One of the risks you anticipated for the project was the late delivery of the prototype from the vendor. You adjusted your project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. You also identified a risk with the vendor that they have very little technical depth; if the key engineer is not available to your project, the risk of a delay is even greater. You determined how you would monitor the vendor's performance and ensure a timely delivery. You took a very risk-averse, protective approach to the relationship, but now, as the project is progressing, you are wondering if there is something you could do with the vendor to actually benefit the project instead of just protecting it.
Assignment Guidelines:
Create a 1-page addendum to your risk management plan that describes how you will modify the plans or create new plans relative to that vendor to create an opportunity that will result in lower costs, earlier delivery, higher quality, or other positive impacts.
Also, answer the following questions:
Your submitted assignment (250 points) must include the following:
PROJECT RISK
DESCRIPTION
1. Staff
Knowledge
The project is technology intensive and requires a Resources/People
group of people with specific knowledge. The company is not
planning to hire any more employees for the project and lack of
staff knowledge may be a hindrance to the completion and quality of
the project.
2. Staff
Availability
Since the company is not hiring any more employees, there may be a
shortage of Resources/People staff as the available employees work
on their individual projects as well as the boards’ project
concurrently.
3. Staff
Cohesion
The project will include employees from different departments
having to work Resources/People together. Friction and bad blood
may arise since these individuals have never worked so closely
before.
4.
Communication
The employees have never worked together on a project of this
magnitude. Thus,Strategy effective communication might be difficult
to establish owing to the complex group dynamics.
5. Leadership
Inexperience
The project manager is new to the company and has not had much
experience with Resources/Management the members of the project
team.
6. Leadership
Gap
The project does not have a quality control manager. This might
result in delays in Resources/Management project commencement and
completion because the quality control manager needs to be there
from the very beginning of the project.
7.
Time
The project may not be completed within the designated time frame
because of Schedule entrusting the project to a group of people who
have never worked together before.Conflicts are bound to ensue
among the project personnel.
8. Budget
Constraint
The money allocated does not cover for unplanned cost. If an
emergency were to Resource/Money arise then the reject may grind to
halt due to deficiency in funds.
9. Supplier
Delay
There could be a delay in the supply of raw materials to the
company’s manufacturing Schedule laboratory. Such a delay may
interrupt the schedule of the project.
10. Lack of Raw
Materials
There could be a shortage of the raw materials required in the
building of the final boards.Resources/Raw Materials. A lack of raw
materials will lengthen the time required to complete the
project.
11. Government
regulation
The company will have to abide to several government regulations
especially in regards to Regulation equality that may increase the
overall cost of the project. The company may deem the project too
expensive to proceed with it.
12. Lack of
Strong Processes
Previous projects undertaken within the company have shown that
there are hardly any strong Strategy processes that can be followed
when handling a project. Lack of processes can lead to mayhem and
disorganization.
13. Demand of
the Product
No conclusive reports on the potential demand of the product have
been given to the project Strategy manager or the sales and
marketing team. Such a report is crucial, because without it, the
project team is simply working in a vacuum.
14. Marketing
Objective
There needs to be a marketing objective so that the sales and
marketing team can come up Strategy with a strategic plan for
capturing the market.
15. Prototype
Issues
The creation of the prototype is being outsourced, which can lead
to a myriad of problems.Resource/people. The company mandated to do
so might develop the wrong prototype or have substantial delays in
the creation of the prototype. Such problems might stall the
commencement of the project.
One of the risks you anticipated for the project was the late delivery of the prototype...
Also, answer the following questions: What can you change in your plans to create an opportunity? What would that opportunity be? What is the probability that this opportunity could occur? What is the impact? What are the risks (adverse effect) that are introduced by this change in plans? How will you communicate this change to the vendor?
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