Risk management approach sheds light on the importance of risk management during conduction of a project. However, during the implementation of a project risks encounter thus it is crucial to forecast the risks and to manage them properly (Sadgrove, 2016). Identification of the risk is a vital part of the risk management planning. Risk can take place at any stage of the project life cycle. The risk management plan should be updated in periodical manner and needs to expand throughout the project life cycle. During the enhancement of the complexity of the project, risk identification becomes rapid. Identification of risk, assessment of risk and resolution of the risk are the main phases of the risk management in a project (MacLeod, 2016). It has been received that when a new project is started risks are associated with it that hamper the success of the project.
The risk is considered as the main contributor of the uncertainty in an organization. For this reason, the organization focuses on the risk identification and development of the action plan to mitigate the risks (Hopkin, 2017). The ability of the organization to manage risk enables to take their business decision confidently. This current study deals with the risk management of the project in the context of A&D, which is going to explore their business via online marketing. However, risks are also associated with this project that needs to reduce by this organization. Hence, an action plan will be developed to deals with the encountered risks during the implementation of this project. For this organization establishment of the online marketing will be effective to reduce the competition that had faced by this organization in 2002.
1.1 Benefits of the process involves in risk management
Risk management program enables the organization to define the possible risks that are associated with a project (Cicmil et al., 2017). In the context of A&D, they have implemented online marketing in order to expand their business and to gain competitive advantages. Hence, risk management plan will bring benefits for such organization to define the risk regarding such specific project. On the other hand, financial consideration is another benefit of the risk management process. During the development of a project, financial risk encounters (Hopkin, 2017). In the context of A&D implementation of a risk management approach is helpful for them to estimate the cost of the financial risk in this online marketing project.
Development of the business culture is another advantage of the risk management process. A&D can enhance their reputation by implementing risk management plan. As for example, the preparation of the perfect project operation starts when this organization anticipates risk, as a result, the unexpected incidents disappear. Resource protection is a crucial outcome of risk management (Harris, 2017). In the context of A&D Hitech, the risk management approach allows this organization to identify the key risks. They are able to plan to resist the loss of resources such by protecting the employee hours and equipment.
1.2 Goals and Objectives of the Project
The main goal of this project is to identify the risk and the management process during the implementation of online marketing in the context of A&D Hitech.
Objectives
The above goal and the objectives will be helpful for the selected organization to carry out its risk management planning regarding their online marketing. Based on these objectives the action plan is discussed below.
A&D Hitech is an organization that supplies computer products and accessories and services to the customers and other businesses. This organization established in Lincoln, Nebraska. Ted Walter was the founder of such organization. In the year 2000, their fiscal property was $400 that ensures their rapid growth in business. Before the year of 1999, the orders came via call center and were written in the paper, which took more time to pass the order and highlights on the poor efficiency. In the year 2001, they have implemented successful ERP. At previous such organization did not use the technology for its business operation and cost reduction. Chris Jhonson is it project manager for last 12 years and his project planning technique is considered as good practice in the computer product companies those are based in St. Louis. Due to not selling the products via online, this organization had been facing massive competition in the market. After realizing it, the project manager recognized that online store project would be helpful for the success of their business (Hbr.org, 2017). This new project planning includes determination of the business requirement, process flow, and development of prototype and management of resources. However, a risk management planning was undertaken by this organization to manage their online store project.
Identification of the risk is a vital process of the risk management approach as based on it the action is taken in an organization (Qazi et al. 2016). Feedback collection form the stakeholders are crucial to identifying a project risk. In the context of A&D Hitech, they implemented the online store project, which is associated with the risks. Hence, this organization conducted meeting regarding their project where the project managers Jhonson felt more comfortable to discuss the risks and the possible solution regarding them. Preparation of the checklist is a useful strategy to identify the potential risk in a project. In the context of A&D Hitech implementation of this strategy would be beneficial for their new project to assess the common risks of online store project. Analysis of the assumptions is significant to detect the project risk (Wang et al., 2016). The mangers of A&D Hitech could ask their employees about their assumptions regarding this project as assumptions are considered as the sources of risks. Based on these assumptions the risks are documented.
2.1 Scope of the risk management approach
Risk management approach is an essential technique for the project management to make the project safe from the potential risks (Qazi et al., 2016). The major scope of the risk management is to interpret the product benefit and its associated risk. In the context of A&D Hitech risk management would be beneficial for this organization to design and implement the intervention process, which is associated with the project risk. On the other hand, risk management project enables an organization to evaluate the intervention method by utilizing the light of new knowledge (Fleming & Koppelman, 2016). The limitations of theses project scope highlight on the poor communication. However, in order to utilize the scope of the project a proper communication is required in the context of A&D Hitech. On the other hand, the financial resource is another barrier of the project scope as to implement the intervention process of the risk management strong financial resource is needed for this organization otherwise it is difficult to manage the risk. Adoption of proper strategy is a big barrier for the project management scope, as specific strategies are required to identify the scope of risk management process.
Roles and responsibilities of the stakeholders are major components of the risk management plan. In the context of A&D Hitech Jhonson has the major responsibility to manage the risk as the project manager carries on the major responsibility of risk management program. The project manager does team coordination. Budgeting is another component of the risk management plan (Fenner-Crisp & Dellarco, 2016). However, it is important for A&D Hitech to make a proper budget to implement intervention plan based on their identified risks. Based on the action plans of the risk management the budget is established. Therefore, the timing is a crucial component of the risk management plan. Often the risk management plan is conducted throughout the project lifecycle thus time is the big factor in such planning.
Communication is essential to conduct a risk assessment as it involves the stakeholders by taking their feedbacks in the risk management process. The communication level was not good among the stakeholders of A&D Hitech. Hence, it would be helpful for such organization to establish a good communication to carry out the risk assessment plan. Risk interpretation should be done based on the quantitative and qualitative analysis method. This would be beneficial for A&D Hitech to interpret the common risks regarding the online store project. Apart from these auditing and tracking is an essential component of risk assessment planning (Knechel & Salterio, 2016). This would allow A&D Hitech to document the ways to record the risk activities and the future needs of the project. Therefore, the risk method would be audited based on the risk assessment.
Expected monetary value analysis is a statistical process that focuses on the possible outcomes of the business operation. However, if an organization fails to manage the risk then they may face a huge loss in their business (Wright & Eppink, 2016). In order to evaluate the different actions in the risk assessment plan Expected monetary value analysis is crucial. In the context of A&D Hitech they need to manage the project risk otherwise, they might face the economic loss.
Project expected monetary value (EMV) = Cost of Project+ value of expected risk- Expected value of opportunity
In the context of A&D Hitech, the cost of their new project was $500 and their value of expected risk was $300. On the other hand, the expected value of the opportunity was $200. Thus, the EMV was $500+ $300- $200=$600
Hence, this organization would lose approx $600 for not managing the risk in their project. However, based on this expected monetary value it can be said that A&D Hitech needs to manage the potential risks of their new project. Otherwise, it would lead them to face a financial loss in their organization, which might affect their business profitability.
3.1 Determination of the risks
Project scope risk is a big type of risk that encounters during a project. A&D Hitech may face this type of risk while establishing the online store project to reduce the high competition. For this reason, hardware and software defect is a very common risk associated with this project (Turner, 2016). Scheduling risk is another type risk encounter in the project management. However, often the delays in taking the action plan within a project management may occur in the context of A&D Hitech. Resource risk takes place due to the personnel-related issue and the outsourcing issue. Every project includes workforce and a high investment. In the context of A&D Hitech, attrition challenges and the personnel leaving may be the major resource issues during the project management. One of the most important is the technological risk in the context of online marketing as it is completely based on the technology (Chen, Lin & Chuang, 2016). A&D Hitech is going to introduce their new online store project to gain the competitive advantages in the market. Thus, software and hardware related risks might occur in their project, which can affect the business.
Many people are associated with the online marketing project, which may cause issues in the decision-making process (Aven, 2017). Such decision-making process related risk may take place in the context of A&D Hitech. Apart from this, communication risk is a big issue in the project management process. According to the given scenario, the communication level between the stakeholders was not good in A&D Hitech. This highlights on the poor communication during the planning of their project.
Technical, organizational, external and project management are the major four components of the risk breakdown structure. Hardware and software issues are categorized under the technical risk. On the other hand, organizational risks include high cost and the resource issues. External components include the political pressure (Linkov et al., 2017). In the context of A&D Hitech, they may face issues during their new project management as without the green signal of the government this organization may fail to give shape their new project. Hence, the rules and regulation of the government may affect the establishment of the online store project. On the other hand, supplier issue is another aspect of the external component. Poor planning and control are the vital aspects of project management component.
Risk leaves a big impact on the project outcomes as different risks like technical, resource, scheduling and so on hinder the success of the project (Abrahamsson et al., 2017). A&D Hitech may face difficulties due to the potential risk factors that are associated with their online store project. However, the technical risks create barrier in the accessing of the websites that can affect the significant outcome of the online project. Therefore, the risk may affect the brand image of the organization due to the failure of the new project. Stand-alone risk and the contextual risk are the major risk analysis techniques that are associated with the risk breakdown structure. Sand alone risk analysis technique is associated with sensitivity analysis while contextual risk analysis focuses on the corporate risk analysis.
Risk can be analyzed via qualitative and quantitative method. However, in the qualitative method the emergence rate of the risk can be determined in terms of low, medium and high (Azim et al., 2016). According to the given scenario, A&D Hitech is in the low medium level of risks that are associated with their new project. On the other hand, the quantitative analysis highlights on the probability of the risk events (Marcelino-Sádaba et al., 2014). As for example, in the case of A&D Hitech the probability of the technical risk is 60% and the probability of the resource risk is 25% in their project.
Sensitivity analysis is useful to understand the technical risks in a project as it focuses on the relationship of the input and output variables. Therefore, expected monetary analysis reveals the high cost that may encounter due to not managing the risk in A&D Hitech. The amount of EMV is $600 according to the above calculation. Decision tree analysis is a support tool consists of a tree like model uses in the decision analysis (Emanuel, 2016). A&D Hitech, may use this decision tree analysis to take decision regarding the risk management for their new project. Application of Monte Carlo simulation can be used by A&D Hitech to understand the numerical analysis of the cost of risk management approach in context of their new project. Apart from this PERT tree, analysis is related to the review technique and the program evaluation. This will help A&D Hitech to analyze the time that is required for their risk management process during the development of online store project.
4.1 Identification of major and minor risk associated with the project
Several risks are associated with the project of A&D Hitech from which the technical risk is a major risk. However, in the online marketing technical risk is very common. Damage to hardware and software often occurs in the online store project (Feng, Wang & Li, 2014). This may affect the business of A&D Hitech. On the other hand, accessing of the website is another issue in online marketing. Due to the software difficulties, it often occurs in the online store project. Another major issue of the online store project is the resource issue. However, the software is costly that highlights on the risk. Management of the financial resources often makes difficulties in the project of A&D Hitech. Apart from the major risk, some minor risks are associated with the new project of A&D Hitech. As per the given scenario, there is lack of communication in this organization during the implementation of the project (Aven, 2015). This focuses on the communication risk as poor communication hampers the success of a project. Therefore, risks related to the decision-making process is another minor risk may encounter in the new project of A&D Hitech. Due to the involvement of many stakeholders often make the decision complex, which is a big challenge for this organization.
Quantitative and qualitative risk analysis methods are used to underpin the methodology to evaluate the severity of the risk associated with the projects (Goerlandt & Montewka, 2015). However, the quantitative method focuses on the numerical value in order to evaluate the probability of the risk. Based on this scenario, it can be assumed that the probability of the technical risk may be 60% and 25% in the context of resource risk. Collection of numerical data based on the scenario analysis would be beneficial to understand the probability of the risk in the context of A&D Hitech. Hence, scenario, the analysis is a vital method that is used in the quantitative method to evaluate the risk. Identification of the severity of the impact of the project is an important method that is used in the qualitative analysis to evaluate the risk. According to the case study, it can be said that probability of the technical risk is medium while probability of the resource risk is low. Estimation of the risk probability is another method of qualitative risk analysis to evaluate the major and minor risks (Pappas, 2016). In the context of A&D Hitech it has been addressed that technical risk and the resource risk are the vital areas of their project that need to be managed.
Project Name: Online store project
|
Risk # |
Risk |
Probability |
Importance |
Response to Risk |
Action Plan |
Person Responsible |
Status |
|
01 |
Project Scope risk |
Low |
Affects the goal of the project and damages of the equipments |
Establishment of the clear vision and mission regarding the project |
Regular conference among the stakeholders of A&D Hitech |
Internal and external stakeholders of the organization |
Reduction of the project scope risk in future |
|
02 |
Scheduling risk |
Low |
Delays in taking the exact plan during the project |
Implementation of the quick action plan to reduce the risk |
Adoption of risk management strategies such as risk identification and mitigation |
Manager of the organization |
Action plan can be taken quickly regarding the risk |
|
03 |
Technological risk |
Medium to High |
Damages of hardware and software |
Recruitment of the employees having high technological skill. Therefore, use of advanced equipment |
Providing training program to the employees to develop their skill |
Project management manager |
Reduction of the technical risk |
|
04 |
Resource risk |
Medium |
Issues in managing financial resource and workforce |
Proper budget allocation and involvement of more employees |
Partnership working to enhance the funding and providing reward to increase the employee engagement |
CEO of the organization |
Secure financial resources and availability of the workforce that mitigate the risk |
|
05 |
Decision-making risk |
Low |
Affects the success of the project |
Involvement of the specific person in the decision making |
Identification of the effective stakeholders to make decision |
CEO of the organization |
Execution of the appropriate decision |
|
06 |
Communication risk |
Medium |
Hampers the collaborative work during the establishment of online store project |
Collaborative work between the stakeholders |
Sharing of information among the stakeholders |
Project manager of the organization |
Establishment of effective communication in the risk management planning |
Table 1: Risk matrix template
(Source: Researcher)
It is important to analyze the data quality of the risk management approach. One of the most important tools, to measure the data quality data quality audit is an important tool (Anderson et al., 2015). The external audit team is involved in the measurement of the data quality during the risk assessment of the A&D organization. Hence, it will be helpful to measure the qualitative and quantitative data in the risk management process of the new project of A&D organization. Therefore, routine data quality assessment or RDQA is another tool of measuring the data quality. Preparation of the check sheet is a vital process to analyze the quality of data during the risk management approach. This is a structure that can be made by A&D organization to analyze the data of the risk management. Stratification is another process to measure the quality of the data in an organization (Marcelino-Sádaba et al., 2014). However, this process will enable A&D organization to separate the collected data from different sources through a systematic manner. Such differentiation can be useful to measure the quality of data in the risk management in the context of A&D organization.
Controlling, monitoring and reporting are the major three steps of risk review throughout the entire project life cycle. Random monitoring and controlling of the potential risks provide assurance about the effectiveness of the risk treatment action plan that has been implemented (Taylor, 2014).A&D Hitech needs to use the risk continuous monitoring and controlling of the risks that are associated with their business. They should be included the risk review process as a regular agenda in their project meetings. This will ensure a better management of the implemented change and continuous betterment. Risk assessment, the audit of the risk, analysis o resource and measurement of the technical performance are the major tools of monitoring and controlling risk. Through such tools, the risks can be reviewed in A&D Hitech. The prioritized risks are identified via continuous observation during the monitoring and controlling the risk. Such controlling and monitoring process is associated with the treatment action and the risk responding (Marcelino-Sádaba et al., 2014). Risk watch is important in controlling and reviewing risk in a project. Project schedule, cost, performance data and the deliverable status are the major components of the risk watch list.
Reporting of the risk includes the communication process with the stakeholders to evaluate the risk report of the project (Zwikael et al., 2014). Risk reporting will help the stakeholders that are the project owner, project manager and the clients to identify the existing risks and opportunities associated with the risk in A&D Hitech. Risk reporting is considered as the summary of project risk and its opportunity. The main purpose, of the risk reporting, is to encourage the stakeholders to fully involved in the risk management process to get rid of from any unpleasant incident during the project. Risk reporting is essential to review the risk as it enables the organization to make an effective communication with the stakeholders to keep the consistency of the risk management process in A&D Hitech. It is important to submit the risk report on the regular basis as it will enable the management to carry out a standard online store project.
5.1 Tolerance of risk
Risk tolerance is two types that are organizational and the departmental. The methods that are applied by an organization to avoid the risks are considered as the risk tolerance approach (Feng, Wang & Li, 2014). In the organizational risk tolerance process, A&D Hitech needs to include risk identification and taking the action to mitigate the risk. In the context of A&D Hitech, implementation of the rules and regulation regarding the risk assessment are crucial to tolerate the future risk in their project. On the other hand, departmental risk tolerance is another effective method to avoid the risk. A&D Hitech is going to establish online store project, for this reason, ensuring the security can be effective to establish the risk tolerance. Therefore, use of the advanced equipment will be beneficial for such organization to avoid the risk regarding the online marketing project. Apart from this, every employee should be participated in the risk identification process to get a preliminary idea about the risk (Zwikael et al., 2014).
Root cause analysis is an important risk mitigation technique that enables an organization to identify the exact cause of the potential risk (Verner et al., 2014). Identification of the risk at the earlier of the project life cycle will enable an organization to resists the risk by taking possible action. As for example, resource risk is a big risk for A&D Hitech. Hence, managing of the financial resources properly can be helpful for this organization to mitigate the deficit of the resources during their new project. Therefore, this organization should check the hardware and the software properly before developing their online website, which may mitigate the accessing issue of the website. Risk avoidance is another technique to mitigate the risk in an organization. However, A&D Hitech can avoid the risks related to their new project by removing the risk exposure. It is a very costly process. On the other hand, risk acceptance is another process to discard the risk. This strategy will help A&D Hitech to reduce the high cost of risk management.
Use of the updated version of the software includes high risk in the online marketing project. Hence, such risk acceptance strategy will be helpful for A&D Hitech to manage the risk in this organization. On the other hand, risk transference is a crucial mitigation process. The third party is involved in handling the potential risk of an organization (Anderson et al., 2015). In the context of A&D Hitech, the external agencies can be involved in risk management process. By auditing the project the external agencies can handle the risk in this organization. In order to reduce the communication risk, regular interaction between the employees is necessary for A&D Hitech. This will reduce the communication barrier in the new project. Apart from this identification of the new risk during the risk mitigation process is another risk reduction process.
Documentation of the organizational policies and procedures is a good example of corrective risk management strategy (Mamoghli, Goepp & Botta-Genoulaz, 2015). Compliance with the Resource Conservation and Recovery Act in 1976 will be helpful for such organization to deal with the potential risk that may encounter during their online store project.
Apart from this auditing is the most important corrective strategy. Auditing refers to the inspection process that is done by the external agencies to ensure the quality of a risk management approach (Feng, Wang & Li, 2014). A&D Hitech requires complying with the external agencies during their audit process by providing proper information of their risk management approach as well as the new project. However, auditing process includes the inspection of each area of risk management process. The audit may be internal that inform the employees about the risk. This includes the audit process of the risk management framework in A&D Hitech. Development of the risk management framework, implementation of the risk management framework, allocation for the risk control, and establishment of the mentor in the risk management process are the main components of internal audit.
The corrective action plan refers to the accumulation of certain actions in the risk management process (Pedreschi, 2014). This eliminates the risks that are associated with the project. The first step of the corrective action plan or CAP is to develop the criteria to initiate the CAP. Next, the root cause analysis is the second step of the corrective action plan. Therefore, acquiring the input from the different relevant sources is the next step of CAP. Establishment of the communication and a thorough plan are the major steps of such process. It is important for A&D Hitech to give quick response against a CAP. Finally, documentation, record retention and verification are the last three stages of CAP (Abrahamsson et al., 2017). According to the online store project of A&D Hitech CAP should be developed for the audit process as it is the corrective strategy for their risk management process. To implement such strategy documentation is needed to inform the employees about the risk. Therefore, communication is required to share the information related to risk. Record retention and verification are vital for the external audit agencies.
6.1 Results
Result data is collected by the qualitative and quantitative process. Therefore, the qualitative process is done by measuring the severity of the risk while quantitative measuring process includes the collection of numerical data (Emanuel, 2016). These two types of data collection methods are associated with the determination of the corrective action. These data collection methods are effective for the development of corrective risk management strategy in the context of A&D Hitech.
6.2 Follow up
Regular monitoring is essential to follow up the risk management process. However, check of the risk management process on daily basis is useful to identify the issues in the implemented risk management process (Linkov et al., 2017). Maintenance of the check list on daily basis is a crucial to follow up the risk management process. In the context of A&D Hitech, a follow up by using the continuous monitoring process the entire risk management approach can be followed up.
Conclusion
The entire study is based on the risk management approach in the context of A&D Hitech. Many approaches are involved in the risk management planning. Risk management approach includes the detection of risks and the mitigation approach of such risk. However, it has been identified that technical risk and resource risk is the major risks of such organization and communication risk and decision making risk are the minor risks. In the context of online store project, technical risk occurs due to dispute of hardware and software. On the other hand, corrective strategy, as well as the actions are taken for the risk management. However, A&D Hitech can use this strategy to manage their organizational risk. Compliance with the policies of their organization will enable them to mitigate the risk. This organization should comply with the government rules to develop corrective risk management strategy. Auditing is the most important corrective strategy that includes documentation action. In the organizational risk tolerance process, both internal and external stakeholders are associated while in the departmental risk tolerance process the internal stakeholders are involved. Apart from this risk monitoring process is crucial to follow up the risk. For this reason, regular check up list should be prepared for this organization.
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