Automatic Pill Sorting Machine

Project Title: Automatic medicine sorting machine Date Prepared: 2/12/2013

Methods and Approaches:

Risk management is an ongoing process that continues through the life of a

Project. It includes processes for risk management planning, identification, analysis, monitoring and control. Many of these processes are updated throughout the project lifecycle as new risks can be identified at any time. It’s the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited.

Tools and Techniques:

This plan documents the processes, tools and procedures that will be used to manage and control those events that could have a negative impact on the

Automatic sorting machine. It’s the controlling document for

Managing and controlling all project risks. This tools and techniques will be used:

• Risk Identification

• Risk Assessment

• Risk Mitigation

• Risk Contingency Planning

• Risk Tracking and Reporting

Roles and Responsibilities:

The responsibility for managing risk is shared amongst all the stakeholders of the project. However, decision authority for selecting whether to proceed with mitigation strategies and implement contingency actions, especially those that

Have an associated cost or resource requirement rest with the Project Manager who is responsible for informing the funding agency to determine the requirement for a contract modification. The following tables details specific

Responsibilities for the different aspects of risk management. Risk Activity Responsibility.

Risk Identification: All project stakeholders

Risk Registry: Project Manager

Risk Assessment: All project stakeholders

Risk Response Options...

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....05, .1, .2, .4, or .2, .4, .6, .8). Note that the impacts on individual objectives may be different if one objective is more important than another.

Probability and Impact Matrix:

Risk Management Funding:

Define the funding needed to perform the various risk management activities, such as utilizing expert advice or transferring risks to a third party.

Contingency Protocols:

Describe the guidelines for establishing, measuring, and allocating both budget contingency and schedule contingency.

Frequency and Timing:

Describe the frequency of conducting formal risk management activities and the timing of any specific activities.

Risk Audit Approach

Describe how often the risk management process will be audited, which aspects will be audited, and how discrepancies will be addressed.