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Assignment: Business Case of Scientific Glass, Inc: Inventory Management Risk Analysis

The existence of risks in a project is an obvious factor that are always in a need to be managed, providing the projects with benefits. The involved money in this process is required to be saved, in order to prevent the project with uncertain situations. In order to resolve the risk issues, the project threats are minimized, which allow the project to run in specified direction (Vose 2008).

Schedule Risks

In order to assess the schedule risk involved in this project, critical path method has been considered.  In order to avoid the schedule task, it has been ensured that milestones are not interlinked in relationship with each other. In this way, one milestone is not dependent on next milestones, which reduces the schedule risks in the project. Moreover, to avoid any inconsistency and to maintain the parallel paths between starting and ending date, critical difference has been kept. Therefore, if anything goes against the plan of the project, there will be enough margins for mitigating the risk of schedule. However, the schedule risk can be arisen in the phase of creation of communication protocol.  Buy assignment paperonline to get help with academic writing tasks. The estimated timeframe for this phase is two months while it is expected that this milestone will not be finished on its time because in order to create the communication protocol, there is need for creating online communication system on both sides. It is most probable that this communication protocol cannot be established successfully thus, the estimated time required for milestone can be extended.       

Lack of Funds

The lack of funds is that issue, which has always been threatening the financial position of the project, if the project is desired by the organization to accomplish within the decided timeline. Moreover, the situation is assumed more frustrated when lack of fund strike to the project of an organization. Get  custom essay help from expert team of writers. Thus, the financial resources are required to be monitored by the project manager, in which an individual is required to accomplish the finance related tasks, if the task is supposed to be run within specified budget. As the considered project of warehouse outsourcing is carried by the amount of $2276, 834 at annual basis; therefore, within the budget boundaries, the cost is required to be managed in order to sustain the tasks of the project. Thus, the project of warehouse outsourcing is needed to be managed within the described parameters of budget, which are to be dealt  appropriately (Bali 1986).

Lack of Human Resources

As human resource in a project is the set of individuals, who must consider the workforce possessed by an organization. In other words, the human resources held by an organization present the investment of an organization in the form of human capital. In inventory management tasks, the lack of human resources may develop a critical situation for the organization, in which an organization can suffer by the issues of lack of skills and task management, which later appear presenting a situation in which delivery of the product and services can be handled within specified time limit. Ask Writer Help UK to  write my dissertation. Therefore, it can be said that the project is required to be handled by the team, where efficiency of the organizational functions may be dealt sufficiently (Mathis and Jackson 2011). 

Erosion of Resources

Erosion of resource may occur at any stage of the project process due to unexpected events and lack of appropriate planning for the project through inadequate estimation of the required resource. It has been identified that in order to execute this project on time, the Scientific Glass will require having certain resources such as IT experts for creating communication protocol. Hire  thesis writer online. It has been estimated that IT experts required for the creation of communication protocol must be comprised of team of IT and networking specialists. In order to get this project finished within the determined timeframe, it is important that these IT and networking experts are available to work on the site. Whereas, the unavailability or unexpected event causing unavailability of the IT team can delay bring about erosion of resources required for the completion of the phase in the project.   

Lack of Skills

Lack of skills can also emerge as significant risk during the completion of the project. This lacking may encompass the inability of employed personnel to fulfill the requirements of the project. In this regard, the evaluated skill requirements for the project is based on the milestones including creation of communication protocol amongst all vendors and company, division of role and responsibility amongst the outsourced party and company, and agreement on the service level. Get  coursework help from professional writing company.  The expected risk related to skills can appear due to inability of the IT experts to create effective communication protocol between outsourced as well as company.

 
 
 

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