Project Risk Assessment Risk Roles Risk Control Plan Project Risk Assessment Construction Essay

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The first step in creating a Risk Plan is to identify the likely risks which may affect the project. This includes the project supervisor, manager, team and even the users. Each of the risks identified is described in detail and documented within this risk plan; the risk form (Appendix C) describes some of the risks identified while working on this project. A series of risk categories are identified below and for each category a suite of potential risks is listed including its likelihood and possible countermeasures.

Category

Description

Likelihood of Occurrence

Countermeasures

Requirements

The requirements have not been clearly specified

The project Requirement document is reviewed during each meeting to make sure team members are clear about their tasks.

The requirements specified do not match the project requirements

There will be a meeting with the Project supervisor once every week to discuss progress and status of project.

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We could face major difficulties with the technology chosen for this project

Team members will try as much as possible to use tools that they are familiar with.

The requirements of the project might change

The requirements for this project cannot change because it is fixed.

Benefits

The business benefits have not been identified

This is a school project, so right now the marks/ grade is the priority.

The business benefits are not quantifiable

This is a school project, so right now the marks/ grade is the priority.

The final solution delivered does not achieve the required benefits

There will be a meeting with the Project supervisor once every week to discuss progress and status of project.

Schedule

The schedule doesn't provide enough time to complete the project

Team members will try as much as possible to follow the project schedule.

The schedule doesn't list all of the activities and tasks required

All activities not listed in the project schedule will be considered as less important and only implemented if there is time to do so.

Progress could be incorrectly assessed until it is too late to react

Team members will try as much as possible to follow the project schedule.

Budget

The project exceeds the budget allocated

Team members will ensure that all timeframes are kept, change is kept to a minimum, resources are available as required and scope is not increased.

There is unaccounted expenditure on the project

Team members will ensure that all timeframes are kept, change is kept to a minimum, resources are available as required and scope is not increased.

Deliverables

The deliverables required by the project are not clearly defined

Project leader will ensure follow up as carefully as possible.

Clear quality criteria for each deliverable have not been defined

A quality criteria for project is clearly defined in project plan document.

The deliverable produced doesn't meet the quality criteria defined

A quality criteria for project is clearly defined in project plan document.

Scope

The scope of the project is not clearly outlined

Project scope was clearly defined at the beginning of the project.

The project is not undertaken within the agreed scope

Adhere to all deadlines including deliverables and review cycles. Maintain constant communication between development team. Receive commitment from all parties to adhere to.

Acceptance

The criteria for accepting project deliverables aren't clearly defined

There will be a meeting with the Project supervisor once every week to discuss progress and status of project.

The final deliverables for the project are not accepted.

There will be a meeting with the Project supervisor once every week to discuss progress and status of project

Communication

Lack of controlled communication causes project issues

Weekly Project progress meetings held by Team members which must be strictly adhered to.

Project supervisor is 'left in the dark' about project progress

There will be a meeting with the Project supervisor once every week to discuss progress and status of project.

Resource

Members allocated to the project are not suitably skilled

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All team members are required to research well on the task assigned to them before starting.

Insufficient equipment is available to undertake the project

Project should be carefully researched before undertaking it.

There is a shortage of materials available when required

All materials required are listed and made available during weekly meetings.

We could lose resources. E.g., team members could get sick or quit.

No task is allocated to a single team member; all members are expected to switch tasks from time to time to ensure that every one is involved.

Fig. 5.1

Color

Priority Status

Description

High

Likelihood of occurrence is very high.

Marginal

Likelihood of occurrence is marginal.

Low

Likelihood of occurrence is very low.

Risk Roles

Define the roles and responsibilities for all human resources (both internal and external to the project) involved with the identification, review and mitigation of risks within the project.

Risk Originator

The Risk Originator identifies the risk and formally communicates the risk to the Project Manager. The Risk Originator is responsible for:

Identifying the risk within the project

Documenting the risk (by completing a Risk Form)

Submitting the Risk Form to the Project Manager for review. ©

Project Manager

The Project Manager receives each Risk Form and records and monitors the progress of all risks within the project. The Project Manager is responsible for:

Receiving all Risk Forms and identifying whether the risk is appropriate to the project

Recording all risks in the Risk Register

Presenting all risks to the Project Review Group

Communicating all decisions made by the Project Review Group

Monitoring the progress of all risk mitigating actions assigned.

Project Review Group

The Project Review Group confirm the Risk 'likelihood' and 'impact' and assign risk mitigating actions where appropriate, It includes all the existing team members. The Project Review Group is responsible for:

The regular review of all risks recorded in the Risk Register

Identifying change requests required to mitigate risks raised

Allocating risk mitigating actions

Closing risks which are no longer likely to impact on the project.

Risk Control Plan

1. Identify Risks

Throughout the project team members will consider risks and document them till the completion of the project, we will continually consider the project in light of risks and any new risks that arise will be added to the risk form.

2. Assess risks

Each risk will be discussed and analyzed among the steering committee; the likelihood of the risk occurring and its severity will also be assessed.

3. Analyze Risks

Based on the conclusion on each risk, they will be analyzed to determine which action the project team members will take. The actions could include immediate changes and may affect other parts of the project or they could be implemented later in the development process. In the event that the error has already occurred, the mitigation plan will be implemented.

4. Monitor Risks

Every effort will be made to ensure that risks do not occur, and if they occur that they will be noticed as soon as possible which will help us limit the impact of the risk.

5. Mitigate Risks

In the event that a risk does occur, the issue will be analyzed according to the mitigation plan.

Other plans to minimize risks and its impact during the project development process include;

Tight Change Management, this will prevent any 'feature creep' and allow the team members to focus on the project requirements identified.

There will be close contact among team members, which includes frequent meetings and regular email contacts

Due the size of the team, internal control panel will be used. One member of the team suggests a change; it will need to be approved by at least three other members for it to be implemented.