This document provides a risk analysis of new office building construction including risk factors, probability, impact, qualitative risk assessment, and calculation of fully loaded cost of labor.
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Running head: PROJECT MANAGEMENT Project Management: Week 2 Answers Name of the Student: Name of the University:
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1PROJECT MANAGEMENT 1.Risk analysis of new office building construction Risk FactorsProbabilityImpact Budget risks: There is over run of entire project budget due to improper estimation of the budget against the project activities. ModerateModerate Schedule risks: There is delay in the project due to addition to extra resources after the project is planned. ModerateMajor Commercial risks: Due to low demand of the office space, the market demand of that space is low as the clients are not interested into the project. LikelyMajor Technical risks: There is incomplete design of the office spaceduetowhichthereisdelayintheproject completion work. ModerateModerate Resourcerisk:Therearelackofavailabilityofthe project resources as they do not have technical and construction skills to work in the project. ModerateMajor The risk analysis will be changed if there is high demand of the new office space as then there will be high market value of the space and the clients will be interested to buy the land.
2PROJECT MANAGEMENT 2.Qualitative risk assessment Identified risk factorsLikelihoodConsequencesRisk level Key team members pulled off projectHighHighHigh risk Chance of economic downturnLowMediumLow risk Project funding cutMediumMediumMedium risk Project scope changesHighMediumHigh risk Poor specifications performanceLowLowLow risk Risk ratingLikelihood Consequence LowMediumHigh HighKeyteam members pulledoff project MediumChanceof economic downturn Project funding cut Projectscope changes LowPoor specifications performance Table 1: Risk Matrix Based on the information provided on the risk factors and likelihood, there is an assumption on the consequences of the project and by the risk matrix, the risk level is also identified. 3.Calculation of fully loaded cost of labor The fully loaded cost of the labor is = Hourly rate * hours needed * overhead rate = $ (35*150*1.55)
3PROJECT MANAGEMENT = $8,137 4.Calculation of fully loaded cost of labor The fully loaded cost of the labor is = Hourly rate * hours needed * overhead rate * personal time = $ (40*120*1.65*1.15) = $9,108 5.Developmentofactivitiesforcompletingalongtermschool assignment Task IdSet of activities name 0Project plan on completing a long term school assignment 1Assignment planning 1.1Assignment title 1.2Read the assignment requirements 1.3Feasibility analysis 1.4Detailed objectives 1.4.1Define the SMART objectives 2Brainstorming the assignment resources 2.1Determine the project planning tools 2.2Resource allocation 2.3Accessibility of information from literature and books
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4PROJECT MANAGEMENT 2.4Internet research 3Evaluating the assignment 3.1Identify the complexity of the assignment 3.2Lessons learned 3.3Impact on the project stakeholders 3.4Determine the project risks 3.5Time estimation 3.6Design the assignment specifications 3.7Develop the final product 4Establishment of project timelines 4.1Identifying the project phases and milestones 4.2Identifying each phase's working units by approvals 4.3Identify the resources allocated for each tasks 4.4Tracking the project progress 4.5Verifying with the instructor 5Analysing the research and findings 5.1Plans for the research gap 5.2Requesting for tutor assistance
5PROJECT MANAGEMENT 5.3Mid-stream check with the team members and tutor 6Final assignment outline 6.1Thesis statement 6.2Final project review 6.3Draft of the assignment 6.4Final assignment submission
6PROJECT MANAGEMENT Bibliography El-Ja’bary, S. M., & Ashour, Y. H. (2015). Status of Using Quantitative Methods in Project RiskManagement.StatusofUsingQuantitativeMethodsinProjectRisk Management. Huemann, M. (2016). Managing the project-oriented organization. InGower Handbook of Project Management(pp. 493-506). Routledge. Kerzner, H., & Kerzner, H. R. (2017).Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Larson, E. W., & Gray, C. F. (2017).Project management: The managerial process. McGraw-Hill Education.