Risk Treatment Schedule and Plan

Question: Describe about the risk treatment schedule and plan. Answer: Risk Treatment Schedule and Plan The risk in priority order from Risk Register Possible treatment options Preferred option Risk rating after treatment (H,S,M or L) Result of cost/benefit analysis (Accept or Reject) Person responsible for implementation of option Timetable for implementation How this risk and the treatment option will be monitored Machine Failure Having stocks of machinery parts Arrangement Medium Accept Top Management or the Head of the department Since it requires The supervisor Having an efficient mechanic For an significant upfront Should Arrangement for an alternative Alternative Capital expenditure Constantly look Machine Machine It will require Into the Around a year to Installation implement process Labor Strikes Negotiation with labors Negotiation High Accept Top Management And the human Resource department Implemented on Monitoring Higher wages with strict contract With the Quarterly basis Has to be done Rationalization of labor laws by Labors to To make it a On monthly Pushing the regulatory authority Understand Pre-emptive Basis to ensure Stand by workers or hiring new worker Their demand measure No labor unrest Errors in Gantt Chart Availability of effective project Managers Small Accept Managers or Supervisors Weekly Targets Monitoring Management charts Should also Should be done Managers and employees both should Run the charts On daily basis Run the charts Look for errors in the chart Risk Machine Failure Summary Machine failure may lead to the complete stoppage of production work which ultimately leads to stock out and loss of revenue. In order to avoid such situation there should be an alternative machine to maintain uninterrupted work flow while the damaged one is repaired. Action Plan Proposed actions Planning for the installation of the alternative machine and making arrangements for the finances to buy and install the required machine. Then there should be proper project management tools implemented to make a smooth transition from the present single machine system to a dual machine operation. Resource requirements Financial clearance required from the accountants or the respective departments. Apart from that regulatory clearances are also required together with the availability of expert personnel who would be able to install the machine and undergo the required change over. Responsibilities The manager should be responsible for the implementation while the top management should arrange the required financial resource. Apart from that workers are required to work at the ground level and if there is any change in technology then there should be training personnel to impart the required skill development training. Timing Since it is a long term solution it would require at least a year to come up with the complete installation process. Reporting and monitoring required Continuous monitoring has to be done by the supervisor who is in charge of the project and intermittent milestones should be set which needs proper evaluation. Care should be taken to see that the milestones are met.