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Vendor risk in Projects

One of the risks you anticipated for a project was the late delivery of the prototype from the vendor. You adjusted your project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. You also identified a risk with the vendor, that they have very little technical depth. If the key engineer is not available to your project, the risk of a delay is even greater.

Describe how you will interact with the vendor in managing these two risks:

How will you monitor the engineer's availability risk?

How will you measure the vendor's progress?

What information will you ask them to share with you? How frequently?

How will you know if the situation is becoming critical? What will you do?

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Project Management is all about managing your tasks and goals with the optimum use of available resources within a finite frame of time. To achieve that, one would need the proper coordination of all possible inputs required to carry out the task successfully. It touches upon every possible area one an think of ranging from software development to missile launch to the latest space program to the smooth functioning of your daughter's wedding to ensuring that your house is leakproofed before the monsoon

.How will you monitor the engineer's availability risk?
Proper scheduling will be communicated for the key ...

Solution Summary

This explains the vendor risk in projects