Competency
Classify the components of project planning.
Scenario
In your role as a Project Manager for Kingston-Bryce Limited you have been assigned to create a risk mitigation plan. Risk mitigation is a key component of project planning because you are trying to look at all of the alternatives while planning everything for a project. The Board of Directors for Kingston-Bryce Limited (KBL) is eager to move forward with the acquisition of their competitor. The acquisition of the competitor will enable KBL to expand operations and triple their workforce and will take 18 months to complete with a projected cost of $5 million. The project could be at risk because there have been rumors that another buyer has entered a bid to buy KBL’s competitor. In order for this acquisition to be successful, you will need to use your project management skills to ensure success and that the project stays on budget and time.
Instructions
Your task is to create a risk mitigation plan in Microsoft Word to ensure that KBL has documentation to complete the acquisition. Detail the risks the project may be subjected to and what actions will be taken to minimize the impact of these risks on your project. You will need to create a list of risks that could potentially happen in the project. Be creative!
Think about examples such as cost, contractual, financial, political, or technical risks that might occur when launching a project. A key point to remember is that risks are broken down into the following broad categories, which should be included in your plan:
- Risk avoidance
- Risk sharing
- Risk reduction
- Risk transfer
Resources
- Business Writing
- Grammar Checking – How do I create a Grammarly account?
Grading Rubric
F
F
C
B
A
0
1
2
3
4
Did not Submit
No Pass
Competence
Proficiency
Mastery
Not Submitted
Used unclear verbiage about risk avoidance in the risk mitigation plan.
Evaluated risk avoidance in the risk mitigation plan.
Clearly evaluated risk avoidance in the risk mitigation plan.
Comprehensively evaluated risk avoidance in a well-written risk mitigation plan.
Not Submitted
Used unclear verbiage about risk sharing in the risk mitigation plan.
Assessed risk sharing in the risk mitigation plan.
Clearly assessed risk sharing in the risk mitigation plan.
Comprehensively assessed risk sharing in a well-written risk mitigation plan.
Not Submitted
Used unclear verbiage about risk reduction in the risk mitigation plan.
Analyzed risk reduction in the risk mitigation plan.
Clearly analyzed risk reduction in the risk mitigation plan.
Comprehensively analyzed risk reduction in a well-written risk mitigation plan.
Not Submitted
Used unclear verbiage about risk transfer in the risk mitigation plan.
Determined risk transfer in the risk mitigation plan.
Clearly determined risk transfer in the risk mitigation plan.
Comprehensively determined risk transfer in a well-written risk mitigation plan.
Not Submitted
Used unclear verbiage about actions to take to minimize the impact of risks in the risk mitigation plan.
Recommended actions to take to minimize the impact of risks in the risk mitigation plan.
Clearly recommended actions to take to minimize the impact of risks in the risk mitigation plan.
Comprehensively recommended actions to take to minimize the impact of risks in a well-written risk mitigation plan.