1 RISK MANAGEMENT PLAN SOLAR ELECTRIC MAIZE DRYER GROUP 1 S.E.M.D ASHESI UNIVERSITY ABURI, GHANA 2802/2022 2 TABLE OF CONTENTS INTRODUCTION .................................................................................................................................3 TOP THREE RISKS .............................................................................................................................3 RISK MANAGEMENT APPROACH .......................................................................................................4 RISK IDENTIFICATION .......................................................................................................................4 RISK QUALIFICATION AND PRIORITIZATION ......................................................................................5 RISK MONITORING ............................................................................................................................5 RISK MITIGATION AND AVOIDANCE .................................................................................................5 3 INTRODUCTION This project is considered a medium risk project as it has an overall risk score of 45 on a scale from 0 to 100. The project risk score is the average of the risk scores of the most significant risks to this project. (A risk score below 16 is a low-risk project, a score between 16 and 45 is a medium risk project and a score above 45 is a high-risk project). Before our risk management began, it is imperative that a foundation is established for providing structured project information, thus, the following project elements were completed and defined prior to developing this Risk Management Plan: • Define work scope, schedule, resources, and cost elements o Developed project WBS o Developed detailed schedules o Estimate project cost o Identified the required and available resources o Established performance metrics • Define Risk Management Roles and Responsibilities o Project Manager chairs the risk assessment meetings o Project team participates in risk assessment meetings and members serve as meeting recorder and timekeeper o Key stakeholders participate in risk assessment meetings o Project Sponsor may participate in risk assessment meetings TOP THREE RISKS The top three high probability and high impact risks to this project are: Potential Malfunction of Sensors and Equipment: Components have a tendency to read incorrect values when exposed to drastic temperature variations. For example, the LM35 Linear Temperature Sensor module, its operating temperature range is from -55°C to 150°C. The output voltage varies by 10mV in response to every °C rise/fall in ambient temperature, i.e., its scale factor is 0.01V/°C. Short Lifespan of Electric Components: Most of our electronics are suitable for prototyping, hence they have lower lifespans compared to the more commercial components. All our sensors (humidity, temperature etc.) have a longevity of about 4-5 years. Potential Theft of Electronic Components 4 The electrical components that we are using for the project have the dire potential to be stolen as they may be considered valuable. The solar panel for example costs close to 120ghs. If they get stolen it would be a heavy blow to the project. RISK MANAGEMENT APPROACH The approach we have taken to manage risks for this project included a methodical process by which the project team identified, scored, and ranked the various risks. The most likely and highest impact risks were added to the project schedule to ensure that the assigned risk managers take the necessary steps to implement the mitigation response at the appropriate time during the schedule. Risk managers will provide status updates on their assigned risks in the bi-weekly project team meetings, but only when the meetings include their risk’s planned timeframe. Upon the completion of the project, during the closing process, the project manager will analyze each risk as well as the risk management process. Based on this analysis, the project manager will identify any improvements that can be made to the risk management process for future projects. These improvements will be captured as part of the lessons learned knowledge base. RISK IDENTIFICATION For this project, risk identification was conducted in the initial project risk assessment meeting. The project manager [George Arthur], chaired the risk assessment meeting and distributed stickynotes to each member of the team and allowed 26 minutes for all team members to record as many risks as possible. Expert Interview with Engineers These interviews revealed several risks which were then mitigated by making changes to the project plan. The remaining risks are included in the Risk Register. Literature Review of Similar Projects There have been previous incarnations of an electric maize dryer, hence we researched on these designs and evaluated their advantages and disadvantages. By identifying what went wrong in previous projects, we will be able to prevent any repetition of these issues for our project. Component Datasheet Review This risk identification saw the project team members go through the specifications of each electronic component in the prototype. By looking up this, we were well informed about the necessary conditions that will trigger a malfunction. Perhaps a component is not to be used within a certain range, else it may be prone to error-readings. Or sensors not being able to operate beyond the allowed temperature range (in the manufacturers datasheet). 5 RISK QUALIFICATION AND PRIORITIZATION In order to determine the severity of the risks identified by the team, a probability and impact factor was assigned to each risk. This process allowed the project manager to prioritize risks based upon the effect they may have on the project. The team then identified the impact and likelihood of the risks occurring. RISK MONITORING The most likely and greatest impact risks have been added to the project plan to ensure that they are monitored during the time the project is exposed to each risk. At the appropriate time in the project schedule a Risk Manager is assigned to each risk. During the bi-weekly project team meeting the Risk Manager for each risk will discuss the status of that risk; however, only risks which fall in the current time period will be discussed. Risk monitoring will be a continuous process throughout the life of this project. As risks approach on the project schedule the project manager will ensure that the appropriate risk manager provides the necessary status updates which include the risk status and identification of trigger conditions. RISK MITIGATION AND AVOIDANCE The project manager has led the project team in developing responses to each identified risk. As more risks are identified, they will be qualified and the team will develop avoidance and mitigation strategies. These risks will also be added to the Risk Register and the project plan to ensure they are monitored at the appropriate times and are responded to accordingly. The risks for this project will be managed and controlled within the constraints of time, scope, and cost. All identified risks will be evaluated in order to determine how they affect this triple constraint. The project manager, with the assistance of the project team, will determine the best way to respond to each risk to ensure compliance with these constraints. In extreme cases it may be necessary to allow flexibility to one of the project’s constraints. Only one of the constraints for this project allows for flexibility as a last resort. If necessary, funding may be added to the project to allow for more resources in order to meet the time (schedule) and scope constraints. RISK REGISTER The Risk Register for this project is a log of all identified risks, their probability and impact to the project, the category they belong to, mitigation strategy, and when the risk will occur. The register was created through the initial project risk management meeting led by the project manager. During this meeting, the project team identified and categorized each risk. The Risk Register also contains the mitigation strategy for each risk as well as when the risk is likely to occur. 6 RISK REGISTER ID Date raised Risk description Likelihood Impact of the risk if the occurring risk occurs Severity Rating based on impact & likelihood. Owner Person who will manage the risk. 2 19/03/22 Project design and deliverable definition is incomplete. Low High High Project Sponsor 3 19/03/22 Project schedule is not clearly defined or understood. Low Medium Medium Project Manager High Project Sponsor 3 19/03/22 Potential Low theft of electronic components. Medium Mitigating action Actions to mitigate the risk e.g. reduce the likelihood. Define the scope in detail via design workshops with input from subject matter experts. Hold scheduling workshops with the project team so they understand the plan and likelihood of missed tasks is reduced. Include a failsafe option. Sensors to beep when a certain condition is met. Place the dryer at a secure location Contingent Status action Action to be taken if the risk happens. Document assumptions made and associated risks. Request high risk items that are illdefined are removed from scope. Share the plan and go through upcoming tasks at each weekly project progress meeting. Open Have conversation with security staff on the possible whereabouts of the dryer. Open Open 7 High High Electronics The Electronics team should Team provide a descriptive documentation on how the machine must be used. Monthly diagnostics and maintenance can be scheduled by the team. 5 19/03/22 Short Low lifespan of electric components. High Medium Electronics The Electronics team should Team provide a descriptive documentation on how the machine must be used. Escalate to Open Project Sponsor, such that after a scheduled time (2 years), components can be revised and changed. 6 10/04/22 Early delivery High of electronic items. High High Electronics Phone the electronics Team suppliers to be clear on the exact date that the merchandise is set to arrive. Plan towards Closed a positive risk, by completing software circuitry so that if the components arrive earlier than expected, we are not at a disadvantage. We know exactly what to do and we move on! 4 19/03/22 Potential malfunction of sensors and equipment. Medium Open 8 SPONSOR ACCEPTANCE Approved by the Project Sponsor: Mr. Paul Date. Constant: PTB (Physikalisch-Technische Bundesanstalt) Date: 21/03/22.
