29 Sep BMG517, RISK
NatureCare Products is an Australian company based in Brisbane. The company commenced business in 1996 and manufactures and eco-friendly, high quality beauty skin care products. The business was established to cater for a growing demand for skin products that contain eco-friendly and natural ingredients. There is also an emphasis on eco-friendly packaging.
The company sells its products in health food shops across the country, as well as on-line through its own web site. The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of customers are professional women aged 25 to 55.
The company currently has a small range of products that include:
Cleansing creams to soothe skin during make-up removal. Primary ingredients include Shea butter to nourish the skin and plants extracts that are also rich in essential oils with regenerating and anti-inflammatory properties. This product will be for delicate and mature skins and could also be used as a baby cream.
Multi Protection Day Moisturizing Creams for dry to normal skin types that help protect the skin during the day and includes Shea butter and extracts from fragile green algae that provides hydrating and protective properties.
Regenerating facial scrub to clean off dead skin cells to promote regeneration of healthy new cells. This product will be used for most skin types.
The strategic objectives of the company are to increase market share by 20% At a recent board meeting the two company shareholders and the CEO discussed options for expanding the business and have decided to establish a chain of retail outlets in central Sydney and Melbourne within the next six months.
The CEO has asked you to take on the role of Project Manager for the business expansion project. As set out in the company’s Risk Management Policy and Procedures, the CEO is responsible for monitoring and reviewing the culture of risk management throughout the organisation, so they will work with you to develop the project’s risk management plan
Question 1
Identify project risk
Review the scenario information, as well as the Risk Management Policy and Procedures.
Review also the Risk Management Plan Template and the Risk Register Template
Take project risk notes that include the following:
Identify risk objectives and standards.
Summary of the risk identification methods used to identify the project risks.
Establish the project risk context.
Identify an appropriate risk ranking system
Determine risk analysis classification criteria
Classify the identified risks within risk categories
Determine risk priorities
You will be determining the risks and their context more clearly during the meeting with the project team, but these preliminary notes should demonstrate that you can identify the case study project’s risks yourself.
Use the Risk Management Plan Template to record your work and save this document as Draft Risk Management Plan.
Qustion 2
Analyse project risks
Following the meeting, you are to perform an analysis of the project risks and incorporate this into the Risk Management Plan.
Your risk management plan should include, as a minimum:
Project risk context
Existing risk controls
Risk management objectives and standards
Risk identification methods
Risk categorisation process
industry sector risk classifications
Risk analysis classification criteria
Risk Management approaches
Risk monitoring and review processes: describe the frequency of regular risk monitoring to identify changed circumstances. Schedule a full review of the risk management process within six months of the new stores opening.
Risks identified: develop an initial list of risks to discuss at a meeting with senior Management. As a guide, this should be between 6 to 10 risks.
Classify project risks
Potential treatment methods: for each of the risks that you identify, suggest at least two potential treatment measures for discussion, including the strengths and weaknesses of measures of each for discussion at the meeting.
Use your Draft Risk Management Plan to guide your work and save this version of the document as Risk Management Plan.
Your risk management plan should be about four pages long
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