Invoices cannot be scanned in.2. Analyse your projects risksAnalyse the risks in your project; you may discuss these with your supervisor. Using the RMP template again, complete the right hand side of Part 2: Risk Register (i.e. Impact and Likelihood). Do not change the Rating column, it will be calculated for you automatically by the spreadsheet.3. Complete the last section of your RMP, the Risk Treatment planUsing the RMP template that you have been using for the last two weeks, work with your supervisor and complete the final section - the R isk Treatment.Details of fields in the RMP Risk Treatment plan are described in this weeks seminar. Answers: (1). ACS Professional Environments RISK MANAGEMENT PLAN - Part 1: Project Context Plan Prepared by Organization Date Project Sponsor (Position Title) PLEASE FILL PLEASE FILL PLEASE FILL PLEASE FILL Project Name Project Description Problem the project is seeking to solve Redesigning a Company Website The project aims at facilitating a more user-friendly design with dynamic content loading and interactive icons. The website design will focus on including greater informative contents with 24x7 hours online support available so as to help the customers easily comprehend the functions and utilities provided by the company. The aim is to increase website traffic and attract more customers to the business, as well as providing them a user friendly and easy-to-operate online platform where they can easily communicate with the service providers. It is mainly targeted to increase customer base and customer satisfaction, along with introducing a more efficient way towards customer relationship management. The project is trying to solve the problem of existing poor user interfaces and experiences. Another problem here is the low internet traffic due to lack of sufficient customers. These problems are to be solved through this project. Project Deliverables Business benefits i.e. what will the company gain from this project? Project Management Method User-friendly interface Interactive website with the help of dashboards Dynamic and informative website content design HTML5 supported 24x7 online help desk Activation of email and SMS alert Multi browser support v More customer friendly interface v Better customer services with enhanced interactive methods v Enhanced website design along with increased content v Latest technical upgrades v Better customer care and efficient help desk v Promotion and service alert systems v Increased number of customers v Maximized profits and annual revenue The project will be managed and undertaken step by step. First, the necessary resources will be analyzed and the equipments will be bought. After that, experts will be hired and they will be instructed regarding the guidelines and requirements of the project. Finally, the project will be in full flow until completion. Resources to be applied Estimated Project Duration People: 25 Budget: $500,000 Start: 20/06/2016 Equipment: $400,000 End: 20/08/2016 Risk Ref. No. Risk Category Risk Description Risk Cause Risk Consequences 1 Finance The actual expenses may exceed the budget by a long margin Insufficient funds, malfunctioning equipments, systems errors causing over expenditure The project may fail altogether, feasibility of the project may get lost due to over expenditure 2 Finance The project sponsor might stop funding for the project The sponsor may not be satisfied with the progress of the project, sponsor may have some financial problems of their own The company will encounter heavy losses, project may fail completely 3 Legal/Regulatory The project may be stopped for indefinite time due to legal issues The company might not have followed legal restrictions or received legal approval before starting the project, copyright issues The project might be stopped for indefinite period or permanently, company may encounter huge penalties and other losses 4 Safety The equipments may get malfunctioned, network malfunctioning may cause loss of the programs and softwares The malfunctioning of equipments may occur if proper safety measures and not taken, network malfunction may occur due to network errors or external harmful agents Repair or replacement of equipments will require extra cost, network errors and loss of data will require extra work of the experts 5 Security External network threats like virus attacks, breach of security attacks and malwares may damage or destroy the whole system There are some third party agents and unethical hackers who try to breach the security of an organization and extract confidential information from the systems Consequences are huge, all confidential data maybe leaked, critical documents may get destroyed or lost forever 6 Commercial The project may not have commercial feasibility The main commercial requirements of the company may not have been analyzed properly before approving the project The company may not achieve commercial success as expected 7 Commercial Even after successful completion of the project, the company still fails to attract customers The project requirements may not have been met properly, there might be some internal undetected errors The company may not be able to recoup expenses through revenue 8 Commercial Even after the project, the market may not the suit the company in that situation Proper market analysis might not have been made prior to the project The company may not achieve any commercial success (2). RISK MANAGEMENT PLAN - Part 2: Risk Register Risk Ref. No. Risk Category Impact Likelihood Rating 1 Finance 4-Major 3-Possible High 2 Finance 5-Catastrophic 4-Likely Extreme 3 Legal/Regulatory 5-Catastrophic 3-Possible High 4 Safety 4-Major 3-Possible High 5 Security 5-Catastrophic 5-Almost Certain Extreme 6 Commercial 4-Major 3-Possible High 7 Commercial 4-Major 2-Unlikely Medium 8 Commercial 2-Minor 1-Rare Low (3). RISK MANAGEMENT PLAN - Part 3: Risk Treatment Plan Risk Ref. No. Treatment Strategy Treatment Description Treatment Resources Risk Owner Deadline 1 Avoid Unnecessary expenses are to be avoided, extra funds should be kept available to avoid fund shortage Excess Funds Project Manager, Company Director, Accountant Before the start of the project 2 Transfer The sponsor should be changed and transferred to some other company Sponsor Contract Commercial Director, Finance Department After termination of one sponsor 3 Mitigate The legal issues must be mitigated quickly with legal help and right procedures Legal Obligations Lawyer As soon as possible 4 Avoid Any safety loopholes are to be avoided during the course of the project Hardwares and Softwares Resource Manager, Computer Engineers Within 10-15 days for hardwares, 5 days for softwares 5 Mitigate Security issues are to be mitigated at the highest priority using firewalls, anti-virus and other software tools Security Softwares Computer Engineers, Security Experts As soon as possible (highest priority) 6 Accept The company should accept the results and use it as a basis for further development Survey Reports Project Designer Within 6 months 7 Accept The company should accept the results and emphasize more on the customer demands Sales Reports Sales Manager Within 3 months 8 Transfer The company may transfer or relocate to a region with lesser competition in market Financial Reports Marketing Manager Within 6 months References Huemann, M., Silvius, G. (2015). Call for papers: International Journal of Project Management: Theme:Managing projects sustainability.International Journal of Project Management,33(71), 9-720. McManus, J. (2012).Risk management in software development projects. Routledge. McNeil, A. J., Frey, R., Embrechts, P. (2015).Quantitative risk management: Concepts, techniques and tools. Princeton university press. Neves, S. M., da Silva, C. E. S., Salomon, V. A. P., da Silva, A. F., Sotomonte, B. E. P. (2014). Risk management in software projects through knowledge management techniques: cases in Brazilian incubated technology-based firms.International Journal of Project Management,32(1), 125-138. Pryke, S., Smyth, H. (2012).The management of complex projects: a relationship approach. John Wiley Sons. Sehrawat, N., Munsi, N., Jain, M. (2014). RISK MANAGEMENT in SOFTWARE PROJECTS. Titarenko, B., Titov, S., Titarenko, R. (2014, September). Risk management in innovation projects. InApplied Mechanics and Materials(Vol. 638, pp. 2338-2341). Trans Tech Publications. Turner, J. R. (2014).The handbook of project-based management(Vol. 92). McGraw-hill.