Risks in Project Management Practice Essay Example | Topics and Well Written Essays - 1000 words

Risks in Project Management Practice - Essay ExampleIn reference to the given case study, this paper will dwell on the risks that the emperor Phone Company stands a chance of facing during its product launch. Emperor is a renowned mobile handset manufacturing company, which competes on the global markets with key players like Samsung, Nokia among many others. It will also give a detailed draw close to the necessary steps that it will need to undertake to ensure that the launch of its myphone smart phone is a success. Lastly, it will highlight the meets of its taken risks to ensure that it beat its bitter rival Apple in capturing the phones market to begin with its rivals launch their iPhone. Risk identifier register As per the case study provided, the Companys chief executive officer acquired instruction that Emperors bitter rivals, Apple, were set to release a new phone product. With this kind of information at hand, Emperor decided that it was personnel casualty to utilize it by developing a product that would correspond to what their rivals intend to roll out. The launch date of its products is set for February 1, 2013 just a month before Apples iphone hits the market. Risk description In the project mandate issued, the first risk involved would be legal due the fact that the cardinal products would seem as though one imitated the other. This is because I and my have almost the same meaning. ... Secondly, the Emperor myPhone prior launch might also incur the scourge risk of its secret leaking to its rivals. The managements idea of having keynote addresses by relevant stakeholders is also a risky move. This would be because they do not whap where their guest speakers loyalties lie. There in, the information at the speakers disposal might find its way to their rivals. In this regard, Apple might use the information acquired to their advantage by making final detail improvement on the iPhone before its launch. which may overshadow the myPhone. Thirdl y, the marketing department will be in charge of the complete marketing campaign process including the venue. The opportunistic risk here would involve the location of the conference set to engage the myPhone target market. potential date registered These risks were most probably likely to occur in the following sequence. The first and second risks were likely to occur after the myPhone had been launched in to market. Their impact was to claim heavily their anticipated sales, as they will not be able to restore the image of their product in the event that its reputation is at stake. The trey and most important risk that needed evaluation would be on the day of the product release. Therefore, its occurrence on the material day would translate to unfortunate initial sale of the myPhone. This would set the bar in which the sales level would not be able to cross, as it the impact will be less. Probability, impact and expected value In trying to manage the risks above, the application s elaborated in Prince2 (OCG, 2009) would prove beneficial in eliminating the risks involved. This will involve critical understanding