ACME Corporation – Case Study1Case Overview- Your Overview of the Case2Analysis Process- Your discussion on your analysis process of the case3Findings & Core Issues - The findings and core issues your analysis developed4Responses to Questions (If Listed) - Answers to questions only if questions are provided at the end of the case.5Case Summary With Corrective Recommendations - Your summary of the case and recommendations for resolution of allcore issues and findings.Appendix – Supporting Material & Contributors - Citations of reference material used during this case study.Questions:1.Was the document given to the sponsor a risk management plan?No. The document the project manager handed over tothe sponsor was not a risk management plan. It was a cumula±ve list of all risks iden±Fed to be associated with the implementa±on of the project.2.Did the project manager actually perform effective risk management?No. The project manager did not take the risk management plan steps that are required to achieve
Questions 471 formal meetings. The company has demonstrated success following this method- ology for managing projects. At the end of the second life cycle stage of this project, detailed planning, a meeting is held with just the project manager and the project sponsor. The pur- pose of the meeting is to review the detailed plan and identify any future problem areas that will require involvement by the project sponsor. THE MEETING Sponsor: "I simply do not understand this document you sent me entitled 'Risk Management Plan.' All I see is a work breakdown structure with work packages at level 5 of the WBS accompanied by almost 100 risk events. Why am I looking at more than 100 risk events? Furthermore, they're not categorized in any man- ner. Doesn't our project management methodology provide any guidance on how to do this?" PM: "All of these risk events can and will impact the design of the final product. We must be sure we select the right design at the lowest risk. Unfortunately, our project management methodology does not include any provisions or guidance on how to develop a risk management plan. Perhaps it should." Sponsor: "I see no reason for an in-depth analysis of 100 or so risk events. That's too many. Where are the probabilities and expected outcomes or damages?" PM: "My team will not be assigning probabilities or damages until we get closer to prototype development. Some of these risk events may go away altogether." Sponsor: "Why spend all of this time and money on risk identification if the risks can go away next month? You've spent too much money doing this. If you spend the same amount of money on all of the risk management steps, then we'll be way over budget." PM: "We haven't looked at the other risk management steps yet, but I believe all of the remaining steps will require less than 10 percent of the budget we used for risk identification. We'll stay on budget." QUESTIONS 1. Was the document given to the sponsor a risk management plan? 2. Did the project manager actually perform effective risk management?