PM FPX 5332 Assessment 4 Risk Management Plan

Student Name

Capella University

PM-FPX5332 Project Management, Planning, Execution, and Control

Prof. Name

Date

Introduction

Risk management is the systematic process of recognizing, evaluating, and addressing risks throughout the entire project lifecycle. The objective of this Risk Management Plan is to outline the procedures for identifying, analyzing, and managing risks associated with the Cosmo Inc Marketing Strategy project. The Project Manager, in collaboration with the project team and sponsors, will ensure the active identification, logging, analysis, and management of risks throughout the project’s duration.

Project Description

Senior leadership at Cosmo’s Inc. has deemed it essential for the company to devise and execute a new marketing strategy following a comprehensive marketing analysis. Failure to swiftly adapt to emerging competition could adversely affect future earnings, potentially impacting the company’s 33% market share. The new marketing strategy, initiated within an aggressive 10-week timeline, aims to develop a new wearable tech before launching a six-month marketing campaign with a pre-approved budget of $150k (with a ROM cost ranging from $112.5k to $262.5k). No additional approvals are required.

To solidify its position as a leading competitor in wearable technology and emerging technologies such as IoT, mobile technology, and artificial intelligence applications, the company will need to enhance its customer base. This entails updates to ERP and Marketing systems, along with new customer service processes supporting the product release and establishing a feedback loop with the Marketing department for necessary adjustments.

[Provide an overview of the project, including organization, problems, objectives, and resolutions.]

Guiding Risk Management Principles

While the project manager will serve as the risk manager, the entire project team shares the responsibility for actively identifying, analyzing, and managing risks throughout the project’s lifespan. The project manager and team will take proactive measures to identify risks early in the project to minimize their impact.

Risk Management Process

Risk Identification

Risk identification involves the project team, project manager, project sponsor, and relevant stakeholders. Various tools, including assumptions analysis, document reviews, Delphi technique, brainstorming, and more, will be utilized to capture potential risks. The team has identified ten risks so far:

1. Manufacturing delays for wearable tech.
2. Technology integration issues during UAT.
3. System integration issues or failures.
4. Customer Service/Marketing feedback loop failures.
5. Return to office backlash staffing concerns.
6. Existing PC hardware unable to handle upgrades.
7. Offshore partners unable to provide Human Capital resources.
8. Aggressive 10-week timeline constraint.
9. Customer Service may not fully support new product(s)/technology.
10. Regulatory failures or misses.

Risk Planning & Analysis

Risk Matrix Legend:

Risk Monitoring and Control

The project team, with the project manager as the owner, is responsible for actively monitoring and controlling risks throughout the project. This involves ongoing reviews, regular reporting, and maintaining a risk plan and RAID Log. The monitoring process will occur continually throughout the project, with weekly reviews and assessments before moving to the next stage or upon completing milestones.

Reporting

Reporting methods, including face-to-face conversations, MS Teams, and mobile communications, will be employed as needed to facilitate effective communication about the project, addressing emerging needs or issues.

PM FPX 5332 Assessment 4 Risk Management Plan