DiPaolo Brittany FPX 5334 1-1
pdf
keyboard_arrow_up
School
Capella University *
*We aren’t endorsed by this school
Course
5334
Subject
Information Systems
Date
Dec 6, 2023
Type
Pages
11
Uploaded by HighnessButterfly11348
Risk Management Plan
Project Name: Bausch + Lomb Project
Learner Name: Brittany DiPaolo
Course Name: FPX5334: Project Risk Assessment and Control
Date: November 2, 2023
Table of Contents
Sec$on 1 – Introduc$on to the Plan
3
______________________________________________________________________________
1.1 Benefits of Risk Management
3
_______________________________________________________________________________________
1.2 Project Goals and Objec?ves
3
________________________________________________________________________________________
1.3 Company Background
3
_____________________________________________________________________________________________
1.4 Risk Iden?fica?on
5
_________________________________________________________________________________________________
Sec$on 2 – Risk Scope, Components, and Value
5
____________________________________________________________________
2.1 Scope of the Risk Management Plan
5
__________________________________________________________________________________
2.2 Risk Management Plan Components
5
_________________________________________________________________________________
2.3 Expected Monetary Value
5
__________________________________________________________________________________________
2.4 Determine the Risks
5
_______________________________________________________________________________________________
2.5 Evaluate and Assess the Risks
6
_______________________________________________________________________________________
2.6 Qualita?ve and Quan?ta?ve Processes
6
_______________________________________________________________________________
Sec$on 3 – Risk Analysis and Assessment
6
_________________________________________________________________________
3.1 Major and Minor Risks
6
_____________________________________________________________________________________________
3.2 Risk Probability
6
___________________________________________________________________________________________________
3.3 Risk Matrix Template
7
______________________________________________________________________________________________
3.4 Risk Data Quality Strategy
7
__________________________________________________________________________________________
1
3.5 Risk Reviews
7
_____________________________________________________________________________________________________
Sec$on 4 – Correc$ve Ac$on and Monitoring
7
______________________________________________________________________
4.1 Risk Tolerance
7
____________________________________________________________________________________________________
4.2 Risk Mi?ga?on
7
___________________________________________________________________________________________________
4.3 Correc?ve Risk Management Strategy
7
________________________________________________________________________________
4.4 Correc?ve Ac?on Plan
8
_____________________________________________________________________________________________
Sec$on 5 – Postmortem Plan
8
___________________________________________________________________________________
5.1 Results
8
__________________________________________________________________________________________________________
5.2 Follow Up
8
_______________________________________________________________________________________________________
Sec$on 6 – References
8
________________________________________________________________________________________
6.1 References
8
______________________________________________________________________________________________________
Templates
9
__________________________________________________________________________________________________
Risk Matrix Legend Example
9
___________________________________________________________________________________________
Risk Matrix Example
9
__________________________________________________________________________________________________
Risk Monitoring and Control Example
10
___________________________________________________________________________________
Cita?ons
11
__________________________________________________________________________________________________________
2
Section 1 – Introduction to the Plan
1.1 Benefits of Risk Management
Effective risk management is a crucial aspect of any project, allowing for efficient handling of project risks, reduction of negative risks,
and maximization of potential opportunities. By rating and scoring risks related to staffing, design, budgets, and timelines, project
leaders can accurately evaluate potential issues and make informed decisions. The benefits of risk management are numerous,
including the ability to rapidly forecast probable issues, avoid catastrophic events, enable growth, stay competitive, improve business
processes, and enable better budgeting (Benefits of Risk Management, n.d., paras. 2-12).
1.2 Project Goals and Objectives
The project goal and objectives are as follows:
- A study team will evaluate the value and risks associated with a no-value-add project.
- A feasibility study will be conducted, followed by a design review and evaluation of national and international regulatory compliance.
The plan will then be signed off by the project team and senior management.
- A realistic project timeline will be created, which will include regulatory clinical trials and filings for devices and pharmaceuticals.
- The plan will encompass all pre-product launch testing and training.
- The team will adhere to all standardized product development processes, ensuring compliance adherence and quality performance.
- Project leaders will follow project management practices and use Microsoft Project program to ensure proper project tracking and
management.
1.3 Company Background
Bausch + Lomb's website describes the company's mission and vision is to help people see better and live better all over the
world.Through unwavering focus rooted in innovation, quality, and craftsmanship, they continue to pursue our lifelong vision of
protecting and enhancing the gift of sight through every phase of life (Bausch Lomb, n.d., para. 2). PitchBook, a financial data and
software company, reports that as of 2021, Bausch + Lomb employs 12,500 individuals and generated $3,765,000 in revenue.
According to PitchBook, the company is headquartered in Laval, Quebec, Canada, and is currently the fourth-largest vision care firm
in the United States by sales. Bausch + Lomb is the leading consumer vision care company in India and China. Previously a
subsidiary of Bausch Health, the company became a public entity in May 2022. Bausch + Lomb operates in three segments: vision
care and consumer (60% of revenue), surgical (20%), and ophthalmic pharmaceuticals (20%). The company is geographically
diverse, with 48% of revenue generated in the Americas, 30% in EMEA, and 22% in the Asia-Pacific region (Bausch Lomb General
Info, n.d., para. 1).
3
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
The process begins when a project idea is submitted to the steering team. The team is comprised of senior leadership
representatives from marketing, strategy, research, development, engineering, and supply chain. Together, they review all of the
ideas and select the most promising ones. In Phase 2, the project is handed over to a study team. This team investigates the
project's feasibility, offering a way forward (time and budget) or recommending that the project be dropped. The study team reports
back to the steering committee. If approved, the project moves on to Phase 3 - Development/Scale up and then to Phase 4 - Design/
Technology Transfer. During this time, regulatory clinical trials and filling are carried out. The project concludes with a launch at the
end of Phase 5. Risks are identified and addressed throughout all stages of the cycle.
4
(Kohli, 2022)
The scope of the project and budget are overseen by the Senior Vice President and Vice Presidents of each business category.
Project Directors are in charge of project processes, training, and project management tools. Project Managers determine and
negotiate staffing resources and address team performance issues. Finally, project team members provide input on the project by
interpreting customer requirements.
1.4 Risk Identification
In order to effectively identify risks, a comprehensive approach involving both qualitative and quantitative risk analysis must be taken.
The quantitative analysis aspect of risk identification involves gathering and analyzing data as well as utilizing expert judgment. It is
important to note that risk analysis is an ongoing process that should be conducted throughout the project lifecycle. To ensure
thoroughness, all team members should participate in risk identification, and all identified risks should be recorded in the project risk
log.
Section 2 – Risk Scope, Components, and Value
2.1 Scope of the Risk Management Plan
Define the boundaries of the risk management plan scope.
2.2 Risk Management Plan Components
Explain the components and the corresponding responsibilities that comprise the Risk Management Plan.
Describe the processes included in a risk management plan.
2.3 Expected Monetary Value
Apply an expected monetary value analysis to estimate the cost of a project without a risk plan.
Articulate the benefits of a risk management plan.
2.4 Determine the Risks
Identify sources of risk and the corresponding potential impact on project outcomes.
Include evidence of at least one of these processes:
•
Brainstorming.
5
•
The Delphi technique.
•
Ishikawa diagrams.
•
Interviewing processes.
2.5 Evaluate and Assess the Risks
Define the elements of the risk breakdown structure for use in evaluating project risk.
Analyze the impact of risk on project outcomes.
Integrate risk analysis techniques to create a risk breakdown structure.
2.6 Qualitative and Quantitative Processes
Apply qualitative and quantitative risk analysis.
Include evidence of at least one of these processes:
•
Sensitivity analysis.
•
Expected monetary analysis.
•
Monte Carlo simulation.
•
Decision tree analysis.)
Section 3 – Risk Analysis and Assessment
3.1 Major and Minor Risks
Analyze project risk to identify major and minor risks associated with the project.
•
How were the risks determined?
•
Were qualitative or quantitative methods used?
•
Was the most e
ff
ective method applied to determine risk?)
3.2 Risk Probability
(Integrate qualitative and quantitative risk analysis techniques to identify methods for evaluating the probability of a risk event.
•
How confident are you in the accuracy of the probabilities used?
6
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
•
What can you do to improve the accuracy of the probability?
3.3 Risk Matrix Template
Insert your completed Risk Matrix Template. See the end of this document for examples.
3.4 Risk Data Quality Strategy
Define the process and tools to be used to determine the quality of data for use in assessing project risk.
•
How reliable is the data?
•
What is the evidence of reliability?)
3.5 Risk Reviews
Define the process to be followed for risk reviews to be conducted throughout the project life cycle. Insert your completed Risk
Monitoring and Control Template. See the end of this document for an example.
•
What is being done to proactively reduce risk in the future?
•
What is being done to communicate risks?
Section 4 – Corrective Action and Monitoring
4.1 Risk Tolerance
Evaluate the organizational and departmental tolerance for risk.
•
Discuss the di
ff
erent risk tolerances within the organization.)
4.2 Risk Mitigation
Identify risk mitigation approaches in support of the project.
•
How will you implement the mitigation approaches?
•
Have you identified specific triggers to initiate mitigation?
4.3 Corrective Risk Management Strategy
Describe your
strategy for corrective risk management.
7
•
Explain whether you will use auditing, strategic planning, or another type.
•
Describe the corrective action process and responsibilities.
•
Will you be performing a risk postmortem? If not, why not?)
4.4 Corrective Action Plan
Assess corrective plan procedures in support of the project.
•
Is your documentation available to others?
•
Is it reviewed by the team or others?
Section 5 – Postmortem Plan
5.1 Results
Identify and describe how results data will be collected and reviewed to determine corrective actions.
•
Did your postmortem results lead to any concrete changes? Explain.
5.2 Follow Up
Evaluate the organization's view of risk management and approach, resulting from project outcomes.
•
Did this project change the organization's approach and management of risk?
Describe the impact of postmortem results on the organization.
Recommend corrective plan procedures to e
ff
ectively manage risk.
•
What recommendations would you make for future risk management projects?
•
What resources did you use to support your assertions?
Section 6 – References
6.1 References
Include a minimum of two references in APA style.
8
Templates
You may delete this section once you have copied the tables as directed above.
Risk Matrix Legend Example
If you wish, you may color code risk in addition to using the indicators of high, very high, and so forth. A usual color scheme is green,
yellow, orange, red.
Risk Matrix Example
The risk matrix is a graphical representation of the identified risks and their evaluation in terms of probability (likelihood) of
occurrence and impact on project success factors (costs, time, quality) if they should occur.
The definitions of risk probability and impact levels are specific to the selected project and reflect risk appetite and thresholds.
•
Risk #:
Numerical number of risk.
•
Risk:
Provide a description of the risk (i.e. Weather impacts – storm season).
•
Probability:
Defines the likelihood that risk will occur (i.e. H, M, L).
•
Impact:
Defines the level of impact to project success factors (time, costs, quality) (i.e., H, M, L).
Probability Level
Criteria
Code
Impact Level
Very High (VH)
90%
Very High (VH)
Catastrophic
High (H)
< 89% x > 80%
High (H)
Critical
Medium (M)
< 79% x > 70%
Medium (M)
Marginal
Low (L)
< 69%
Low (L)
No Impact
Probability Level
Criteria
Code
Impact Level
9
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
•
Response to Risk:
Avoid, mitigate, transfer and accept.
•
Action Plan:
A detailed explanation of the steps for risk mitigation(s).
•
Person Responsible:
Who will manage the mitigation strategy?
•
Status:
Status of mitigation process.
Risk Monitoring and Control Example
Risk #
Risk
Probability
Impact
Response to
Risk
Action Plan
Person
Responsible
Status
Continue Review and Action Plan
Owner
Time Estimate
Monitoring Process [Define monitoring
process of current and new risks]
Review [Define stages or timeframes for
specific types of review]
Reporting [provide types of
communication channels and deliverables]
10
Citations
Kohli, S. (2022, June 29).
5 stages of the Product Development Lifecycle
. Jam by Sam. https://jambysam.com/5-stages-of-the-product-
development-lifecycle/
Lomb Company Profile: Stock Performance & earnings - pitchbook. (n.d.). https://pitchbook.com/profiles/company/10341-73
MSG Management Study Guide
. 5 Functions of Management: Planning, Organizing, Staffing, Directing and Controlling. (n.d.).
https://www.managementstudyguide.com/management_functions.htm
11