Project Risk Management

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(Course)
(College)
(Date)
Project Risk Management
Introduction
Over the years, Sony has become one of the leading manufacturers of electrical, electronic and software products in the market. They include electronic components such as mobile phones, television screen, and audio devices. Others include video communications and game consoles. The company was founded on 7th May 1946, and over the years it has grown to become a multinational conglomerate corporation with several branches across the world. According to Bitterest (3), the company is ranked among the world largest media conglomerates accumulating over $78.88 billion of revenue in the year 2008. The company has majored in the electronic and entertainment business in the last decade. Its principal business operations include Sony Pictures entertainments, Sony computer entertainments, Sony Ericsson and Sony Electronics. The vision of the company over the years have been changing with all gear to improve the performance of the company in the market. However, the company has been facing an increasing amount of competition for other related firms such as Samsung, movies productions companies and several other techs product firms such as Microsoft and Apple. In the year 2016 and 2017, the performance of the company regarding revenue drop and most of it was associated with the increase in the competitiveness of the media and technology market and continuously changing customer taste and preferences for most of the products being offered by the company (Palmatier, Robert, and Shrihari 82-83).

Project description
Several key areas of the company had to be assessed, and new working structures and mechanization of the company need to be developed to have the company maintain its competitive advantage and increase their revenue in future. The project would take a minimum of almost three years and will involve a well-consolidated revitalization strategy. The plan will include creating a new organizational structure in the Electronics section of the company by eliminating the corporate silos and align the departments on a competitive growth. Next, the project will concentrate on improving the company’s profit margins by minimizing cost reductions and increasing sales of Real Estates, the companies non-core assets and the company’s stock. Moreover, the project will introduce mechanisms such as focusing on a single line of electronic products at a time so that the company’s electronic business can strengthen one at a time. This will improve the company’s profits in the second half of 2019. The project also aims at redirection of the company resources to policies and activities that will enable the company to grow and increase its competitiveness in the market. Such redirection plans will involve the introduction of new and better high-definition products in the year 2018, introducing network-enabled electronic products and software. Moreover, it will include strengthening the technological outputs of the company through introducing new home and mobile platforms, increasing the number of investments in the semiconductors and essential products of the company, manufacturing the next generation display, that is, the OLEDs and improving software production.
Project objectives
To restructure the organization design of the electronics section of the company
To improve the company’s profit margins
To improve the performs of the company’s electronic businesses
To redirect the company resources to activities that result in the growth of the company
External dependencies
The project will involve several external operations that will see to its success come to the end of the project timeline. The project will require extensive research on the current and better technological idea to improve the quality and performance of the company’s electronics and software products. The activities to be carried out such as restructuring the company working structures and redirecting the company resources will require approval from the company’s board of management and the intellectual property and intellectual property rights organizations in the world. The project will significantly depend on the market research input from the research and development department. The information required includes the customer preference on the electronic products available in the market, improvement that they would like to see in the new products that the company plans to release upon the completion of the project. Furthermore, the project will require extensive knowledge of how its competitors have advanced technologies and their plans and idea they have about the products they plan to introduce in the market.
Stakeholder analysis
The company has already set in place a broad set of communication structures that consistently ensure favorable working environment and relationship between the company and its stakeholders. The stakeholders, in this case, include the employees, the media, educators, financial companies, shareholders, government firms and the society. Currently, any stakeholder who requires any information about the company can quickly acquire them for the company’s portal and website. Such a platform (touch-point) has led to the company, and its stakeholders are having a mutual relationship and participate in the growth of the company. Over the years, the company has been consistent with the production of innovative electronic products without compromising the quality and level of reliability. In the process, the company has attracted more customers and expanded its market to countries across the world. Also, the company’s management as launched campaigns such as “Do you dream in Sony” and created a platform where the company stakeholders contributed the ideas and dreams on what they want the company to be like and how they expect the company products to perform. As a result, the company receives overwhelming support from its stakeholders around the world. About the project, the stakeholders improved services, and high returns in the form of dividends, and they will all support the project ideologies (“Sony Global – Stakeholder Engagement and Partnership”).
Overall format for the risk management plan
Process
Throughout the project, the project manager, the project teams, and the sponsor will work together to identify, scrutinize and manage the risks that are likely to affect the project throughout its lifespan. The process will involve identifying the risk as early as possible to eliminate or reduce the impact of the risks to the project. The project manager will work in this case serves as the Risk Manager
Risk Identification
All the project team members, the selected stakeholders will be placed in the Risk management team to evaluate the impact the environment, cultures and the current management plan will have on the project. Some of the project deliverables that will be analyzed by the will include assumptions, cost estimates, and vital project documents. There will be a risk management log that will constantly update after every meeting and shared with the rest of the project participants
Risk Analysis
The Risk Management team will analyze the risks identified stating the range or impact that they will have on the project. Qualification will then be applied to determine the risk that is more critical to the project and those that can be ignored or have negligible influence on the project outcomes. The probability of the risk occurring will be analyzed as either
High-more than 70% occurrence rate
Medium- vary between 30% and 70% occurrence rate
Low- fall below 305 occurrence rates
The impact evaluation will be with high, medium or low depending on the effect they have on the project cost, schedule and performance. For the risks that will fall in the red and yellow region, risk mitigation and a contingency plan will be developed to eliminate or reduce their impact on the project
Impact H M L L M H
Probability
Risk Response planning
Each of the risk that fall in the red and yellow region will be assigned to selected project teams to come up with a plan to eliminate the threat from affecting the project. The approaches taken by the select team members will either be to avoid the risk, mitigate, accept or transfer the risk to another party such as an insurance company.
Risk monitoring, controlling and reporting
The occurrence of the risk will be closely monitored, and any new development said at the project meetings
Tools and practices
All the Risk Logs will be kept by the Project Manager and used as references during discussions in the project meetings.

Works Cited
“Sony Global – Stakeholder Engagement And Partnership.” Sony.Net, 2018, https://www.sony.net/SonyInfo/csr_report/about/stakeholder.html.
Bitterest, Daniel. “Media Conglomerates.” The International Encyclopedia of Communication, (May 2008): 2-6. Print.
Palmatier, Robert W., and Shrihari Sridhar. Marketing strategy: Based on first principles and data analytics. Palgrave Macmillan, (2017): 76-87.