Program Risk - Assessment 2

This assessment is based on the case study and risk management plan create in Assessment 1. By successfully completing all questions in this assessment, will address the following assessment criteria:

1. Review each of the risks analysed and develop mitigation strategies for in Assessment 1. need to select two of these risks where there has been a variance and the mitigation strategy has not been successful. Complete the table below for each risk and modify the risk methodology and response.

point based on evaluation 1 where put the risks that are needed to develop this point

Risk Name	Risk Description	Analysis/Impact of Risk
Supply chain delay	Delays in obtaining materials	It could delay the program by 6 months, impacting the company's finances because there have been delays in the delivery of the materials needed to carry out the Project.
Regulatory change	New regulations require changes	Possible increase in costs, as a consequence of new regulations and that the presentation of the products requires the respective licenses to carry out the development of the Project in accordance with the regulations.
Stakeholder resistance	Employees resist new procedures	Slow down the implementation of training for employees due to additional training costs that significantly affect the budget and generate demotivation on the part of stakeholders.
Technological failures	Failure of new systems	Operations could be stopped temporarily since the appropriate inputs will be needed so that the new technological systems do not fail when executing and processing the new products.
Budget overrun	Costs exceed initial estimates	Additional financing will be needed to comply with the program, which may affect the company's profitability.

Remedial Risk Action Plan - First Risk
Risk:	Eg. Software is not working with existing hardware in helicopter
Summary of action to date:	Technical specifications of the helicopter hardware and software was provided. Software engineers designed new software based on this. When testing in the helicopter it is disabling the radar system. Current software engineers and programmers have tried various options to identify the issue however have not been successful and are unfamiliar with old radar system hardware
Proposed remedial action:
Impact analysis to program objectives:
Resource requirements:
Costings:
Who will be assigned accountability and responsibility to manage remedial action?
Timeline for implementation:
Reporting/Monitoring:	(How often and how will it be done?)
Stakeholders that have been consulted in developing this remedial action:	( need to say who and what methods were used to consult with them)
Approval of proposed remedial action: (Who/what group?)

Remedial Risk Action Plan - Second Risk
Risk:
Summary of action to date:
Proposed remedial action:
Impact analysis to program objectives:
Resource requirements:
Costings:
Who will be assigned accountability and responsibility to manage remedial action?
Timeline for implementation:
Reporting/Monitoring:	(How often and how will it be done?)
Stakeholders have been consulted in developing this remedial action:	( need to say who and what methods were used to consult with them)
Approval of proposed remedial action: (Who/what group?)

2. It is time for the fortnightly risk management committee meeting. Provide an updated version of the risk register, providing a current risk priority rating for each of the 5 risks, as well as any mitigation that has already been implemented.

Risk Name	Risk Description	Analysis/Impact of Risk	Original Risk Priority	Action taken to date	Current Risk Priority
Eg.New product line delayed	Product and delivery of new product line is delayed due to limited supply of parts and shipping delays	Shipping is currently expensive and is significantly delayed due to the pandemic. The impact will be that the product line could be delayed for at least 6 months and this also impacts on finances.	H	Two additional parts suppliers have been sourced and delivery timeline confirmed. Natalie is progressing the product delivery timeline and shipping options.	M

3. two months from completing the program. need to review the risks and identify and document at least 2 residual risks. need to include which stakeholder need to inform of the residual risks and how will transfer the liability to the organisation.

Residual Risk Strategy

Residual Risk 1
Risk Name:
Risk Description:
Action taken to date:
Risk residual:
Stakeholder/s to inform:
Process for handover to organisation:
Date for handover:
Residual Risk 2
Risk Name:
Risk Description:
Action taken to date:
Risk residual:
Stakeholder/s to inform:
Process for handover to organisation:
Date for handover:

4.Review and analyse the program outcomes to assess the effectiveness of the risk-management methodology. Explain:

a. risk-management methodologies that could be improved

b. risk-management methodologies that were effective

5.As part of the process for finalising the program, want to obtain feedback from relevant stakeholders on how risk management was executed. Explain how will go about obtaining feedback (what steps and questions) on how risk management was executed. What key managers/staff will include in this process? Eg.Will run a workshop? Who will attend?What are the key questions will ask? etc.

6.List the feedback provided by each of the stakeholders you consulted (minimum of 5 stakeholders) - at least 3 feedback comments need to include something that could be improved next time.

Stakeholder	Feedback

7.Based on review and the feedback provided by stakeholders, provide at least 3 specific improvements for risk management that will implement in future programs and advise stakeholders of.