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The risk management process needs toclarify the following issues:What risk can occur?How to decrease the effects of the risk eventWhat may be done in anticipation of an event Trang 10 W
TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION DIVISION OF DEPARTMENT OF ECONOMICS PROJECT MANAGEMENT SUPERVISOR: LE PHUOC LUONG TOPIC: LAUNCHING INKWELL'S "CHRISTMAS AND NEW YEAR WITH INKWELL" PROJECT Group: 05 Class: 21K70601 Semester: I Academic year: 2023-2024 Lecturer: Le Phuoc Luong Submission date: 13/10/2023 FOR EXAMINERS ONLY Grade (in number): ……………… Grade (in words): ……………… Examiner (Signature & Fullname) ……………… Examiner (Signature & Fullname) ……………… HO CHI MINH CITY 10/2023 TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION DIVISION OF DEPARTMENT OF ECONOMICS PROJECT MANAGEMENT TOPIC: LAUNCHING INKWELL'S "CHRISTMAS AND NEW YEAR WITH INKWELL" PROJECT SUPERVISOR: LE PHUOC LUONG No Student’s full name Student ID Lữ Sơn Tùng 720K0633 Văn Thị Thùy Trang 721K0394 Trần Lê Thanh Tuệ 721K0456 Nguyễn Trần Đông Quân 720K0982 Phan Ngọc Hải Triều 721K0258 Dương Đức Thịnh 721K0428 Bùi Hoàng Phúc 721K0383 Nguyễn Đăng Quang 721K0453 Nguyễn Đình Vũ 720K0648 10 Phạm Tuyết Trân 721K0455 Corhort: ACKNOWLEDGMENT First and foremost, our team would like to extend its sincere gratitude and admiration to Mr Le Phuoc Luong He was an ardent advocate and offered detailed advice on the project's development and study direction, as well as advice on the right method, content presentation, direction to take, and analysis of the research presented He made this decision using his very valued skills and research experience This allows us to learn and study in the best way possible The second thing our team would like to is thank the Ton Duc Thang University Department of Business Administration for providing us with the opportunity and ideal conditions to research and assess the project We greatly appreciate it LIST OF GROUP MEMBERS AND EVALUATION Full Name Lữ Sơn Tùng (Leader) Nguyễn Đình Vũ Trần Lê Thanh Tuệ Dương Đức Thịnh Nguyễn Trần Đông Quân Student ID 720K0633 Mission Presentation 720K0648 721K0456 721K0428 720K0982 Evaluation Signed 100% 100% Presentation Report Presentation 100% 100% 100% Phan Ngọc Hải Triều Văn Thị Thuỳ Trang Nguyễn Đăng Quang Phạm Tuyết Trân Bùi Hoàng Phúc 721K0258 PowerPoint 721K0394 100% 100% 721K0453 Presentation 100% 721K0455 PowerPoint 100% 721K0383 100% TABLE OF CONTENTS 1.1 Risk Management Process 1.1.1 Definition of Risk Management Process 1.1.2 Benefits of Risk Management Process 1.1.3 Risk Management Process 1.2 Step 1: Risk Identification 1.2.1 Risk Breakdown Structure 1.2.2 RBS Coding table: 2.1 Step 2: Risk Assessment .11 2.1.1 Conditions for Impact Scales of a Risk on Major Project Objectives 11 2.1.2 Risk Severity Matrix 12 2.2 Risk Assessment Form .13 3.1 Step 3: Risk Response Development and Contingency Planning 16 3.2 Opportunity Management 23 3.3 Contingency Funding and Time Buffers 24 3.3.1 Contingency Funding 24 3.3.2 Budget reserves 25 3.3.3 Management reserves 25 3.4 Time buffers .26 3.5 Step 4: Risk Response Control 30 3.5.1 Monitoring, tracking, and reporting risk 30 3.5.2 Fostering an open organization environment 30 3.5.3 Repeating risk identification/Assessment Exercises 30 Document continues below Discover more from: Project management 703007 Đại học Tôn Đức… 7 documents Go to course IB -Political2 Environment Project management None 706036 International 14 Business Group Project management None Approximation of 11 Probabilistic… Project management None The integration of project manageme… Project management None Part1 FP Guidelines 3.5.4 Your project: The… Project Assigning and documenting responsibility for managing risk 31 None management 3.6 Change control management 34 3.7 Change Log Request 36 Project 37 Managerment Final… Project management None LIST OF PICTURES, TABLES AND FIGURES Table 1: RBS Coding Table 2: Risk Assessment Form Table 3: Risk Response Development and Contingency Planning Table 4: Inkwell’s Contingency Fund Estimate Table 5: Inkwell’s time buffers for important activities Table 6: Risk Register Table 7: Change Log Request Figure 1: The Risk Breakdown Structure Pic 1: Change control process 36 CHAP 1: MANAGING RISK 1.1 Risk Management Process Risk measures the probability and impact of failing to meet a specific project goal Risk affects an individual, organization, or project by an event or circumstance with loss, uncertainty, and negative consequences Risk has two primary components for a given event: The probability of occurrence of that event The impact (or consequence) of the event occurring Risk increases with threat but decreases with protection This means that good project management should be able to identify hazards and develop a safeguard to get over them A suitable safeguard can reduce the level of risk 1.1.1 Definition of Risk Management Process Risk management is the process of handling risks It involves preparing for risk, identifying, analyzing, creating plans for responding to risks and tracking and managing risks to see how they have changed The risk management process needs to clarify the following issues: What risk can occur? How to decrease the effects of the risk event What may be done in anticipation of an event What to in the case of an occurrence (contingency plans) The method to create a strong RMP is to include all the details the program team will need to understand the program's objectives, goals, tools, reporting, communication processes, organizational roles, and responsibilities necessary to achieve effective risk management The RMP should include suitable risk management definitions, guidelines, and presumptions, as well as potential risk categories, methodologies for identifying and analyzing risks, organizational structures for managing risks, and documentation that is appropriate 1.1.2 Benefits of Risk Management Process Effective risk management aims to raise the possibility of project success by acting proactive rather than reactive, and positive rather than negative The risk management process allows project managers valuable time to develop contingencies Improve the chances of factors such as cost, performance, and progress meeting the requirements Therefore, proper risk management attempts to reduce the likelihood of an event occurring and its severity as well as increase the likelihood of project success 1.1.3 Risk Management Process The Risk Management Process includes steps: Identify Risk: Analyzing and examining each important technical process and the program areas to find and record any potential risks Risks Assessment: The process of analyzing each risk that has been recognized to determine its likelihood, the severity of its effects on the project, and how to control it Risk Response Development: The procedure that discovers, analyzes, and develops one or more solutions to lower risk to a manageable level given program restrictions and objectives and creates contingency plans This covers the details of what has to be done, when it needs to be done, who is responsible, and the costs and timeline involved Risk Response Control: A process that performs risk management, monitors and evaluates the effectiveness of risk response measures, and provides inputs for adjusting risk management and plans the benefit of the project, and we can enhance it by going for simple designs, using sustainable materials to stay true to our motives and to keep costs down 3.3 Contingency Funding and Time Buffers 3.3.1 Contingency Funding Contingency funds are set up to cover both identified and unidentified risks When, where, and how much the expenditure of the money will not be recognized until the risk occurs Contingency funds are divided into budget reserves and management reserves; budget reserves cover identified risks, these reserves are those devoted to particular project deliverables or segments; management reserves cover unidentified risks and are allocated to risks related to the entire project 3.3.2 Budget reserves These reserves are designated in the baseline budget or work breakdown structure for particular work packages or project segments By costing out the approved contingency or recovery plan, the reserve amount is established For Inkwell, a budget reserve amount running from to percent of the budget baseline might be added to cover risks for specific work packages and tasks in the work breakdown structure The whole team should be informed of the budget reserve; The project manager and the team members in charge of carrying out the specific project component should share responsibility for allocating budget reserves The funds are taken out of the budget reserve if the risk is not realized As a result, budget reserves diminish over time 3.3.3 Management reserves These reserve funds are used for the entire project because they are required to cover significant unanticipated risks Management reserves are established after budget reserves have been identified and funds have been established The project manager and the project's "owner" are in charge of these reserves, which are separate from budget reserves The "owner" can be either internal to the project organization (top management) or external The majority of management reserves are calculated using historical data and assessments of the project's uniqueness and complexity By considering the complexity of the project and researching relevant data, we suggest 24 placing 10 to 15 percent of the budget baseline to cover risks for the entire project; this amount of funds will be used specifically for risks beyond our control of the project A unique situation is adding technical contingencies to the management reserve A new, unproven, innovative process or product frequently involves the identification of potential technical (functional) risks A backup strategy is required because there is a chance that the innovation won't be successful The project manager has no control over this kind of risk Technical reserves are therefore kept in the management reserve and are under the owner's or top management's control When the contingency plan will be implemented and reserve funds will be used is decided by the owner and project manager It is assumed that there is a strong likelihood that these funds won't ever be used Budget Baseline - Activities Management - Reserve Budget Reserve 3-5% of Budget Baseline - Project Budget Baseline + Reserve 10-15% of Budget Baseline Table 4: Inkwell’s Contingency Fund Estimate 3.4 Time buffers Time buffers are lengths of time used as insurance against project delays The length of time depends on the project's inherent uncertainty More time should be allocated for the schedule the riskier the project At pivotal points in the project, extra time will be assigned Examples include: Adding buffers to activities with high-risk Merge activities that are prone to delays because one or more tasks before them are running behind schedule Merge activities that are prone to delays because one or more tasks before them are running behind schedule Non-critical activities they should be completed to lessen the possibility that they will start another critical path 25 And activities requiring scarce resources that should be completed to guarantee that they are available when needed When the overall schedule is uncertain, buffers are occasionally added to the end of a project This buffer typically needs top management approval, just like management reserves Deliverable Sub- Work Time deliverable package (days) Define the product portfolio and specifications Product Design the Visualize and themes, features understand the and layouts of “Christmas and the stationery New Year” products season research and development Develop packaging & labeling design Time Department buffers 10 (days) Research and Development Marketing Determine packaging materials and Research and Development design Place orders and Purchasing raw material confirm delivery dates and supplies for manufacturing Receive, inspect 26 and store the raw materials and supplies Produce the stationery products according to the specifications, 10 Manufacture standard and design Reviews and Test and validate the quality and functionality of the stationery Manufacturing products verifies specifications, monitors operations, Manufacture conducts sampling and visual tests, and Quality removes products Assuring with defects Package the product according Manufacture to the standards Package the stationery products Label and barcode the stationery products for inventory and tracking purpose 27 Identify and select Product Distribution and Sales Develop sales the distribution plans channels and Sales partners Negotiate the prices, terms and conditions with the distribution channels and partners Monitor and manage the inventory and sales of the stationery products Project evaluation and closure Collect and analyze the feedback from customers, stakeholders, suppliers, vendors, distribution Research and Development channels, partners Compare the actual performance with the planned performance Identify the SWOT of the project Research and Development Research and Development 1 28 Prepare and present the final project report and lessons learned Research and Development Table 5: Inkwell’s time buffers for important activities 3.5 Step 4: Risk Response Control A Risk Register details all identified risks, including descriptions, categories, probability of occurring, impact, responses, contingency plans, owners, and current status The register is the backbone for the last step in the risk management process: Risk Control Risk Control involves: Executing the risk response strategy Monitoring triggering events Initiating contingency plans Watching for new risks Establishing a change management system: 3.5.1 Monitoring, tracking, and reporting risk Project managers need to monitor risks just like they track project processes Risk assessment and updating needs to be part of every status meeting and progress report system Our project team needs to be on constant alert for new, unforeseen risks 3.5.2 Fostering an open organization environment We need to establish an environment in which participants feel comfortable raising concerns and admitting mistakes The norm should be that mistakes are acceptable, hiding mistakes is intolerable Problems should be embraced not denied Each member of our team should be encouraged to identify problems and new risks 3.5.3 Repeating risk identification/Assessment Exercises Risk profiles should be reviewed to test to see if the original responses held 29 Relevant stakeholders should be brought into the discussion and the risk register needs to be updated Project managers should touch base with them regularly or hold special stakeholder meetings to review the status of risks in the project 3.5.4 Assigning and documenting responsibility for managing risk Each identified risk should be assigned (or shared) by mutual agreement of the owner, project manager, and the contractor or person having line responsibility for the work package or segment of the project It is best to have the line person responsible approve the use of budget reserve funds and monitor their rate of usage If management reserve funds are required, the line person should actively estimate additional costs and funds needed to complete the project Having line personnel participate in the process focuses attention on the management reserve, control of its rate of usage, and early warning of potential risk events If risk management is not formalized, responsibility and responses to risk will be ignored The bottom line is that our Inkwell project managers and team members need to be vigilant in monitoring potential risks and identifying new land mines that could derail a project Risk assessment has to be part of the working agenda of status meetings, and when new risks emerge they need to be analyzed and incorporated into the risk management process 30 Risk Descr Likelihood Impact Owner Responses Contingency Plan Status Closely Process delayed Moderate Very high track Project Planning progress manager, dept indicators Leaders of and departments Open milestones Implement tracking mechanismt o identify Resources waste Low High Finance Dept resources Project wasted in manager Open real-time and take corrective actions Regularly monitor Excessive spending Low Very high Finance Dept expenses, and have contingency Project manager Submit funds Supplier failure Very low Very high Supplier available Employ a Logistics and variety of Supply Chain, suppliers Marketing and have a Dept, safety stock R&D Dept Open 31 inventory buffer Conduct regular market Customers demand Very low Moderate change Market research and R&D research adjust Department Open production and pricing accordingly Create flexible plans and Legislation change Very low High Legal response Project Dept scenarios for manager Open different regulatory Manpower shortage Moderate Very high HR outcomes Cross-train HR Dept Open employees on critical roles to create redundancy in capabilities Develop retention incentives like bonuses and flexible work 32 arrangement Implement regular progress monitoring Ineffective performance and Very low Very high Process reporting to identify Project manager Submit issues and address them promptly Table 6: Risk Register 3.6 Change control management A major element of the risk control process is change management Every detail of a project plan will not materialize as expected Coping with and controlling project changes presents a formidable challenge for most project managers Changes come from many sources such as the project customer, owner, project manager, team members, and occurrence of risk events Most changes easily fall into three categories: Scope changes in the form of design or additions represent big changes; for example, customer requests for a new feature or a redesign that will improve the product Implementation of contingency plans, when risk events occur, represents changes in baseline costs and schedules Improvement changes suggested by project team members represent another category Change management systems involve reporting, controlling, and recording changes to the project baseline 33 Pic 1: Change control process Benefits of Change Control Systems Inconsequential changes are discouraged by the formal process Costs of changes are maintained in a log The integrity of the WBS and performance measures is maintained Allocation and use of budget and management reserve funds are tracked Responsibility for implementation is clarified The effect of changes is visible to all parties involved Implementation of change is monitored Scope changes will be quickly reflected in baseline and performance measures All eighth benefits help us to control risk more efficiency 3.7 Change Log Request OPEN - Requires estimate APPROVED - Request accepted 34 SUBMITTED - The request submitted REJECTED - Request Rejected No Descr Date Date Rec'd Submit supplier of paper 07/08/2023 11/08/2023 material from ABC to XYZ Change the production process from 20/05/2023 12/08/2023 manual to Action Negotiate impact on contract cost, with XYZ quality, Approved and update and budget and schedule High schedule Purchase impact on and install cost, schedule, Approved new equipment and and train quality Low staff Change the design of the impact on greeting cost and automated Status High Change the Impact cards from 04/09/2023 6/09/2023 schedule, Review the design Submitte changes and d get approval horizontal to moderate vertical impact on orientation quality Low Change the impact on Conduct a product cost and market pricing from 16/10/2023 schedule, from stakeholder Open analysis and fixed to high a customer variable impact on survey Change the revenue High 16/10/2023 20/10/2023 Rejected Stick to the 35 project scope from developing and impact on purchasing scope, stationery cost, products to schedule, developing and and quality original scope and deliver the agreed products purchasing digital products Reallocate Change the Moderate resources team impact on and adjust composition by adding cost and 23/10/2023 25/10/2023 schedule, Approved the work breakdown two more high structure graphic impact on and the designers quality project structure Table 7: Change Log Request CHAP 4: CONCLUSION In conclusion, to ensure the effectiveness of the project, it is necessary to clearly understand possible risks and take proactive measures to minimize the impact and probability of occurrence of risks From there, Inkwell can significantly improve the quality and results of the entire project Effective risk management requires identifying and assessing risks, monitoring, and developing response and contingency plans Preventive measures are considered 36 quite important when used to reduce the impacts of unexpected and uncertain events that may occur In addition, risks can be detected and responded to quickly if there is good communication between team members and between departments Therefore, managing human resource risks also has a significant impact on project efficiency Applying a comprehensive risk mitigation strategy is essential to deliver high-quality stationery products on time and within budget while minimizing the impact of risks arising during the project The stationery market is highly competitive due to changing trends, technological advances, and consumer tastes Mitigating project risk in the stationery products industry requires a multifaceted strategy that includes rigorous risk management, financial controls, supply chain, quality assurance, market understanding, human resource management, and environmental awareness By applying risk management principles, Inkwell can analyze the complexity of risks in the stationery industry, be proactive rather than reactive, and increase the likelihood of project success REFERENCES Effective strategies for exploiting opportunities - PMI Available at: https://www.pmi.org/learning/library/effective-strategies-exploitingopportunities-7947 37 Harrin, E (2019) How to capitalize on positive risk to get the most out of opportunities, Live About Available at: https://www.liveabout.com/positiverisk-response-strategies-2779621 Petreski, B The project buffer and dealing with uncertainties, LinkedIn Available at: https://www.linkedin.com/pulse/project-buffer-dealing- uncertainties-borjan-petreski Larson, E W., & Gray, C F (2017) Project Management: The Managerial Process McGraw-Hill Education Project Management Knowledge Available at: https://project-management- knowledge.com/definitions/c/change-log/ 38