MPM344 U2IP
Deliverable Length: 3–5 pages (not including cover page and resource page)
Assignment Details:
Click here to download a Word template to complete this assignment. You will use this template to complete Individual Projects in Units 1–5.
Use this risk template to complete the Project Risk Identification sections as follows:
- Describe at least 10 risks for your project (i.e., 5 negative and 5 positive). You may use the categories that you described in Unit 1 to help you define the risks or choose another project example.
- List the risks identified in the Risk Register table in your template. Be sure to provide detailed descriptions of the risks and the potential impact on the project if the risk events were to occur.
2
Having Trouble Meeting Your Deadline?
Get your assignment on MPM344 U2IP completed on time. avoid delay and – ORDER NOW
Introduction to Project Risk Management
Tatyanna R. Chamberlain
03/05/2022
Instructor: Kay Crook
Table of Contents Project Outline 3 Project Description 3 Method (Agile or Waterfall) 3 Overall Risk Management Strategy 3 Risk Categories 4 Project Risk Identification 5 Project Risks 5 Risk Register 5 Project Risk Analyses 8 Qualitative Risk Analysis 8 Quantitative Risk Analysis 10 Project Risk Response Strategy 11 Risk Response Strategy 11 Project Risk Controlling 13 Plan for Reviewing Risk Responses 13 Identification of New Risks 13 Project Risk Communications Plan 14 Communications Matrix 14 Memo to the Project Sponsor 16 References 18
Project Outline
Project Description
The project's objective is to create a marketing strategy. A marketing strategy is a section of a business model that details a strategy for acquiring clients for an organization. The marketing strategy plays a critical role in determining the success of a business. Profitable companies have a good marketing plan, as do businesses striving to increase or increase market share. This initiative is dedicated to assisting businesses in developing a marketing plan that will lead them to success and development.
Method (Agile or Waterfall)
The project is being managed using an agile approach. The agile methodology is based on lean principles. Continuous monitoring, outstanding service provision, a leadership style focusing on team building, integrity, and transparency, advancement, and consumer demands are all emphasized by the methodology. This is a novel methodology that assists businesses in aligning their developmental or marketing strategies with client needs. The purpose of designing a marketing plan is to assist the business in expanding its client base, which can be accomplished only if the company meets the requirements of the customers. Additionally, the agile technique requires the organization to commit to creating value for clients while still generating a profit. This strategy strikes a balance between the institution's and customers' interests.
Overall Risk Management Strategy
Risk control refers to the overall plan for identifying and mitigating hazards. Because marketing strategies are destined to fail, they should be examined on a regular basis. Risk control strategies enable risk to be managed effectively. It enables a business to take a proactive approach to risk management. The marketing plan devised here incorporates a risk management strategy, as today's market requires proactive organizations. If a marketing plan collapses, the organization should recognize it soon enough and undertake proactive measures. This plan is intended to make sure that the company takes all essential actions and processes to accomplish its objectives.
Risk Categories
With regards to technical risk, marketing strategies should be adaptable. Even the technique and risk management strategies necessitate an adaptive marketing plan. Marketing strategies will always adapt to technology advancements. Nonetheless, one risk associated with technical advancements in the business is hacking. On the financial risk front, the marketing plan must reflect the institution's financial status. As a business expands financially, its marketing strategy must adapt and become more aggressive. Concerning vendor risk, the primary concern may be a lack of assistance. While vendors must promote the marketing plan, carelessness and a lack of dedication can jeopardize it. Internal risk is mostly caused by a lack of group commitment and backing for the marketing plan. Managers and staff are expected to boost the marketing plan and to participate in actions that contribute to its success. Finally, consumer risk necessitates a marketing approach that adds value to their experience. Customers are notoriously difficult to please in the market, but with constant communication and marketing events, they are highly probable to be won over.
Project Risk Identification
Project Risks
I. Customer dissatisfaction
II. Financial risk
III. Internal risk
IV. Technological risk
V. Vendor risk
Risk Register
|
Risk Category |
Description of Risk |
Potential Impact on Project |
|
Technological |
At any point in time, technological advancements might disrupt a firm. When technology advances, it disturbs businesses and sometimes causes them to collapse. In marketing, technology disturbs customer engagement. A firm should consider the most effective methods of communicating with its clients. When clients choose social media, a business may be able to rely on conventional media in some cases. Additionally, technology has an effect on performance. |
If not properly handled, it has the potential to bring a firm to a halt. A marketing technique that does not address or adapt to technological advancements is doomed to failure. It necessitates creativity. Technological risk necessitates that marketers remain innovative. Any poor marketing approach is the result of a lack of innovation. |
|
Financial |
Financial risk happens when a corporation invests in something and then fails to achieve the desired outcome. A marketing plan necessitates financial investments. Market research can be costly in some instances. |
When a marketing plan fails to provide favorable outcomes, the firm suffers. A companies can generate value by investing in research and developing new designs for its products. However, in some instances, clients do not appreciate the merchandise. As a consequence of this, a business suffers financial losses. |
|
Internal |
Managers, workers, and systems all have the potential to create internal hazards. Managers and staff are expected to collaborate in order to achieve the marketing plan's objectives. |
The formulation of the marketing plan will be a mediocre experience. When it comes to internal users or procedures, they should be supportive of the marketing plan, but this is not always the case. Because of this, the marketing plan will be inadequate. |
|
Customer |
A consumer is one of the most difficult people to satisfy. Despite having an effective marketing strategy, a company's customers may choose to purchase from competitors rather than from the company. Customer tastes shift over time as well. A marketing plan can be rendered ineffective as a result of this. Clients can also build a strong attachment to certain firms or items. This makes it difficult for a company to attract clients, even though the marketing approach is effective and exciting. |
Customers are sometimes unable to respond promptly. When a new marketing plan is presented, consumers should react favorably and in a timely manner, according to the perspective of the firm. Consumers could also fail to provide feedback to a company in some cases. |
|
Vendor |
The most significant danger in this category is most likely to be poor communications. To win clients, the provider must be able to persuade them. If the vendor's communication is poorly executed, the marketing plan will be deemed unsuccessful. |
Customers will not be attracted by poor messaging. Additionally, clients would not be able to recognize or perceive any additional value on the part of the marketer. |
Project Risk Analyses
Qualitative Risk Analysis
|
Risk |
Probability of Occurrence |
Potential Impact |
|
Financial risk |
High |
The amount of money available for market research can be constrained, which can have a detrimental impact on the quality of the research. |
|
Internal risk |
Low |
Internal risks are minimized when employees, supervisors, as well as all systems work together to support the marketing plan. |
|
Technological risk |
High |
Modification of the marketing plan. When technology advances, it will be necessary for businesses to completely revamp their marketing strategies. |
|
Vendor risk |
Lowest |
The marketer will generate successful communications which will attract clients to the firm with the fewest vendor dangers. Good communication may also be accomplished, and clients will react favorably to the institution's marketing efforts. |
|
Customer risk |
Medium |
Customers may be dissatisfied with the marketing plan and gravitate toward rivals. However, with regular interactions and a compelling value proposition, consumers can react favorably to a business's advertisements or promotions. |
Quantitative Risk Analysis
|
Risk |
Probability of Occurrence |
Potential Impact In dollars |
|
Financial Risk |
35% |
35/100*100000=35000 |
|
Internal Risk |
8% |
8/100*100000=8000 |
|
Technical Risk |
40% |
40/100*100000=40000 |
|
Vendor Risk |
2% |
2/100*100000=2000 |
|
Customer Risk |
15% |
15/100*100000=15000 |
Project Risk Response Strategy
Risk Response Strategy
|
Risk |
Risk Response Strategy |
Description of Risk Response |
|
Financial risk |
Acceptance |
The organization accepts the danger and proceeds with the project's execution under this strategy. Supervisors should be informed of the cost and schedule associated with the risk in order to convince them to take it. |
|
Internal risk |
Avoidance |
Avoidance entails entirely eliminating the risk. To minimize internal strife, the organization can contract with a marketing consultancy firm to establish its marketing plan. |
|
Technological risk |
Mitigation |
While risk is a product of likelihood and consequence, the best way to avoid project collapse is to limit its consequences. The business must accept firsthand exposure to the risk in effort to determine the most effective method of mitigating its dangers or severity. To address this risk, the organization should increase its resources, experiment with new innovation, and monitor its performance. Additionally, additional time should be allocated to establishing the marketing plan in order to permit for testing and analysis of the technology's effect. |
|
Customer risk |
Mitigation |
Because the purpose of a firm is to establish a game-changing marketing plan, it will be important to mitigate consumer risk. This can be accomplished through a strong value offer, quick messaging, and a consistent approach to ensuring that consumers' requirements are addressed completely. |
|
Vendor risk |
Avoidance |
This is another risk that should be avoided. Choosing providers that are both skilled and dedicated to the achievement of the business mission is the only way to prevent this situation. |
Project Risk Controlling
Plan for Reviewing Risk Responses
Internal risk requires a review of the risk response, since employers and staff are the individuals that supply services to the clients. The evaluation will help managers address internal problems that contributed to the decision to engage a marketing consultancy firm to build a marketing plan. Following the review, the supervisors shall propose that they be actively engaged in all aspects of the marketing plan's advancement.
For vendor hazard, avoidance is the only choice; thus, no evaluation will be necessary. On client risk, mitigation shall be evaluated solely to determine whether it is practicable to prevent. The effect of mitigation would also be evaluated during the assessment, and when it is proven successful, it will be preserved. When it comes to financial risk, the organization must consider all available mitigation measures. Additionally, if acceptance has no effect on the project's execution, it is unnecessary to determine the risk reaction. For the technological danger, the mitigation strategy appears to be the optimal one, and hence no evaluation is necessary.
Identification of New Risks
The strategy will be centered on
I. Describing risks
II. Conduct a risk assessment of available resources
III. Analyzing budgetary risks
IV. Identification of high-risk tasks through consideration of restrictions
Project Risk Communications Plan
Communications Matrix
|
Stakeholder |
Risk Content |
Method |
Frequency |
|
Workers |
Execution |
Meetings/emails—Meetings as well as emails will be used to communicate information to staff about their duties. Workers are critical to the marketing plan's success, and their efforts should be rewarded. |
As needed |
|
Project Leaders |
Leadership is required to make the project's execution a success. |
Email/Mobile phone. The project managers are in charge of forwarding any pertinent information. Additional parties, on the other hand, can continue to contact with them by email or telephone. |
As per the requirement |
|
Sponsor of the project |
Financial aid |
Holding meetings or Email |
As needed |
|
Clients |
Acknowledgement of the approach |
Emails. Clients should send an email to the company to express their satisfaction with or dissatisfaction with the items or services that have been provided to them. |
As needed |
|
Marketers |
Advertising and promotion campaigns management |
Digital networks, posters, as well as outdoor advertising will all be used to reach the broadest potential audience. |
Weekly |
Memo to the Project Sponsor
To:
From:
Subject:
Date:
The current marketplace is growing increasingly aggressive. Only organizations that perform market analysis or use the data to create a marketing strategy have an opportunity to meet client needs. The risk management strategy used in this project is feasible, and in my opinion, it reduces the possibility of risk incidence. Because the technical risk is external, the appropriate course of action is to mitigate it. While technologies are dynamic and constantly changing, with the proper risk management approach, it is feasible to limit risks.
The risk identification approach outlined above is suitable in that it enables the identification of high-risk assignments first. Recognizing high-risk tasks enables the identification of possible mitigation, transfer, or avoidance measures. Risk definition is necessary since it aids in conceptualizing and assessing hazards. In essence, the risk identification method is straightforward and straightforward to apply. It is devoid of complications.
The activities depicted above for risk analysis can readily be interpreted and summarized. The quantitative risk assessment demonstrates the financial effect of the risk. Additionally, the qualitative study clarified the risk's overall influence on the project. The reaction methods are significant in that they will assist the organization in identifying more effective risk management strategies in the event that the suggested ones fail. Nonetheless, it is believed that dangers associated with avoidance strategies must not be assessed.
The concept of development is that market analysis should be undertaken on a continuous basis to assist in updating the marketing plan. The organization or competitive climate changes constantly, and investigation must be emphasized to determine how such changes will impact the marketing plan. Additionally, risk responses must be reviewed on a regular basis to determine their productivity over time.
References
Project Management Institute. (2009). Practice standard for project risk management. [Vitalsource version]. Retrieved from https://online.vitalsource.com/#/books/9781933890388/cfi/0!/4/[email protected]:0.00
Project Management Institute, A guide to the project management body of knowledge (PMBOK® guide), Fifth Edition, Project Management Institute Inc. 2013. [Vitalsource version]. Retrieved from https://online.vitalsource.com/#/books/9781935589815/cfi/0
