Lectocomp
Electronics
Manufacturing
Risk Management Plan for Lectocomp Electronics
A risk management plan for the project to develop the integrated circuit boards for the
medical device industry has been prepared by some of the members of the risk
management team which include: (1) Joseph Lewis, Project Leader, (2) Dax Tahir, Project
Team Member, (3) Ann Waye, Project Team Member, and (4)Autumn Ghattas, Project
Team Member. In addition to these four individuals, the risk management team also
includes all departmental team managers from Lectocomp. Our new quality manager has
been appointed as the risk response tracking coordinator.
The risks that threaten a business are constantly changing and increase in complexity. That
is why it is so important to have a viable risk management plan not only for our project but
for the business as well. It is important that in developing our plan that we: (1) identify the
threats or events that may affect the continuity of the project, (2) prioritize and set risk
thresholds, (3) evaluate the tactics and the costs associated with the various proposed
treatment plans for preventing or reducing the risks, (4) establish processes that will make
us ready for regulatory audits, and (5) make informed decisions on how best to mitigate
the risks of the project (Risk Readiness Assessment, 2005).
Risk identification, monitoring and resolution are key tools for successfully completing a
project. Part of controlling a project during the management phase is to have an established
risk management process. This process is a primary part of project planning and is kept
current until project closeout. To be thorough and comprehensive our risk management
plan must include the following items:
1. Risk methodology:
Risk methodology is the body of practices, procedures and rules that will be used to asses
the risks of this project. The risk management process is used to ensure that the level, type
and visibility of risk are identified to assure the success of the project. For our plan, we
have used several techniques such as brainstorming, checklists, and reviewing past projects
to identify the list of risks that need assessment. We then chose to use a qualitative method
of ranking our risks to identify those risks that must be prevented, reduced, shared or
accepted. Lastly, we developed specific risk action plans for those risks that were critical
to the success of the project and required reduction of their impact.
2. Risk identification /categorization / response planning:
Risk identification determines what events might happen that could affect the objectives of
