Risk Management Plan
The risk management plan for Lennar Corporation payment project will entail the identification of risk that might affect its success. Such risks will include budget risk, resistance to change, technology risks, integration, the threat of unfulfilled benefits, and information security and privacy. The plan will comprise a risk assessment to establish the probability that risk might occur at different stages of the project. Risk response and mitigation are the most important part of the risk management plan (Kliem & Ludin, 2019). The strategy to mitigate each risk will depend on the risk type and level. For example, the project team will assess past projects to create a suitable budget to avoid cost underestimation and overestimation (Hopkinson, 2017). Secondly, the team will engage all stakeholders to prevent resistance. Thirdly, it will analyze the current structure to ensure seamless integration (Bowers & Khorakian, 2014). Fourthly, it will use existing technology upgrades to mitigate technology risks. Fifthly, it will assess the company’s needs to ensure that the final project is beneficial. Finally, the team will develop an information security policy to mitigate security and privacy risk.
The project team will communicate regularly with various stakeholders, such as the project sponsors, users, project team members, and other stakeholders. The plan will consist of communication needs, such as the need to inform the client and other stakeholders regarding the progress (Butt, Naaranoja, & Savolainen, 2016). It will include the frequency and communication method, including weekly emails and face-to-face meetings after a fortnight. The plan will have a section about the project sponsor/owner and other stakeholders, such as employees (Gido, Clements, & Clements, 2014). The communication plan will achieve effectiveness in sending messages regarding progress to prevent potential conflicts between team members and the owner or other stakeholders.
Bowers, J., & Khorakian, A. (2014). Integrating risk management in the innovation project. European Journal of Innovation Management, 17(1), 25-40.
Butt, A., Naaranoja, M., & Savolainen, J. (2016). Project change stakeholder communication. International Journal of Project Management, 34(8), 1579-1595.
Gido, J., Clements, J., & Clements, J. (2014). Successful project management. Toronto: Nelson Education.
Hopkinson, M. (2017). The project risk maturity model: Measuring and improving risk management capability. New York: Routledge.
Kliem, R. L., & Ludin, I. S. (2019). Reducing project risk. New York, N Y: Routledge.