Risk Management Plan for M & M Growers

RISK MANAGEMENT PLAN FOR M & M GROWERS

Name:

Course:

Institution:

Tutor:

Date:

Executive summary

The main aim of this report is to provide a management framework that points out the levels of risks as well as uncertainties and how they can be managed to ensure the success of this project. M & M Growers is a flower farm in Canada and has been contracted by Mr. Sylvester Roberts to deliver over 2000 Red Paris, a rare type of rose flower. M & M Growers have decided to grow the flowers for the second time in its history since the flowers will provide a financial rescue for the company as well as give it a competitive advantage in the fresh flower industry. As the risk manager of M & M Inc., it is my responsibility to prepare an ongoing process of the whole project identifying the potential risks that may occur at one point of the process. This document thus provides an analysis of the:

• Process will be used by M & M Growers for identification, analysis and evaluation of risks during the remaining part of the project.
• Development and deployment of the risk mitigation strategies and how they will impact the likelihood of the risk from happening.
• Frequency of the risk reviews required, the best process to use for the reviews and who will be the reviewers.
• Responsibilities and expected roles of the risk management team.
• How the risk reporting status as well as risk status changes will be done and who will be the steering committee.
• Risks identified within the project, how they are currently rated, what their mitigation strategies are and how it is going to reduce the likelihood of the risks all together.

Table of Contents

Executive summary        2

Introduction        4

Risk assessment        5

Identification        7

Analysis and evaluation        8

Qualitative analysis        9

Quantitative analysis        12

Risk response planning        12

Risk Mitigation        13

Risk mitigation action matrix        15

Risk management plan        15

Contingency plan        18

Risk monitoring and control        20

Roles and responsibilities        21

The steering committee and project team        21

Project Manager        22