1. Can the impact of one specific risk event, such as a technical risk event, create additional risks, which may or may not be technical risks? Can risk events be interrelated?
The technical risks categorized in Exhibit I related with scientific research requirements and state-of-the-art advancements are a potential risk to other areas of the firm’s processes. If those risks are not adopted, Luxor’s manufactured products will not meet the marketing requirements. All risks that accompany the improvements, whether they may be “linked” to technological or developmental “breakthroughs” can determine Luxor’s outcome.
2. Does the list provided by marketing demonstrate ...view middle of the document...
5. Would you side with marketing or engineering? What should Luxor do at this point?
I would side with engineering as marketing’s options appear to be costly. Luxor should plan risk management to effectively provide sufficient resources and time for risk management activities, and to establish an agreed upon basis for evaluating risks.
1.Was the document given to the sponsor a risk management plan (RMP)?
The document was given to the sponsor as high-level risk identification for project planning purposes. The RMP resulted in all expected business values and practices according to the project scope.
2.Did the project manager (PM) actually perform effective risk management?
The PM was very detailed in the project planning and approval phase prior to project team kick-off. The PM made adjustments before proceeding to the next stage in risk management.
3.Was the appropriate amount of time and money spent identifying the risk events?
The appropriate amount of time spend identifying the risk events is more consuming than cost. This effort affords the project team to stay within the approved budget.
4.Should one step be allowed to “dominate” the entire risk management process?
According to the maturity-levels, risk management will have different range levels from low 1.2 to high of 4.1. The steps will dominate each other throughout the risk management process.
5.Are there any significant benefits to the amount of work already done for risk Identification?
The benefit will allow the PM to review the lowest to highest risk problems to mitigate during the project lifecycle. The maturity-levels will be investigated and tools will be used to complete the project as...