Risk Management Plan - Sample Assignment

Running head: WSI BLUE MOUNTAINS TAFE RISK MANAGEMENT PLAN 1
WSI Blue Mountains Tafe Risk Management Plan
Student Name
Institutional Affiliation

WSI BLUE MOUNTAINS TAFE RISK MANAGEMENT PLAN 2
Table of Contents
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................4
Risk Assessment..............................................................................................................................4
Risk Identification.......................................................................................................................4
Technical Risks........................................................................................................................5
Contractual Risks.....................................................................................................................5
Logistical.................................................................................................................................6
Construction Risks...................................................................................................................6
Financial Risk..........................................................................................................................6
Risk Analysis and Evaluation......................................................................................................6
Technical Risks............................................................................................................................8
Financial Risks.............................................................................................................................8
Contractual Risks.........................................................................................................................9
Logistical Risks...........................................................................................................................9
Construction Risks.......................................................................................................................9
Monitoring of Risk in Construction Project..................................................................................10
Purpose of Monitoring Risk.......................................................................................................10
Roles and Responsibilities.............................................................................................................10
Steering Committee...................................................................................................................10
Project Manager.........................................................................................................................11
Project Team..............................................................................................................................12

WSI BLUE MOUNTAINS TAFE RISK MANAGEMENT PLAN 3
Executive Summary
This WSI Blue Mountains Tafe Risk Management Project Plan preferably aims at delivering a
reliable method, and this will ensure that the implementation of the project is carried out
decisively and all the project risks are identified and managed. Risks issues mainly involve all
the elements and occurring events which are likely to affect the project performance, project
scope, budget, schedule, changing management goals as well as business performance.
Additionally, risks and related issues are mainly measured in terms of event occurrence as well
as the impacts which these risks may result in as far as the project program is concerned.
Therefore, risk refers to all the apprehensions which tend to have imminent implications for the
project capacity and may delay the project to different aspects such as schedule, budget, scope,
business performance, and objectives, as well as change management. On the other hand, risk
management includes a number of activities such as identification, examination, mitigation as
well as managing the overall project risks.

WSI BLUE MOUNTAINS TAFE RISK MANAGEMENT PLAN 4
Introduction
Kerzner & Kerzner (2017) noted that risk management plan is a portfolio which aims at
ensuring that there is a proper channel for driving decisions regarding project management and
its business capability. Hence, this risk management plan will serve as a paramount guide for the
project stakeholders more so the team members and ensure that level risk, and the broader
project managed adequately. Moreover, the risk management plan also serves a critical role of
ensuring that there is an effective mechanism of addressing all the potential barriers which are
likely to affect the project work and scale the strategies for mitigating all the related norms.
Risk Assessment
This section explores all the risks related issues which the WSI Blue Mountains TAFE
Company is likely to encounter during the construction process. Although WSI Blue Mountains
TAFE Company has won the tender for constructing the building, the company capacity is small
and therefore, there is the likelihood that the company might face some imminent risks in the line
of duty. Some of the risks which this company will meet in the work delivery and discharge
include, technical, contractual, logistical as well as the construction issues and these might affect
the overall work quality if not properly managed. Additional, financial related matters such as
capital and budget also form part and parcel of the risks WSI Blue Mountains TAFE Company
may depict concerning the construction and the building process. These aspects mainly discussed
as follows
Risk Identification
This is the first and foremost analysis step in the evaluation of the risk management.
According to Taylan et al. (2014), risk identification gives an in-depth analysis of the uncertainty