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Risks in Project Management Practice - Essay Example

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Risks in Project Management Practice Name Institution Risks in Project Management Practices A risk in the management of projects is an action taken or not taken to achieve a desired outcome. Many organizations take up risks, which either ends up making them realize great profits or unexpected losses…
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Download file to see previous pages In 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 approach 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 impacts of its taken risks to ensure that it beats its bitter rival Apple in capturing the phones market before its rivals launch their ‘iPhone’. Risk identifier register As per the case study provided, the Company’s CEO acquired information that Emperor’s bitter rivals, Apple, were set to release a new phone product. With this kind of information at hand, Emperor decided that it was going 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 Apple’s ‘iphone’ hits the market. Risk description In the project mandate issued, the first risk involved would be legal due the fact that the two 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 threat risk of its secret leaking to its rivals. The management’s idea of having keynote addresses by relevant stakeholders is also a risky move. This would be because they do not know where their guest speaker’s 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’. Thirdly, 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. Probable 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 affect 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 third 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 poor 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 applications elaborated in Prince2 (OCG, 2009) would prove beneficial in eliminating the risks involved. This will involve critical understanding ...Download file to see next pagesRead More
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