One of the essential tasks of project management is risk management.
3-1 Discussion: Risk Management Case Scenario
One of the essential tasks of project management is risk management. In this assignment, you will identify potential risks for a given scenario and propose appropriate mitigation strategies for them.
Elite Burger: New Product Launch Case Scenario
David Smith, a project manager at Elite Burger, was called into an executive meeting on short notice. During the meeting, the executive team discussed the increased demand for vegetarian and vegan products in the industry. So, they decided that a new burger called the “Veggie Time Burger” will be launched in six months. They want the burger to stand out from the other similar products by using fresh local ingredients and toppings. Since David has successfully launched other products in the past, he has been tasked with being the project manager for this new project.
After the meeting with executives, David scheduled a meeting with his team to discuss the project. Based on the executive team’s directions, they decided to experiment with ingredients such as black beans, chickpeas, quinoa, wild rice, and so on for creating the new burger. They also discussed introducing some unusual and more “exotic” toppings such as guacamole and sun-dried tomatoes. Apart from discussing the project requirements, the team also expressed some concerns, such as the fact that upper management has a history of significantly revising the scope at various points throughout the project.
Unfortunately, the meeting had to be cut short and David tasked his team with identifying additional risks that should be considered and accounted for.
Review the case scenario and identify potential risks and corresponding mitigation strategies.
Specifically, your initial post must address the following rubric criteria:
What are three potential risks that the project manager should identify and plan for? Include the probability and impact of the risk.
Describe some mitigation techniques that the project manager could use to alleviate those risks.
You can draw on the course material, your experience, and research to answer these questions.
In your responses to your peers, address the following:
Do you agree with their assessment of the additional risks the project manager should identify and account for? Why or why not?
Do you agree with their mitigation strategies? Can you think of other effective ways to manage these risks or can you provide additional recommendations for managing these risks? Explain.
What to Submit
Requirements for Discussion Board Assignments
Students are required to post one (1) initial post and to follow up with at least two (2) response posts for each discussion board assignment.
For your initial post (1), you must do the following:
Compose a post of one to two paragraphs. Complete the initial post by Thursday at 11:59 p.m. of your local time zone.
Take into consideration material such as course content and other discussion boards from the current module and previous modules, when appropriate.
Use proper APA citation methods when referencing scholarly or popular resources.
For your response posts (2), you must do the following:
Reply to at least two different classmates outside of your own initial post thread. Complete the two response posts by Sunday at 11:59 p.m. of your local time zone.
Demonstrate more depth and thought than simply stating that “I agree” or “You are wrong.” Guidance is provided for you in the prompt above.
Paper Format: APA
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