Risk Management Sample Essay

1075 Words Nov 26th, 2012 5 Pages
Asian Restaurant Project
December 1

Project Risk management Plan for the Asian restaurant operation.

RM Methodology: Open an Asian restaurant. 1
Role and Responsibilities: 1
Budget: 2
Timing: 2
Risk Categories 2
Definitions of risk probability and impact. 3
Outcome : Risk management Plan. 5

RM Methodology: Open an Asian restaurant.
Resource of data and information:
- Approach: surveys, quantitative, questionnaire , brainstorming, etc…
- Data: internet, financial news and magazine, collected information from competitors,…
Role and Responsibilities:
Project Manager: The overall coordinator of the Risk Management Program. • Maintaining this Risk Management
…show more content…
Failure to achieve some performance target. Time –critical project misses major milestone or deadline by 3 - 6 months.
Failure to achieve some performance target. Some Senior managers or experience employees leave. High turnover of experience employees. Company not perceived as an employees of choice Single fatality, serious injury or occupational illness or permanent major disabilities. Breach of licenses, registration, regulation or corporate- mandated standards. Damage to corporate reputation at national lever, raised in national media.
Significant decrease of shareholder or community support.
Moderate Budgeted cost estimates increase by 5 – 20% and may be manageable within current contingency Some reduction in system, asset, integrity or condition. Some reduction in performance. Time –critical project misses major milestone or deadline by 1 -3 months. Some reduction in performance Poor reputation as an employer. Widespread employee attitude problems. High employee turnover. Lost time of restricted injury or occupational illness. Breach of standards, guidelines or impending registrations, or subject raised as a corporate concern through audit findings or voluntary agreements Adverse news in state or regional media. Decrease in shareholder or community support.
Minor Budgeted cost estimates increase less than 5 % but manageable within current contingency Minor system, asset, integrity or condition degradation. Some performance

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