Risk Management Methodology For Coolmine Recycling Project

Methodology

Methodology – Risk management will be achieved with the help of the administration of the understanding of the qualitative methodology. The data collection method that gas been used I the commencing of the in management includes the usage of the primary data set and this is one of the foremost purpose that the prosecution of the administration of the risk management is achieved with the hep if better commencement of the project ad mitigation of risk is performed with the help of the better understanding if the risk that might affect the functioning of the project. In case the project is completed with the help of the data collection that is primary in nature it helps in getting an in depth understanding of the concept as the projection of the management gets achieved with the benefit of improved administration of the mission. This leads to the fact that the origination of the project gets performed with the answer that are gained by asking the set of questions to the employees of the organization who are working in the business organization.  

Roles and Responsibilities – Project planner will be recruited in order to perform the management of the initiation of the development. This is one of the foremost purpose that the prediction of the organization of the Coolmine Recycling Project.

Implementation of the project manager is also required for the better managing of the project. This is unique of the main reason that the manager who will be recruited will be having q vast information concerning the processing of the supervision of the Coolmine Recycling Project t

Recruiting risk managers will be required for better management of the project. This is the main motive that the commencement of the plan will get performed with the assistance of the recovering management of the Coolmine Recycling Project.

Budget –

Small Track	1,200,000
Big Track		400,000
Project manager salary	3200
Development salary	3200
Program manager	3200
HR manager	3200
Engineer		3100
Administration	2100
Site Manager	2700
Drivers		4200
Mechanics	4400
Total Cost	1629300

Timing – the timing that is required for the organization of the development regarding the management of risk includes the circumstance that the origination of the Coolmine Recycling Project as in case of implementing the risk structure that is provided to the business organization gets achieved with the help of the documentation of jeopardies. This is one of the main reason that the management of the risk will be beneficial for the proclamation of the project. In case the risk management plan is performed before starting of the Coolmine Recycling Project the main advantage that will be enjoyed includes the fact that the amount of resource that will be required for planning of the project will be calculated before buying the resources. This will help in preventing the risk that are related to the completion of Coolmine Recycling Project.

Roles and Responsibilities

Risk Categories

Risk categories that are present are as follows: –

• Supplier risk
• Project managing risk
• Competitors risk

Explanation of the risk

The risk identification can be done in terms of positive risk and negative risk.

In case of the positive risk that is present in the commencement of the project provides betterment and this is the sole cause that the management of the project gets achieved in a better style. The aspect of not fulfilling the project includes the prospect that the management of the project can be performed with probating the fact that the consequences that are present in the course of Coolmine Recycling Project can be acting as an advantage.

In case of negative risk, it is considered to be the most dangerous issue that is present in the course of management the project. these are the sole reason that the commencement of the project faces barriers in the projection if the management of the work that is taken under by Coolmine Recycling Project.the loss that is suffered by Coolmine Recycling Project is due to the negative risks that are contemporary in the course of management of the project that is taken under by Coolmine Recycling Project.

Key benefit: the main risk that provides advantage includes the fact that the project management of the Coolmine Recycling Project might not meet the projection of the budget during the initiation of the Coolmine Recycling Project in that case the process will be considered to be a risk but the risk will be considered as a positive risk and this is the main cause that the project completion will be achieved in a better management.

List of identified risks – the risks that are present in the commencement of they are as follows: –

• The presentation of the project that is achieved with the help of the organization of the commencement of the project will be done with the help of cost that is incurred in the completion of the day to day completion of their tasks. In case the project that is undertaken by Coolmine Recycling fails, the main issue that is present in the commencement of the project will include the fact that there will be much higher emission of the pollutants and this will lead to the fact that the administration of the development will get achieved with the help of improper budget planning.
• In case the pollutants that are considered to be one of the most problematic issue the convergence of the cost incurred gets performed with the help of improper management of the project and the proficiency of the project decreases.

Responses that must be provided are as follows: –

• Implementation of proper planning must be done and this is one of the main reason that obligation be implemented in order to plan the better understanding of the development.
• Recruitment of project manager in the initial stage of the Coolmine Recycling Project can be acting as a mitigation process and this will help in improved conclusion of the project. This is also one of the main reason that must be implemented in instruction to understand the commencement of the project.
• Preparing budget in the initial stages of the project is also considered to be one of the most important aspect of the project.

Root causes of risks

The root causes of the risks that are present in the project commencement of the Coolmine Recycling Project are as follows: –

• Bringing innovation to the business process

Attempting to change the entire framework of the process

List of potential responses

• The employees of the organization
• External stakeholders

Risk

Dependency Description	Location	Deliverables	Importance	Status
Innovation	Internal	bringing in innovation	Medium	Open
Budget planning	Internal	Doing budget planning	Medium	Open
Pollution management	Internal	Ding pollution testing of  the effluents	Medium	Open

Assumption

ID	Date Raised	Assumption Description	Reason for Assumption	Action to Validate	Impact if Assumption Incorrect	Status
1	18/10/18	decrease in pollutants emission	It is a new project	testing of the effluents	High	Open
2	19/10/18	improper budget planning	No such budget planner was included	Recruiting budget planner	Medium	Open

Issue

ID	Issue Description	Impact Description	Impact	Priority	Mitigation Plan	Owner	Status
1	Lack of project manager	The presentation of the project that is performed with the help of the management of the commencement of the project will be performed with the help of cost that is incurred in the completion of the day to day completion of their tasks.	Medium	Medium	Recruiting project manager	Project manager	Open
2	Lack of budget planning	Improper budget planning	High	Low	Proper budget planning	Budget manager	Open
3	Pollutant effluents release	Improper implementation of new technology	Medium	Low	testing the effluents	Tester	Open

Dependencies

ID	Date Raised	Dependency Description	Location	Deliverables	Delivery Date	Importance	Status
1	20/10/18	Innovation	Internal	bringing in innovation	23/11/18	Medium	Open
2	21/10/18	Budget planning	Internal	Doing budget planning	23/11/18	Medium	Open
3	22/10/18	Pollution management	Internal	Ding pollution testing of  the effluents	24/11/18	Medium	Open

Conclusion

From the above report it can be concluded that there are several risks in commencing of the project and these risks are one of the major issues that the project might fail. Despite these issues that are present the recommendations that are stated helps in better commencing of the project. despite these problems that are present the main motive of the project has been very good, which will help in providing better performance and with the success of the project trial the main essence that will be enjoyed is that the cost that will be incurred is lesser than the management of the project

References

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