Risk Plan

Scenario:
You are a project manager in the marketing department for a global investment management firm, LRH Financial. The company is launching a multi-million dollar TV and print marketing campaign, which will include sponsorship of major golf and basketball tournaments. You have been discussing the project with the VP of Marketing, Alana Shapiro. Alana just informed you that the company's vendor relationships have enabled them to make arrangements for Terrence Smith, a world-renowned golf champion, to be the company's spokesperson. The first golf tournament is being held ninety days from today. You will need to complete enough planning to begin work on the golf tournament marketing.
You have been involved with several projects that have had tight deadlines in the past. This one is slightly different in that it involves a celebrity figure with a demanding schedule. Plus, you are already working under very tight project deadlines.
This is a critical project for LRH, and you are honored (and a little nervous) to be the project manager. This project is part of a larger strategic initiative to reach new markets and grow the company's revenues over a three-year period. The budget for the project is clearly defined and seems to be adequate. Senior leadership is supportive of the project. However, they have not reached clarity or consensus around the specific scope and objectives of each portion of the campaign. While that will be worked out during the initial phase of the project, you need to move forward aggressively with the upcoming golf tournament.
You will need to carefully identify, monitor, and control the risks for this project to ensure that the marketing campaign can be released on schedule and within budget. Good luck!
You had your meeting with the project sponsor and the stakeholders to discuss the project approach and to begin identifying risks. Your action item was to document the results of the meeting, creating the list of risks that the project faces. Using the case study write-up, create a spreadsheet that lists between fifteen and twenty risks you see based on what you currently know about the project. For each risk, provide a
? Short descriptive line item of the risk.
? Detailed description of your rationale for why this is a risk.
? Category (schedule, budget, strategy, people, quality, sponsorship, scope, etc.).
Now you need to assess each risk and create action plans for the high priority risks. Then, you will compile all the information into a comprehensive risk management plan. The risk management plan should include a listing of all the risks with their risk scores (ordered by priority) and the associated action plans for the high-priority risks.
1. Determine the high-priority risks that will require action plans.
2. Create risk responses (reduce probability, reduce impact, and respond) for each of the high-priority risks. Include the following information for each risk:
1. risk event
2. probability
3. rationale for probability
4. impact
5. rationale for impact
6. next steps (describe what you need to do with this risk event-nothing, further analysis, or determine actions)
3. Create a comprehensive risk management plan. The risk management plan should include the following:
1. a description of the overall risk management approach
2. a risk matrix using a qualitative ranking approach
3. action plans for the high priority/high probability risks
Be sure to address the following questions: