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BSBPMG517 Manage Project Risk

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. She is unsure of what to do with the cat while the renovations are happening, as it usually has the run of the house.
  6. 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:

  1. Providing an outline of risk management plan.
  2. Providing a brief description of the project.
  3. 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.

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[Accessed 14 May 2021].

My Assignment Help. 'Manage Project Risk' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bsbpmg517-manage-project-risk/quantitative-risk-analysis-techniques.html> accessed 14 May 2021.

My Assignment Help. Manage Project Risk [Internet]. My Assignment Help. 2021 [cited 14 May 2021]. Available from: https://myassignmenthelp.com/free-samples/bsbpmg517-manage-project-risk/quantitative-risk-analysis-techniques.html.

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