Reference no: EM133347583

Discussion: Risk Management Case Setting

Overview

One of the essential tasks of project management is risk management. In this mission, you will identify potential risks for a given scenario and propose appropriate mitigation strategies.

Elite Burger: New Product Launch Case Setting

David Smith, a project manager at Elite Burger, was called into an executive meeting on short notice. During the meeting, the executive team discussed the industry's increased demand for vegetarian and vegan products. So, they decided that a new burger called the "Veggie Time Burger" would be launched in six months. They want the burger to stand out from other similar products by using fresh local ingredients and toppings. Since David has successfully launched other products in the past, he has been tasked with managing this new project.

After the meeting with executives, David scheduled an appointment with his team to discuss the project. Based on the executive team's directions, they experimented with ingredients such as black beans, chickpeas, quinoa, wild rice, and so on to create the new burger. They also discussed introducing unusual and more "exotic" toppings such as guacamole and sun-dried tomatoes. Apart from discussing the project requirements, the team also expressed some concerns, such as that upper management has a history of significantly revising the scope at various points throughout the project.

Unfortunately, the meeting had to be cut short, and David tasked his team with identifying additional risks that should be considered and accounted for.

Prompt

Review the case scenario and identify potential risks and corresponding mitigation strategies.

Specifically, your initial post must address the following documentation:

- What three potential risks should the project manager identify and plan for? Include the probability and impact of the risk.

- Describe some mitigation techniques the project manager could use to alleviate those risks.

You can draw on the course material, experience, and research to answer these questions.

In your responses to your peers, address the following:

- Do you agree with their assessment of the additional risks the project manager should identify and account for? Why or why not?

- Do you agree with their mitigation strategies? Can you think of other effective ways to manage these risks, or can you provide additional recommendations for managing these risks? Explain.