Introduction
The process of undertaking any given project requires the development of an effective risk management plan. A risk management plan can be defined as a tool through which risks to a given project are identified and a plan is then implemented to reduce these risks (Institute of Risk Management, 2002). The plan sets forth necessary actions to be taken to prevent or even control the occurring risk as well as reduce the impacts that the occurrence of this risk might cause. This document presents a risk management plan for the Golden Rice project. The plan identifies the major risks, the source, event, consequence, probability, existing control measures as well as the initial risk rating.
Through this plan, possible risks will be identified and controlled an as well as preventive measures put in place to allow for the successful completion of the entire project and for the achievement of project goals and objectives as planned. In the first section of this document, we have described the approach through which risks will be identified and managed. The next section lists down the possible risks identified, the assessments made as well as the control and mitigation plans necessary to reduce or prevent each of these risks.
Approach
The approach taken to ensure that all risks are effectively managed constitutes several stages which include the process of identifying, analyzing, monitoring, and mitigating. Risk identification involves spotting all possible risks that are likely to prevent
the project from being successfully completed (Gorrod, 2004). The project will continue to be undertaken in the light of each of the identified risk. If new risks emerge during the process of carrying out the project, then they will be added to the plan.
Risk assessment involves describing and analyzing every risk. Here the possibility of a risk occurring will be assessed and then documented. Assessment will also include identifying the degree to which the impact of these risks will be felt on the project. The ratings below will be used to assess these risks:
Probability of risk occurring:
Severity of the Risk Taking Place
Risk analysis will be done according to the rating given to every risk. This will be an effective process through which necessary actions to take will be identified. Examples of the various actions to be taken will include making instant alterations to the initial plan as a way of ensuring that the risk does not take place, coming up with control measures that could be put in place in instances where the risks occur as well as nay other relevant and effective action.
Though all actions necessary will be taken to make sure that no possible risks take place, any occurrence of any of the risks will be noticed soonest possible. It is only through early risk identification that we can be able to reduce the negative effects that the risks might have on the project. If the project process alters the described assessment of risk severity or even probability, then that risk, will be effectively analyzed and notes added to the Risk Management Plan.
The process of mitigation will be to ensure that in instances where the identified risks take place, then an analysis will be done based on the developed mitigation plan after which necessary action will be taken as is indicated in the plan.
Identified Risks
Programmatic Risks
One major programmatic risk is the unavailability of one or more personnel and human resource required to undertake the various roles and responsibilities at one point during the project undertaking. This risk has a medium probability as well severity degree of occurrence. This risk is likely to present difficulties especially in finding all the necessary as well as specific skills while at the same time ensuring that the project is undertaken within the planned budget. During the selection of the personnel required carrying out this project, we have ensured that there is a range of skills as well as proficiency across different people.
We are also working with permanent employees or professionals from reputable companies in the various fields hence creating a greater level of stability. As a plan, we have ensured that back up personnel be identified. These personnel will efficiently work as one and exchange ideas and in turn ensure that the successful completion of the project is not by one particular individual but by a team. All activities and undertakings of the project will also be carefully documented during the project process. This will help in reducing the time it takes for a back up personnel to effectively and clearly take over the assigned responsibility or role.
Another major risk would be on schedule issues whereby there is no flexibility in terms of the developed schedules as well as milestones. This risk has a low level of probability and a medium level of severity. The fact that the complete funding for this project is highly dependent on the production of all necessary products as well as on the successful realization of specifically defined goals, the development of a working schedule is important. The process of negotiation as well as careful brainstorming and examination sessions held before the initiation stage of the project was challenging but resulted into the identification of highly attainable goals.
The plan is to ensure that the project manager manages the entire project as per the designed schedule and to ensure that all management actions work towards achieving each of the designed milestones. Through frequent meetings the key project team members as well as through the use of mile stone charts, the project manager will be able to assess the overall performance of the project in relation to the schedule. The meetings will be held every two weeks.
Customer buy in is another possible risk for this project. Buy in this case refers to the level of acceptability of the product, golden rice, among the intended consumers in terms of purchase and consumption. This has a medium probability as well as severity level of occurrence. A number of individuals may have reservations in the use of the food product as a source of vitamin A. this may mainly result from concerns that clients may have in terms of quality and also of the nutritional efficacy / adequacy of the rice. the project team is however working with the various agencies that include nutritional and quality standard agencies that will be able to help deal with some of the expected challenges as well as developed new ideas through which we will be able to ensure that there is a high acceptability rate and usage level.
Our plan in relation to this risk involves closely working with the community during the entire project and ensuring that they clearly understand our product and that the product meets the very needs of all clients. Informative meetings and workshops will also be held to ensure that potential customers are reached and that the product is not only accepted but it is also of great value.
Client safety is another possible risk. Though this will vary according to an individual’s state of health and medical complications, it is likely to have effect on the level of acceptability by the consumer. The probability of occurrence of this risk is low while the severity is medium. We have ensured that the product and the constituent ingredients are those that can be accommodated by most individuals. All ingredients are also clearly indicated to ensure that a client is able to identify any substance that may be hostile to the body.
Cost over runs is another possible risk for this project. This is likely to result from the occurrence of other risks that may require adjustments being made on the initial plan to accommodate for the control measures put in place. Cost over runs occur when the money spent in undertaking the project falls out of the budget meaning that the ,project costs more than planned (Borodzicz, 2005). In such a situation some of the activities are likely to be left undone hence the project will not be successfully completed.
As a way of ensuring that each activity is accurately budgeted for, a Work Breakdown Structure was used with all deliverables being listed down and respective costs for each deliverable identified. Contingency plans have also been made to provide funds for any unforeseen occurrence that might require more funds. Through a Work Breakdown Structure, activities have been identified in terms of priority such that the most crucial activities for the successful completion of the project are done first.
Technical Risks
One major risk involves the effective performance of all tools and instruments required for the project. All tools and instruments as well as modes of technology used should be those that meet the defined goals and objectives of the project (Borodzicz, 2005). The occurrence probability for this risk is low while that of severity is medium. The plan here is to ensure that defined goals are not only achievable but also realistic and that the correct tools required for the complete achievement of these goals are identified. Pretesting the tools and instruments will be an effective way of identifying any possible errors and hitches and in turn be able to make any necessary changes, corrections or improvements.
Conclusion
The identification of the above risks, control and even mitigation measures will be an effective way to ensure that the project is successfully undertaken as planned and that all project goals and objectives are realized. Through the Risk Management Plan, the company will be able to identify risks before they occur, prevent the occurrence of these risks and reduce the impacts of such risks on the project’s successful completion in case they take place.
References
Borodzicz, E. (2005). Risk, Crisis and Security Management. New York: Wiley & Sons.
Gorrod, M. (2004). Risk Management Systems: Technology Trends (Finance and Capital Markets). Basingstoke: Palgrave Macmillan..
Institute of Risk Management/AIRMIC/ALARM (2002). A Risk Management Standard. London: Institute of Risk Management.