Project Scenario:
You are leading a team focused on a research project, THE GREENEST BEAN. This project has developed a new green bean variant that is resistant to drought conditions and insects such as bean weevils. Your company is only interested in research and wants to sell THE GREENEST BEAN to a company that can commercialize the technology and bring the product to market. After internal discussion with the team, the decision was made to hold an auction for companies to bid on licensing for THE GREENEST BEAN technology on October 1, 2022.
THE GREENEST BEAN had appeal to all weather conditions and global locations. There was little public knowledge on licenses for agricultural products. There was no standard cost comparable established to give guidance to the bidders or to help determine a potential reserve bid (minimum threshold for the final bid in
order to be accepted). Among the auction details to be established included the type of bidding allowed (highest bid, sealed bids, etc …), restrictions (who is invited, payment terms, etc …), and (auction house, private auction, online platforms, etc …). In addition, you had to market the event and ensure safety of THE GREENEST BEAN until the auction was complete. There was also an opportunity related to potentially restricting each license of THE GREENEST BEAN to a specific geographical area. However, the team was uncertain on whether selling a single, world-wide license or multiple licenses based on geography restrictions would yield the best return. This was a complex project, but your team is excited for the challenges involved.
Budget: 400,000
Schedule: from today until Production Launch on October 1st, 2022.
Reserve: Not to exceed 10% of budget
Risk Planning:
Using the project scenario provided, customize your work:
1. Complete this assignment by including the scope statement, risk management plan and risk register.
2. The methods and formats for impact tables and heatmaps must reflect what is being used for this course.
3. Create a short scope statement based on your project (see in assignment template)
4. Complete a basic Risk Management Plan for this project. Begin each section with a short explanation of the
purpose it serves. Sections to include:
a. Purpose of the risk management plan
b. Define Project Priorities (this develops context, see Larson section 4.2 Establishing Project
Priorities)
c. Select 1 risk identification method the project will use (and why)
d. Create an RBS (minimum of 4 categories)
e. Create an impact table. 1 – 5 scale for impact and measures for cost and time.
f. Create a heat map. At a minimum, it should contain:
i. Threats and opportunities
ii. Short explanations for each probability and severity level.
g. Create a template risk register, must include risk statement, category, (use best practices)
i. Create 2 sample risks related to the project, fill in all fields, provide a brief explanation on
the reasoning behind the risk categorization and .
5. Title page, table of contents and references (all sources and citing where appropriate). Spelling and grammar check. Do not change project management terms (i.e. risk).
