Risk Assesment for Alumina Inc Essay

Submitted By cfxs369
Words: 510
Pages: 3

Risk Assessment and Mitigation Techniques

The Risk Management activity executes the Project Risk Management approach in response to risk events during a project. In the case of Gene One the success of the Initial Public Offering (IPO) and the lack of experience among the team in launching an (IPO) are paramount. All risks and probabilities cannot be identified during the Planning Process. Management, control, and iteration are required. When changes occur, the cycle of identify-analyze-respond is continually repeated. Many "risks" will turn into "issues," which in turn may evolve into "changes." Identify Additional Risks-As project performance is measured, team members and stakeholders may identify additional risk events not previously identified. These risks may require response plans. For Gene One, an additional risk is the bickering and communication issues among the team members. Analyze Additional Risks-The project manager and team conducts an analysis of the additional risks and risk events with greater than expected impact on the project such as assuring that the day-to-day operations continue uninterrupted during the corporate transformation. Develop Additional Risk Responses-If the risk event was not anticipated, or the effect is greater than expected, the project manager or designated team member develops a response to the risk. Responses to consider include accept, avoid, mitigate, or transfer. such as assuring that the day-to-day operations continue uninterrupted during the corporate transformation. Respond to the Identified Actual Risk Events - Some of the identified risks will occur, and some will not. As risks occur, the appropriate team member implements the response document in the Risk Register. Update the Risk Register -The project manager or designated team member updates the Risk Register throughout the life of the project in this case the approach to the launch of the IPO as risk events occur or fail to occur, as risk event effects are evaluated, and as new estimates of probabilities and value are defined.

Optimal Solution

Sometimes management must make some targeted changes to be more efficient and competitive. All the stakeholders have common goal that is to move the company forward, improve company profit, and realize return on investment and to stay among the industry leaders in the Biotech industry. While always being mindful to seek opportunities to further advance the corporations holdings, market share, staying on the cutting edge with new technologies and emerging markets. By creating opportunities, “….everything…