Project Risk Management Plan for Technological Augmentation in Four Seasons Hotel

Enterprise Project Management
MSPM1-GC4000
Edward Kleinert
The Project Risk Management Plan
The Project Title
The Organization Name or Business Unit Name or
Department Name
The Project Solution
Authors Name:
Date:
Student Name:
Course Name:
Course ID Number:
Team Name and Number:
Date:
1

Enterprise Project Management
MSPM1-GC4000
Edward Kleinert
Introduction and Purpose
Risks are defined as the probable events that may have negative impact on
the project during any of its phases. Risk management plan is defined as a
document that is used to document the identified risks and also develop
suitable mitigation plan for the risks based on their priorities.
The purpose of a risk management plan is to identify and prioritize the risks
such that suitable mitigation plan can be developed and implemented.
In this project, technological augmentation is to be implemented in the Four
Seasons hotel as a part of its major project. This project contains a number
of risks that must be identified and suitable risk management plan must be
developed in order to minimize the chances of occurrence of these risks.
Risk Management
Risk management is defined as the process by which the identified risks are
prioritized based on their chances of occurrence and probable impact on the
project and suitable mitigation plans are being implemented to ensure the
risks do not occur in the project or the chances of occurrence of the risks are
minimized.
The logical sequence of risk management activities is listed as follows.
 Risk Identification – The probable risks are identified.
 Risk Assessment – The risks are assessed for their chances of
occurrence and possible impact on project.
 Risk Response Planning – Possible options of responses against the
risks are identified.
 Risk Response Application – The responses are applied in the project.
 Risk Reporting – The identified risks are reported in the form of a
document.
 Risk Review – The risks are reviewed after application of response.
 Risk Lessons Learned – Reflection is made based on the lessons learnt
from risk mitigation.
Methodology
Risk Categories
Risk Communications and Impact
2

Enterprise Project Management
MSPM1-GC4000
Edward Kleinert
Probability and Impact Matrix
Risk
Description
Impact
Type
Probability
Rating
Impact
Rating
Priority
Rating
Risk Response Owner
Possible budget
overshoot due
to overspending
Cost 4 4 16 Avoid Develop
proper cost
manageme
nt plan and
penalize
any
stakeholder
for
unnecessar
y
overspendi
ng
Finance
Manager
Faulty technical
devices
resulting in
poor
performance
during
implementation
Technical 3 3 9 Mitigat
e
Place
complaint
to the
vendor and
demand
replacemen
t and / or
penalty
payment
Procureme
nt Manager
Customers may
not be satisfied
with the
technological
augmentation
at the resort
Business 2 3 6 Accept Request
customers
to provide
feedback
and ideas
and
technical
and non-
technical
changes
can be
made
accordingly
Customer
Relations
Manager
Scope creep
may occur
during the
course of the
project
Scope 3 3 9 Avoid Scope
creep
always
need to be
avoided in
a project
and
suitable
changes
may be
introduced
to ensure
scope
creep does
not occur
Project
Manager
The
implementation
of the
technology
augmentation
may not be
successful due
to lack of basic
infrastructure
setup
Technical 4 4 16 Mitigat
e
Implement
basic
technical
infrastructu
re setup
and recruit
advanced
technical
experts to
conduct the
integration
Technical
Supervisor
3