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Risk mitigation strategy:
This current project needs a full risk mitigation strategy if it will be completed with accuracy, on time, and on budget. The following is the risk mitigation strategy to be used to evaluate, control, and monitor risk within this project.
Risk management plan:
For managing risks that may arise due to budgetary issues, human resources issues, and time line issues we must do the following to ensure the project is completed.
1. Possible budget over-run.
i. Communicate to Project Manager whom will direct the issue to Executive Officers and in some cases Stakeholders in the case of a possible budget over-run. Those involved will be directed to relate a viable alternative in an appropriate amount of time. All must agree (PM, EO, and possible SH) on how to proceed if it is a great deal over. An alternative will be found and all stakeholders will be made aware in the event that costs exceed the budget.
2. Human Resource:
ii. In the event that a member of this project is no longer employed by this company a suitable replacement will be located. It was suggested however that a “back-up” team member be in place for everyone currently working all programming and hardware install in the event a employee cannot preform their task to their full extent. This also can be said for all trainers in the event they are ill and unable to complete the training as prescribed in the above memo.
3. Vendor issues:
iii. In the event that a vendor’s cost changes dramatically during this project the company can revert to one of the three other bids that are currently on file. Also a price lock and be requested before purchase to avoid any discrepancies with any vendor or contractor during the life cycle of this project. This will include but not limited to:
1. Mouser Electronics
2. Dell Computer
3. Microsoft Systems
4. Any other Vendor or Contractor involved in this...