The document discusses risk management planning and its importance in projects. It provides several arguments for why developing a risk management plan is beneficial, even if not explicitly required in a contract. Having a plan helps ensure goals are met, problems are avoided or minimized, and it builds customer confidence. The document also discusses when risk management should be performed, with most sources agreeing it is best started early in the proposal stage. Overall it argues that risk management planning can be justified for nearly all projects and helps improve their likelihood of success.

1. Introduction
The standards of venture risk administration can be expressed
essentially. Any undertaking association is liable to risks. One
which ends up in a condition of ceaseless emergency, is
neglecting to oversee hazards legitimately. Disappointment to
oversee risks is portrayed by failure to choose what to do, when
to do it, and whether enough has been carried out. Hazard
Management is an aspect of Quality, utilizing fundamental
procedures of dissection and estimation to guarantee that risks
are appropriately recognized, characterized, and oversaw.
Why a risk management plan was considered unnecessary?
As per the agreement honor, contracts around then did not
oblige that a risk management arrangement be create while as
per the backer the risk management arrangement was redundant
on the grounds that the vast majority of the new weapon
frameworks necessities are built by military staff who have no
feeling of reality about what it takes to create a weapon
framework focused around innovation which does not in any
case exist yet. Agreeing Kerzner, in the prior days of the
undertaking management on numerous business programs, the
dominant part of task choices vigorously supported cost and
calendar. This was on the grounds that we knew more about
expense and planning than we did about the specialized Risks.
Anyway then again it is fundamental that projects characterize
and execute suitable risk management and emergency course of
actions to improve program management adequacy and give
program chiefs a key device to lessen life cycle costs (Kerzner,
2009).
Should risk management planning be performed in the proposal
stage or after contract award, assuming that it must be done?
Risk management in other words risk management is utilized all
through the program's life cycle and ought to be produced ahead
of schedule in the system from the earliest starting point and
tended to constantly all through the project. Risk management is

2. not a different system work however part and package of the
general project arranging and management process. Keeping in
mind the end goal to be successful, the Risk management
process must be perceived as a project management movement,
and not something constrained to the designing capacity. Any
system component connected with expense, timetable, and
execution has an immediate interface with the Risk management
process. This methodology does not change in a general sense
as the project advances, albeit a few changes or modification
may happen as the system advance (Kerzner, 2009).
Does the customer have the right to expect the contractor to
perform risk analysis and develop a risk management plan if it
is not called out as part of the contractual statement of work?
Yes the customer has all the rights to expect the contractor to
perform a risk analysis and develop a risk management plan
even if it is not mentioned in the proposal or anywhere in the
project. This is because, the process of developing a risk
management plan builds the customers confidence and assurance
in the project team. Apart from that, the customer will know
that; goals are more inclined to be attained, harming things will
not happen or are more averse to happen and usefully things
will be or are more inclined to be attained. A destination
appraisal of the undertaking management procedure, see that
there is legitimate representing task risks and vulnerabilities,
expanded trust in the speculation by the patrons and
management choices by emulating an intensive examination of
the information. Risk management takes into account a
possibility arranging that allows controlled and foreordain
reactions pronto of evaluating what to do Risks lastly reactions
can be archived as a notable record for future reference.
Would Altex have been more interested in developing a risk
management plan if the project were funded entirely from
within?
Yes, Altex ought to have been more intrigued to perform the
risk management arrange despite the fact that the undertaking
would have been supported altogether from inside. Most

3. importantly, it is vital to note that the risk management
methodology is exceptionally imperative to an association. It
includes all the systems that are needed in guaranteeing that
there is risk distinguishing proof, risk dissection and risk
moderation. Successful risk management systems will permit
Altex to distinguish the project's qualities, shortcomings,
opportunities and risks. By anticipating unforeseen occasions,
they can be prepared to react on the off chance that they
emerge. To guarantee the project's prosperity, it will be
characterized by how you will handle potential risks so you can
recognize, moderate or stay away from issues when you have to
do. Fruitful project directors perceive that risk management is
essential, on the grounds that accomplishing a project's
objectives relies on upon arranging, readiness, comes about and
assessment that help attaining vital objectives. Along these
lines, regardless of the fact that the procedure was subsidized
from inside, there is still the need to have a risk management
plan.
How might the Army have responded if they were presented
with a risk management plan early during the R&D activities?
The response from the Army would been positive the main
reason being that they will be seeing that Altex is taking their
project serious and would not want to start afresh again if in
case something happens during the project’s life cycle.
(Kerzner, 2009). Risk management arrangements helps the
undertaking accomplishment by making a rundown of interior
and outside risks. This arrangement regularly incorporates the
distinguished risks, likelihood of event, potential effect and
proposed activities. Generally safe occasions normally have
almost no effect on expense, timetable or execution. Moderate
risk causes some increment in expense, disturbance of timetable
or debasement of execution. High risk occasions are liable to
cause a critical increment in the monetary allowance,
disturbance of the timetable or execution issues.
To guarantee that projects run easily, powerful extend
supervisors convey their plan to the project patrons,

4. stakeholders and colleagues. This sets desires to individuals
who give financing and are influenced by the results. It
guarantees that the task runs easily so one stage returns to the
following without interruption. By distinguishing, staying away
from and managing potential risks ahead of time, you guarantee
that your workers can react viably when difficulties rise and
oblige mediation.
By characterizing risk management forms for the organization,
Altex will make achievement more probable by minimizing and
killing negative risks so projects can be done on time. This
empowers them to meet their financial plan and satisfy focused
on targets for customers (the Army). When they do not a have
risk management methods set up, their activities will get
presented to issues and get to be defenseless. Powerful risk
management systems permit the Altex organization to augment
benefits and minimize costs on exercises that don't deliver a
rate of profitability. Through itemized examination, viable
pioneers prioritize progressing work focused around the results
created, regardless of the chances. (Slovic, 2000).
In order for Altex to assess their project's prosperity so as they
can utilize the best practices on their next undertaking, they
need to survey the effect of their exercises on moderating
introduction to issues and abusing open doors that profit by the
organization's qualities. For instance, on the off chance that you
create and convey a preparation program that makes
mindfulness about Internet security, including phishing,
infections and data fraud, measure the quantity of help work
area calls got about these issues. In the event that they go down,
you can sensibly accept your risk management activities have
helped achievement. If not, change your preparation program.
Can risk management planning be justified on almost all
programs and projects?
Projects and plans frequently begin in the right foot heading yet
then get off track. For instance, project administrators will
invest time with their groups to create an agreeable extension
and definite arrangement. At that point something happens;

5. something startling a significant fiasco strikes. The project
director and group move rapidly into their receptive mode –
they deal with this risk focused around their encounters and best
judgment however they have no chance to test it out and they
trust that it will be alright, yet they do not know beyond any
doubt. This is not chance management – it is management by
emergency.
The profit of risk management in tasks is tremendous in light of
the fact that the conclusion of project disappointment is
squandered dollars that take speculator benefits and have a
negative effect on the association's main concern. Risk
evaluations permit you to manage questionable project
occasions in a proactive way. This permits you to convey your
undertaking on time, on plan and with quality results. Complete
your risk appraisal at an opportune time in the project's
execution and persistently (i.e.; each 2 to 3 months), all through
the project's lifecycle. This will improve your project's
prosperity probability. Furthermore, at whatever point
conceivable, measure the impacts of your risk management
exertions and persistently actualize enhancements to bring about
a significant improvements. (Slovic, 2000).
Conclusion
An association won't have the capacity to completely take out or
kill risks. Each venture engagement will have it set of risks to
be managed. A certain level of risk will be included when
undertaking a venture. The risk administration procedure ought
not be traded off anytime, if disregarded can prompt
unfavorable impacts. The whole administration group of the
association ought to be mindful of the venture hazard
administration techniques and strategies. Improved training and
continuous risk evaluations are the most ideal approach to
minimize the harm from risks.
Reference
Chapman, C., & Ward, S. (1996). Project risk management:
processes, techniques and insights. John Wiley.

6. McNeil, A. J., Frey, R., & Embrechts, P. (2010). Quantitative
risk management: concepts, techniques, and tools. Princeton
university press.
Slovic, P. E. (2000). The perception of risk. Earthscan
Publications.
Running head: RISK MANAGEMENT 1
Risk management Process: Altex Corporation
Brandon Ellison
BUS 697
Dr. Shawn Milligan
- 1 -

7. 1
2
1. where is your introduction?
[Shawn Milligan]
2. All assignments in this
class are academic papers
and should include
introduction, conclusions,
thesis statements, and
conceptual headers.
Academic papers allow you to
demonstrate that you can
write clearly and think
critically. Question and
Answer do not show these
skills. [Shawn Milligan]
RISK MANAGEMENT PROCESS 2

8. Why a risk management plan was considered unnecessary?
Risk management process can be considered unnecessary at
times (Viscione, 2012).
Though, this is a bit risky as the process is very important in
any project. The need for the risk
management process is to prevent the future risks that could
affect this project. The risk
management process involves the identification, analyzing, the
planning and the control of the
potential risks. The risk was considered unnecessary due to
various reasons. One, it would be an
added cost to the organization that was not accounted for and
two; it was not on the part of the
contractual statement of work.
Should risk management planning be performed in the proposal
stage or after contract
award, assuming that it must be done?
Management plan is very important to the organization. It
should be done on time so as to
ensure that the organization is well managed effectively. Risk
management is central to the
issues o planning in the long run. We have reasons as to why
this timing should be properly

9. timed. One, risk management is pro active. They should hence
be performed in the proposal
rather than after the contract award. This is because they are
more useful while performed at the
proposal stage rather and less useful while performed after the
contract award (McMullen, 2013).
Managers should hence initiate risk management planning at the
proposal stage for them to be
more useful to the organization.
Does the customer have the right to expect the contractor to
perform risk analysis and
develop a risk management plan if it is not called out as part of
the contractual statement
of work?
- 2 -
1
2
3
4 5 6
78 9
10

10. 11
1. Do the companies need to
ask for a risk management
proposal? I believe risk
management should be taken
into account when putting
together the bid. If you the
bidder does not know the
risks, how can they
adequately plan for how these
risks will affect their budget,
timeline, and scope? For
example, if you are building a
bridge, you will want to make
sure to include money for
traffic control personnel and
extra time and money for
weather related issues, this is

11. done at part of the risk
management plan. [Shawn
Milligan]
2. There are issues with your
paper that you should have
caught if you had read your
paper out loud or used
Natural Reader.
Natural Reader:
http://www.naturalreaders.co
m/ Natural Reader is a free
text-to-speech software.
Students are always amazed
(and often a bit horrified) at
the number of writing errors
they hear when the Natural
Reader reads their paper. Try
it, it really does work.

12. [Shawn Milligan]
3. on time
what is on time? When should
it be done? [Shawn Milligan]
4. o
wrong word [Shawn Milligan]
5. We
First person is allowed in APA
only when it is absolutely
necessary and it is not
absolutely necessary here.
This sentence could have
been written in the third
person. Understanding when
and how to use first person is
sometimes tricky. Here are
some sources for more
information: •

13. https://owl.english.purdue.edu
/owl/resource/560/15/ •
http://www.louis-hoffman-
virtualclassroom.com/psychol
ogy%20resources/writing%20
resources/first_person_apa_s
tyle.html •
http://www.typepad.com/servi
ces/trackback/6a01157041f4e
3970b0120a5b49ccc970c
[Shawn Milligan]
6. have reasons as to why this timing should be properly
this sentence does not say anything.... [Shawn Milligan]
7. They
Company Pronouns When referring to an entity (like a company,
government
agency, or a country), use the pronouns “that” or “it.” Entities
are not people,
so it is incorrect to use “who” or “they” or "their" when

14. referring to them. If
using "it" and "that" sounds awkward rewrite the sentence and
use the
entities name instead. For additional information see:
http://www.quickanddirtytips.com/education/grammar/is-it-
%E2%80%9Ca-
company-who%E2%80%9D-or-%E2%80%9Ca-company-
that%E2%80%9D#sthash.5cX7HRH1.dpuf [Shawn Milligan]
8. timed.
Vary your word choice to avoid redundant words and phrases.
[Shawn
Milligan]
9. active. They should
- 2 (cont) -
What is they? Vague pronoun reference. If you made sure the
reader knows what your pronouns (he, she, they, us, it) refer
to, your writing will be much clearer. For additional
information
see: http://www.dummies.com/how-to/content/how-to-avoid-

15. vague-pronoun-references and
http://bcs.bedfordstmartins.com/everyday_writer/20errors/2.ht
ml [Shawn Milligan]
10. they
unclear [Shawn Milligan]
11. hence
try to avoid. you are overusing this word [Shawn Milligan]
RISK MANAGEMENT PROCESS 3
The customer has no right to expect the contractor to perform a
risk management and
develop a risk management plan if it is not called out as part of
the contractual statement of
work. It is always advisable to follow the opinions of one’s
customers so as to make them happy
with the services that they are given. No one has them has the
authority over the other, both the
employee and the customers (Viscione, 2012). Strategies of the
project are defined early so as to
come up with the requirements of the job. It is also available for
laying down the job breakdown

16. structure. This is hence the reason why the customer cannot
demand for the contractor to perform
any kind of work as a risk analysis or management plan if it was
not part of the contractual
statement.
Would Altex have been more interested in developing a risk
management plan if the
project were funded entirely from within?
Yes, Altex should have been more interested top perform the
risk management plan even
though the project would have been funded entirely from within.
First of all, it is important to
note that the risk management process is very vital to an
organization. It involves all the
strategies that are required in ensuring that there is risk
identification, risk analysis and risk
mitigation. So, even if the process was funded from within,
there is still the need to have a risk
management plan (McMullen, 2013).
How might the Army have responded if they were presented
with a risk management plan
early during the R&D activities?

17. It might be difficult for the army’s if they were presented with a
risk management plan
during the early stages of the R & D activities (Viscione, 2012).
This is because; the whole
- 3 -
1
2
3 4
5
6
7 8
9
1. The customer has no
right to expect the
contractor to perform a risk
management and
develop a risk management
plan if it is not called out as
part of the contractual
statement of

18. work.
do not agree.... [Shawn
Milligan]
2. Do you feel ethics come
into this issue?...I certainly
do…. [Shawn Milligan]
3. It is always advisable to
follow the opinions of one’s
customers so as to make
them happy with the
services that they are
given.
ethical issue here - do not
agree in this instance.
[Shawn Milligan]
4. No one has them
This sentence is hard to
follow. How might you reword

19. it to make your point clear to
the reader? [Shawn Milligan]
5. Strategies of the project
are defined early so as to
come up with the
requirements of the job. It
is also available for laying
down the job breakdown
structure. This is hence the
reason why the customer
cannot demand for the
contractor to perform any
kind of work as a risk
analysis or management
plan if it was not part of the
contractual
statement.
unclear... And the customer

20. does have the right to expect
the contractor to do the job
they were hired to do. Lots of
ethic issues here you missed.
Needed more analysis.
[Shawn Milligan]
6. This is a possessive
apostrophe error. [Shawn
Milligan]
7. army’s
Capitalization error. [Shawn
Milligan]
8. they
it Company Pronouns When referring to an entity (like a
company,
government agency, or a country), use the pronouns “that” or
“it.” Entities are
not people, so it is incorrect to use “who” or “they” or "their"
when referring to

21. them. If using "it" and "that" sounds awkward rewrite the
sentence and use
the entities name instead. For additional information see:
http://www.quickanddirtytips.com/education/grammar/is-it-
%E2%80%9Ca-
company-who%E2%80%9D-or-%E2%80%9Ca-company-
that%E2%80%9D#sthash.5cX7HRH1.dpuf [Shawn Milligan]
9. R & D activities
write out In American Psychological Association (APA)
abbreviations should
only be used when the abbreviation is well known and will not
interfere with
the reader's understanding or when the term is used repeatedly
in the paper.
The first time an abbreviation is used it needs to be identified
with the
abbreviation. For example Project Management Maturity Model
(PMMM). For
additional information on abbreviations see:
https://owl.english.purdue.edu/owl/resource/560/21/ [Shawn
Milligan]

22. - 3 (cont) -
RISK MANAGEMENT PROCESS 4
process is also complex in the long run. The risks might be so
many and hence the army would
be confused. In the long run, why should they be exposed to
situations like this and open a
Pandora’s Box for them?
Can risk management planning be justified on almost all
programs and projects?
Yes, risk management planning can be justified necessary on
most all projects. This is because
they are very necessary to the organization. It is through the
risk management processes that the
managers are able to be protected so as to identify, plan,
analyze and control all the risks that
could affect a project. It reduces the costs that could be incurred
in the organization if the risk
management was not initiated (Viscione, 2012). It also raises
the expectations of the organization
and managers since there are assured of lesser risks affecting
the project (McMullen, 2013).

23. There is hence the importance of considering the risk
management processes in almost all
projects.
- 4 -
1
2
3
1. Yes,
APA does not use block style
paragraphs. The first
sentence for each paragraph
needs to be indented.
[Shawn Milligan]
2. they are very
it is unecessary [Shawn

24. Milligan]
3. Where is your conclusion?
All academic papers (actually,
discussion posts, speeches,
letters...) need to have both
an introduction and a
conclusion. Your conclusion
should serve to reestablish
your position on this topic and
your thesis and often mirrors
your introduction. Your
conclusion should not include
any new information. For
more information on how to
develop a proper conclusion
see:
https://owl.english.purdue.edu
/owl/resource/724/04/

25. [Shawn Milligan]
RISK MANAGEMENT PROCESS 5
References
McMullen, T. B. (2013). Introduction to the theory of risk
management system. Boca Raton
[Florida: St. Lucie Press.
Viscione, J. A. (2012). How to construct an efficient program
and project. New York, N.Y:
National Association of Credit Management.
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[no notes on this page]