The Central Branch Renovation Project

Risk Management Plan
LaLaLand Library Central Branch Renovation Project
Name of the Student
Name of the University
Author Note

1. Top three (3) risks in the project
Scheduling estimation errors: The scheduling estimating errors is the top priority
risk according to the risk documentation. This is because there is a requirement of
contingency plan around this particular risk because it has a potential of becoming
overburden with duties and the more the project goes beyond the schedule, it would
automatically require more budget, which has the tendency of making the project over
budgeted.
Business Case Development Issues: This is also an extremely important risk to have
a contingency plan because if there is no proper detection of error in in the business case
development, the project can never be presented to the project sponsors for them to
understand the scope and advantages of the project for adding benefits to their own
organisations. They would thus not want to invest in the project.
Risks related to incorrect vendor selection: Wrong selection of vendors can bring
about unnecessary problems in the entire project as the raw material supply and selection of
contractors and subcontractors would all be haphazard because of wrong vendor selection
2. Five (5) items that could/should have been documented better or at all in the Charter
There are five items that should have been documented better in the project charter on
the basis of the word drafted by the sponsor’s office for this particular project. The charter
document needed to review the five items below to add to the success factor of the project as
the absence of these can include a risk factor for the project management:
 A proper schedule and budget template.
 List of requirements of the project as per the clients.
 Introduction of the detailed scope and business case template.
 Representation of the stakeholder list in a detailed manner.