University Fitness Project: Community Fit Risk Management Plan Report

This report presents a risk management plan for the Community Fit fitness project, addressing potential challenges during the project's lifecycle. The plan identifies key risks such as budget overruns, scope creep, improper resource allocation, communication issues, logistic problems, and sudden price increases for gym equipment. Each risk is assessed based on its impact and likelihood, with corresponding mitigation strategies outlined. The strategies include conducting feasibility studies, developing comprehensive project scope documents, allocating resources based on project complexity, promoting open communication, and ensuring budget flexibility. The report emphasizes the importance of proactive risk management to ensure the successful and timely completion of the fitness project.

Running head: COMMUNITY FIT BUILDS FOR FITNESS PROJECT
Community Fit Builds for Fitness project: Risk management plan
Name of the Student:
Name of the University:

1COMMUNITY FIT BUILDS FOR FITNESS PROJECT
Risk management Plan
For the community fitness gym building project, risk management plan is the other very
essential project management knowledge area. Risk management plan is the written document
that is presented to the project manager before execution of any project. The risk management
plan identifies probable risks that may hamper the project during the planning and also in the
project implementation stages. In order to avoid such situation before the beginning of the
project possible risks, their likelihood and potential management strategies for each risk are
needed to be developed by the involved project team members. The risks, their likelihood and
potential management strategies for the community fitness gym project are elaborated in the
below section:
Risk
id
Risk name Risk description
R1 Over running budget
and time
During the execution of the project if it is found that the
estimated value of $50,000-$85,000 is exceeded and the
expected time is almost at the door then that risks are called over
running time and budget risks
R2 Scope creep The risks that are occurred due to improper design and
development of project scope statement and project document
R3 Improper resource
allocation
If sufficient resources are not allocated to the project activities
the this type of risks are occurred
R4 Insufficient
communication
Due to lack of communication needful information will not be

2COMMUNITY FIT BUILDS FOR FITNESS PROJECT
shared among the team members corkeala bowens
Amber polk, annie williams and muhammad mutasadik
R5 Logistic problems In order to inaugurate the gym the equipment those are needed if
not purchased on time due to logistic issues then this problem
occurs
R6 Sudden price hike of
the gym equipments
The budget estimated for the project may over shoot if the
equipments to be purchased for the gym is increased suddenly.
Risk name Impact Likelihood Score
Over running budget and time High (4) Unlikely (2) Moderate (3)
Scope creep High (4) Possible (3) High (12)
Improper resource allocation Moderate (3) Most unlikely (1) Low (3)
Insufficient communication High (4) Possible (3) High (12)
Logistic problems Moderate (3) Likely (4) High (12)
Sudden price hike of the gym equipments Moderate (3) Most likely (5) High (15)
Risk name Risk mitigation strategy
Over running budget and time In order to avoid the overrunning budget and
time risk the project manager needs to
conduct a feasibility study before the project
begins. The feasibility report will let the
project manager and other team members
realize whether the project will be completed

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on budget and time or not
Scope creep Before beginning the project the objectives,
goal and aims should be properly analyzed to
develop the project scope document and it
also needs o be shared among all the team
members
Improper resource allocation Based on project complexity the resources are
to be allocated to each the wbs activities
Insufficient communication While sharing information open verbal
communication should be used
Logistic problems The project team should hire other transports
Sudden price hike of the gym equipments The budget must be estimated with possible
addition to ensure that even if price hike then
also equipments can be purchased

4COMMUNITY FIT BUILDS FOR FITNESS PROJECT
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