Project Risk Management Techniques

This assignment delves into the realm of project risk management techniques, examining various methodologies used to identify, analyze, and mitigate risks within project lifecycles. It emphasizes a theoretical framework for understanding and applying these techniques effectively, considering the complexities inherent in modern project environments.

Running head: MANAGING PROJECTS
Module: SIM335 Managing Projects
Assignment Code: SIM335
Student Name:
University Name:

1MANAGING PROJECTS
Table of Contents
Task 1 - Short answer questions......................................................................................................2
Answer to Question 1..................................................................................................................2
Answer to Question 2..................................................................................................................3
Answer to Question 3..................................................................................................................3
Answer to Question 4..................................................................................................................4
Answer to Question 5..................................................................................................................4
Answer to Question 6..................................................................................................................5
Task 2 – Project Report...................................................................................................................5
1. Introduction..............................................................................................................................5
2. Project Background.................................................................................................................6
3. Aims and Objectives................................................................................................................6
3.1 Aim of the project..............................................................................................................6
3.2 Objectives of the project....................................................................................................6
4. Project Scope...........................................................................................................................6
5. Purpose of the project plan......................................................................................................7
5.1 Project concerns.................................................................................................................7
5.2 Project stages and processes..............................................................................................8
5.3 Leadership and administration...........................................................................................8
5.4 Control problems...............................................................................................................9
5.5 Project assumptions...........................................................................................................9
5.6 Project constraints..............................................................................................................9
5.7 Project deliverables..........................................................................................................10
6. List of project resources.........................................................................................................10
6.1 Roles and responsibilities of the project resources..........................................................11
7. Project Schedule....................................................................................................................11
8. Work Breakdown Structure...................................................................................................16
9. Milestones in the project........................................................................................................16
10. Estimated project budget.....................................................................................................17
11. Communication plan............................................................................................................17
12. Closure Checklist.................................................................................................................18
13. Conclusion...........................................................................................................................19
References......................................................................................................................................20

2MANAGING PROJECTS
Task 1 - Short answer questions
Answer to Question 1
The three types in which project are being categorized are described as below:
Civil Engineering, Construction, Petrochemical, Mining, and Quarrying: This type of
project mainly involve industrial projects. Special risks as well as problems may be incurred
upon an organization due to these types of projects (Walker 2015). Some typical examples of
these type of projects are Construction of a building, Opening a new commercial complex,
Design and Development of a coal mine and etc.
Manufacturing Projects: In this type of project, the aim is to produce or develop an
equipment, machinery, vehicle or even some other item. The developed product from these type
of projects maybe intended for single customer or even funded within the company (Fleming and
Koppelman 2016). The examples of these type of projects include Manufacturing of Aircraft,
Manufacturing of earth moving vehicles or even manufacturing of a small pen.
Management Projects: These type of projects reflect that expertise of project
management is essential for every company regardless of their size. The typical examples of
these type of project include:
 Relocation of company headquarters
 Development and implementation of a new information system
 Launching a campaign for marketing
 Preparing feasibility report or other documentation
 Organizing a trade exhibition or stage show

3MANAGING PROJECTS
Answer to Question 2
The major concern of scope change control is to identify the factors that influence
changes in project scope along with monitoring the impact on project due to such changes. It
ensures that the changes that are being requested as well as the required corrective actions are
carried out using the process of project Integrated Change Control. It can be integrated with other
control processes for management of actual changes that may occur in a project.
The process of change can be managed by using control system that will be documented
in the scope management plan. The management plan for scope changes will comprise definition
of the procedures which can be followed to make changes in the project scope. The performance
measurements can be used for assessing the variations due to changes in project scope.
Answer to Question 3
Project Gantt chart

4MANAGING PROJECTS
The project will require 25 days to complete according to the duration provided for the
required activities.
Gantt chart is defined as graphical representation of the timeframe required to execute
and complete a project. The Gantt chart serves as an outline for the project plan that have to be
followed for successful execution of the project. The major benefit of Gantt chart is that it
provides scheduling to execute required activities that could be used for suitable time
management.
Answer to Question 4
The project closeout report is an essential element to ensure success of future project as it
involves documentation of the lessons learnt, identifying the gaps and review of a particular
project. The generation of closeout report is required for supporting project managers in future
projects so that it can be completed successfully (Leach 2014). The closeout report also reflects
on the acceptance of final product or deliverable by the client. In this report, the analysis is
carried out on whether the objectives have been met according to specification by the client.
Answer to Question 5
Risk management is defined as the process of identifying, analyzing and development of
measures for mitigation of risks that may arise throughout the lifecycle of a project. The risk
management ensures that the project remains on track and the objectives are being met according
to requirements of the client (Nicholas and Steyn 2017).
Some of the major tools and techniques that might be included in the process of risk
management are review of documentation, techniques for information gathering, brainstorming,
root cause analysis, risk probability assessment matrix and etc.

5MANAGING PROJECTS
Answer to Question 6
The major reason behind quality audits on projects is assessment of the chosen
methodology to ensure that it supports the project manager with required procedures as well as
processes. This assessment is required for the project managers to ensure success of the project
(Kerzner 2017). The quality audits on projects help to determine the major concerns of
stakeholders, project sponsor along with the team members. The audits could also be used to
illustrate in the recommendations that can be adapted for overcoming the issues and concerns so
that the project remains on track.
Task 2 – Project Report
1. Introduction
Watson PLC, a British Leisure Company, which is specializes is in provisioning and
operation of a private health and fitness club. However, due to certain operational and functional
disability the company is willing to expand their business by opening a cinema hall with 100
seats. In addition to this the other components of this project include an extensive beauty spa
with treatment facilities, hairdressing, massage and cosmetic treatment as well.
It is expected that the project will help the company to gain competitive advantages and
measurable revenue as well. This project defines the aim and objectives project. In order to
accomplish the project accurate roles and responsibilities are needed to be served by the project
stakeholders. For reducing the work load from the project team members based on the skills and
knowledge of the stakeholders the job roles are divided accordingly. In addition to this, project
assumptions, project concerns and stages those are maintained by the project manager to
complete the project are also elaborated in this report.

6MANAGING PROJECTS
2. Project Background
In the year of 1994, Watson PLC opened their first club and with the moving time span
they have also opened 24 more clubs in United Kingdom. In order to gain more profit the
company is willing to open a new club with new and advanced facilities. Additionally, Watson
PLC is also willing to open a cinema hall and extensive beauty spa. The beauty spa will provide
vast range of treatment and services to their consumers.
3. Aims and Objectives
3.1 Aim of the project
The aim of the project is to expand the existing business activities of Watson PLC by
opening a health studio including spa, steam room and sauna as well to gain competitive
advantages and profit.
3.2 Objectives of the project
 To open a new club that would have new facilities and services throughout
 To construct an extensive beauty spa for the clients
 To incorporate vast range of treatment facilities including cosmetic treatment,
hairdressing and massage for the consumers
4. Project Scope
The scope of Watson PLC project includes many advances facilities and advanced
operational activities accordingly. Watson PLC is willing to open a new club to provide new and
advanced facilities and services to their consumers. In addition to this, it also wants to extend the
beauty spa that would facilitate new range of treatment and services as well for the consumers. It

7MANAGING PROJECTS
is expected that with the help of the advanced treatment facilities the company would be able to
grab more consumers, revenue throughout United States.
5. Purpose of the project plan
5.1 Project concerns
The project developed for Watson PLC should have the following concerns for successful
development of the project ad are listed below:
Ensuring proper management of the activities – The project schedule should be
monitored for the development of the project and the changes in the requirement of the project
must be managed by the project manager (Turner 2016). A priority list must be created for
management of the resources and a log should be used for recording the activity of the team
members.
Defining the project metrics – Data should be collected and similar type of project
should be analysed for creation of a benchmark. The project report should be reviewed and
expected results should be analysed for evaluation of the rate of success of the project.
Ensuring effective communication between the team members – A communication plan
should be used for communicating with the different stakeholders associated with the
development of the project (Snyder 2014). Two way communication should be used for
analysing the progress of the project and remove the constraints raised during the project
development process.
Integration of the strategic management plan – It is used for the management of the
changes in the business process of the organization and reduce the effort of the team members
for the management of the project (Martinelli and Milosevic 2016).

8MANAGING PROJECTS

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5.2 Project stages and processes
The main stages of the project are given below:
Project initiation phase – In this stage and analysis is made on the requirement of the
project and a feasibility study is made fir the identification of the risk associated with the
development of the project.
Planning stage – In this stage an outline of the project should be created and the
resources required for the project is assigned to each of the activity for the estimation of the
budget (Mir and Pinnington 2014). The communication plan, strategic management plan and the
risk management plan is also created.
Execution stage – In this stage the development of the project is started following the
project schedule created.
Monitoring stage – In this stage the project manager monitors the progress of the project
and controls the different operation for resolving the problems in the project and develop a
quality project.
Closure stage - All the stakeholders are involved and the documentation of the project is
created for signing the project closure document.
5.3 Leadership and administration
Effective leadership and administrative is important for the organizing the task and
increase the productivity of the team members for successful development of the project
(Heldman 2015). The project manager should have leadership skills and able to communicate
with all the stakeholders efficiently for management of the problems faced by the team members.

10MANAGING PROJECTS
5.4 Control problems
The control problems that may occur within the project are described as below:
Scope change control: The requests for change in project scope during lifecycle of the
project may lead to delay or even failure (Cicmil et al. 2017). Hence, controlling the changes in
project scope is a challenging task for the project.
Risk control: The controlling of risks that may arise during execution of the project is
also a bit complex task. The improper control of risks may lead to failure of the project.
Quality control: Quality is considered as an essential factor to determine success of the
project (Lock 2017). Hence, the controlling of quality may be hampered with the changes in
project scope which in turn would result into failure of the project.
5.5 Project assumptions
The assumptions that have been made in context to the Watson PLC project are listed as
below:
 Availability of adequate funds required for the project.
 Availability of adequate resources for the project.
 Required workforce has suitable skills and expertise.
5.6 Project constraints
Constraints are essential factors to determine success of any project as those ensure that
whether it will be complete within estimated time and budget. The constraints identified in
context to the Watson PLC project are described as below:

11MANAGING PROJECTS
Scope: The request for changes in project scope at a certain point in between lifecycle of
the project may hinder the progress (Portny 2017). This may eventually cause delay or even
failure of the project.
Time: The completion of project within estimated time is an important factor for
satisfaction of the client. Hence, if the project is delayed then the client may not be satisfied and
accept the project.
Cost: Cost is an important factor for successful execution of a project as if there is
shortage in funding in between the progress of project then it may cause failure of the project
(Todorovic et al. 2015). Hence, there is a need to make proper budgeting for success of any
project.
5.7 Project deliverables
The deliverables of the project for Watson PLC are illustrated as below:
 A new club with new facilities and services.
 A small 100 seat cinema theatre.
 A beauty spa with vast range of treatments and services.
6. List of project resources
Resource Name Type Initials Max. Units Std. Rate
Project manager Work PM 100% $20.00/hr
Finance manager Work FM 100% $18.00/hr
Project sponsors Work PS 100% $20.00/hr
Contractors Work C 100% $15.00/hr
Sub-contractors Work SC 100% $12.00/hr
HR manager Work HRM 100% $10.00/hr
Facility manager Work FCM 100% $0.00/hr
Business analyst Work BA 100% $18.00/hr
material needed for extensive Material M $130.00

12MANAGING PROJECTS
beauty spa
Materials needed for fitness
facility Material M $121.00
Materials needed for other
services Material M $115.00
6.1 Roles and responsibilities of the project resources
Resource Name Responsibilities
Project
manager
This person will be responsible for managing, organizing and executing
required activities to accomplish the project.
Finance
manager
This person will be responsible for management of the financial aspects of the
business.
Project
sponsors
This person will be responsible for funding the project.
Contractors The contractors will be responsible for delivery of materials or resources
required to execute the project.
Sub-
contractors
This person will be responsible to execute the
HR manager This person will be responsible for recruitment and management of required
labor force to complete project.
Facility
manager
This person will ensure that required materials and resources are available for
execution of the required activities.
Business
analyst
This person will be responsible to manage the required business activities.
7. Project Schedule
WB
S Task Name Duration Start Finish Predecessor
s Resource Names
0 Time schedule 220 days Tue Mon

13MANAGING PROJECTS
development for
Watson PLC
23-01-
18
26-11-
18
1 Project initiation
phase 64 days
Tue
23-01-
18
Fri 20-
04-18
1.1
Understanding
current status of
Watson PLC
10 days
Tue
23-01-
18
Mon
05-02-
18
Project manager
1.2
Determining the
requirements of the
project
6 days
Tue
06-02-
18
Tue
13-02-
18
2 contractors ,project manager
,project sponsors
1.3
Analyzing the
provision and
operational ability of
the company
9 days
Wed
14-02-
18
Mon
26-02-
18
3 Business analyst ,Facility
manager ,project manager
1.4 Feasibility study 5 days
Tue
27-02-
18
Mon
05-03-
18
4 finance manager
1.5 Identification of
project risks 8 days
Tue
06-03-
18
Thu
15-03-
18
4,5 Business analyst ,HR
manager
1.6 Analysis the
project risks 6 days
Fri
16-03-
18
Fri 23-
03-18 5,6 Facility manager
1.7
Development of
risk mitigation
approaches
3 days
Mon
26-03-
18
Wed
28-03-
18
7 Business analyst ,project
sponsors
1.8
Allocation total
time for completing
the project
7 days
Thu
29-03-
18
Fri 06-
04-18 8 Facility manager ,project
sponsors
1.9 Selection of
project team 10 days
Mon
09-04-
18
Fri 20-
04-18 9 HR manager
2
Milestone 1:
Completion of
project initiation
phase
0 days
Fri
20-04-
18
Fri 20-
04-18 10 project manager
3 Project planning
phase 58 days
Mon
23-04-
18
Wed
11-07-
18
3.1
Understanding
requirements for
expansion
12 days
Mon
23-04-
18
Tue
08-05-
18
11 Business analyst ,project
manager ,project sponsors
3.2 Outlining the 8 days Wed Fri 18- 13 contractors ,sub-contractors

14MANAGING PROJECTS
blueprint of the
company
09-05-
18 05-18
3.3
Outlining the
expected facilities to
be provided
9 days
Mon
21-05-
18
Thu
31-05-
18
13,14
Facility manager ,material
needed for extensive beauty
spa [1]
3.4 Assigning project
resources 6 days
Fri
01-06-
18
Fri 08-
06-18 15 HR manager ,project
sponsors
3.5 Executing project
management plan 8 days
Mon
11-06-
18
Wed
20-06-
18
16 project manager ,project
sponsors
3.6 Set up accurate
tracking system 5 days
Thu
21-06-
18
Wed
27-06-
18
16,17 Business analyst ,project
manager
3.7 Developing
procurement plan 4 days
Thu
28-06-
18
Tue
03-07-
18
18 finance manager
3.8 Developing
communication plan 6 days
Wed
04-07-
18
Wed
11-07-
18
19 HR manager ,project
sponsors
4
Milestone 2:
Completion of
project planning
phase
0 days
Wed
11-07-
18
Wed
11-07-
18
20 project manager
5 Project execution
phase 54 days
Thu
12-07-
18
Tue
25-09-
18
5.1
Analyzing the
current facilities
served by the
company
9 days
Thu
12-07-
18
Tue
24-07-
18
21 Facility manager
5.2 Subsequent
opening up of 24 clubs 7 days
Wed
25-07-
18
Thu
02-08-
18
23
Materials needed for other
services [1],Materials
needed for treatment facility
[1],material needed for
extensive beauty spa [1]
5.3
Incorporating
25X12 meter
swimming pool
8 days
Fri
03-08-
18
Tue
14-08-
18
23,24 project sponsors
5.4 Implementation of
fitness facilities 6 days
Wed
15-08-
18
Wed
22-08-
18
25
Business analyst ,material
needed for extensive beauty
spa [1]
5.5 Constructing
cinema hall
8 days Thu
23-08-
Mon
03-09-
26 project manager ,project
sponsors

15MANAGING PROJECTS
18 18
5.6 Opening spa with
sauna 7 days
Tue
04-09-
18
Wed
12-09-
18
27
contractors ,sub-
contractors ,Materials
needed for treatment facility
[1]
5.7 material collection
for treatment facility 9 days
Thu
13-09-
18
Tue
25-09-
18
28
contractors ,Materials
needed for other services
[1],sub-contractors
6
Milestone 3:
Completion of
project execution
phase
0 days
Tue
25-09-
18
Tue
25-09-
18
28,29 project sponsors
7 Project monitoring
phase 32 days
Wed
26-09-
18
Thu
08-11-
18
7.1
Providing project
status report on a
regular basis
2 days
Wed
26-09-
18
Thu
27-09-
18
30 project manager ,project
sponsors
7.2
Tracking and
managing project
issues and risks
4 days
Fri
28-09-
18
Wed
03-10-
18
32 Facility manager ,project
sponsors
7.3
Conducting
project change
management
3 days
Thu
04-10-
18
Mon
08-10-
18
33 contractors ,Facility
manager ,sub-contractors
7.4 Development of
project status 8 days
Tue
09-10-
18
Thu
18-10-
18
34 Facility manager ,finance
manager
7.5 Developing
project change log 9 days
Fri
19-10-
18
Wed
31-10-
18
34,35 Business analyst ,finance
manager ,sub-contractors
7.6 Performing project
quality management 6 days
Thu
01-11-
18
Thu
08-11-
18
36 Business analyst
8
Milestone 4:
Completion of
project Monitoring
phase
0 days
Thu
08-11-
18
Thu
08-11-
18
37 project manager
9 Project closure
phase 12 days
Fri
09-11-
18
Mon
26-11-
18
9.1 Stakeholders
signoff 4 days
Fri
09-11-
18
Wed
14-11-
18
38 project sponsors
9.2 Final project 3 days Thu Mon 40 project manager

16MANAGING PROJECTS
documentation 15-11-
18
19-11-
18
9.3 Post project
maintenance planning 5 days
Tue
20-11-
18
Mon
26-11-
18
41 project manager
10
Milestone 5:
Completion of
project closure phase
0 days
Mon
26-11-
18
Mon
26-11-
18
42 project manager
11
Milestone 1:
Completion of
project initiation
phase
0 days
Fri
20-04-
18
Fri 20-
04-18 10 project manager
12
Milestone 2:
Completion of
project planning
phase
0 days
Wed
11-07-
18
Wed
11-07-
18
20 project manager
13
Milestone 3:
Completion of
project execution
phase
0 days
Tue
25-09-
18
Tue
25-09-
18
28,29 project sponsors
14
Milestone 4:
Completion of
project monitoring
phase
0 days
Thu
08-11-
18
Thu
08-11-
18
37 project manager
15
Milestone 5:
Completion of
project closure phase
0 days
Mon
26-11-
18
Mon
26-11-
18
42 project manager

17MANAGING PROJECTS
8. Work Breakdown Structure
Time schedule
development for Watson
PLC
Project initiation phase
Understanding
current status of
Watson PLC
Determining the
requirements of the
project
Analyzing the
provision and
operational ability of
the company
Feasibility study
Identification of
project risks
Analysis the project
risks
Development of risk
mitigation approaches
Allocation total time
for completing the
project
Selection of project
team
Project planning phase
Understanding
requirements for
expansion
Outlining the
blueprint of the
company
Outlining the expected
facilities to be
provided
Assigning project
resources
Executing project
management plan
Set up accurate
tracking system
Developing
procurement plan
Developing
communication plan
Project execution phase
Analyzing the
current facilities
served by the
company
Subsequent
opening up of 24
clubs
Incorporating 25X12
meter swimming pool
Implementation of
fitness facilities
Constructing cinema
hall
Opening spa with
sauna
material collection for
treatment facility
Project monitoring phase
Providing project
status report on a
regular basis
Tracking and
managing project
issues and risks
Conducting project
change management
Development of
project status
Developing project
change log
Performing project
quality management
Project closure phase
Stakeholders signoff
Final project
documentation
Post project
maintenance
planning
9. Milestones in the project
Milestones Start Finish
Milestone 1: Completion of project initiation phase Fri 20-04-18 Fri 20-04-18
Milestone 2: Completion of project planning phase Wed 11-07-18 Wed 11-07-18
Milestone 3: Completion of project execution phase Tue 25-09-18 Tue 25-09-18
Milestone 4: Completion of project monitoring phase Thu 08-11-18 Thu 08-11-18
Milestone 5: Completion of project closure phase Mon 26-11-18 Mon 26-11-18
10. Estimated project budget
Activity Name Cost

18MANAGING PROJECTS
Project initiation phase $8,080.00
Project planning phase $14,962.00
Project execution phase $8,892.00
Project monitoring phase $7,400.00
Project closure phase $1,920.00
Total Budget $41,254.00
11. Communication plan
Purpose Involved person Frequency Impact Medium of
communication
To discuss about
the project
objectives, aims
and goal of
Watson PLC.
Project manager
and project team
members
Weekly High PPT,
conferences,
Face to face
meeting
About the
knowledge
management
strategies to be
adopted
Project manager
and business
analyst
Weekly Medium Conferences,
PPT
About all the
required
materials
Project manager
and
Monthly High Conferences,
PPT, emails
About the Project manager, Weekly Medium Conferences,

19MANAGING PROJECTS
requirements of
the beauty spa
extension
contractors and
sub-contractors
and project
sponsors
PPT, emails
To discuss about
the control
problems and
project lifecycle
that has to be
adopted
Business
analysts and
project sponsors
Monthly High Conferences,
PPT
12. Closure Checklist
Name of the stakeholders Signature
Project manager <Please fill>
HR manager <Please fill>
Finance manager <Please fill>
Contractors <Please fill>
Sub-Contractors <Please fill>
Facility manager <Please fill>
Business analyst <Please fill>

20MANAGING PROJECTS
13. Conclusion
From the overall discussion it can be concluded that in order to complete the entire
project the project manager and finance manager has estimated project budget and timeline as
well. It is expected that with the help of the project preliminary estimation the company will be
able table to meet the project objectives accurately. Watson PLC had opened 24 clubs in US and
with the changing time phase the company has also opened 24 more clubs in US. In order to gain
effective revenue and success from the competitive market the company was willing to open a
small cinema hall with 100 seats. After completing the project documentation it is found that, the
project will be completed within estimated time phase within estimated budget.

21MANAGING PROJECTS
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