1.Gather a small team of students. Think of a project most students would under-
ID: 452882 • Letter: 1
Question
1.Gather a small team of students. Think of a project most students would under- stand; the kinds of tasks involved should also be familiar. Identify and assess ma- jor and minor risks inherent to the project. Decide on a response type. Develop a contingency plan for two to four identified risks. Estimate costs. Assign contingency reserves. How much reserve would your team estimate for the whole project? Justify your choices and estimates.
2. You have been assigned to a project risk team of five members. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out their proposed outline at the beginning of the meeting. Your outline should include but not be limited to the following information:
a. Team objectives.
b. Process for handling risk events.
c. Team activities.
d. Team outputs.
Explanation / Answer
Gather a small team of students. Think of a project most students would under- stand; the kinds of tasks involved should also be familiar. Identify and assess ma- jor and minor risks inherent to the project. Decide on a response type. Develop a contingency plan for two to four identified risks. Estimate costs. Assign contingency reserves. How much reserve would your team estimate for the whole project? Justify your choices and estimates.
Answer :
Team Size : 4
Project Allocated : Study of Retail Marketing
Major Risks:
Minor Risk :
The plan should contain a tilt of each risk that you have recognized, what should be complete and who should do it. It should also be registered in order of things to be spoke immediately, those to be done in the first 4 hours and 24 hours, and those that can be spoke up to a week later. You should comprise a list of associates to be called for help or information such as insurers, trades people, IT facility providers, leaseholder, suppliers etc. You might also be part of a news floor so you might need to choose who speaks to the press or in some cases, to have a lawyer to deal with any enquiries. It’s not all bad though, as some slight incidents can provide a positive way to endorse your business.
So in summary –
Identify a list or risks that may touch your business
Unfortunately common intelligence is not so common, so you cannot rely on staff doing the finest for the business in an spare and also they might not feel authorized to do what’s obligatory without specific orders. Also insurance does not cover every possibility and often there is a delay in disbursing out anyhow so you might not earn the full costs of an event. Having a plan will help you deal with a disaster without damaging your company’s brand or standing and will give your commercial a much greater accidental of survival and keep your clienteles happy.
There has to be separate budget for expenses of contingency planning. Because being a contingent situation this needs to more fund with dedicated team.
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2. You have been assigned to a project risk team of five members. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out their proposed outline at the beginning of the meeting. Your outline should include but not be limited to the following information:
a. Team objectives.
b. Process for handling risk events.
c. Team activities.
d. Team outputs.
Answer :
Team objectives:
Process for handling risk events :
Following is the sequential process which will handle the risk.
Team activities :
Team outputs:
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