Step $1$

The given is Roy and his team identified risks during the first month of the My R & R Intranet Project but didn't rank them or develop response strategies. The project has encountered issues like key team members leaving, uncooperative users, and poor status information sharing.

The objective is that Roy aims to be more proactive in managing risks for the project, addressing both negative and positive risks. The assignment involves creating a risk register, plotting risks on a probability$/$impact matrix, assigning numeric values for probability and impact, developing response strategies for negative and positive risks, and estimating time and cost for implementing the strategies.

Explanation:

Enhance risk management for the My R & R Intranet Project by creating a comprehensive risk register, assessing risks' probability and impact, devising response strategies for negative and positive risks, and estimating implementation time and costs.

Step $2$

Step $1$: Identify Six Potential Risks $($Negative and Positive$)$

Identify six potential risks for the project, including both negative and positive risks. Based on the case study, examples of risks for both categories:

Negative Risks:

Rank:

Risk: Key Team Members Leaving the Company

Description: Key team members leaving the project could lead to a loss of critical expertise and project delays.

Category: Personnel

Root Cause: Lack of employee retention strategies

Triggers: Resignations, new job opportunities

Potential Responses: Cross$-$training team members, hiring backups, offering incentives for retention

Risk Owner: Project Manager

Probability:

Impact:

Rank:

Risk: Uncooperative Users

Description: Users not cooperating during testing and feedback phases might result in incorrect functionalities or delayed project completion.

Category: Stakeholders

Root Cause: Poor communication and engagement

Triggers: Lack of user feedback, resistance to change

Potential Responses: Clear communication plan, user engagement workshops, involving users early in design

Risk Owner: Product Owner

Probability:

Impact:

Positive Risks:

Rank:

Risk: Technological Advancements

Description: Positive advancements in technology could allow for faster development and enhanced features.

Category: Technology

Root Cause: Rapid technological evolution

Triggers: New tools, frameworks, or platforms becoming available

Potential Responses: Regular technology assessments, flexibility in the development process

Risk Owner: Technical Lead

Probability:

Impact:

Rank:

Risk: Unexpected User Enthusiasm

Description: Unexpectedly high user engagement might lead to more innovative ideas and increased project success.

Category: Stakeholders

Root Cause: Positive user experiences

Triggers: Positive user feedback, high adoption rates

Potential Responses: Scaling up infrastructure, leveraging user ideas for improvements

Risk Owner: Product Owner

Probability:

Impact:

Explanation:

List potential risks including team members leaving and uncooperative users.

Step $3$

Step $2$: Plot Risks on a Probability$/$Impact Matrix

You can create the matrix on the provided template. Plot each risk's probability and impact values on the matrix, then calculate the Risk Score $($Probability x Impact$).$

Explanation:

Graph risks on a matrix, calculate Risk Scores by multiplying probability and impact.

Step $4$

Step $3$: Develop Response Strategies

Develop response strategies for one negative risk and one positive risk.

Negative Risk Response: Key Team Members Leaving the Company

Response Strategy: Cross$-$Training and Hiring Backups

Tasks Required to Implement:

Identify critical team members.

Develop cross$-$training plans for essential roles.

Allocate resources to conduct cross$-$training.

Identify potential backup candidates.

Initiate the hiring process for backups.

Time Estimate:

weeks

Cost Estimate: Recruitment costs, training expenses

Positive Risk Response: Technological Advancements

Response Strategy: Regular Technology Assessments and Flexibility

Tasks Required to Implement:

Set up a technology assessment schedule.

Monitor industry trends and technological advancements.

Evaluate potential benefits and impacts of new technologies.

Implement suitable technologies into the project.

Time Estimate: Ongoing process with periodic assessments

Cost Estimate: Technology evaluation costs, potential tool$/$platform adoption costs

Explanation:

Address team members leaving with cross$-$training and backups; handle tech advancements with regular assessments.

Step $5$

Step $4$: Complete the Risk Register Template

Now, you can complete the risk register template using the information above, including the calculated Risk Scores for each risk.

Explanation:

Fill in risk register with identified risks, scores, and response strategies.