Risk Management Plan (Daniel Holloway)
Don’t Forget Me
Risk Management Plan
Version:
Date:
Status:
1.0
December 5, 2007
Final
Purpose
The purpose of this document is to provide a plan
Detailed Risk Management Plan
To manage risks, we will use the following procedure:

Identify project risks

Identify the phase that the risk occurred

Categorize risks according to probability and impact

Mitigate risks before or as they happen

Look out for new risks
We will reduce the risks by using the most appropriate risk management strategy.
Strategies
1. Acceptance –This strategy will be chosen if the cost to deal with the risk is greater than the cost
of the risk occurring. .
Don’t Forget Me: Passenger Safety System
2. Mitigation – This strategy is chosen will be chosen when it is necessary to decrease the severity
of the risk and/ or the probability that the risk will occur. We can accomplish this by making
contingency plans.
Item
A
B
C
D
Risk
Customer buy in
Cost prohibitive for the customer
Product malfunctions and baby dies
Caretaker becomes complacent
Probability
3
3
1
1
Impact
5
4
5
2
Impact
Detailed Risk Management Plan
Item
Risk
A
Customer buy in
If our customer does not buy in
on our product the return on
investment diminishes or
evaporates.
B
Cost prohibitive for the
customer
If the device is too expensive for
Mitigation
Provide a marketing plan to demonstrate the
return on investment for the customer.
Demonstrate to the customer how this system
will increase sales. Through effective
marketing by advertising and providing an
exhibit at conferences will help obtain
customer buy in. Knowing who are your
competitors what they have to offer will help
provide knowledge to mitigate the risk.
Ensure that we find the best price for hardware
needed and to keep labor cost down to
minimum. Labor is the biggest cost and can be
mitigated by having well thought out design
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Don’t Forget Me: Passenger Safety System
C
D
the customer, sales will suffer.
plan and leveraging off of existing technology.
The customer needs a low cost
device to be negligible to the cost
of the vehicle.
Product malfunctions and baby Implement vigorous test procedures and have
the device perform self diagnostic test when
dies
engine is started.
If the product malfunctions and
results in the death of the vehicle
occupant, the loss of confidence
will diminish sales and increase
liability.
Complacency is the hardest risk to reduce. To
Caregivers becomes
mitigate this risk, the device regularly
complacent
communicates with caregiver at specific time
The caregiver becomes
intervals.
complacent and less observant of
the occupant because of the
autonomy of the device
monitoring the presence of the
child.
3