Project Management Topic Launching Inkwell's Christmas And New Year With Inkwell Project.pdf

Risk Breakdown Structure 8 1.2.2, RBS Coding table: 9 CHAP 2: RISK ASSESSMENT.. Conditions for Impact Scales of a Risk on Major Project Objectives...11 2.1.2.. LIST OF PICTURES, TABLES A

TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION DIVISION OF DEPARTMENT OF ECONOMICS

ĐẠI HỌC TÔN ĐỨC THẮNG

TON DUC THANG UNIVERSITY PROJECT MANAGEMENT SUPERVISOR: LE PHUOC LUONG TOPIC: LAUNCHING INKWELL'S "CHRISTMAS AND NEW YEAR

WITH INKWELL" PROJECT

Lecturer: Le Phuoc Luong Examiner | (Signature &

Submission date: 13/10/2023 Fullname)

Examiner 2 (Signature &

TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION DIVISION OF DEPARTMENT OF ECONOMICS

DAI HOC TON ĐỨC THẮNG TON DUC THANG UNIVERSITY

PROJECT MANAGEMENT TOPIC: LAUNCHING INKWELL'S "CHRISTMAS AND NEW YEAR WITH

INKWELL" PROJECT SUPERVISOR: LE PHUOC LUONG

2 Văn Thị Thùy Trang 721K0394

3 _ | Trần Lê Thanh Tuệ 721K0456

4 | Nguyễn Trần Đông Quân 720K0982

5 | Phan Ngọc Hải Triều 721K0258

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 do 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

TABLE OF CONTENTS

1.1 Risk Management Process 7 1.1.1 Definition of Risk Management Process 7 1.1.2 Benefits of Risk Management Process 7 1.1.3 Risk Management Process 8

1.2 Step 1: Risk Identification 8 1.2.1 Risk Breakdown Structure 8 1.2.2, RBS Coding table: 9 CHAP 2: RISK ASSESSMENT lI 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

CHAPTER 3: RISK RESPONSE DEVELOPMENT AND CONTINGENCY

3.5 Step 4: Risk Response Control „ 30 3.5.1 Monitoring, tracking, and reporting risk 30 3.5.2 Fostering an open organizafion enVir0nIM€TIÍ 5 «<< « «ss== 30 3.5.3 Repeating risk identification/Assessment EXer€iS€S - 30

3.5.4, Assigning and documenting responsibility for managing risk

3.6 Change control management

3.7 Change Log Request CHAP 4: CONCLUSION

38 39

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

Y

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 do 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 4 steps:

® Identify Risk: Analyzing and examining each important technical process and the program areas to find and record any potential risks

e 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

e 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

1.2 Step 1: Risk Identification

1.2.1 Risk Breakdown Structure

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Figure 1: The Risk Breakdown Structure The risk breakdown structure started with level 0 - The project name: Inkwell Project Risks This is followed by the categories of risk: Project Management, External, Technical, and Organization Level 2 of the RBS is the risk of the project and level 3 is the actual risk

RBS Level 1 Level 2 Level 3

Poor concept generation 3.1.1 Design

Design product unqualified 3.1.2 Quality Product not meeting standard 3.2.1

Inefficient tool usage 3.3.1 Facilities

Inaccurate tool usage 3.3.2 Technical Hardware 3.4.1

Feasibility Software 3.4.2

Lack of motivati 4.1.1 Staff ack of motivation 1

H

_— turnover 4.1.1 Resource Conflict 2

Manpower shortage 4.1.2

Poor team communication and coordination 4.2.1 Team

Team inexperience 4.2.2 Unsatisfied planning 4.3.1 Process Poor execution 4.3.2

Lost control 4.3.3

lable 1: RBS Coding

CHAP 2: RISK ASSESSMENT

2.1 Step 2: Risk Assessment

2.1.1 Conditions for Impact Scales of a Risk on Major Project Objectives Impact scales are used to objectively or qualitatively analyze the probable impact

or consequences of particular risks on important project objectives Project managers and other stakeholders can use these scales to assess possible risks' seriousness and decide on risk management and mitigation measures The impact scale of risk will include:

e The probability that the risk will occur with some notable impact on the project The project manager needs to determine which probability will be given a score from very low to very high

® Project managers must set definitions of impact in terms of very low, low, medium, high, and very high impact levels according to objectives (time, cost, scope, and quality)

The Probability Measurement:

II

; Less than 1 1-2

Time Time 2 - 4 months than 4

; month months

increase months Scope Major Scope Project

P Minor Areas 1 Ps 1 ; Decreases Areas of Reduction | End Item is

Scope of Scope

are barely Scope Unacceptable | Effectively

Affected Noticeable Affected | to Customer Useless

Quality Quality Only Very ; Quality Project

Reduction Degradation | Demanding ; Reduction | End Item is Quality , Requires ;

Barely Applications Unacceptable | Effectively Customer

Noticeable | are Affected to Customer Useless

Approval

2.1.2 Risk Severity Matrix

A probability and impact matrix 1s a technique used in qualitative risk analysis to assess the possibility and consequences of identified risks It uses a numerical scale to rank the likelihood and impact of each risk, which may be used to prioritize risks and create plans to reduce or manage them The probability-impact matrix's results can be compared to the performing organization's risk-reaction guidelines The performing organization can categorize the risk according to its risk score to direct its response to risk Based on the risk score, there are three typical categories:

Red zone: These high-risk ratings have a high likelihood and impact Yellow zone: These risks have a somewhat high impact and likelihood Green zone: These risks typically have a low impact, probability, or both

¢ Ascore of less than 5 shows a low risk for the given target

® A yellow or moderate risk to the objective is indicated by any score between 5 and 10

e Any score greater than 10 indicates a red or severe risk to the goal

2.2 Risk Assessment Form

Likelihood | Impact When

code difficulty Rating

L111 3 5 1 Project initiation 1.2.1.1 2 5 2 During estimation 1.2.2 2 4 4 Market research 1.2.3 1 3 4 Market research 2.1.1.1 2 4 2 Sourcing 2.1.1.2 3 4 2 Distribution 2.1.1.3 1 5 4 Sourcing 2.1.2 2 4 5 Sourcing

Products are 2.2.1.1 3 2 5

launched

Products are 2.2.1.2 3 3 4

launched 2.2.2 1 3 5 Market trends

progress

Launching products During manufacturing Product designing phase Product designing phase Products are launched

CHAPTER 3: RISK RESPONSE DEVELOPMENT AND CONTINGENCY

realistic schedules Key planning ;

Add resources to Project with buffer time for milestones are

LLL critical path ; manager,

uncertainties TS consistently

1 activities to ; Leaders of Closely track missed or

co accelerate work departments progress indicators delayed

contingency funds discounts or will be

available scope reduction exceeded

significantly actions measures

1.2.3 Avoid: Develop Implement cost- Revenue Sale Dept

flexible pricing cutting measures figures strategies that can be | and efficiency consistently

adjusted based on | improvements to | fall short of the

market conditions maintain established

profitability sales targets

Promote production of

; ; products and Logistics and ;

1 inventory in advance ; Supply Chain

change Supply Chain communication

plans Order extra

Transfer: Contact

inventory in

multiple suppliers Supplier | 2.1.1 advance and use ; Logistics and and apply penalty ; notifies of ;

2 alternative Supply Chain clauses for late ; delay

transportation

delivery in contracts ;

modes if needed Transfer: Employ a ; Logistics and

; | Activate backup ; ;

variety of suppliers Supplier Supply Chain, 2.1.1 supplier and } ; and have a safety ; notifies of Marketing

; ; ; Supply Chain supplier research suppliers materials

thoroughly quality

Avoid: Hire

designers who Offer Customer

2.2.1 understand and dissatisfied feedback

; ; Sales Dept

1 empathize with target customers indicates

customers and their incentives dissatisfaction

needs

Mitigate: Conduct Reduce Market

regular market inventory and | analysis shows

2.2.2 | research and adjust | offer discounts significant R&D Dept

production and or promotions to change in

pricing accordingly clear stock demand

Mitigating: Diversify Activate Detect events

marketing channels alternate that affect Marketing

2.3.1

to mitigate marketing marketing Dept disruption channels campaigns

Deploy compliance team

to identify

required

Mitigate: Create

; operational

flexible plans and ;

; changes and | Notified by the Project 2.3.2 response scenarios

costs government manager for different

Accelerate any regulatory outcomes ;

redesign, process changes needed to comply

2.4.1 Avoid: Schedule Purchase Forecasts of Project

production and insurance to potential manager delivery in advance | cover losses due | severe weather

to avoid peak to weather- conditions that

disruptions operation

Implement Mitigate: Involve Stakeholder

; changes as stakeholders in the requests

; requested by design process and change or

3.1.1 stakeholders and R&D Dept

get their feedback expresses

document the ¬ ; and approval at each | | ; dissatisfaction

impact on time, - - stage with the design

cost, and quality Mitigate: Do Stakeholder prototyping, requests

; ; Revert to the simulations, change or 3.1.2 ; design stage to R&D Dept

analyzing and expresses

¬ ; resolve , ;

piloting to validate dissatisfaction

design with the design Avoid: Implement

robust quality ;

Determine root - assurance procedures ; Notified by ;

cause and adjust Manufacturing 3.2.1 | and inspection points ; quality

production ; Dept

throughout surveillance

; process manufacturing

processes

Mitigate: Provide

comprehensive Additional training programs on | safety training or| Notified by ;

¬ ; Manufacturing 3.3.1 proper tool usage, retraining for | manufacturing D

ept safety procedures, employees manager

and equipment involved

maintenance