This study source was downloaded by 100000848111238 from CourseHero com on 05 31 2022 17 04 10 GMT 05 00 https www coursehero com file 132544886 Activity Risk management plandocx Operations Training Risk Management PlanAuthor Project ManagerStatus Draft Final Created Mar 1Updated Mar 31ObjectiveThe objective of this document is to identify the potential risks and how to deal with them Executive SummaryThe project goal is to identify the risks and find the approaches to mitigate them based on their level of severity The milestone could be the following First we list budget risks Second we assess the impact of each budget and schedule risks Lastly develop mitigation plans for budget andschedule risk scenarios Here we are already aware that there are potential risks including budget risks and schedule risks RISK TYPE ONE Going over the project budgetScenarioRisk toproject L M H Mitigation PlanEach delivery truck costs 16 000 more than initially quoted HAvoid Switch to other vendors A product vendor charges ahigher rate than expected MReduce or control Negotiate with the vendors or switch to other vendors A product vendor loses a product shipment LAccept Monitor the situation and figure out the solution if it happens too often This study source was downloaded by 100000848111238 from CourseHero com on 05 31 2022 17 04 10 GMT 05 00 https www coursehero com file 132544886 Activity Risk management plandocx RISK TYPE TWO Falling behind the training scheduleScenarioRisk toproject L M H Mitigation PlanYour Training Manager getssick and misses a week of training LAccept Make alternative training programs as a backup You cannot hire enough employees in time to train them before launch HAccept Monitor the situation and tell the clients to wait for us More than 50 of employees quit after a difficult training process leaving the company short staffed MReduce or control Try to increase the salary and bonus Appendix Probability chart ProbabilityQualitativeQuantitative if measurable LowVery low chance of risk occurring Less than 10 chance of risk occurring MediumMedium chance of risk occurring 10 49 chance of risk occurring HighHigh chance of risk occurring 50 100 chance of risk occurring This study source was downloaded by 100000848111238 from CourseHero com on 05 31 2022 17 04 10 GMT 05 00 https www coursehero com file 132544886 Activity Risk management plandocx Powered by TCPDF www tcpdf org Impact chart Types ofImpactLowMediumHighFinancialLow financial impact costing the company 0 14 000Medium financial impact costing the company 15 000 29 000High financial impact costing the company 30 000 or moreOperationalLow impact to project operations causing delays of a few days to a few weeksMedium impact to projectoperations with potential to delay project by a month or moreHigh impact to project operations with potential to cause project failurePeopleLow impact to employee attrition with 5 of employees quittingMedium impact to employee attrition with 25 of employees quittingHigh impact to employee attrition with 50 employees quittingProbability and Impact Matrix Inherent RiskImpactLowMediumHighProbabilityHighMediumHighHigh MediumLowMediumHighLowLowLowMedium