Project 2: Risk Register and Risk Matrix for Chapman Hall Project

This project analyzes the risk management aspects of a refurbishment and redevelopment project for Chapman Hall in Queen's Building, focusing on improving spaces for business students. The assignment includes a detailed risk register, documenting potential risks like financial constraints, market acceptance, technological failures, and human resource issues, along with their probability and impact. A risk matrix is used to visualize the risks, aiding in prioritization. The project emphasizes the value of the risk register within an overall risk management plan, highlighting its role in identifying, assessing, and mitigating risks to ensure project success. It also considers contingency plans and the importance of clear responsibilities and stakeholder involvement. The project concludes by underscoring the critical role of risk management in preventing project delays, cost overruns, and other challenges, ultimately ensuring successful project completion and desired outcomes.

Project Management

Contents
PROJECT 2.....................................................................................................................................1
A. Risk register containing documented risks during the performance of project and Risk
matrix to ascertain the chance of their occurrence along with impact.........................................1
B. Determining the value of risk register in overall risk management plan................................4
REFERENCES................................................................................................................................6

PROJECT 2
A. Risk register containing documented risks during the performance of project and Risk matrix
to ascertain the chance of their occurrence along with impact
The current project is about improvement in the available spaces for business students. This will
be done through adopting the approach of refurbishment and redevelopment of the Chapman
Hall in Queen’s Building. Here, also the major preference is providing over improving tired
seating by withdrawing old one along with the implementation of sound panels on wall that
improves the teaching and learning experience. The work of project management is performed
with the support of Facilities management department of University who provided the provision
budget of 100K. Also, in the process of working requires to consider that it does not cause any
disruption to the current teaching timetables (Chapman, 2019).
Risk Register
The role of risk register is important in effective completion of project on time along with
attaining desired results (Risk Register, 2020). It is the register that includes the description of all
different risks associated with project tasks along with preventive measures that will help in
future to avoid or mitigate their negative impact. This will also aid in determination of the risk
origin and its influence over various activities related to task that belong from different heads (de
Araújo Lima, Crema and Verbano, 2020).
Risk
Descripti
on
Own
er
Lik
elih
ood
(10)
Im
pac
t
(10)
Rat
ing
(10)
Mitigati
on
Action
Lik
elih
ood
(10)
Im
pac
t
(10)
Ratin
g (10)
Contingency action
1.
Financial
Risk:
Inappropri
ate
allocation
of budget
Fina
nce
man
ager
8 7 6 Separate
team to
allocate
funds
2 3 1 Regular checking of each
department needs
2. Market Proj 3 8 5 Involve 1 4 2 Ascertain the view of students
1

Risk: Not
accepted
by
Students
ect
man
ager
ment of
students
in
process
of
refurbis
hing
3.
Technolo
gy Risk:
Failed to
execute
advance
technolog
y
Tech
nical
advi
sor
7 9 8 Aid of
IT
experts
2 3 1 Hire technological team
4. People
Risk:
Involveme
nt of less
skills
worker
Hum
an
reso
urce
man
ager
5 8 8 Support
of
external
agencies
3 4 2 Ascertaining the skills requirement
5. Process
risk:
Ability to
teachers
and other
equipment
to support
new
change
Proj
ect
man
ager
6 6 4 Training
to all
staff
1 3 1 Improvement in all areas
6. Supply Proj 5 5 4 Aligned 2 4 3 Procure in advance
2

risk: Not
able to
procure
resources
in time
ect
man
ager
with
alternati
ves
7. Time
risk: Not
able to
complete
on time
Proj
ect
man
ager
7 8 5 Segregat
ion of
tasks
and
complet
e the
first that
takes
most
time
2 3 2 Use of CPM or project
Management methodologies
8. Legal
risk:
Unable to
adhere
governme
nt policies
and
university
policies
Proj
ect
man
ager
3 4 1 Universi
ty aid to
know
policies
1 1 1 Ascertaining knowledge about
All legal aspects
9. Cost
risk: Lack
of funds
Fina
nce
man
ager
8 9 7 Finding
of
alternati
ve
sources
2 3 2 Procure funds from external sources
10.
Performa
Hum
an
6 7 6 Proper
direction
2 2 1 Hire teams to remove deviations and
Improve performance
3

nce risk:
Not able
to get the
results due
to low
performan
ce
reso
urce
man
ager
and
guidanc
e
Risk Matrix
This will aid in determination of probability and impact of risk on the basis of its nature
and have interest within the project (Dotsenko, Chumachenko and Chumachenko, 2019). Here,
the X axis shows impact and Y depicts the probability of risk. On Y axis, from point of origin to
above shows the probability of risk to low, medium and high. Whereas, on X axis, from point of
origin to right side shows the impact of risk to low, medium and high.
Risk 1
Risk 3
Risk 7
Risk 9
Risk 5
Risk 6
Risk 4
Risk 10
Risk 8 Risk 2
B. Determining the value of risk register in overall risk management plan
Risk register is the pat of risk management plan. The aspects which are included under risk
management plan includes methodology, roles and responsibilities, budget and schedule, risk
categories, risk probability and impact and risk documentation (Leva and Sheehan, 2019). The
role of risk register is main under the risk management plan that includes all the details regarding
the different categories of risk along with their nature of occurrence and impact over the
completion of whole project. The scope of risk register is not limited to that point only. This will
also include the information regarding mitigation actions in relation to the different categories of
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risks. Risk register also includes the probable results of the occurrence and impact of risk after
adhering the actions of mitigation. This will aid in ascertaining the knowledge that how the
probability and impact of risks will be diminished from the completion of overall project. The
presence of information about the owner clears about the responsibility of the personnel. This
help in clear depiction that who has obligation for carrying the activities properly in project and
how they perform towards its completion within the defined time (Pollard, 2019). This also cover
the information about contingencies plan that provides the direction at the time when mitigation
action also not works. This will help to build confidence among the project manager that their
team is working with full proof plan through which they able to grab the desired results even in
the situation of facing hindrances. In overall nature, this clearly depicts that the place of risk
register is prime in overall risk management plan that guides in the right direction of working.
If risks are not handled properly during the performance of project than large number of
challenges will be faced in future that resultants into two outcomes i.e. non completion of project
or its delay. In this situation, challenges that will occur during the performance includes non-
completion of project on time, high involvement of cost, not effective in nature according to
desired results etc. Also, the challenges will be faced related to poor performances of personnel’s
and non-involvement of stakeholders that directs activities towards negative where unable to
grab the positive results (Reed and Angolia, 2020).
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REFERENCES
Books and Journals
Chapman, R. J., 2019. The rules of project risk management: Implementation guidelines for
major projects. Routledge.
de Araújo Lima, P. F., Crema, M. and Verbano, C., 2020. Risk Management in SMEs: a
systematic literature review and future directions. European Management Journal. 38(1).
pp.78-94.
Dotsenko, N., Chumachenko, D. and Chumachenko, I., 2019, June. Management of critical
competencies in a multi-project environment. In CEUR Workshop Proceedings (Vol.
2387, pp. 495-500).
Leva, M. C. and Sheehan, R., 2019. Developing a risk register to deliver risk intelligence.
In Total Safety and the Productivity Challenge (pp. 105-125). Routledge.
Pollard, C. E., 2019. Lessons learned from client projects in an undergraduate project
management course. Journal of Information Systems Education. 23(3). p.3.
Reed, A. H. and Angolia, M. G., 2020. Risk management usage and impact on information
systems project success. In Start-Ups and SMEs: Concepts, Methodologies, Tools, and
Applications (pp. 1065-1084). IGI Global.
Online
Risk Register. 2020. [Online]. Available Through: <
https://www.projectmanager.com/blog/guide-using-risk-register>
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