Hrm, company-of-origin, analysis

1.How Would you describe the risk attitude of the sponsor? Justify.
In my opinion, the risk appetite of the sponsor was very high. He was willing To take enormous amount of risk just to get the contract going on with the Army. He fine with telling lies and hiding facts as well.

2.Can The PM develop an effective risk management plan working alone?
No, risk planning should not, be carried out in isolation. Internal and External stakeholders bring with them many differing backgrounds, perspectives And experiences. Risk is a particular area (as is scoping the project) where These different backgrounds, perspectives and experiences should be included in Activities to identify and mitigate risk.
People with different and complementary backgrounds will help to assist more in Complete risk analysis.

3.Need Of risk management.
Risk management is a proactive approach. It is a preventive process designed to Ensure that ensure that surprises are reduced and that any negative Consequences associated with undesirable events are minimised (often referred To as a threat risk). It also prepares the project manager to act when a time, Cost and/or technical advantage is possible (an opportunity risk). Successful Management of project risk gives the project manager better control and can Significantly improve chances of reaching project objectives on time, within Budget and meeting required technical (functional) performance.
Though army won’t be penalizing us, it is good to keep the project under budget And on time. It will create a good image of our company and clients would want To work with us (offer more contracts).

4.Example Of a risk:

Cause: Not fulfilling The promise. Not delivering according to the agreed upon requirements.
Event: Project not getting approved by the sponsor in the closing phase. (Customer not signing off on the project)

Impact: We may have to Complete the lacking part by investing out own time and money. Or (Redo most of The part of the project)