Essay on Risk Management Plan - 5176 Words

Lectocomp Electronics Manufacturing Risk Management Plan for Lectocomp Electronics A risk management plan for the project to develop the integrated circuit boards for the medical device industry has been prepared by some of the members of the risk management team which include: (1) Joseph Lewis, Project Leader, (2) Dax Tahir, Project Team Member, (3) Ann Waye, Project Team Member, and (4)Autumn Ghattas, Project Team Member. In addition to these four individuals, the risk management team also includes all departmental team managers from Lectocomp. Our new quality manager has been appointed as the risk response tracking coordinator. The risks that threaten a business are constantly changing and increase in complexity. That is why†¦show more content†¦#61656;Projects duration is estimated at 12 months or greater. oBreak the project into smaller, shorter sub-projects. oIdentify clear milestones to check that the project is on schedule. oBe diligent using formal change management procedures. oRotate team members into different roles to keep up the interest level. oStrive to get ahead of schedule as early as possible. oInstill a sense of urgency from the start of the project. oOrganize team-building activities to build cohesion and reduce friction. oEnsure all major deliverables are formally approved so that the change management can be invoked afterward. #61656;The project budget is not based on a proven successful cost estimation process. oRe-estimate the project using proven tools and experienced personnel. oRevise scope to fit within the funding available. oDo not start the project until a better budget can be established. #61656;There will be a substantial change in the business processes, procedures and policies. oDocument all current policies and processes and ensure that they are correct. oCommunicate precisely how the new processes differ from the old ones. oCommunicate potential changes as far in advance as possible. oHave one person responsible for all process and policy changes. oCreate an aggressive communicate plan to keep customers engaged and informed. #61656;The number of departments involved in the project is more than five. oEstablished a formal approvalShow MoreRelatedPlan Risk And Risk Management Plan1708 Words   |  7 Pages 342), Plan risk response â€Å"†¦ is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives.† This is a link of project risk management during which the PM and the project team can use the analysis result from prior assessments and choose the effective risk management strategy. 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