PM FPX 5334 Assessment 1 Introduction to the Plan PM-FPX5334 Project Risk Assessment and Control Section 1 – Introduction to the Plan 1.1 Benefits of Risk Management

Developing a risk management plan is crucial for achieving project objectives. The following risk management plan identifies, assesses, and provides mitigation guidelines for risks faced by virtual teams. As technology continues to evolve, individuals can connect virtually in numerous ways. While adopting these technological solutions may benefit workplace projects, it also introduces risks. By using this risk management plan, organizations may be able to identify less obvious risks, assess those risks for likelihood and impact, and develop responses to mitigate potential losses.

1.2 Project Goals and Objectives

The plan’s goals and objectives focus on evaluating risks related to a project. The objective of this project is to mitigate risks encountered by virtual teams, allowing the organization to effectively use virtual teams, which offer numerous potential benefits. Factors such as employee safety, minimizing office space, and reducing travel time can be realized if the organization successfully utilizes virtual teams. As globalization increases, organizations are no longer constrained by traditional workgroup limitations, such as geography or time (Regueira, 2016). Capitalizing on virtual teams requires assessing new risks associated with them. Some of these elements include communication, coordination, and technology (Regueira, 2016). Other goals for the virtual team risk mitigation project include improving these factors.

1.3 Company Background

This project is relevant to many organizations aiming to leverage virtual teams. Beneficiaries of virtual teams range from the Board of Directors, if the organization becomes more efficient, to customers, if the virtual team can deliver high-quality performance. The role of leadership is to provide oversight and vision for the organization as a whole. Customers engage in a transactional relationship with the organization and support the business mission in exchange for products or services. Specific roles within this context include the project manager, who is responsible for organizing, planning, and allocating resources to meet the project’s objectives (Regueira, 2016). The team responsible for executing dependent tasks is referred to as the project team. Individual team members possess specific skill sets that contribute to the project’s success. This group implements the project’s scope through technological resources. This not only delivers potential benefits but is also highly appropriate given the current climate. Virtual teams enable safe social distancing, keeping the workforce healthy and productive.

1.4 Risk Identification

Risk identification strategies suitable for the project are defined, and parameters for analysis are established.

Qualitative Risk Assessment: A rating scale of probability and severity is defined to prioritize identified project risks.

Quantitative Risk Assessment: Further assessment quantifies probability measures based on achieving the project objectives. Specific variables such as cost and time are used.

For this project, a qualitative risk assessment will be used to evaluate specific risks to virtual teams. This approach allows flexibility across different settings, benefiting various situations or organizations. A probability scale of low, medium, and high will be applied, while a severity scale ranging from no impact to catastrophic will be used in conjunction with the probability scale. To identify risks, an analysis of J. Regueira Jr.’s case study on risk identification and risk management in virtual project teams, along with expert judgment, will be utilized.

Section 2 – Risk Scope, Components, and Value

2.1 Scope of the Risk Management Plan

The scope of this risk mitigation plan applies to the use of virtual teams within an organization. Teams are defined as consisting of a project manager and no more than eight team members. This plan explores potential risks associated with virtual teams in contrast to face-to-face teams. Qualitative assessment of significant risks in virtual team meetings will not be extended to every specific scenario but will provide a general approach to the virtual business environment emerging today.

2.2 Risk Management Plan Components

This risk management plan is based on a review of J. Regueira Jr.’s case study on risk identification and risk management in virtual project teams, as well as Jared Palmer’s experience working in virtual teams. Risks will be identified, assessed, and measured based on probability and severity. Literature review will be used to identify risk factors, including team engagement, multitasking, incorrect dates or scheduling, poor communication, and inadequate project accuracy. The probability of these risks occurring is outlined