Risk Management Plan for LaLaLand Library Renovation Project PROJ2205

This project presents a comprehensive risk management plan for the LaLaLand Library Central Branch Renovation Project, developed by a student. The plan addresses key risks, including scheduling estimation errors, business case development issues, and incorrect vendor selection. It identifies five critical areas for improvement in the project charter, such as a proper schedule and budget template, detailed requirements, scope definition, stakeholder representation, and site specifications. The project explains the suitability of the risk matrix and risk management framework, emphasizing its ability to optimize data management and protect against potential losses. The student argues that this framework is the most appropriate for the project's risk detection and probability analysis, detailing how it prioritizes and guides mitigation processes. The project includes references to relevant academic sources supporting the chosen risk management approach.

Risk Management Plan
LaLaLand Library Central Branch Renovation Project
Name of the Student
Name of the University
Author Note

1. Top three (3) risks in the project
Scheduling estimation errors: The scheduling estimating errors is the top priority
risk according to the risk documentation. This is because there is a requirement of
contingency plan around this particular risk because it has a potential of becoming
overburden with duties and the more the project goes beyond the schedule, it would
automatically require more budget, which has the tendency of making the project over
budgeted.
Business Case Development Issues: This is also an extremely important risk to have
a contingency plan because if there is no proper detection of error in in the business case
development, the project can never be presented to the project sponsors for them to
understand the scope and advantages of the project for adding benefits to their own
organisations. They would thus not want to invest in the project.
Risks related to incorrect vendor selection: Wrong selection of vendors can bring
about unnecessary problems in the entire project as the raw material supply and selection of
contractors and subcontractors would all be haphazard because of wrong vendor selection
2. Five (5) items that could/should have been documented better or at all in the Charter
There are five items that should have been documented better in the project charter on
the basis of the word drafted by the sponsor’s office for this particular project. The charter
document needed to review the five items below to add to the success factor of the project as
the absence of these can include a risk factor for the project management:
 A proper schedule and budget template.
 List of requirements of the project as per the clients.
 Introduction of the detailed scope and business case template.
 Representation of the stakeholder list in a detailed manner.

 Specifications of the sites provided in the business case with all specific
measurements according to the actual site.
3. Why is this risk framework suited to this project? Were there other alternatives that
would have also worked?
The risk Matrix and risk management Framework that has been provided in this
particular project with utilisation of the disc breakdown structure was required to optimise the
process for data management that has the ability to exploit the intellectual capital. With this
particular management framework for the organisation can be protected against all the
potential losses of the organisation that could have been brought about by these operational
issues within the organisation making the project not competitive enough for the market,
bound in legal risks and also non compatible to business opportunities with the detection of
the heat maps (Qazi et al. 2016).
There are no other alternative that could have been working for this particular set of
risk detection and risk probability analysis (Entacher and Sander 2018). This particular
Framework for detecting the risk within the project is the most suitable as it analyses the
priorities of the risk according to which step by step the mitigation process needs to be
implemented within the project.

References
Entacher, M. and Sander, P., 2018. Improving risk matrix design using heatmaps and
accessible colors. The Journal of Modern Project Management, 6(1).
Qazi, A., Quigley, J., Dickson, A. and Kirytopoulos, K., 2016. Project Complexity and Risk
Management (ProCRiM): Towards modelling project complexity driven risk paths in
construction projects. International journal of project management, 34(7), pp.1183-1198.