Risk Management For Supplier Global Expansion Plan

1107 words - 4 pages

RISK MANAGEMENT PAGE \* MERGEFORMAT 4
Running Head: RISK MANAGEMENTRisk Management for Supplier Global Expansion Project[STUDENT NAME][INSTITUTION][COURSE NAME][DATE]Risk Management for Supplier Global Expansion ProjectRisk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It is risk management that drives the decisions that may affect the development of the business capability and also the management of the project. . Issues differ from risks, as risks relate to the events that could be revealed or emerge and end up affecting the project's scope, budget, business performance, management objectives and schedule. Risks are measured in accordance to their most probable chance or chances of occurrence and the way that they can impact the program (Hillson & Simon, 2007). Risk can be defined as any kind of trepidation that could significantly impact the capability of the project to meet its scope, budget, change management, business performance objectives, and schedule.The Risk Management Plan is used as guidance to all the involved team members on managing the project wide risk levels and the team level risks. The process of risk management also allows the project to create strategies to efficiently and effectively attend to the potential obstacles that may arise to hinder the success of the project. When the project scope is clearly defined the foundations for developing the project plan are established. The project scope is basically a definition of the intended end results or the main mission of the project (Gray & Larson, 2008). Having a definitive scope is essential to the overall success of the project because it is the root or the defined purpose of the project. Without a scope the team would be struggling about the project with no concrete purpose. It is the scope the interlocks all the various elements of the project's plan.Before any plan is made, it is essential that the project team uses an array of information sources to scope out the needed data which will aid in the development of a risk management plan. Therefore, it is important that the team tracks risk and all involved risk management activities that will enable it to develop plans to mitigate the risk. One method of finding information is to analyze projects that are similar and might also have similar risk. This is considered as being historical information which gives insight into the history of how the risks were managed, mismanaged, or discovered during the project (Hillson & Simon, 2007). This can provide risk teams and...

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