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    RM Vargas

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    Natha
    This risk management plan identifies two main risks for the Plant Pal project: going over budget and falling behind the training schedule. For the budget risk, the largest threats are delivery trucks costing more than expected and vendors charging higher rates. For the training schedule risk, the biggest threats are the training manager getting sick and not being able to hire enough employees on time. Mitigation strategies include vetting vendors thoroughly, having backup plans, and offering competitive pay to retain employees after training.

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    RM Vargas

    Uploaded by

    Natha
    36 views4 pages
    This risk management plan identifies two main risks for the Plant Pal project: going over budget and falling behind the training schedule. For the budget risk, the largest threats are delivery trucks costing more than expected and vendors charging higher rates. For the training schedule risk, the biggest threats are the training manager getting sick and not being able to hire enough employees on time. Mitigation strategies include vetting vendors thoroughly, having backup plans, and offering competitive pay to retain employees after training.

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    This risk management plan identifies two main risks for the Plant Pal project: going over budget and falling behind the training schedule. For the budget risk, the largest threats are delivery trucks costing more than expected and vendors charging higher rates. For the training schedule risk, the biggest threats are the training manager getting sick and not being able to hire enough employees on time. Mitigation strategies include vetting vendors thoroughly, having backup plans, and offering competitive pay to retain employees after training.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    36 views4 pages

    RM Vargas

    Uploaded by

    Natha
    This risk management plan identifies two main risks for the Plant Pal project: going over budget and falling behind the training schedule. For the budget risk, the largest threats are delivery trucks costing more than expected and vendors charging higher rates. For the training schedule risk, the biggest threats are the training manager getting sick and not being able to hire enough employees on time. Mitigation strategies include vetting vendors thoroughly, having backup plans, and offering competitive pay to retain employees after training.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 4

    Operations & Training Risk Management Plan

    Author: Luis Vargas Created: Mar 1


    Status: Draft Updated: Mar 31

    Objective
    The purpose of a risk management plan is to help you identify, evaluate and plan for possible
    risks that may arise within the project management process.

    Executive Summary
    Plant Pal project is working on the launch of its operations. The milestones of the project launch
    are obtaining delivery trucks and training personnel on their main duties. Potential risks include
    going over the project budget and falling behind the training schedule.

    RISK TYPE ONE: Going over the project budget

    Scenario Risk to Mitigation Plan


    project
    (L/M/H)

    Each delivery truck costs H Minimize. Conduct thorough vendor evaluations.


    $16,000 more than initially Request detailed cost breakdowns; Include
    quoted contract clauses that require them to adhere to
    the initial cost estimates and provide advance
    notice for any potential changes.

    A product vendor charges M Minimize. Reach out to multiple potential


    a higher rate than vendors for competitive quotes, and to lock-in
    expected prices with contract.

    A product vendor loses a L Minimize. Require potential vendors to show


    product shipment track record of success & customer reviews;
    Reach out to past customers of the vendor.
    RISK TYPE TWO: Falling behind the training schedule

    Scenario Risk to Mitigation Plan


    project
    (L/M/H)

    Training Manager gets L Transfer- Have a back-up trainer


    sick and misses a week of
    training

    Not being able to hire M Reduce or control- Mobilize also a team of


    enough employees in time interns and volunteers to cover the staff
    to train them before shortage
    launch.

    More than 50% of M Reduce or control- offer good remuneration


    employees quit after a
    difficult training process,
    leaving the company
    short-staffed.

    Appendix:
    Probability chart:

    Probability
    Qualitative Quantitative (if measurable)

    Low Very low chance of risk occurring. Less than <10% chance of risk occurring.
    Medium Medium chance of risk occurring. 10%-49% chance of risk occurring.

    High High chance of risk occurring. 50%-100% chance of risk occurring.

    Impact chart:

    Types of
    Impact Low Medium High
    Low financial impact, Medium financial impact, High financial impact,
    costing the company $0- costing the company costing the company
    Financial $14,000 $15,000-$29,000 $30,000 or more
    Medium impact to project
    Low impact to project operations, High impact to project
    operations, causing with potential to delay operations,
    delays of a few days to a project by a month or with potential to cause
    Operational few weeks more project failure
    Low impact to employee Medium impact to High impact to employee
    attrition, with 5%+ of employee attrition, with attrition, with 50%+
    employees quitting 25%+ of employees employees quitting
    People quitting

    Probability and Impact Matrix:

    Inherent Risk
    Impact
    Low Medium High
    High Medium High High
    Probability Medium Low Medium High
    Low Low Low Medium
    The information in this document is subject to change

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