Student Success Criteria View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the Details & Information pane. Scenario In your...

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Student Success Criteria


View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the
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Scenario


In your role as a Project Manager for Kingston-Bryce Limited you have been assigned to create a risk mitigation plan. Risk mitigation is a key component of project planning because you are trying to look at all of the alternatives while planning everything for a project. The Board of Directors for Kingston-Bryce Limited (KBL) is eager to move forward with the acquisition of their competitor. The acquisition of the competitor will enable KBL to expand operations and triple their workforce and will take 18 months to complete with a projected cost of $5 million. The project could be at risk because there have been rumors that another buyer has entered a bid to buy KBL’s competitor. In order for this acquisition to be successful, you will need to use your project management skills to ensure success and that the project stays on budget and time.







Instructions


Your task is to create a risk mitigation plan inMicrosoft Wordto ensure that KBL has documentation to complete the acquisition. Detail the risks the project may be subjected to and what actions will be taken to minimize the impact of these risks on your project. You will need to create a list of risks that could potentially happen in the project. Be creative!






Think about examples such as cost, contractual, financial, political, or technical risks that might occur when launching a project. A key point to remember is that risks are broken down into the following broad categories, which should be included in your plan:



  • Risk avoidance

  • Risk sharing

  • Risk reduction

  • Risk transfer





Answered 3 days AfterJun 05, 2022

Answer To: Student Success Criteria View the grading rubric for this deliverable by selecting the “This item is...

Deblina answered on Jun 08 2022
94 Votes
RISK MITIGATION PLAN: KINGSTON-BRYCE LIMITED
Table of Contents
Purpose of the Risk Mitigation Plan    3
Risk Management Procedure    3
Risk Mitigation Plan    5
References    6
Purpose of the Risk Mitigation Plan
The purpose of this risk mitigation plan is to assess the negative impacts of the acquisition of the competitor by Kingston-Bryce Limited. For this aspect, there are associated risk of acquisition that needs to be monitored and mitigated to get a positive outcome and profitable outcome of the acquisition. This particular risk mitigation plan outlines the activities that will be performed and monitored throughout the life cycle of the project and provides the practices for prioritizing the risk that is evident in terms of the associated project. Even though the acquisition of the computer will enable the company to expand its operation and triple they are workforce yet they are associated with risk because there are rumors about another buyer having entered the bid to buy the competitor.
Risk Management Procedure
The risk management procedure must be contemplated by identifying the probable risk according to its priority. Thereafter it is effective to analyze the likelihood and impact of the probable risks that are associated with the taking of the new project (Merikhi et al., 2020). The likelihood and...
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