Risk Management Report: Project Plan for Real Estate Agency Launch

This risk management report details the project plan for launching a real estate agency. It encompasses a project scope statement, outlining background, benefits, objectives, timelines, budget, constraints, assumptions, and expected outcomes. The report includes a Work Breakdown Structure (WBS), Gantt chart, and network diagram to illustrate the project's organization and schedule. A stakeholder analysis identifies key individuals and their interests, followed by a communication plan to ensure effective information flow. The core of the report is the risk management plan, which identifies potential risks, assesses their severity and probability, and outlines mitigation strategies. It assigns responsibility for managing these risks and sets timeframes for response, providing a comprehensive approach to managing the project's challenges.

Running head: RISK MANAGEMENT REPORT
Risk Management Report: Launch a real estate agency
Name of Student
Name of University
Author Note

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RISK MANAGEMENT REPORT
Executive Summary
The report provides an idea of the implementation process of a project that is based on
launching of a real estate agency. The idea of the implementation approach to be followed in
the real estate agency launch is discussed in the report. The background of the project along
with the major assumptions and the constraints associated with the implementation of the
chosen project is indicated in the report. The schedule and the budget needs of the project is
further discussed in the report. Since communication is an important need of project
management, it is required to prepare a proper communication plan, which is followed in the
report. The report further identifies the major risks that are to be addressed in a project.

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Table of Contents
Introduction...................................................................................................................... 3
1. Project Description/ Details..........................................................................................3
1.1. Scope Statement...................................................................................................3
1.2. Background........................................................................................................... 4
1.3. Benefits of the Project............................................................................................4
1.4. Objectives of the Project........................................................................................4
1.5. Start and Finish Date.............................................................................................5
1.6. Monetary Value.....................................................................................................5
1.7. Constraints............................................................................................................5
1.8. Key Assumptions...................................................................................................6
1.9. Expected Outcomes..............................................................................................6
2. Work Breakdown Structure..........................................................................................6
3. Gantt Chart.................................................................................................................. 7
4. Network Diagram.......................................................................................................10
5. Stakeholder Analysis..................................................................................................11
6. Communication Planning...........................................................................................13
7. Risk Management......................................................................................................16
Conclusion..................................................................................................................... 18
Bibliography................................................................................................................... 20
Appendices.................................................................................................................... 22

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Introduction
The risk management report aims in detailed evaluation of the project management
concepts to identify and analyze the risks associated with the launch of a real estate agency.
The chosen project of developing and launch of a real estate agency is subjected to a number
of hazards and risks which will be analyzed in this research report. The report provides an idea
of the scope of undertaken agency development project, the background of the chosen agency
development project, the monetary value, the key constraints along with the assumptions that
are considered in successful implementation of the agency launch project. The WBS and the
Gantt chart provides the details of the tasks that are linked with the implementation. The report
gives an idea of a communication plan and the risk management plan and the plan for mitigation
of the risks and issues associated with the implementation of the agency launch project. The
scope and the deliverables of the agency project is evaluated in the paragraphs below.
1. Project Description/ Details
This section of the risk management report will cascade the details related to scope and
background of the agency project, the benefits and the objectives of the agency project. The
details of the constraints and the assumptions linked with launch of the agency project are
discussed in the following sections.
1.1. Scope Statement
Project aims in development and launch of agency. The project will consider
incorporation of all the necessary attributes that are needed to be considered in implementation
and management of the agency launch project. The in scope requirement of the real estate
agency launch project is indicated as follows-
 A realistic project schedule is prepared for successful project implementation

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 The project will involve planned risk management process
 The schedule and the budget of the project is estimated taking in consideration
and time and the resources needed for completion of the project.
The out-of scope requirements of the project are as follows-
 The agency project is will not the post project review, analysis and
maintenance.
1.2. Background
Launch of an agency project is undertaken by the project team. The real estate agents
mainly make money through the commissions that are paid directly to the brokers for a
particular service. Therefore, launching a real estate agency requires prolonged planning and
execution. The project is expected to be completed in a set timeframe and within the set budget.
1.3. Benefits of the Project
The successful launch of an agency will prove to be an excellent business opportunity.
Choosing a location where there is a lack of good real estate agency can prove to be a good
business boon for the project owner. Furthermore, the launch of a real estate agency will
provide excellent job opportunity to many, which is another significant advantage or benefit of
the real estate launch project. Therefore, it is recommended to implement the chosen project in
a planned manner. The successful execution of the project add to the experiences that the
project team will gain regarding the launch of a real estate agency.
1.4. Objectives of the Project
The identified objectives that is linked with the planning and implementation of the
project is indicated as follows-

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 To identify the schedule and the resources needed for successful execution
of a project
 To develop a realistic schedule that can help in completion of the undertaken
project on time
 To assign accurate resources to the task
 To ensure that the project is executed on a set time-frame
By the end of the project, it is expected that all the identified objectives will be fulfilled. A
project plan is needed to be prepared considering all above identified objectives. This will help
in implementation of the project in an effective manner.
1.5. Start and Finish Date
Fri 10-05-19 (start) Wed 22-01-20 (Finish).
1.6. Monetary Value
The cost of implementation of the project is $169,280. This include mainly the labour and
the cost of equipment that are needed for successful project implementation.
1.7. Constraints
The main constraints of the agency project are as following-
1. The project is to be executed in a limited time within the time allocated which is a
major project constraint.
2. The project team does not have an experience on the implementation of real estate
project, which is another significant project constraint.
3. The project does not involve training the staffs regarding the business requirement of
a real estate agency

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1.8. Key Assumptions
The key assumptions linked with real estate project are as following -
1. It is indicated that the agency project can be delivered within the set time frame.
2. It is expected that no budget issue will arise in implementation of the project
3. It is assumed that the resources chosen for the project will be continuously available
for implementing the project in a set timeframe.
4. It is assumed that the project plan that is developed will enable the team members to
complete the project in a successful manner.
1.9. Expected Outcomes
The report indicates preparing of a work breakdown structure and the schedule Gantt
chart of the project. The agency development project plan that is prepared is expected to ensure
successful execution of a project. By the end of the project, a real estate agency should be
launched in a successful manner, within the set timeframe.
2. Work Breakdown Structure

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The work breakdown structure of the chosen agency launching project is indicated in the figure below-
Figure 1: Representing the WBS
3. Gantt Chart
The Gantt chart of the agency launching project is shown in the following picture-

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Figure 2: Representing the Gantt chart
4. Network Diagram
The network diagram for the chosen project is indicated as follows-

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Figure 3: Representing the Network Diagram
5. Stakeholder Analysis
Identification and analysis of the stakeholders linked with the launching of a real estate
agency is necessary to ensure that the identified stakeholders will remain engaged with the
project. The main stakeholders linked with the launch of the real estate project is indicated as
follows-
1. Project Manager
2. Contractor
3. Clients
4. Project Sponsor
5. Project Team
The power or influence and the interest of the stakeholders linked with the real estate
agency launch project is indicated in the table below-
Stakeholders Description Power Interest
Project Manager The manager is a key
stakeholder as this
person has the
responsibility of
execution of a project
in a planned manner.
Medium High
Contractor The contractor is
responsible for
Medium Medium

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undertaking the real
estate agency launch
project and delivering
the project on time.
Clients The clients are one of
the most important
stakeholders of the
project as business
of real estate agency
is largely dependent
on its clients.
High Low
Project Sponsor The sponsor is an
important stakeholder
and has a high
influence on the
project
High High
Project Team The team is a vital
stakeholder as the
team will ensure
successful execution
of the project.
Medium Medium
The power and the interest of the identified stakeholder is illustrated in form of the
stakeholder map below-