BSBPMG517 Manage Project Risk For Analysis Techniques
Makeovers R Us specialises in managing house and garden renovations. Their clients are usually busy couples and families who do not have the time to manage their own renovation projects and people who are just daunted by the whole idea.
Makeovers R Us can source all of the expertise required, including architects, landscape designers, builders, painters, electricians, wreckers, rubbish removalists and interior designers, as well as manage the entire project from scoping and preparation to completion.
Its claim is that it will manage the project: ‘On time, on budget, to your specifications.’
Makeovers R Us has been contacted by Cecile, an accountant, who is looking for someone to manage the renovation of her kitchen. This will be a complete makeover—everything to go with installation of new stove, sink, fridge, dishwasher, benches and cupboards. Cecile has prepared a list of specifications.
Cecile’s specifications:
- Everything in the kitchen except crockery, food and cutlery is to go; crockery etc will need to be stored somewhere as she has little storage in the house.
- She will require somewhere to make a cup of coffee and heat the occasional meal throughout the renovations and somewhere to keep the milk and other fridge things. She does not want that huge fridge in the lounge room or anywhere else during the renovations.
- Paint colour needs to tone with the benches; however, she is not sure what finish she wants on the benches and she would like some samples and prices to consider.
- Stove, fridge and dishwasher need to be good quality, but not over-the-top prices. She would like Makeovers R Us to source options and make recommendations based on price and quality.
- She is unsure of what to do with the cat while the renovations are happening, as it usually has the run of the house.
- Everything must be finished in five weeks as Cecile’s mother is coming to stay.
Cecile does not have a fixed budget for the renovations, but is getting three quotes for the job and will decide who to contract based on her assessment of which company:
- Is best able to assure her that they can finish the job in five weeks
- Has the best solution for storing the kitchen equipment during the renovation
- Can come up with a reasonable temporary kitchen space during the renovations
Based on the project, Makeovers R Us:
1. Complete risk management planning by:
- Providing an outline of risk management plan.
- Providing a brief description of the project.
- Describing what tools, techniques and processes you would plan to use in the project.
2. Think of at least two risks that could be presented as an opportunity to enhance project objectives or negative risks that could be thought of in a positive manner. Describe the positive risks.
3. Consequence and likelihood. List the project risks and assign a rating to each risk for both its consequence (impact) and likelihood (probability) of occurring using a rating scale. Then provide a description of the risk’s potential consequence and likelihood of occurring. Be sure to include some positive risks as well, which may present opportunities to enhance project objectives.
4. What quantitative risk analysis techniques would you use?
5. Design a risk response template that you could use for this project.
6. Create a risk register to list the risks you have identified in the project. Document the results of your risk management activities in a report.
7. When conducting risk monitoring and control, what would you need to consider for this project?
8. Produce an outline of a report that would allow you to effectively review the effectiveness of risk management policies, procedures, processes and activities for the project. In your report include questions and headings that would help you evaluate the risk management process, policies, procedures, tools, techniques and activities used.
Answer
Introduction
Risk management is an essential part of the successful carrying out of business and maintaining its sustainability. In the current report, the risk management processes of Makeovers R Us shall be analyzed in the context of a specific renovation project that has been assigned to the organization.
Project Description
Makeovers R Us is an organization specializing in house management and garden renovation. The aim of the organization is to assist busy couples who do not have time to spare to renovate their houses. For the current project the organization has been approached by Cecile, an accountant, for renovating her kitchen. There are certain specifications that Cecile has mentioned and that need to be maintained while the project is being carried out. There are certain risks that have been identified with the project. A proper risk management procedure has to be formulated that shall address the probable risks and turn them into potential competitive advantage for the organization. The following section shall elaborate on the risk management approach in context of the specific requirements made by Cecile in order to deliver her need within a timely basis.
Project Tools, Techniques and Processes
The different tools that are required for the project are building machines, wood cutting machines, polishing machines etc. The best quality machines and tools can help the company to mitigate all their risks. They shall make use of technique of making modular kitchen in order to give Cecile with the most unique and efficient kitchen in and around the place.
Risks Identified
From the specifications mentioned by Cecile there are certain potential risks that might arise while the project is being executed and might hinder the effective completion of the task. However, attempts shall be made in order to turn the supposed risk from negative point to a positive opportunity for the organization. The following risks have been identified for the current project:
Positive Risk:
- Place to Store kitchen equipment: There is a possible risk associated with the storage of the fridge and cutlery items while the renovation is under process. Cecile has mentioned that her lounge is too small to accommodate the fridge and therefore an alternative scheme has to be devised before proceeding with the work.
- Time limit for completion of the work: The whole work has to be completed within a time space of 5 weeks. It is because after that Cecile is coming to stay at her home. Makeovers R Us has the sufficient resources in order to be able to complete the whole work of renovation within the stipulated time. Thus, this can be termed to be positive risk and can be a great competitive advantage for the company.
- Temporary kitchen space during renovation: The company has tents and caravans with them which they can accommodate in Cecile’s compound so that all the necessary kitchen equipment can be stored and Cecile can cook her food in there. This was a main criteria provided by Cecile and this can be well utilized by the company to gain the contract well.
Negative Risk:
- Providing the best color samples from which Cecile can choose: Choosing the color is a complicated affair as the color has to be liked by the customer. Color is an expression of one’s personality and therefore the color scheme has to be devised in consultation with the client. The client has also mentioned that the color has to match the benches. Therefore, a few color samples and prices has to be intimated to the client.
- Giving the lowest price quote in order to gain the whole of the contract and keep good terms with Cecile: The prices have to kept as low as possible in order to sustain the consumer satisfaction. Combined with good service and low prices the client will be delighted and shall approach the organization for future renovation works.
Quantitative Risk Analysis Techniques
Risk rating template | ||||
Project Risks |
Consequence |
Rating(Out of *****) |
Likelihood |
Rating(Out of *****) |
|
Place to Store (positive risk)
|
Without a place to store the work cannot be started effectively. The items need to be moved to a convenient place before the work can begin. |
***** |
There is a high likelihood of getting affected by it. |
***** |
|
Time limit for completion (positive risk)
|
Delay with seriously affect consumer satisfaction. The client will have a guest visiting her and therefore, the work has to be done before the assigned deadline. |
**** |
There is a high likelihood of getting affected by it. |
**** |
|
Providing Temporary kitchen space (positive risk) |
Cecile needs to cook food while the renovation is in process. A temporary kitchen has to be provided for that. |
**** |
There is a high likelihood of getting affected by it. |
**** |
|
Providing the best color samples (negative risk) |
Consumer shall not be satisfied if the color scheme is not to her liking. |
** |
There is a very low likelihood of getting positively affected by it. |
** |
|
Giving the lowest price quote (negative risk) |
The organization has to develop a tight budget scheme. There is a possibility that the quality shall be compromised. |
*** |
There is a low likelihood of getting positively affected by it. |
*** |
Risk Response Template
Risk response template | ||
Project Risks |
Description |
Suitable responses for mitigating the risks |
|
Place to Store |
Cecile has to be provided with place to store all the equipment of her house |
Company has to arrange and bring in their tents and caravans for providing extra storing space. |
|
Time limit for completion |
The project has to be completed within five weeks. |
Proper workforce management and formation of teams and classifying the various kinds of work associated with the project. |
|
Providing Temporary kitchen space |
She has to be provided with a temporary kitchen space where she can cook the food for the time of renovation |
Company has to arrange and bring in their tents and caravans for providing extra cooking space |
|
Providing the best color samples |
The company has less amount of attractive color samples available at low prices. |
They have to develop their unique colors at low prices. |
|
Giving the lowest price quote |
Due to excellent quality of work and lower time scale, they choose high prices. |
They have to balance the things and give lower price quotes to Cecile and also maintain price quality and time. |
Risk Register (350)
Slo no. |
Risk |
Probability |
Impact |
Significance |
Risk Score (Out of 20) |
Strategy |
Risk Resolution plan |
In charge person of team |
Time limit |
|
|
Place to Store |
Moderate |
High. Will hinder the completion of the work. |
High. The equipment must be stored in some other place. |
18 |
Using of caravans that are available at the disposal of the organization. |
The alternative space arrangement has to be ready before the work starts. The things have to be moved into the caravan by a team that shall be assigned. |
Storage Manager |
5 weeks |
|
|
Time limit for completion |
High |
High. The client needs the work complete before the arrival of the guest. |
High. Work must be delivered timely. |
17 |
Using of workforce management. |
Proper division of labor with teams dedicated to the various aspects of the work. |
Work Slot manager |
5 weeks |
|
|
Providing Temporary kitchen space |
Moderate |
Moderate. The client needs an alternative setup to prepare coffee and warm up food. |
Moderate. A secondary kitchen setup should be provided. |
12 |
Using the space of the caravans of the organization. |
The kitchen has to be set up before the commencement of the work. The kitchen should have a basic functionality so that food can be cooked. |
Site manager |
5 weeks |
|
|
Providing the best color samples |
High |
High. The color scheme should match with the client’s expectations. |
High. The entire work will be unsatisfactory irrespective of its quality if the color is not liked by the client. |
17 |
Providing the client with samples and price ranges. |
A meeting should be set up with the client before proceeding on with the paint work. The ideas of the client has to be elicited and samples shall have to be provided depending upon the inclinations of the client. |
Site manager |
5 weeks |
|
|
Giving the lowest price quote |
High |
High. Very low prices will affect the quality of the work and high prices shall leave the client unsatisfied. |
High. A budget has to be prepared with proper consultation with the client. |
16 |
A detailed discussion with the client regarding the prices of the materials that shall be put to use for the work. |
The client shall have to be intimated with the budget plan beforehand. If the client is not satisfied with the existing scheme alterations can be made according to her needs. |
Advisory Team |
5 weeks |
Conclusion and Recommendations
It can be recommended that the company has to choose the best price and color sample options in order to be able to properly complete the work put forward by Cecile. It also has to make use of the most modern and effective tools and machineries in order to be able to do the work as it is desired. They also need to complete all the things within 5 weeks in order to properly fulfill each and every criteria of the contract and mitigate all the risks that they are likely to face when they will fully work upon the project.
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