3 April, 2024
0 Comments
1 category
| Document name: RISK REGISTER | Version: | |||||||
| Project title | Building and opening a new Toy4All store | Project initiator | Toy4All toy store chain | |||||
| Project Manager | Project Sponsor | Director of the Projects Department | ||||||
| Risk ID | Risk Statement | Probability | Impact | Priority (Probability x Impact) | Expected Monetary Value | Response Measures/ Risk Owner | ||
| Risk 1 | Delay in obtaining necessary permits/licenses | High (0.7) | High ($180,000) | 0.84 | $126,000 | The Project Manager is assigned as the Risk Owner who is responsible for making sure that all the necessary forms are filled up correctly and in advance (Tate, 2020). Project Manager should make sure that paperwork is done on time in order to avoid delays or issues that may come up. The project manager’s diligence in this area would help maintain project timelines and limit the risks of permit or license acquisition. | ||
| Risk 2 | Construction delays due to unforeseen circumstances | Medium (0.5) | High ($180,000) | 0.72 | $90,000 | Regular site inspections and contingency planning are overseen by the Project Manager as Risk Owner. The Project Manager must supervise the activity to anticipate and resolve challenges. The Project Manager can reduce risks with regular site inspections and a solid contingency plan. This aids project success. | ||
| Risk 3 | Inadequate supplier performance | Medium (0.5) | Medium ($90,000) | 0.36 | $45,000 | As Risk Owner, the Procurement Manager diversifies vendors and maintains communication. Procurement Managers oversee supplier diversification to reduce dependency and maintain supply continuity. Communicating with suppliers helps create confidence and teamwork, and any issues may be rectified swiftly, guaranteeing a secure procurement process. | ||
| Risk 4 | Budget overrun | Medium (0.5) | High ($180,000) | 0.72 | $90,000 | The Project Accountant is the Risk Owner to monitor spending and develop contingency plans. The Project Accountant must closely monitor spending, stay within budgets, and identify budget violations immediately. Planned contingencies reduce financial risks and provide project financial stability throughout its duration, making the Project Accountant more vital. | ||
| Risk 5 | Inadequate advertising leading to low foot traffic | Medium (0.5) | High ($180,000) | 0.72 | $90,000 | As Risk Owner, the Marketing Manager will develop, execute, and track a large advertising program. The Marketing Manager must develop and implement advertising strategies that meet business goals and audience preferences. The Marketing Manager should track advertising success and change plans to maximize results and avoid campaign disasters. | ||
| Risk 6 | Staffing shortages or turnover | Low (0.3) | High ($180,000) | 0.36 | $54,000 | HR Managers create hiring and training plans and foster a supportive environment as Risk Owners. The HR Manager must oversee hiring and training using the best methods to attract and develop qualified workers (Schibi, 2019). The HR Manager creates a positive workplace that boosts morale, productivity, and satisfaction. | ||
| Risk 7 | Negative public perception of the store’s concept | Low (0.3) | Medium ($90,000) | 0.18 | $27,000 | PR Manager is market research and proactive problem-solving Risk Owner. The PR Manager must manage market research and analysis to understand public sentiment and predict issues. The Public Relations Manager will quickly and efficiently handle issues to protect the company’s reputation from unfavorable news and irate stakeholders. | ||
| Risk 8 | Inclement weather affecting construction timelines | Low (0.3) | Medium ($90,000) | 0.18 | $27,000 | The Project Manager will monitor weather forecasts and backups as Risk Owner. Weather must be monitored by the Project Manager to avoid delays (Cooper et al., 2019). Inclement weather contingencies help the Project Manager stay on track. | ||
| Risk 9 | Regulatory changes impacting store operations | Medium (0.5) | Medium ($90,000) | 0.36 | $45,000 | Legal Advisors monitor regulatory changes and modify operations as Risk Owners. Legal Advisors should monitor legislation and regulation changes that may affect the organization. Strategic regulatory tracking and interpretation by the Legal Advisor can reduce legal risks and safeguard the organization’s interests and reputation. | ||
| Risk 10 | Competition from existing stores impacting sales | Medium (0.5) | High ($180,000) | 0.72 | $90,000 | The Sales Manager will analyze and differentiate competition strategies as Risk Owner. The Sales Manager must track competitors to understand industry trends and potential. The Sales Manager can avoid market saturation and stay competitive by analyzing competition strategies and product modifications (Chapman & Ward, 2019). | ||
References
Chapman, C., & Ward, S. (2019). How to Manage Project Opportunity and Risk: Why Uncertainty Management Can Be a Much Better Approach than Risk Management. Wiley.
Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2019). Project Risk Management Guidelines: Managing Risk with ISO 31000 and IEC 62198. CRC Press.
Tate, K. (2020). Managing Project Risk: How to Identify, Assess and Mitigate Issues. Kogan Page.
Schibi, O. (2019). The Power of Project Leadership: 7 Keys to Help You Transform from Project Manager to Project Leader. CRC Press.
Get Homework Help Now
Category: Uncategorized