HomeEssay SamplesBusinessA Risk Register for the Lucky Me Animal Rescue Adoption Event

A Risk Register for the Lucky Me Animal Rescue Adoption Event

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Business
Table of Contents
  1. Risk Register Plan
  2. How Project Quality Could Be Impacted by The Risks Identified
  3. Summary of Controlling Phase Tasks
  4. Controlling Phase Tasks with Examples of Outputs
  5. References

Risk Register Plan

No. Risk Potential Impact Probability of risk Occurring Prioritization of Risk Mitigation Strategy
1. Health and safety risk It leads to staff or customer health complications, and the company’s reputation may be at stake. Highly likely Most important Implementation of avoidance strategy.
2. Communication risk Lack of communication can lead to negligence of critical components. Hence, there can be a loss of data or misinformation, causing project disruption. Highly likely Second most important Use of avoidance strategy.
3. Cost risk Shortage of project funds is a threat to the completion of the project. Highly likely Third most important Implementation of the control strategy.
4. Operational risk Poor implementation of critical operations may lead to the termination of the project. likely Fourth most important Implement an avoidance strategy.
5. Technology risk It threatens data security, organization services, compliance, and information security. likely Fifth most Important Controlling risk by implementing a control strategy.
6. Scope creep risk It causes the extra cost of unauthorized changes to the project’s additional features, functions, and products. likely Six most Important Implementation of the control strategy.
7. Performance risk It impacts the overall performance of the project. Hence IT may lead to an additional penalty for nonperformance. It also leverages the performance of the competitor. Less likely Seventh most Important Implementation of acceptance strategy.
8. External hazard risk Atrocities such as terrorism and natural disasters such as storms or vandalism may also occur. Less likely Eighth most Important Implementation of acceptance strategy.
9. Market risk Competitors may take an advanced step to cripple and eliminate the business from the market when the project fails to meet the stated results. Less likely Ninth most important The use of acceptance and transference strategy
10. Skills resource risk May lead to additional cost of personnel retraining Least likely Least important Implementation of acceptance strategy.

How Project Quality Could Be Impacted by The Risks Identified

Poor risk management may have a wide range of adverse effects on a project’s quality. The project’s outcomes result from the risk management team’s failure to adhere to the work standards, such as not following the procedure, not using the prescribed tools, and so on (Project Management Institute, 2017). Poor risk management may also harm a project’s quality by preventing it from realizing its intended advantages. Risks that go unidentified analyzed, and mitigated may slow down a project substantially. The quality of a project might be negatively impacted if risk management is done incorrectly. It may strain a person’s finances, particularly if they begin to pay for things they had not anticipated.

Several things the project manager may take to guarantee that the project does not have any problems. Making risk management a part of a project’s planning is an excellent first step for a project manager who wants to keep the project on track. It makes it possible to notice disasters coming long before they have a chance to inflict damage. A project manager may help prevent the project from going awry by recognizing difficulties as soon as feasible. In an emergency, the project manager can identify and address any issues before they escalate out of control (Zhu & Sardana, 2020). However, the project manager may also communicate to keep the project from failing.

To guarantee the flow of information, it is essential to always promote open communication. As a result, the project manager may include risk identification and assessment into the project plan during meetings since it fosters an atmosphere where employees are encouraged to share their ideas and discoveries without inhibition. However, taking advantage of the risk is also a strategy to ensure the project does not go awry, as risks may be hidden opportunities for the project to exploit.

Summary of Controlling Phase Tasks

The project manager for Lucky Me Animal Rescue’s adoption event project may utilize a variety of methods to control phase tasks and manage the project’s time, budget, finances, and quality.

Controlling Phase Tasks with Examples of Outputs

The first controlling phase responsibility is to determine project hazards, and the project manager and other project stakeholders must review all present hazards jointly. These hurdles must be addressed by reviewing the project’s essential aspects and questioning the stakeholders about their problems and fears. Communication to stakeholders is done by email and video conferencing specific to the Lucky Me Animal Rescue adoption event project.

Identifying opportunities is another role of the controlling phase. Consider all the occurrences that might favorably affect the project when identifying risks and opportunities. The lucky Me Animal Rescue adoption event project has a business plan responsible for this. Another responsibility in the controlling phase is assessing the risk’s likelihood of occurrence and consequences. It is also necessary to compute an overall cost estimate after determining how to handle each risk the Lucky Me Animal Rescue adoption event project manager (Zhu & Sardana, 2020). For example, the cost of pre-concert health checks must be estimated in the case of performance. Another activity to be used in the control phase is regularly evaluating project hazards. At a minimum, one day a week should be set up for risk identification and a thorough review of all things entered into the system.

References

Cavusgil, S. T., Deligonul, S., Ghauri, P. N., Bamiatzi, V., Park, B. I., & Mellahi, K. (2020). Risk in international business and its mitigation. Journal of World Business, 55(2), 101078. Web.

Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (Sixth Edition). Newtown Square. Web.

Zhu, Y., & Sardana, D. (2020). Multinational enterprises’ risk mitigation strategies in emerging markets: A political coalition perspective. Journal of World Business, 55(2), 101044. Web.

The Home Depot Firm's Output Problems
Marketing Mix and High-Quality Service

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AssignZen. (2023, June 22). A Risk Register for the Lucky Me Animal Rescue Adoption Event. https://assignzen.com/a-risk-register-for-the-lucky-me-animal-rescue-adoption-event/

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"A Risk Register for the Lucky Me Animal Rescue Adoption Event." AssignZen, 22 June 2023, assignzen.com/a-risk-register-for-the-lucky-me-animal-rescue-adoption-event/.

1. AssignZen. "A Risk Register for the Lucky Me Animal Rescue Adoption Event." June 22, 2023. https://assignzen.com/a-risk-register-for-the-lucky-me-animal-rescue-adoption-event/.


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AssignZen. "A Risk Register for the Lucky Me Animal Rescue Adoption Event." June 22, 2023. https://assignzen.com/a-risk-register-for-the-lucky-me-animal-rescue-adoption-event/.

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