Abi Project Risk Management Plan
Running head: ABI PROJECT RISK MANAGEMENT PLAN
ABI Project Risk Management Plan
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University of Phoenix ABI Project Risk Management Plan
The recent acquisition of the ABI company by FAFS mean that ABI needs to change many of their internal processes to coordinate and be accessible by both entities. The union of these banking companies means a merging of databases and software applications. The challenge is to implement the fusion of these companies in a timely cost efficient manner.
With the VP of FAFS guiding two ABI executives and one FAFS executive, the CEO of ABI needs to come up with a plan to integrate the companies and manage the project throughout the process. Weighing the risk of decisions and implementing these choices becomes more challenging than expected. With unforeseen resource barriers, and changes in scheduling, the team had to work together to bring these financial institutions into a bigger better banking entity
Management Responses "An important manifestation of effective risk management is getting a handle on the scope, volatilities, and severities of the risks one's company faces, then tailoring an appropriate set of risk responses. Risk managers have many types of risk treatments at their disposal. Every company's risk management "solution" will be unique because the exposures and risk appetites all differ. The key is to have a reasonable under-standing of how each treatment option works, alone and in combination with others, so that decisions are informed and results are less influenced by luck than by reason (McCarthy, Flynn, and Brownstein, 2004)." The executive team in relied on history and the current situation to asses the risk of different decisions. Placing weight on their experience in the backgrounds they came from, they gave advice accordingly. Many times each of them had his or her own idea on how to move forward, but generally there was common theme that assisted on choosing the right way to
ABI Project Risk Management Plan
Your Name Here
University of Phoenix ABI Project Risk Management Plan
The recent acquisition of the ABI company by FAFS mean that ABI needs to change many of their internal processes to coordinate and be accessible by both entities. The union of these banking companies means a merging of databases and software applications. The challenge is to implement the fusion of these companies in a timely cost efficient manner.
With the VP of FAFS guiding two ABI executives and one FAFS executive, the CEO of ABI needs to come up with a plan to integrate the companies and manage the project throughout the process. Weighing the risk of decisions and implementing these choices becomes more challenging than expected. With unforeseen resource barriers, and changes in scheduling, the team had to work together to bring these financial institutions into a bigger better banking entity
Management Responses "An important manifestation of effective risk management is getting a handle on the scope, volatilities, and severities of the risks one's company faces, then tailoring an appropriate set of risk responses. Risk managers have many types of risk treatments at their disposal. Every company's risk management "solution" will be unique because the exposures and risk appetites all differ. The key is to have a reasonable under-standing of how each treatment option works, alone and in combination with others, so that decisions are informed and results are less influenced by luck than by reason (McCarthy, Flynn, and Brownstein, 2004)." The executive team in relied on history and the current situation to asses the risk of different decisions. Placing weight on their experience in the backgrounds they came from, they gave advice accordingly. Many times each of them had his or her own idea on how to move forward, but generally there was common theme that assisted on choosing the right way to
References: Text Lehmann, D, & Winer, R (2005). Product Management, 4eChapter : New Products.The McGraw-Hill Companies. Gray, C, & Larson, E (2003). Project Management: The Managerial Process, 2eChapter 9: Reducing Project Duration.The McGraw-Hill Companies. Kerzner, H (2003). Project Management: A Systems Approach to Planning, Scheduling, and Controlling, 8eChapter 11: Planning. John Wiley & Sons, Inc.. McCarthy, M, Flynn, T, & Brownstein, R (2004). Risk from the CEO and Board Perspective, 1eChapter 4: Treatment Options. The McGraw-Hill Companies. Tarlow, P (2002). Event Risk Management and SafetyChapter 8: Tomorrow 's Event Risk Management. John Wiley & Sons, Inc.. Web Chapman, J (1997). Project Risk Management. Retrieved February 3, 2007, from Risk Concepts Web site: http://www.hyperthot.com/pm_risk.htm Flint, A (5/15/2000). Fleet Bank Customers Report Big Problems Resulting from Merger.(Knight Ridder/Tribune Business News) . Knight Ridder/Tribune Busness News, Retrieved 2/6/2007, from http://www.accessmylibrary.com/coms2/summary_0286-5757000_ITM Wipperfurth, H (12/11/2000). Merger madness at Chase, Morgan; Derivatives execs search for the exits as merger looms; revenues at risk.(Chase Manhattan Bank, J.P. Morgan and Co.)(Brief Article) . Crain 's New York Business, Retrieved 2/6/2007, from http://www.accessmylibrary.com/coms2/summary_0286-28675677_ITM