Classify the components of project planning.
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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.
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