Description
Students will create a Risk Management Plan for a project that defines the best practices through the project life cycle from initiation to close. Using an already established project plan, the Risk Management plan should include a Risk Matrix along with a template of a Risk Register that shows the plan/process of how risks will be identified, analyzed, responded to, categorized to project constraints, quantitative, qualitative, and potential impacts. Students may propose an alternative project of their own design that shows attainment of the corresponding course outcome. The mentor must approve the alternative project.
Explanation & Answer
Attached.
Risk Register
Risk category
State of the risk
Consequence
Likelihood
Control
Type
The control
Consequence
rating
Likelihood
ratings
Levels of
risks
Risk
priority
Planning
Inadequate
assessment of the
costs
Costs extension,
delays, and quality
depreciation.
Likely
Mitigation
(Cagliano,
Grimaldi, &
Rafel
(2015)
The project
management need to
present sample
models to the
sponsor to make
immediate proposals
for the interior
design
6
8
Major
3
Tendering
Failure to find
effective
contractors
Delayed services,
quality compromise.
Avoid
Before the
beginning of the
project, there is a
need to ensure that
all the tendering
protocols are
followed.
6
6
Moderate
6
Safety standards
Workers injured,
Transfer
All the employees
will be expected to
have a project cover
as a risk
management
strategy
10
10
Catastroph
ic
5
Monitoring
Moderate
High
Labor
Employees
strikes
Employees may be
motivated or
gradually call off their
commitment
Likely
Mitigate
Employ a high level
of leadership
functions like
motivation, offers
incentives and fair
wages. Ensure there
is open and honest
communication
8
8
Severe
6
Natural
disaster
Storms or
earthquake
Destruction of the
incomplete structures
High
Avoid
Before the
construction of the
house, there is a
need for assessing
the weather. Highly
vulnerable sites will
be avoided.
8
10
Severe
1
Management
Poor project
management
Lack of coordination,
poor communication
Moderate
Mitigate
The project manager
and all sections
groups’ leaders will
be trained for
various skills critical
for success.
4
6
Moderate
6
Subcontractors
Poor
communication
and compliance
with contract
time
The project
deliverables are not
met. The customer
can withdraw the
project
Moderate
Avoid
The project will be
fulfilled under only
one contractor.
Other stakeholders
will be assigned
roles as suppliers.
No partnership at
the project
management level.
8
6
Major
6
Materials
Noncompliance
to the quality
standards.
The product quality
will be compromised
Unlikely
Mitigate
A quality control
section will be
established to assess
the quality of all the
materials because of
admission to the
stores.
6
4
Moderate
9
Site
Physical risks,
political and
legal threats
The selected site will
fail to complete all the
needed standards.
Rare
Avoid
Before the
commencement of
the project, a
thorough legal
background check
and physical
characteristics will
be evaluated to
ensure the site is
accredited.
10
2
Moderate
4
Construction
Limited
workforce
Employees will not be
enough to complete
the project within a
specified period.
Unlikely
Mitigate
Each of the tasks
defined in the WBS
will be assigned,
independent
persons. In case of
the need for sick
leave or otherwise,
various
replacements will be
enhanced
4
6
Moderate
8
Design
Unsatisfactory
design
The design fails to
meet customers
interests
Unlikely
Mitigate
Various sample
designs will be
displayed. This will
ensure that the
customer will have
at least one of the
designs to
undertake.
6
4
Moderate
2
Financial
From the sponsor
The sponsor failed to
approve increased
costs
Likely
Avoid
Ensure that the
project financial
logistics are clear
before the project
begins.
8
8
Severe
3
Financial
From the project
Embezzlement of
project funds
High
Mitigate
Political
Environmental
Community
protests
Waste
management
problems
The community
disrupts the normal
construction process.
Rare
Waste from the
pr...