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MGMT401 Project Management
Question:
Develop a risk management plan
Deliverable:A risk management plan for an area of spend with recommended actions to mitigate specific risks.
Preparation:
- Identify a raw material or service within your area of responsibility that does not have an active risk management plan in place.
- Determine the key stakeholders using this material or service and the supply chain staff who manage this material or service. Contact them, explain the project and deliverable, and invite them to a meeting. There should be 6-8 people total attending the meeting.
- Before the meeting, prepare a supply chain for the material or service in as much detail as you have available.
Event Expectations:
1) Present the supply chain model to the team. Identify areas of the supply chain that have not been documented. Continue this process until the team agrees the supply chain is as complete as possible.
2) For each step of the supply chain, brainstorm and capture potential risks. Do not analyze risks at this time.
Risks can be categorized as: material, supplier (tier I, II, etc.), logistics, geographic (weather, politics), technology, etc.
3) Once the potential risks have been identified, determine the LIKELIHOOD that the risk will occur within the next year. This assessment should be based on company experience as well as external data sources. Rate the likelihood as 1 = low, 2 = medium, 3 = high.
4) Repeat this process for each potential risk and determine the IMPACT to the business if the risk occurs in the next year. Use the same 1 = low, 2 = medium, 3 = high scale. Impact could be loss of revenue, reputation, or employee health and safety.
5) Create a table for all the risks, with likelihood and impact:
|
Risk |
Likelihood |
Impact |
Score |
|
(Likelihood X Impact) |
|||
|
Risk 1 |
1 |
2 |
2 |
|
Risk 2 |
2 |
3 |
6 |
|
Risk 3 |
3 |
3 |
9 |
6) Develop a risk mitigation plan for all risks >/= 6. This may require a second meeting. The risk mitigation plan must include the actions required to reduce the risk to a score of
Event Debrief:Present the team findings and risk management plan to Procurement, Supply Chain, and Stakeholders to obtain their feedback and support for the risk management plan.
Summary of Learnings:
- The knowledge to analyze a supply chain and identify potential risks to supply that will negatively impact the business.
- A process to score these risks for likelihood of occurrence and the business impact if they did occur.
- The ability to develop a risk management plan to actively reduce specific risks.
MGMT401 Project Management
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