Running head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHO.docx

Running head: RISK WORKSHOP AND RISK REGISTER
1
RISK WORKSHOP AND RISK REGISTER
8
Risk Workshop and Risk Register
DR. Steven
Name: Sheku Konneh
Institution: Strayer University
May 22, 2019
Risk Workshop and Risk Register
The Required Pre-workshop Activities
When it comes to the pre-workshop activities, it is imperative
that one gets a list of all the stakeholders who will be attending
the workshop. This is important as it will make the team leader
ensure that the stakeholders have been communicated to in time
and asked to avail themselves and if not so send representatives.
In the case of BP, there are stakeholders who will be expected,
such as; management team, senior technical staff, senior plant
operators, site surveyors, line managers, quality assurance
teams, and sponsors among other teams. It was earlier noted
that risk management should be a collective undertaking
explaining why the workshop will involve a collective team.
After getting the list, it will be sent to all the stakeholders in
order to make them understand where they fit when it comes to
the overall big picture. This will be accompanied by an outline
of the agendas that will be tackled in the two-day workshop. By

informing them about the agendas, they will be psychologically
prepared for the various activities that will be undertaken
during the workshop. Further, they will be informed about the
goals and objectives of the workshop in relation to the
heightened risk at BP. This will also contribute to making them
gain an in-depth understanding of the overall aims of the
workshop practice. Finally, all the identified stakeholders will
be informed that in the event that they will not be available for
the practice, they should send representatives who will transfer
the knowledge and skills to the various establishments at BP.
A Workshop Agenda based on figure B-8
Day One Agendas
1. Introductions and greetings- 9-10 am
2. Outline and confirm the project’s objectives- 10-11 am
3. Break- 11-11:30 am
4. Risk Management and Planning briefing- 11:30- 1:00 pm
5. Outline expected results and outcomes -1:00-1:30 pm
6. Identify the specific major risks-1:30-3:00 pm
7. Describe and Record the identified risks: 3:00-5:00 pm
Day Two agendas
1. Assess the probability and impacts of the risk- 9:00-10:00 pm
2. Categorize the risk based on the impact- 10:00- 10:30 pm
3. Nominate the owners of the risks- 10:30 -12: 00 pm
4. Break-12:00-12:30 pm

5. Develop ways of identifying and addressing the risks- 12:30-
3:00 pm
6. Describe and detail the initial responses to the risks- 3:00-
4:00 pm
7. Learn and develop ways of collective performance- 4:00-5:00
pm
8. Close the workshop- 5:00-5:15 pm
When one closely looks at the identified the agendas, it can be
seen the first day will be about making sure that every party has
familiarized with the risks and have also learnt about how the
risks impacts the performance of the organization. For instance,
an agenda, such as risk management and briefing agenda will be
an interactive process where the leader and the stockholder will
be involved in a manner that makes them share any relevant
information relating to the risks seen or experienced at the BP.
After identifying them, the team will collectively be oriented to
the risk management and planning practices that could help
identify and address them in a timely manner.
When it comes to day two, it can be seen that the real work will
be undertaken where teams will be made to own risks in their
various establishments. The teams will also be made to learn
about the various ways of collectively identifying and
addressing the risks. Moreover, the teams will learn about the
various ways of responding to the risks as well as reporting
while utilizing official mediums and forums. Any questions here
will be listened to and responded with the aim of ensuring that
all parties have gained uniform information and skills.
As for the allocation of time, it is deemed best practice if every
agenda is considered important. It will not be healthy for the
participants if the leader focuses on a single item for a longer

time (Kerzner, 2013). Distributing time uniformly is an
effective way of addressing boredom which may impact the
overall outcomes of the workshop. On the other hand, it is
deemed a good practice if the stakeholders can be offered a
break for refreshing and reflecting on what has been learnt.
Additionally, breaks are good for making the stakeholders bond,
and develop a collective sense of responsibility.
The Top Five Threats in a Risk Register
Description
Cause
Risk
Effect
1. Poor collective performance
There is no a culture of team performance when it comes to
identification and resolving risks
Failure of the systems is not detected early enough
Damage to property and human resources
2. Allocation of resources
The company focuses more on growth and less on servicing and
maintenance
Tools and equipment likely to fail and cause loss or damage
Production will halt in case of machine or equipment failure
3. Site evaluation and assessment
The company does not have a team that intensively assess the
sites
Possible for the company to set a plant or a drill on a high risk
ground
Loss of funds and resources will accrue after a site has been
closed.
4. Management and planning
There is no a risk management team that is mandated with
assessing and reporting on risk
Risks go undetected for a longer time
The harm caused is greater and production may be halted.
5. Risk reporting

The management has no a robust medium for reporting
identified risks
Responding to risk identified take unusually longer
Also, the harm caused tend to be greater.
Poor Collective performance- At BP, it is clear that there is no a
collective culture for identifying and responding to risks. It was
earlier noted that risk management and planning is a collective
undertaking as risks come from nearly all establishments
especially when performance is driven by machines (Rausand,
2011). For instance, plan operators and quality assurance should
work together in evaluating and assessing the risks.
Allocation of resources- At BP, it is clear that the company
stopped focusing on service and maintenance to focus on growth
and expansion. Cutting down costs that go to maintenance had a
negative impact on risk management. Despite the strategic
needs, the company should still invest in service and
maintenance as failure to do so leads to much bigger risks
which are much costly as was realized when the accident
happened.
Site evaluation and assessment- When drilling for oil, it is
recommended that site assessment is carried out before the
equipment can be moved to the site. At BP, it is clear that the
company does not have a team for doing so explaining why the
company set the drill at a site that had excess amount of gases
which impacted performance. Going forward, it is imperative
that site assessment and evaluation is carried out to minimize
risks.
Management and planning- The case study has indicated that the
company does not have a goal-oriented team when it comes to
risk management and planning. There should be a team whose
only responsibility is to assess and report on any identified risks
in a timely manner (Rausand, 2011). When there is such a team,
risks are normally identified earlier before much harm can be

caused. Also, the team works with other teams hence creating a
wider pool of resources.
Risk reporting-It is a behavior at BP that has seen failure of
parties reporting any risks that are identified during
performance. For instance, before the accident happened, there
were leaks that had not been communicated to all parties. This
limits information sharing which is key to management of risk.
There ought to be a mechanism for reporting where every piece
of information relating to risks is shared among all the
stakeholders.
Justification of Assignment of Probability and Impacts
The above factors have looked into the current problems that
are being experienced at BP. Risk management and planning at
the organization has failed because of three major factors which
are: insufficient allocation of resources, poor site assessment,
and operational failure. With regard to allocation of resources,
it was earlier noted that the company cut down costs for service
and maintenance so as to focus on growth and expansion.
Drilling of oil requires a company to invest optimally in
machine and equipment maintenance where failure leads to
increment of risks. BP disregarded this and failed to put in
place effective measures for ensuring that all the machines and
equipment are working efficiently.
Due to lack of a goal-oriented risk management team, the
company failed at assessing sites it moved the equipment to.
The accident that occurred could have been avoided if the
company had carried out a proper assessment. It could have
learnt that the area had excessive natural gases which could
have been detrimental to operations. In this regard, the
company’s operations were open to greater risk in the event that
the site was not feasible. Going forward, it is important that the
company fully assesses a site before it can move the equipment.
Further, operational failure can be seen as a major reason why

the company experienced higher risks. For instance, there was
no a culture of collective risk assessment and management. The
upper management had not instilled a culture that focuses on
making sure that every worker is part of the risk management
team. When operating machines and equipment, there are
numerous establishments where each has its own risks. The
workers in those establishments understand the performance and
functions in a much better way hence they should be involved in
assessing the risks (Morecroft, 2015). In this light, BP should
have put in place an operational strategy that could have helped
address all the problems. The above three aspects justify the
risks identified. If addressed, the company will be at a better
standing when it comes to resolution of risks.
Top Three Opportunities in the Risk Register
Number
Cause
Risk
Effect
1.
Establish a risk management team
Many risks will be identified
It may be detrimental to performance
2.
Allocate more resources to service and maintenance
Other business operations may be impacted
Slow growth and expansion
3.
Establish a site assessment team
Difficult to find sites that meet all the desired aspects
Will slow operations and activities
Establishing a risk management team- It is an opportunity that
is mainly about mandating a team with the responsibility of
meeting goals and objectives that relate to risks. Currently, BP
does not have such a team hence no workers feel responsible for
reporting and also putting in place measures for addressing the

issues associated with risks. However, there is a risk associated
with the creation of the team. It will identify more risks making
the company hesitant which may slow performance.
Allocating enough resources- This is about investing in
servicing and maintenance of the equipment and machines. This
will have a direct impact on the performance of the drilling
machines and equipment. However, it is worth noting that there
is a risk associated with his opportunity. As noted in the case
study, BP is facing financial performance difficulties hence its
operations in other areas such as growth and expansion will be
impacted.
Establishing a site assessment team- BP must avoid any other
conceivable failures that might result from the infeasibility of a
site. To do this, it must hire a team that assesses all sites before
drilling equipment can be moved there. It is an opportunity that
will provide risks as the operations may be delayed which
cumulatively will have an impact on the overall performance of
the company.
Justification of Assignment of the Probability and the Impacts
The case study has indicated that BP is facing major challenges
due to the fact that it has not put in place resources and
operational strategies applicable in addressing the risks. In this
regard, it can be said that the opportunities for the organization
lie in putting in place operational strategies and allocating
resources effectively. The company has adopted new strategies
that cut down costs in functions and operations that are not seen
as more important. It is a misguided view as it only exposes the
organization to greater risks. In response, the management
needs to strike a balance between sustainable growth and
optimal performance. This needs to be supported by
implementation of strategies that will create a collective sense
of responsibility. Each worker and each team should feel
responsible for the healthy well-being of operations. On the

other hand, it is deemed best practice if site assessment can be
assigned a specific team. The accident that has been noted in
the case study came as a result of failed site assessment. This
can be avoided if a team for such responsibilities can be put in
place and be given the required resources.
In conclusion, BP as one of the world’s largest oil producers
should adopt best practices so as to reduce the risks and their
impact. After the accident had happened, the company’s public
image was damaged leading to outcomes such as declining value
of shares. Though it needs to grow and diversify, it must strike
a balance between promoting best performance practices and
realizing sustainable growth. In so doing, the company will
address the risks that have been detrimental to performance.
Further, it will improve its public image and regain its position
as a world leader when it comes oil drilling and exploration.
References
Kerzner, H. (2013). Project Management: A Systems Approach
to Planning, Scheduling, and Controlling. New York, NY: Wiley
& Sons.
Morecroft, J. (2015). Strategic modeling and business dynamics:
a feedback systems approach. . New York, NY: John Wiley &
Sons.
Rausand, M. (2011). Risk Assessment: Theory, Methods, and
Applications. New York, NY: Wiley.
Running head: A RISK MANAGEMENT PLAN
1
A RISK MANAGEMENT PLAN
10

A Risk Management Plan
Name:
Institution:
A Risk Management Plan
Introduction
This paper documents the risk management for the
Environmental Quality International in Siwa, Egypt which is a
project aiming at creating a tourism industry that is based on
the oasis’ old traditions and behaviors. Already, the
organization has put in place two eco-lodges which has since
begun realizing profitability but still faces a host of risks as
will be looked into in the following sections. It is imperative to
note that it is the duty of the project manager to ensure that risk
assessments and tools for intervention are in line with best
practices in a bid to ensure that the threat level remains low.
Project Description and Objectives
The project by Environmental Quality International in Siwa,
Egypt is mainly for putting in place an eco-industry that reflects
the old traditions of the people in Siwa. Siwa is an oasis that is
80 kilometers in length and 20 kilometers by width. It is a home
to between 20,000 and 30,000 residents who depend on the oasis
for survival. As noted in the case study, the people living in the
oasis have continually embraced modernity making the old
customs and traditional fade which makes it hard for EQI to
create eco-lodges that meet the ancient customs. As noted in the
case study, EQI is not able to strike a balance between
modernity and ancient customs as the people living in the oasis
are increasingly adopting modernity. More so, there are
developments such as the proliferation of wells that have led to

lowering of the water table which is a major threat to the oasis.
Additionally, the population has risen from 5000 to between
20,000 and 30,000 in four decades which also indicate a major
threat to the limited resources at the oasis. The ageing
population is seen as the resource for knowledge and skills
applied by the builders meaning the source of knowledge is
experiencing threats and risk as time goes by.
The risk management plan aims at curbing the risk associated
with the factors that have been outlined above. With a budget of
$100,000 EQI needs to put in place a plan that will assess the
risks at the oasis and put in place measures for dealing with the
risks. This needs to happen within six months and must ensure
that the eco-lodges already established by the organization are
not at risk of losing business in a country that hugely relies on
the tourism industry. It is the duty of the project manager to
ensure that quality performance by the risk management team is
being attained in line with best practices as well as the
established needs and risks. In essence, the risk management
team must ensure that all risks have been identified, assessed,
and their level of threats quantified.
Aims, Scope, and Objectives of the Risk Process
The major aims of the risk process is to look into all the
foreseeable risks associated with the EQI;s project at Siwa. This
will be done in a manner that is within the budget and in line
with best practices with the goals of ensuring that all the
identified risks are sustained at an acceptable level. This is the
level where the EQI will be able to meet the performance goals
with reduced threats and also with appropriate resources and
tools for addressing the threats that may be posed by the risks.
For instance, the organization must put in place a measure for
ensuring that the ageing population which is the source of
knowledge is not at risk of being unavailable in the future. This

can be done through enabling means of passing over
information to the next generations.
Additionally, it is imperative to note that all the stakeholders
will be involved and informed about the various developments
when the risks have been assessed and identified (Morecroft,
2015). The various threat levels will be noted and
recommendations for addressing them made in line with
established best practices. Further, the process will also identify
the major risks that may exert on the achievement of the overall
project. Notably, the process only covers the internal project
risks and does not look into those associated with external or
third-parties in relation to the EQI’s Siwa project.
Application of the ATOM process
Based on the budget size and the already established eco-lodges
by the EQI, the project is considered medium hence allowing
the use and application of the ATOM Process. The process will
involve the following processes.
1. Initiation: This is the process where aims and objectives of
the risk process will be defined. With respect to the project, the
aims and objectives involve detailing all the internal risks faced
by the EQI in operating using a model that is ancient and
traditional in an area that is rapidly adopting modernity. Also,
risks associated with the increasing demand for natural
resources will be looked into. Water table is lowering and the
people living on the oasis are adopting agriculture which may
require more water in the future hence putting the oasis at risk.
Additionally, other resources such as palm trees are quickly
becoming limited for sustainable use. Further, the ageing
population which provides knowledge for meeting ancient
customs is quickly ageing which poses a threat in terms of a
constrained pool of actionable knowledge.

2. Identification: This is the hands-on process that will see that
risks have been identified and documented. The risks noted
above will be quantified and the level of threat assessed and
documented. The process needs to be extensive so as to ensure
that all foreseeable risks have been documented. This process
requires team work so as to increase the knowledge pool that is
being acted on. Additionally, it is imperative to involve locals
who will act as sources of important knowledge especially when
it comes to the natural resources at the oasis.
3. Assessment: It is also a hands-on process where the risks
identified will be identified quantitatively and prioritized. From
the case study, it can be seen that resource-constraints risk is
the most critical one. Increasing populations are posing major
risk to the oasis especially when it comes to the water resource.
Additionally, palm trees supply from the oasis may not
sustainable for the future. This is followed by risk of losing
knowledge sources which inform how various activities such as
construction need to be achieved. This risk is followed by
failure of the organization in balancing modernity with the
ancient cultures. The younger generation makes a larger
percentage of the population and is rapidly losing touch of their
ancient cultures. Additionally, risk on the sustainability of the
eco-lodges in terms of structure need to be quantified. Also, it
should be examined the threats posed to the structures as a
result of natural storms and winds. Previously, the area saw
destruction of the structure as a result of a strong storm. The
risk posed to the eco-lodges must be assessed and quantified.
4. Response Planning: This is the process through which the
responses to the risks will be formulated. For risks such as
resource constraints, the organization can start an eco-program
for sustaining the current resources at the oasis. It may also
involve processes such as educating the people on the oasis
about the need of conservation. With regard to loss of sources
of knowledge, EQI can start a program for enabling the ageing
populations to pass over the knowledge to the younger

generations. With regard to the structure, the project manager
can put more focus on physical examination of the structure and
establish whether there are materials that can be used for
strengthening the structure against natural forces such as strong
winds and storms. These are some of the responses that may be
put in place so as to address the risks that will be identified.
5. Reporting: This is an important undertaking that will ensure
that all stakeholders are aware of identified risks and the
various methodologies for addressing them. The project
manager is at the center of the process and should establish a
channel for communication that should be employed by the risk
management team in informing other parties. Any new
developments should be communicated effectively and
responses from the upper management levels requested. In so
doing, the team will be oriented to common goals which will
increase the pool of knowledge and resources.
6. Implementation: It is an important process where the
responses will be implemented in a bid to address risk. This
process need to ensure that all the programs and process fall
within the $100,000 budget and must be completed within six
months. This will require planning where the risk management
team and the stakeholders will budget and plan for every
activity. This also will involve establishing the extent of the
resources available so as to avoid possible challenges and issues
that may be experienced when implementing the programs and
the processes.
7. Review: This is the process where the implemented programs
and processes will be regularly monitored and evaluated. All
programs need to be independently reviewed so as to ensure that
any needed modifications and updating can be known and
implemented in a timely manner. This will be a process of
evaluating and seeing whether the programs and process are
meeting their specified goals.

8. Post-Project Review: This is the process where the overall
project is evaluated and strengths and weaknesses noted. Any
new developments that need to be implemented will be
documented. Also, all the outcomes will be documented for
future reference.
Risk Tools and Techniques
1. Identification: This is a process that will mainly involve the
risk management team and some representatives from the Siwa
community. In identifying the risks, brainstorming and ad hoc
identification of risks will be undertaken. The area will be
physically visited and the identification done.
2. Assessment: This is the process where the identified risks
will be prioritized based on the threat level. It refers to the
probability of the risk impacting the performance of the project
in the near future. As earlier noted, resource constraints is seen
as the major risk faced by the EQI’s project at Siwa.
Additionally, it is imperative to note that a risk breakdown
structure will be employed so as to inform the stakeholders
about the nature of the risks.
3. Response Planning: This will be done through involvement of
risk management team and the stakeholders in putting in place a
plan for implementing measures for reducing the risk levels to
an acceptable level. Every specific role and responsibility of the
teams will be defined.
4. Reporting: The project manager must put in place a channel
that will be used for sharing every information relating to the
project to the stakeholders. Reporting also will involve
recommendations on how improvement can be achieved.
Organization, Roles, and Responsibilities for Risk Management
1. Project Sponsor: Will play a major role in motivating and
encouraging the teams into taking the best approaches towards

assessment and implementation of new measures. Will also need
to ensure that the needed resources have been provided in line
with the budget and any other developing trends. The sponsor
must also make follow-up so as to ensure the desired goals are
being achieved.
2. Project manager: He or she will be responsible for approving
the plan after establishing that it adheres to best practices. The
manager should also ensure that the programs and activities are
in line with the established budget and every team is meeting its
roles and responsibilities in line with the plan (Rausand, 2011).
The manager will make follow-ups in a bid to ensure that all the
process meet the desired qualities. He will also act as the leader
of the risk management team.
3. Team members: They are supposed to ensure that they are
working in line with established goals. They should participate
in brainstorming and making decisions regarding the best
approach to performance. They also need to adhere to directions
and guidelines stipulated by the project manager.
4. The risk owner: The owner is supposed to see that risk are
being mitigated in line with industry standards. Should monitor
the progress and inform on areas that may need improvements.
The risk owner should also provide the resources that may be
needed by the various stakeholders.
Risk Reviews and Reporting
Reviews will be made by the risk owner and the project
manager and reports will be provided to the upper management.
The reviews will assess whether measures being put in place are
addressing the intended problems and whether there are new
modifications that need to be done. The reviews should be
continuous so as to assess and review the whole project
cumulatively (Meredith & Mantel, 2011). Additionally, it is
imperative to note that the project manager must provide

intermediaries reports after every landmark activity during the
course of the project. This will be done before he can provide
the final report that will capture all developments since the
project began. The final report must show the lessons learnt and
how that will help the organization address any related issues in
the future. Notably, the reviewing and reporting process needs
to involve the team members as that will help expand the
knowledge pool in relation to review and reporting.
References
Meredith, J., & Mantel, S. (2011). Project Management: A
Managerial Approach. New York, NY: Wiley & Sons.
Sons.
Running head: RISK MANAGEMENT
1
RISK MANAGEMENT
6
Risk Management Case Study
DR STEVEN
Name: SHEKU KONNEH
BUS 519 (RISK MANAGEMENT)

Institution: STRAYER UNIVERSITY
Risk Management Case Study
Critical Success Factors
A Critical Success Factor (CSF) refers to an element or a
component that is necessary for the realization of an
organization's goals and objectives. When looking into the case
study, it can be seen that there are CSFs that led to the risk
culture at BP as follows. One, due to the challenges that were
being faced by the organization, it was deemed important that
the organization cuts down costs in a bid to sustain its
operations while also overseeing growth. To cut down costs to
drive sustainability that led to a reduction in fixed costs
meaning there were not enough funds for repairs and reports.
Audits had shown that there were even thin pipes and broken
alarms after the explosion happened in 2005. This means that
the organization did not adhere to the best and recommended
standards when it comes to repair and maintenance.
Rapid acquisition of other companies also contributed to the
risks that were faced by BP. The company looked forward to
acquiring more companies as part of its growth but did not put
into consideration the fact that the newly acquired organizations
had their operational issues. For instance, after it acquired
Amoco in 1999, rather than making the much-needed safety
improvements, the organization cut down 25% of fixed costs in
all the refineries which meant that there were no real plans for
making the safety improvements.
Additionally, John Browne had put much focus on
diversification of service and product delivery as part of
meeting the needs of the future. The company had expanded to
other areas which were seen as a significant development.
However, this meant that resources for oil exploration and
refining were channeled to the other establishments explaining
why the company proposed a 25% cut on fixed costs for all the
refinery plants. In essence, BP was pursuing bigger goals and

overlooked important ones such as regular maintenance and
repair which led to risks and eventual incidents realized.
Project Benefits, Organizational Readiness, and Risk Culture
As has been noted in the case study, traditional oil reserves
were being phased out as the demand for petroleum grew across
the globe. In response, BP had deemed it plausible for the
organization to explore new places which were unexploited.
Also, in a bid to access even more fields and markets, the
organization acquired some major players meaning the projects
were a major approach to sustainability and access to more raw
materials. It can be seen that the project would have brought
about major benefits to the organization especially at a time
where major oil fields were being depleted across the globe.
About organizational readiness, it is imperative to note that BP
did not have a clear-cut plan regarding its approach to risks
despite the statistics that had been experienced by some of the
companies it had acquired. It is seen that the company did not
have a risk management model for assessing and mitigating
risks. With failed alarms among other things, it can be seen that
it was nearly impossible for the organization to respond to an
emergency. More so, it had not put in place funds and resources
for mitigating risks explaining why the explosion was not
foreseen. The company only focused on the exploitation of the
resources.
The above section highlights the risk culture of the
organization. Oil exploring companies are required to have
distinct efforts for identifying and mitigating risks which may
have profound effects on human resources as well as
infrastructure and equipment (Meredith & Mantel, 2011). There
should be a risk culture where all levels of risk are assessed and
measures for addressing them put in place. In most cases, this
may also call for putting in place funds for responding to and

mitigating risks. From the case study, it is clear that BP did not
have a plan for assessing and addressing risks due to its
commitment to the pursuit of reduced operational costs.
Project Risk Recommendations
Based on the issues that have been identified, three project risk
recommendations can be made. First, it is imperative that BP
sets a risk management team that will be mandated to assess and
recommend methodologies for approaching risks. When there is
a team designated to check and assess risks, it means that time
work will always be done (Morecroft, 2015). Actually, due to
political and social risks associated with the exploration of oil
in some regions, the team should assess the equipment and a rig
can be set. Also, during operations, the team should also assess
the risk and make plausible and actionable recommendations.
Two, BP needs to set apart enough resources for risk
management. After establishing the team, the top executives
need to allocate more or enough funds that will go to risk
management. As can be seen, its goal of cutting down the cost
of risk management led to even bigger loses. In this respect,
setting apart funds for risk management will be saving it even
more money. When there is enough money, there will be enough
resources including human resources for overseeing risk
management.
Finally, the management, as well as the top executives, need to
foster a culture that promotes best practices when it comes to
risk management. In modern organizations, even workers should
be equipped with knowledge and skills relating to avoidance of
risks during a performance as well as modes of reporting. The
risk management team will be more efficient if it can work
closely with other players such as line managers and even plant
managers (Rausand, 2011). There will be a bigger source of
actionable information. When the three measurements are put in

place, it is clear that any risks will be known promptly and
measures for addressing them put in place.
Initial Categories of Risk
An analysis of the BP shows that RBS level 1 entails
management risk. This refers to the risks associated with the
actions and behaviors of the management. Level 2 entails
operations management and resourcing. BP had failed to
oversee operations management that would have ensured that
any risks are being identified and addressed promptly.
Additionally, due to a lack of awareness when it comes to the
identification of risks, operations were not carried out in a
manner that reduced the impact of the risks.
On the other hand, the management had failed to allocate
enough resources for the risk management division. As
reiterated above, the organization had opted for cutting down
costs meaning there were not enough resources for identifying
and addressing the risks. In essence, the challenges experienced
by the organization were directly associated with the failure of
the firm's management.
References
Meredith, J., & Mantel, S. (2011). Project Management: A
Managerial Approach. New York, NY: Wiley & Sons.
Sons.
eek 10 and worth 100 points

Note: The assignments are a series of papers that are based on
the same case,The assignments depend on one another. During
the project life cycle, project risk reviews and reports are
required as previously identified in the risk management plan.
Two months after the project started, the following events have
taken place:
1. The top two (2) threats have occurred.
2. The top opportunity has been realized.
3. The project’s risk budget is already exhausted.
4. The risk management schedule has been shortened by two (2)
months.
Write a four to six (4-6) page paper in which you:
1. Analyze the impact of the events on the project. 2
2. Determine if any mitigation activities are required and
explain why.
3. Determine if budget / schedule changes are necessary and
explain why.
4. Update the risk register and highlight the changes made.
Provide the justification for the changes. 5
5. Use at least four (4) quality resources in this
assignment. Note: Wikipedia and similar websites do not
qualify as quality resources.
Your assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides.
· Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the
date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning outcomes associated with this
assignment are:
· Analyze the Critical Success Factors (CSF), project benefits,
and organizational readiness and risk culture of the company.
· Assess and prioritize risks to the project through an analysis
of the active threats and opportunities presented.
· Conduct a quantitative analysis of the project risks and

opportunities, including the triggering events for each of the
project risks.
· Develop an appropriate risk response plan for the project
encompassing all of the identified risks, a communications
strategy, and a process to add or remove risks, as the project
progresses.

Running head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHO.docx

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