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 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:
Based on the project, Makeovers R Us:
1. Complete risk management planning by:
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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