Table of ContentsIntroduction3P.docx

Table of Contents
Introduction 3
Project Outline 3
Project risk identification4
Project risk assessment 6
Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and
move into a global perspective. Let’s ay for instance a possible
expansion in the expansion of an oil refinery plant, such as a
sulphur plant, my project will be to research Savage Gulf
Sulphur Services. The project is supposed to ensure that the

company will generate more revenue, and then it shall move
into a global perspective. With the project, the company shall
also increase its production due to large demand generated by
the new market in the globe. Every project is faced with a
certain degree of risk in the activities that it takes in an
organization. It is important for organizations should carry out
risk assessment procedures that are inclined in ensuring that an
effective strategy shall be formulated to eliminate risk. This
paper will discuss the risk management strategy and the
processes that are taken in the management of risk in an
organizational structure.
Project Outline
The project is it intended to increase the organized capacity and
move into the global market structure. This will involve the
purchase of new factors of production such as land, investors
and business owners invest large amounts of capital to such
investments. The project will also
Risk management justification
Risk management is identified and can be described as an
assesment that has all these prioritization of risks, the
management of risk could involve precise coordination and
ecomonical application strategies with ereasons to minimize,
control and monitor the probability and impact of unfortunate
events. Risk management also helps in maximization and the act
of realization of opportunities. In an organizational structure,
risk management has a variety of functions which makes it an
important department in an organization, based on the many
roles that the risk management. This is the implementation of a
strong and effective risk management and controls within
securities firm, a helps in promoting stability throughout the
entire firm. Risk management controls are divided into two
categories. The internal and external control categories help in
providing useful and effective control systems. The internal
controls help in protecting the firms against market, credit,
operational and legal risks. Secondly, it helps in protecting the
financial industry from all the systemic risks in the organization

structure (Merna, 2008)
Risk management is useful in protecting the firm's customers
from enormous and large non-market related losses such as
misappropriation of resources, fraud and firm failure. Such
failures can result in enormous risk in the organization. Risk
management also helps in the act or protecting the firm and its
franchise from suffering adversely from reputational risk. If a
company loses its reputation in a market structure, then it is
subjected to incur heavy losses as customers and clients will not
have the required. Risk management helps in promoting and
inspiring confidence in people, hence attracting large number of
clients who will in turn bring enormous business to the firm. An
effective risk management also helps in risk management and
control measures that help in the protection against serious and
anticipated loss Loosemore, 2006).
Project risk identification
The risk identification processes are categorized as the risks
that are done to identify and also to categorize the risks that
affect the development of a project. The risk identification
process includes the development of a list of lists that are done
with the risks, depending on the character of the project and its
continuity. In non-complex projects that are characterized by
low-cost projects with little uncertainty, the risks are commonly
kept simply as a list of red flags items. In such situation, the
items can be assigned to individual teams who are given the
responsibility to watch throughout the project development
process. Since risks are events that when triggered will cause
problems or benefits the main and most effective place to start
with risk identification process is the source of the problems
and the problems of the competitors who are experiencing the
same problem. The sources of risks can either be internal or
external where the target risk management can use mitigation
instead of management. The risk management and the process of
identification. The problem analysis, identification involves
risks that are related to the identified threats, the threats of
losing money, accidents and the casualty threat of abuse and

wrong use of confidential information or human errors. Such
threats may be in existence in a variety of various entities where
they do come in the form of customers, shareholders or even the
legislative bodies such as they govern or even the board of
governors (Loosemore, 2006).
When a problem source is well known then, the events that a
source may trigger, or the events that can lead to a problem can
be investigated. Such problems include an investor or a
shareholder withdrawing during the continuity of a project that
may endanger funding of the project. Such a move would lead to
stoppage of the project due to lack of funds to support the
activities that are carried out during a project. On the other
hand, the access or vital confidential information ay be stolen
by employees even within a closed network. Competitors may
use such information that in turn will disadvantage the project.
It is important to ensure that project information is kept in a
secured area with a limited access control. Other natural
calamities such as lightning that may strike an aircraft during a
takeoff may make all people on board to be immediate
casualties.
During the risk identification process, there are always varying
processes that are conducted depending on the nature and the
form of the project and the risk management skills of the team
members who are involved in the project. However, it is true
that identification processes begin with an examination of
issues and concerns that are created by the project development
team. The issues and concerns that are brought about by a
project can be derived from an examination of the project
description, cost estimates, design and construction, work
breakdown and procurement plan. In the process the team
should be able to identify and examine a project effect by
reducing them to a level and detail that tends to permit a risk
evaluator to understand the significance or any risk and identify
its causes.
There are different methods that can be used in the process of
risk identification. However, the method mainly depends on the

culture, industry practice and the compliance. Among the
commonly used acids include the scenario based risk
identification method where the different scenario is created.
The different scenarios may be the alternative ways to achieve
an objective or an analysis of the interactions of forces in which
a market or battle in the market structure. Any event that
triggers an undesired scenario is then identified as a risk.
Secondly the objective-based risk identification method where
organizations and project teams have objectives. Any event that
may endanger achieving an objective partly or completely is
identified as risk. Other methods used include the risk chatting,
common-risk checking and the taxonomy-based risk
identification method.
Project risk assessment
After risk identification, the process of ascertaining the degree
of severity, the probability of occurrence and the negative
impacts and effects that may be caused by the risk is then
conducted. The risk assessment process in carried with an aim
of determining the qualitative and quantitative value of risk
related to a concrete situation The assessment process is critical
and useful as it helps in making the best-educated decisions in
order to prioritize the implementation of risk management plan
properly. A short-term positive improvement can result in long-
term negative impacts. The fundamental difficulties in risk
assessments are determining the rate of occurrence since
statistical information is not obtainable on all kinds of past
incidents. When dealing with intangible assets and property
such as loyalty, it becomes difficult to attribute a given cost to
them. Risk assessment should provide information to the
management team in the given project, hence pointing the
primary risks that are easy to understand and hence ensuring
effective prioritization of management decisions
Project Risks, Responses Strategy
When a risk has been identified and effectively assessed, a
quality and quantity of that risk is then established. The process
of risk response plan is then laid out to plan for how each type

of risk will be managed and who will handle the risk. A risk
can either cause a negative or a positive impact, it is important
to consider the two types of risk responses. In this process, a
risk register that contains all the information that is gathered
from the previous four processes and necessary to establish the
most appropriate responses. Secondly, a risk management plan
which acts as a risk tolerance for the project. The plan outlines
how the management will plan the risk responses and how the
risks are to be communicated.
The negative risk threats are responded by the use of different
strategies that are done do reduce the frequency of the threat.
Among the most commonly used include the avoidance strategy
where the risk responses take the action up front to either
reduce the probability to zero or the impact or even both(Merna,
2008). The response enables the risks to be sidestepped as a
whole. An example might be that if a certain process is to be
used in the creation of a product then the choosing of a different
and in such case a low-risk process would remove the risk
altogether. When a project or an activity is through to be more
harm to the organization than good, then the project is avoided.
The transfer strategy where the risk is transferred to a third
party is so that they handle the management and the impact of a
particulate risk. The strategy is normally done via a contractual
agreement where the risk can be transferred to a third party
giving the examples of the insurance company. In case of a risk
than the insurance company shall cover the risk incurred during
the time. The insurance policy paid is meant to cater for the cost
of the impact that the company gets.
Lastly, the project managers can also choose to accept the risk
that is posed by the project. Such decisions are arrived at after
investigating the risk and establishing that the risk severity is
relatively low. Additionally the risk can also either be in lowest
terms or the impact, or its probability is also low. On the other
hand, the cost and efforts of taking a different action are out of
the proportion to the risk itself. Incase acceptance is selected as
the response to the risk; then it should be documented and

entered in the risk register. However, during the project
continuity is important to observe the risk and ensure that
acceptance is still the most desired response to take (Merna,
2008)
On the other hand the strategies for the positive risks,
opportunities ay involve exploiting the risk where the
management ay tries to remove any uncertainty so that the
opportunity is certain to happen. This can be done by training
the team to have the required and desired skills that may enable
the product and services to be enhanced in some ways hence
getting more benefits. Training also helps in making the
management effective in their work and hence raising their
working morale. Secondly the project may also select to share
the risk through the identification of opportunities presented by
the project. The project then may be more likely to be informed
of a partnership where the organization may invite a second and
third party to share the revenue hence getting more funds to
invest and diversify. This type of response is also commonly
used when negotiating to win a contract and partnering may
improve their chances of contract award.
Thirdly, the project managers may also choose to enhance the
risk management where they may choose to depend on providing
a clear and an unambiguous expression of each identified risk.
The enhance strategy of risk response mainly focuses on the
cause of the opportunity and then goes on to influence these
triggers to augment the likelihood of the opportunity occurring.
The strategy also leads to increase in production of good and
services where the company will register increased sales hence
more revenue. On the other hand, the strategy can also involve
adding extra features to a product, hence increasing its market
value through enhancing of its quality that intron creates
customer loyalty and increased revenue stream.
After the establishment of the strategies that are to be
implemented in the response in case due to the risk identified
and assessed. The need to have a responsible plan is required.
Every team member is given the responsibility of handling the

risk. The team needs to be concerned with the activities of that
are involved in handling and assessment of risk both near the
beginning in the project building, planning and carry it on
during the execution to detect new risk as more become known.
An individual with expertise and experiences in differing
NMBHrent leadership and particular areas are known where
they are required to develop the mitigation plan for the
identified risks. The management of risk, responsibility will
then reside with the project manager who is tasked with the sole
responsibility of monitoring the project progress including the
progress on any work that is built. He also helps in minimizing
or eradicating specific risks
The employees are allowed to make their different opinions on
an adequate strategy to implement for risk management.
However, the management should hold the duty to make the
decisions that are meant to foster effective management of the
project (Merna, 2008).
Project Risks Monitoring & Control Plan
The need to keep track of the identified risks and also monitors
the effects of the risks, is its reins' and also to identify new or
changed risks. Having an effective reporting mechanism in
place and also to ensure that the risk is well covered is
identified as the key reports and reviews. The effective
monitoring and the control also involve creating the right
conditions for the openness and the transparency in the project.
The management should also listen to the opinions to ensure
that the employees to not hide problems until the last possible
minute. The project managers are also to communicate risk to
the stakeholders this makes them be prepared in case of unseen
and unprecedented occurrence. Since risk will remain at the
scene, even if the management chooses to implement the
avoidance technique. The process of creating a plan that will be
used in controlling the effects brought about by risk is the most
effective way. Risk should also be turned into an opportunity
and a proactive approach made to the risk management in
creating new opportunities for an organization. The analysis of

acceptable and unacceptable risks may reveal one or even more
potential unacceptable risks (Jordão, 2010).
Project Risks WBS & Budget Updates
This is the organization of a team's work into manageable
sections that look at the hierarchical decomposition of the work
that is to be executed by the project plan. Work Breakdown is
divided into manageable chunks that a project team can
understand at each level of work breakdown structure is meant
to provide further details and definition of work. First the major
functions in the projects are identified and defined. The sub-
deliverables are then further decomposed by a single person is
assigned the responsibility to share that the work is well catered
for. The work packages mainly represent the lists of the task
that the individuals are assigned. The cost perspective of these
work packages is usually grouped and assigned to a specific
department, which is meant to produce work. The departments
are then defined in an organizational breakdown structure and
then allowed a budget to produce the specific deliverables (Joint
Technical Committee, 2004).
Budget updates act as the reminders that give information about
the projects. In case of any change in the working on the
projects, then the budgets are responsibility in ensuring that
every member is aware of the progress of the work
Project Risks, Communications Plan
Communication is a vital component in project development and
risk management. This is because it enables people to provide
the required skills as they are aware of what is required from
them. Efficient and effective communication should be
promoted in an environment.
1) Financial risk.
The project presents a certain percentage of financial risk
(Kaplan, 2000). There is the uncertainty of whether the funds
which are requested for the completion of the project will be
enough or they will be depleted before the project can be
completed. It is prudent for the project to be able to be
contained within the available savings as well having the

confidence that the project goals and objectives will be
achieved within the set period of period (Thompson, 1994). This
is a risk which can be mitigated by reviewing a similar project
and using monitoring and verification methodologies to analyze
the other projects so as to be able to have deductions which are
relevant to the project being analyzed. Sensibility analysis is
also important which will help in accounting for the variability
in the assumptions made with respect to the costs of the project.
2) Strategic risk.
This is a situation whereby a wide range of projects are
competing for investment. This is the aspect which outputs the
need to justify the validity of the project especially in financial
terms. The project should be able to deliver on the specified
corporate goals for it to be considered a viable project. In this
area, the question of whether the funds will be used
inappropriately hence hindering the projects ability to deliver
on corporate goals arises (Kaplan, 2000). This calls for
demonstration of how the project links to preexisting strategies
and policies hence the need to follow processes outlined in the
project specifications. A lot of strategic management is
therefore required in mitigating this type of risk hence it calls
for critical analysis.
3) The issue of operational risks.
This type of risk arises due to the fact there are new
technologies and practices of project doing which are constantly
cropping up. It is noted that the means of doing projects which
were being used a decade ago are now obsolete and new means
are constantly cropping up (Kaplan, 2000). The newer means
are usually better and more convenient than their earlier ones
albeit being more complex to understand and grasp (Thompson,
1994). The project which is meant to impact on the
organization’s operations or operations quality can present high
cost implications. It’s also prudent to as whether the project is
affected by interruptions which ae normal to plant operations
hence this calls for consulting with the relevant specialist
expertise. Operational risks may also encompass smaller risks

which might be related hence they should be looked into
accordingly and have them addressed.
4) Safety risks.
Safety is also a consideration in all aspects of project processes
(Thompson, 1994). Should the project present any safety issues
then it’s prudent to show that safety assessment has been done
and that the identified risks have been managed appropriately.
In most organizations here will be the availability of a protocol
which helps in safety risk assessment hence it’s essential to
follow these protocols in the assessment of the project’s risk
factors. This calls for the description of the risk and their
mitigation strategies in the project case as well as the inclusion
of relevant supporting information. Different projects pose
different safety threats hence each and every project risks
should be analyzed on its own and have its safety specifications
stipulated accordingly (Thompson, 1994).
5) Schedule risk.
This arises from the fact that using new technologies in the
accomplishment of the project can lead to the using of more
time than it was anticipated. In the programming of the time
which a project will be based on, the consideration is usually
based on past projects which may have been facilitated by other
types of technologies which might not be in use at the present
times (Kaplan, 2000). There is the possibility of the project
schedule being stretched to points whereby the set time limits of
the project are threatened. It is therefore prudent to have a
certain grace period of time in which the project can be
completed. During this time, the project’s completion is not
harried although it is already stipulated that this is the period
over which the project’s schedule ends at. In some cases, the
schedule is not flexible enough to accommodate corrections
done to the project after its completion or some additions to the
project during its development stages.
6) Resource risks.
This is a risk which is majorly related to the allocation of
resources to the project. Under allocation of resources is a very

serious mistake which can lead to the project stalling half way
hence this should be addressed before the onset of the project
(Kaplan, 2000). Over allocation of resources is also not a good
idea since some resources are perishable hence after they have
been allocated to a particular project, it becomes difficulty to
reallocate them to a different project. Existing facilities and
resources should be sufficient enough to facilitate the
completion of the project with respect to the set period of time
and the available technology and methodology of project doing.
It is noted that some resources have a limited life cycle hence
their allocation should be aligned to the time specified by their
life cycles (Thompson, 1994). This calls for strategic planning
for the project.
7) Life cycle stage risks.
This is a situation whereby there is spending of insufficient
time and resources on one or a group of the stages. In this case,
there is the scenario whereby the project facilitator moves to
subsequent stages before the completion of previous stages
(Kaplan, 2000). This happens especially when there is some
back ground information which is missing or is not in writing
which prompts some specification of the project to be left
behind. A lot of feasibility study needs to be done in order to be
able to mitigate this type of risk. Care should be taken so that
there is recording of all necessary ideas and that every detail of
the project is put into writing to avoid the skipping of some
stages or the processing to subsequent stages while some of the
stages are not completed (Thompson, 1994). Some stages are
usually interrelated hence the failure of one stage may lead to
the failure of the whole project. Strategic management of the
project is required whereby every stage’s goals are identified on
individual basis hence there will be no way of skipping a stage
without having accomplished its goals and objectives.
8) Requirements inflation.
This is an issue which is caused by the addition of more
features into the project development which had not been
identified when the project was being formulated. This new

additions in most5 cases threaten the resources estimates
allocated to the project as well as the time schedule allocated to
the project. This is usually the case in situations whereby some
feedback on the progress of the project is being given by a
concerned party such as the project analyst (Kaplan, 2000). In
this case, new additions to the project will be frequently be
requested for hence by the time the project is being completed,
the project will have surpassed its original specifications. These
additions have the effect of stretching the time limit of the
project and in cases whereby there are limited resources; it
might become difficult to accommodate any additions especially
if the additions calls newer or other types of resources
(Thompson, 1994). This calls for limitations on the amount of
additions which are allowed on the project during its
development phase.
RISK ASSESSMENT GRIDS.
RISK ASSESSMENT.
PRÉCIS
In the analyzing of the projects risk assessment, eight risks
were presented and discussed upon. This encompassed the
requirement that the project’s potential risks had to be
considered as well as being managed appropriately (Kaplan,
2000). The risks presented were those which were inherently
associated with the project together with their analysis. This
article will therefore be based upon those risks. There will be
the discussion on the types of responses which can counter
those risks as well as the thorough description for the responses
advised upon as well as the presentation of additional tasks
which can help in mitigation of the risks (Thompson, 1994).
PROJECT RISKS RESPONSES STRATEGY
The risks identified together with their responses are as follows.
· Financial risks. These are the risks which are associated with
allocation of funds for the project. Problems arise if there is
over allocation or under allocation of funds since the

completion of the project depends on the availability of
resources which entirely depend on the available funds
(Thompson, 1994). The response strategy for this type of risk is
carrying out extensive research on the financial aspects of the
project, coming up with an effective budget and allocating
funds with an additional money set aside in case of additional
expenses (Kaplan, 2000).
· Strategic risks. This are risks associated with the difficulty in
choosing which project to invest in and which will auger well
with the corporates goals (Thompson, 1994). The response for
this type of risk entails an elaborate demonstration of how the
project will be able to link to the preexisting strategies of the
corporation. This calls for strategic planning and management
so as to be able to counter this risk.
· Operational risks. This is the risk which is due to
advancements of technologies hence the operations of the
project are affected by the technologies which are constantly
cropping up (Thompson, 1994). This calls for incorporation of
technical team in the project development and implementation.
The developer of the project should be flexible with respect to
the advancement of technology hence be able to embrace new
ways of doing things.
· Safety risks. These are the adverse elements which can befall
the project personnel during its development. This calls for
safety assessments in all areas of the project development and
implementation and have the risks managed (Thompson, 1994).
· Schedule risks. These are the risks of over allocation or under
allocation of time for the project development and
implementation. This calls for an elaborate time table and
following the time table with commitment (Kaplan, 2000). A
grace period should also be there in case of the stretching of the
projects schedule. Care should be taken not to harry the project
but to have a chronological advancement of the project through
its stages.
· Resource risks. These are risks which are associated with
under allocation of resources which are necessary in the

development of the project (Thompson, 1994). This calls for
effective planning and management so as to be sure that all the
required resources are available whenever they are needed.
· Life cycle stage risks. This is the risk of spending insufficient
time on some of the stages of the project hence leading to some
stages being underemphasized on while others are
overemphasized on. This calls for strategic management of the
project and analyzing of each stage individually.
· Requirements inflation. In this case, addition of features in to
the project which had not been planned upon. This calls for
having rules and regulations governing on what can be added
into the project and at what time (Kaplan, 2000). Strategic
management is key in solving most of the requirements
inflation.
THOROUGH DESCRIPTION OF THE SPECIFIC RESPONSES
In countering the financial risks, it is prudent to carrying
extensive and comprehensive research on the requirements of
the project. An elaborate budget which covers every aspect of
the project together with the miscellaneous aspects should be
drawn. For me, I recommend that the project is allocated more
funds than the ones stipulated by the budget so as to be sure
that lack of funds can never be the cause of the delay of the
project (Kaplan, 2000). There should be an aspect of monitoring
the project’s expenditure on the allocated funds so as to make
sure that the budget is followed to the latter. The money spend
on the project should also be accounted for to avoid wastage or
inappropriate use of project funds. Sometimes it is also prudent
to have a priority based approach of doing things hence the
acquisition of the most important things should be done first so
that there is no stalling on the project (Thompson, 1994).
Operational risks can be countered by having or seeking the
knowledge of professionals who are good in the technology
sector (Thompson, 1994). The advancements in technology have
meant that the same means of carrying out projects which have
been used in the past are becoming obsolete hence it is prudent
for the person who is developing the project to be updated with

the most efficient technological means to use. Help can be
sought from professionals who are adapt with the issue so as the
project can be produced at the best quality.
Strategic risks can be countered by embracing strategic
management when coming up with the project. It is a fact that
the project should be the best as far as representing the
stakeholders interests are concerned hence strategic planning
and choosing of the best project which will address the needs of
the company in the best way (Kaplan, 2000). The choosing of
the project should be done with a lot of consideration to details
so that the stakeholders will not have any issue in committing to
the project. The issue of schedule risks can be managed under
the management. This will involve putting a strategic time table
and have it followed to the later. The schedule will be broken
down in to smaller aspects of the project which will be dealt
with and analyzed as independent aspects of the projects which
can build the project as a whole entity. The scheduling should
be done in such a manner such that there is a grace period over
which the project can be accomplished without harrying it
through hence this will facilitate the project to be done
smoothly (Thompson, 1994). The lifestyle risks can also be
addressed at this point. This involves coming up with ideas
which counter the problem of dwelling in one stage of the
project development for more or less the time which is required
to be spend there. Ibn this case, the stages should be allocated a
definite time limits for their development and implementation.
Some stages are interrelated while in others, you cannot proceed
with the project unless you have completed previous stages
hence a definite means of analyzing each stages development
should be installed (Kaplan, 2000).
The management of safety risks is a factor which should be
addressed with the seriousness it deserves. In some stages of the
project development there might be situations which pose
dangers to the project facilitator. Risk assessment is imperative
in all stages of the project after which the management of those
risks should be done effectively (Thompson, 1994). Every risk

which has a likelihood of occurring should be addressed
individually and have their chances of happening reduced as
much as possible. In this case, prevention is the best thing to do
hence any factor which might lead to the safety of people
involved with the project being compromised should be dealt
with accordingly (Kaplan, 2000). Safety gears should be bought
where necessary. It is also prudent to have the personnel
involved with the project being trained on safety aspects of the
projects and also being trained on what to do in case of an
accident.
Resource risks can be addressed either in the countering of the
financial risks or on their own since in most occasions the
availability of resources depends on the availability of funds.
However, there are some resources which do not depend on the
finance aspects and these are things such as the availability of
the needed technical knowhow and support facilities
(Thompson, 1994). In this case, it is prudent to carry out
detailed research on the requirements of the project especially
on all technical needs of the project. Every aspect of the project
should have its various resource needs attached to it hence this
will save the project facilitators a lot of stress in countering
ineffective or under allocation of resources.
Requirements inflation can be countered by stipulating on what
can be added to the project and at what stage. In some cases, the
project is built by means of correspondences whereby an
evaluator gives feedback on the development of the project as
well as giving specifications on what should be improved on in
the project (Kaplan, 2000). This can lead to many things being
added to the project. Some of these additions are not stipulated
in any of the project’s requirements hence this can lead into the
project’s schedule being stretched as well as having the
project’s finances being overwhelmed.
UPDATED MATRIX WITH THE INCLUSION OF THE

IDENTIFIED RESPONSES
PROJECT RISKS RESPONSIBILITY PLAN
Risk identification
Risk description
Risk response type
Risk response description.
Stakeholders/project
Team members.
R1
Financial risks
mitigate
Carry extensive and comprehensive research on the
requirements of the project after which there is the drawing of
an elaborate budget which covers every aspect of the project
together with the miscellaneous aspects of the project.
1. Financier advisers.
1. Budget team.
1. Monetary evaluation team.
1. Management.
1. Project manager.
1. Sponsors.
R2
Strategic risks
avoid
Embrace strategic management when coming up with the project
hence avoid projects which have no benefits to the organization.
1. Management.
1. Project manager.
1. Sponsors
R3
Operational risks
avoid

Seeking the knowledge of professionals who are good in the
technology sector and avoiding in indulging in technological
areas whereby the project implementer doesn’t have an idea
about.
1. Strategic management team.
1. Project manager.
1. Technological advisors.
R4
Safety risks
mitigate
Conducting risk assessment in all stages of the project after
which the management of those risks should be done
effectively.
1. Safety management team.
1. Project manager.
R5
Schedule risks
mitigate
Coming up with a strategic time table and having it followed to
the later.
1. Management team.
1. Project manager.
R6
Resource risks
mitigate
can be addressed by effectively countering the financial risks
1. Budget team.
1. Management.
1. Project manager.
1. Sponsors.
R7
Life cycle stage risks
avoid
Treating each part of the project as an independent entity and

avoiding spending of undue time on one part.
1. Management team.
1. Project manager.
R8
Requirements inflation
mitigate
Stipulating on what can be added to the project and at what
stage.
1. Budget team.
1. Management.
1. Project manager.
In the handling of the risks, each and every of the stakeholders
of the project will be responsible for some elements of risk
handling hence the team will overly be tasked with the
assessment of the project’s risks during the formative and
implementation stages of the project so as to mitigate the risks
as they arise. This calls for mitigation of risk plans being
formulated by key individuals especially those who will be
overseeing a particular functional areas where the risks are
likely to appear (Kaplan, 2000). Risks which are general in
natural such as scheduling risks will be handled by the project
manager or facilitator. It is prudent to note that the management
of risks generally is a task which is handled by the project
facilitator hence the project facilitator r has the responsibility
for monitoring the project’s progress hence this responsibility
might be shared by one or two of the mitigation planners who
have specific knowledge in handling specific types of risks.
From the above specifications and direction, it can be stated
that different personnel with specific knowledge will be adopted
in responding and mitigating risks but all of them will be under
the project manager (Thompson, 1994).
For this project, different methodologies of defining and
countering risks as well as mitigation of the risks have been

elaborated as defined in the table. Avoidance of risks is a means
of countering the possibility of certain risks taking place but
this is not always the case since some risky avenues are a must
to be adopted during the project development. It is also noted
that strategic management can be effective in dealing with most
of the risks which have been analyzed since most of the risks
can become hazardous in situations where there is lack of
adequate planning (Kaplan, 2000). Different risks will therefore
encompass different means of mitigations and countering
means.
A RESPONSIBILITY MATRIX LISTING THE
STAKEHOLDERS AND PROJECT TEAM MEMBERS
The project’s implementation will be the responsibility of the
project manager. However it is prudent to point out that there
are the entities which are concerned by the welfare of the
project. There are people whom the project m anger will be
answering to whereas there will be people who will be reporting
to the project manager.
On the upper side of the hierarchy is the corporation team who
are concerned with the project. This includes the management of
the organization which is interested with the project or which is
funding the development of the project. On the middle of the
hierarchy is the project manager who reports to the
organization’s personnel. Below the project manager is the
project facilitators or different professionals who are working at
accomplishing specific part of the project. These are people
who have specific skills in certain entities of the project hence
their services are sought so as to aid in coming up with a
standard project (Thompson, 1994).
It should be noted that the users of the project are also
important stakeholders since the project has to be built
according to their specifications and their needs (Kaplan, 2000).
These are the people whose needs will be addressed by the
project hence their opinion should be regarded in the during the
project development.

LIST OF STAKEHOLDERS
The stakeholders of the project who are actually the entities
which are actively involved in the development and
implementation of the project include:
· The sponsors of the project.
· The project manager.
· The user group.
· The management.
· Subcontractors to the project.
· consultants
The following are the project team members:
· The project leader.
· The project’s unit leaders.
· The project testers and implementers.
· The support staff.
· The support departments.
In the analysis of the project stake holders we actually consider
the sponsors who are the people who fund the project, the end
users of the project who are the people to whom the project will
be handed over to and who will be using it, the venders who
will be servicing the project and the opposition of the project.
The responsibility matrix specifies the above stakeholders’
responsibilities as far as the project is concerned.
RASI CHART
Risk identification
Risk description

Risk response type
Risk response description.
Stakeholders/project
Team members.
RASI
specification
R1
Financial risks
mitigate
Carry extensive and comprehensive research on the
requirements of the project.
1. Budget team.
1. Management.
1. Project manager.
1. Sponsors.
A
R2
Strategic risks
Avoid
Embrace strategic management.
1. Management.
1. Project manager.
1. Sponsors
R
R3
Operational risks
Avoid
Seeking the knowledge of professionals.
1. Strategic management team.
1. Project manager.
1. Technological advisors.
R
R4
Safety risks

mitigate
Conducting risk assessment in all stages of the project.
1. Safety management team.
1. Project manager.
S
R5
Schedule risks
mitigate
Coming up with a strategic time table.
1. Management team.
1. Project manager.
A
R6
Resource risks
mitigate
countering the financial risks
1. Budget team.
1. Management.
1. Project manager.
1. Sponsors.
I
R7
Life cycle stage risks
Avoid
Treating each part of the project as an independent entity.
1. Management team.
1. Project manager.
S
R8
Requirements inflation
mitigate
Stipulating on what can be added to the project and at what
stage.
1. Budget team.
1. Management.

1. Project manager.
I
RISK ASSESSMENT.
HOW TO MONITOR THE RISKS PROJECTED.
The project manager will be tasked with the activities of
looking for new risks as well as reassessing the old ones. This
will be accompanied by the reevaluation of the risk mitigation
plans (Kaplan, 2000). Risk monitoring will be a responsibility
of the project manager with the aid of the whole project team
since various members of the project team have specific
expertise hence they can provide unique perspective to the risk
identification and mitigation (Thompson, 1994). The reviewing
and reassessing of the methodologies used to curb those risks
should be done automatically.
The risk management plan should be reevaluated constantly
with the assigning of mitigation actions to the right people as
well as making sure that all actions taken are relevant with the
project development. It is also prudent to note that there some
levels of the probability of the risk taking place which can
warrant the incorporation of the risk management plan (Kaplan,
2000).
The monitoring of the risks project will encompass the use of
having specific people being responsible for different aspects of
the project (Thompson, 1994). It has been ascertained that some
of the risks such as finance risks, strategic risks and operations
risks can be mitigated by strategic management. Therefore we
can have grouping of those risks in to three or four groups
which will have specific personnel being in charge of those
group.
In this case, the first group will be headed by a person who is
good in strategic management. This person will be the one who
will be carrying out analysis of the development of the project
with respect to its finance risks, strategic risks and operations
risks (Kaplan, 2000). This person will be tasked with working

with the other stakeholders and project members to ascertain
that the project’s progress is not stalled by the risks stated. The
person will be tasked with being able to pin point a risk before
it matures into a crisis hence brainstorming and troubleshooting
will be encapsulated in to the main activities of the person.
Schedule risks and life cycle stage risks can be grouped
together and be checked upon by a person who is good at time
keeping and who is an excellent planner. This person will be
tasked with giving reviews of whether the project’s progress is
at par with its schedule requirements. This person will have to
ascer6ain whether all stages of the project have been dealt with
the specifications which are required hence this will require
close monitoring of the project’s progress with respect to the set
time limits for it (Kaplan, 2000). It should be noted that some
stages of the project can be skipped without the realization of
the other project stakeholders hence this person will be tasked
with ascertaining that each stage of the project is given the
amount of time and resources it needs for it to be considered to
be a success and also for it to be considered to be complete
(Thompson, 1994).
Resource risks and requirements inflation risks can be grouped
together and have them analyzed and reviewed by a person who
is well adapt at resource management. This person will be
tasked with reviewing whether the resources availed for the
project are enough and whether the specific entities of the
project are well equipped (Kaplan, 2000). This person will
therefore be responsible for any malfunctioning of the project
with respect to the two risks stipulated above. The person will
be tasked in giving specifications on what can be added to the
project and at what time so as to be able to mitigate
requirements inflation risks.
The safety risk will be monitored on its own. This is a risk
which can affect any member of the project team hence in
addition of having a specific person who will be responsible for
the management of this risk, every person will be required to
adhere to certain rules so that the safety of every person can be

maintained (Thompson, 1994). There will be a person who will
be responsible for the overall safety of every person working
with the project hence this person is tasked with troubleshooting
for potential safety issues hence facilitate the mitigation of
those issues before they culminate into crisis.
TECHNIQUES THAT WILL BE USED TO MONITOR THE
EXISTENCE AND IMPACT OF INDIVIDUAL RISKS
1. Trouble shooting. This will involve carrying out activities
which are likely to showcase areas which may have the potential
to have their risks culminate into crisis. This will include
analyzing different aspects of the project with the aim of
exposing the weak points and the areas which may bring trouble
into the future after which the exposed issues are addressed
effectively.
1. Brainstorming. This will include having a section of the
stakeholders having a meeting in which they sit down and give
ideas about the project especially on the risks which are likely
to occur and how to counter them effectively (Thompson, 1994).
Brainstorming can also be effected by all stakeholders whereby
every person gives their opinion about a particular subject or
how to curb a particular risk whereby everything is recorded
and weighed in together so as to come up with effective means
of dealing with a problem.
1. Observation. It is imperative to have keen observation of the
project’s progress hence determine if the progress is going
according to the specifications or it is veering of the
organization’s target after which the necessary action is taken
so as to ensure that any risks affecting the project are addressed
(Kaplan, 2000).
1. Project analysis. This will be done periodically to check on
whether the project is progressing in a positive direction or the
negative. Periodic analysis will also enable the project
facilitators and mangers to be able to know whether there are
any risks in existence and their impacts on the project hence are
able to come up with means to address and counter those risks
and their effects (Kaplan, 2000).

1. Giving of reports concerning the project development by
individual team members and analyzing those reports. Every
team member will be required to be giving reports about the
project, the issues affecting the project and the type of risks
which can affect the project as well as giving their detailed
approach to day to day activities related with the project. These
reports will be vital in identification of any loopholes in the
project as well as determining whether there are existing risks
in the project and their impact on the project so far (Thompson,
1994).
DESCRIPTION OF THE CONTROL PROCESS WHEN A RISK
OCCURS
After a risk has occurred, the project manager together with the
relevant team members should evaluate the risk event after
which they should invoke the risk management plan. This is
likely to follow the three scenarios described below.
1. If the risk happened just as it was expected the existing risk
management plan will be used to deal with it.
1. If the risk occurred in a manner which is not specified in the
risk management plan, the risk management plan may have to be
modified.
1. In a case whereby the risk event is unexpected and totally
unanticipated, a new plan might have to be created.
Irrespective of the scenario, the control process will involve the
identification of the risk after which the matter will be reported
to the relevant people. This will be followed by risk analysis
after which mitigation processes will be implemented. After the
risk has been taken care of there will be documentation of the
process (Kaplan, 2000). Analysis of the risk should be taken
into account whereby every aspect of the risk occurrence
together with its mitigation is reviewed so that such a scenario
might be avoided in future without any type of repetition
(Thompson, 1994). It should be noted that the occurrence of
risks will be dealt with according to the circumstances over
which it occurs. Some risks which involve financial intervention
will require that there be a lot of bureaucracy together with a lot

of documentation whereas risks such as safety risks need to be
dealt with as they occur.
DIAGRAMMATIC REPRESENTATION.
REFERENCES
Kaplan R., (2000). The Strategy-Focused Organization. NY
press.
T REFERENCES
Robert Kaplan (2000). The Strategy-Focused Organization. NY
press.
Arthur Thompson (1994). Crafting and Executing Strategy.
Webley Press.
Creating a strategy plan <
http://smallbusiness.chron.com/develop-risk-management-plan-
43912.html>
Risk management < http://smallbusiness.chron.com/risk-
management/>
schedule risks
resources risks

life cycle risks
requirement inflation
financial risk- have an elaborate budget and means of evaluating
how funds are being used.
strategic risks- have strategic managemnt and research so as to
ensure the project is worthwhile to invest in.
operational risks- seeking of proffesional knowledge on the
advancement of the technology with respect to the project's
requirements.
safety risks- sfatey assessments should be done and evry safety
issue be addressed indivindually.

schedule risks-coming up with an ellaborate timetable and
means to ensure it is followed completly.
resources risks- making sure that allocation of resources is done
accordingly and having follow up means to ensure that every
thing is done accordingly.
life cycle risks- coming up with means whereby every stage is
treated as an independed entity and is allocated its time
accordingly.
requirement inflation-coming with regulations which determine
on what is to be added, when and by who.
sponsers or the organization which is involved with the project
development and implemenation.
project manager
project users.

proffersionals aiding in the development of specific parts of the
project.
sponsers or the organization which is involved with the project
development and implemenation.
supports the development of the project and gives the required
specifications which should be met by the project.
project manager
is tasked with overall development and implementation of the
system as well as ascertaining all risk assessments are acted
upon.
project users.
specify the needs to be sorted by the project as well as giving
the expectations of the project.
proffersionals aiding in the development of specific parts of the
project.
these are tasked with facilitating the development of specific
entities of the project as well as ascertaining that all risks
associated with those entities are taken care of.

risk identification
identifying the type of risk according to the specifications of
the risk management plan.
risk assessment
risk analysis
risk control
risk acceptance
risk mitigation

risk evaluation.
risk review
documentation
analysis
financial risks
strategic risks
operational risks
safety risks

Table of Contents
Introduction
................................
................................
................................
.........................
3

Table of Contents
Introduction
...............................................................................................
.......................... 3
BELOW ARE MY PROJECT SUBMISSION COMMENTS
THAT NEEDS TO BE FIXED, PLEASE HELP.
Total points earned (rounded): 55 out of 150 (37%). Task
Requirements points earned: 15 out of 37.5 (40%).
Demonstration and application of knowledge points earned:
24.75 out of 82.5 (30%). Academic writing and format points
earned: 15 out of 30 (50%). Strengths: Good work on IP4!
Opportunities for improvement: Monitoring and Controlling
sections could be further developed and detailed for IP 5.
Additional Comments: This week you were to provide a detailed
description of the monitoring process included reporting or
monitoring techniques, including the cost and schedule. In
addition you should have included a detailed description of the
control process that has steps that cover from when the risk is

discovered through resolution or mitigation. And a diagram that
depicts these control steps. I look forward to your last
submission. If you fix this paper, please contact me and I will
regrade it.
THAT NEEDS TO BE
FIXED, PLEASE HELP.
Requirements
points earned: 15 out of 37.5
(40%). Demonstration and application of knowledge points
earned: 24.75 out of 82.5 (30%). Academic
writing and format points earned: 15 out of 30 (50%). Strengths:
Good work on IP4! Opportunities for
improvement: Monitoring an
d Controlling sections could be further developed and detailed
for IP 5.
description of the monitoring process
included reporting or monitoring techniques, including the cost
and schedule. In ad
dition you should
have included a detailed description of the control process that
has steps that cover from when the risk
is discovered through resolution or mitigation. And a diagram
that depicts these control steps. I look
forward to your last submissio
n. If you fix this paper, please contact me and I will regrade it.

THAT NEEDS TO BE FIXED, PLEASE HELP.
Requirements points earned: 15 out of 37.5
(40%). Demonstration and application of knowledge points
earned: 24.75 out of 82.5 (30%). Academic
writing and format points earned: 15 out of 30 (50%). Strengths:
Good work on IP4! Opportunities for
improvement: Monitoring and Controlling sections could be
further developed and detailed for IP 5.
description of the monitoring process
included reporting or monitoring techniques, including the cost
and schedule. In addition you should
have included a detailed description of the control process that
has steps that cover from when the risk
is discovered through resolution or mitigation. And a diagram
that depicts these control steps. I look
forward to your last submission. If you fix this paper, please
contact me and I will regrade it.

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