One of the risks anticipated for a project was the late delivery of the prototype from the vendor

One of the risks anticipated for a project was the late delivery of the prototype from the vendor. There has been an adjustment to the project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. A risk with the vendor that they have very little technical depth has been identified; if the key engineer is not available to the project, the risk of a delay is even greater. It has been determined how to monitor the vendor’s performance and ensure a timely delivery. A very risk-averse, protective approach to the relationship has been taken, but now, as the project is progressing, the concern is if there is something that can be done with the vendor to actually benefit the project instead of just protecting it.

Assignment Guidelines:

What would be an addendum to the risk management plan that describes how to modify the plans or create new plans relative to that vendor to create an opportunity that will result in lower costs, earlier delivery, higher quality, or other positive impacts.

Also, answer the following questions:

• What can be changed in the plans to create an opportunity?
• What would that opportunity be?
• What is the probability that this opportunity could occur? What is the impact?
• What are the risks (adverse effect) that are introduced by this change in plans?
• How will this change be communicated to the vendor?