PROJ2205 - Risk Management Plan: LaLaLand Library Renovation Project

This document presents a comprehensive risk management plan for the LaLaLand Library Central Branch Renovation Project, addressing the requirements outlined in the PROJ2205 assignment brief. The project focuses on creating a robust risk management plan, including a risk framework diagram, risk matrix, and risk breakdown structure. The plan details a step-by-step approach to project execution, incorporating both qualitative and quantitative risk analysis methods, with emphasis on the two-dimensional risk matrix. The assignment covers the creation of a risk register, identifying potential risks, their probabilities, impacts, and proposed response strategies. Key aspects include the identification of stakeholders, assumptions, and constraints, along with a discussion of risk resistance to change, integration risks, and scope creep. The document also highlights critical elements that should be documented, such as accidents to employees, and damage to property. It also emphasizes the importance of the framework management plan and provides a detailed explanation of project risks and their mitigation strategies. References are provided to support the analysis and the appendices include the risk assessment and the risk register.

Running Head: RISK MANAGEMENT 1
Risk management
Student’s Name
Institution Affiliation
Date

RISK MANAGEMENT 2
TASK 1: Performing Risk management of LaLaLand library renovation project
Introduction
Xie et al. (2019) summarize that the systematic means of responding, analyzing, as well
as identifying project risk is known as Risk management. In other words, risk management
consist of sequences of a positive outcome, increasing the probability, reducing the likelihood,
and results of the adverse events to the project plan. Therefore, the risk management objective or
the program identify and define how a project team will handle risk to achieve their goal. All
these possibilities of summary of the events of projects are summarized under the LaLaLand
library central Branch Renovation Project. The focus of this project will focus on the creation of
the Risk management plan with the aid of the risk layout diagram, which aims at illustrating a
valid risk management plan.
Q1. Creation of Risk management plan of LaLaLand library renovation
In the construction site, such as the renovation of the LaLaLand, it is essential to design
to plan, tabulates the control measures needed to curb exposures to risk, and launch monitoring
mechanisms within the site. For the effective realization of the identification of hazard or the
extent of risk within the sites, there must be a precise measure that must be put in place to ensure
full control of the risk within the LaLaLand renovation site. The template below shows the
concepts of residual risk as well as the assessment procedure of reducing the risk in LaLaLand
renovation (Sobotka & Radziejowska, 2019).

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r
Losses caused by exposure to risk
 Accident to employees
 Accident to the general public
 Damage due to experience and skills
 Destruction to property
 Loss of production and time
 Loss of future business
RISK ASSESSMENT
Risk assessment
 Locating the hazard
 Identifying the cause of the
hazard
 Analyzing the risk which might
rise from the hazard
 Record the finding
 Planning for the problem
 Revise and review
Identifying hazard
Assess probability and
consequence
Priorities
Risk control measures
Retain
Self-finance
Remove
Contractually
insurance
Reduce
Eliminate
Reduces chance
Minimize effects
Residual risk
Risk management

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Summary of the risk management plan for the renovation of LaLaLand library renovation
(Kachoka & Hoskins, 2017)
The risk which will be used within the LaLaLand library renovation will be either
quantitative or qualitative analysis. In the case of the quantitative evaluation, the stochastic
model will be used. Importantly, the qualitative study will be performed using the two-
dimensional risk matrix. In figure 2.0 indicates the plots in the risk on the pattern. As noted
within the table, risk matrices can either be a 2x2 or 7x7 pattern. The danger with an
insignificant consequence, as well as less probability, does not permit more investigation (Juneja
& Dubey, 2018). In the diagram below, the number of colored indicates probability as well as
consequence ratings.

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Figure 2.0 shows a 5x5 risk matrix (Scanlon et al., 2020)
Interpretation of the diagram
Yellow shows medium risk
Red plays a high risk
Orange indicates a significant risk
Green shows low risk
Q2: Risk register of LaLaLand Renovation Company
`Importantly, the risk register is situated in the project's repository and covers distinct
places such as;
Date identified- this primary entailed the exact time when the renovation was carried out.
Status- this mainly involves the identification of whether the risk is closed, active, or potential.
Risk probability- this aspect indicates the likelihood that the risk will occur during the
renovation. Therefore, at this stage, different words such as high, low as well as moderate will
included in the report evaluation (Fleischer & Calzonetti, 2018).
Risk impact- this concept entails the effects which might be realized in the project.

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Risk score- shows the severity of the risk influence on plan. In the renovation, the risk score is
obtained through the multiplication of risk influence values multiplied by the likelihood of the
events.
Agreed response – this entails strategy, which is most likely to be operative during the
renovation of the library. The accepted answer consists of avoidance, transference, mitigation,
and acceptance.
A list of the stakeholders in library renovation
 Employer
 Employees
 Administrator or the librarian
 Staff
Assumptions and constraint for LaLaLand library renovation project
Hypothesis refers to some of the conditions that one thinks to be true, while the restriction is
the limitation in the plans. Therefore, the assumption in this project consists of a showing
process that is perceived to be accurate or specific without proof. However, some of the
constraints in the LaLaLand library renovation include cost, scope, time, benefit, quality, and
risk (Büyüksaraç, Yalçiner & Kurban, 2017).
Register for LaLaLand library renovation project
The risk register aims at:
 Offering documentation of risk skills
 Grading all potential risk
 Ensuring communication with key stakeholders as well as senior management, should the
risk comes into effect
 Analyzing the mitigation actions needed to solves a risk
 Predicting as well as preparing a strategy for unpredictable risk
 Staging hidden danger via open communication as well as input from team members
 Instigating actions in minimizing likelihood as well as the potential impact
Some of the risk encountered in the project
Scope creep
Resources
Contract risk
Sponsor risk
Sponsor support
Intelligent risk

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Budget risk
Template of the risk register LaLaLand library renovation
Risk
No.
Risk
description
and impact
to project
Priority Probability Impact Category Owner Response
strategy
Response
1 Key
assumptions
that
underpin
capacity
modeling for
Project
Oriel is not
achieved
creating
insufficient
capacity in
the new
build
Top Repatriation of
patients to
satellite sites
are assumed in
Project Oriel
capacity
modeling.
If this is not
delivered, the
The capacity
of the new
build will be
insufficient.
Efficiency
assumptions
linked to
patient
throughput is
also vital to
Project Oriel
capacity
modeling.
Analysis of
patients who
can be
repatriated
has taken
place across
the network.
Planning has
been
undertaken on
a site by site
basis leading
to future
expansion at
SGH and
Ealing. Some
repatriation
has already
taken place.
Corporate
Risks
DoSBD
(JM)
Further
analysis,
planning, and
return to take
place.
Assumptions
related to
repatriation to
be
incorporated
within the
annual plan
and
Monitored
during
quarterly
review
meetings.
Work led by
DoCID
with
oversight
through
Project
Oriel
Committee
2 Project scope Top Best It is an
uncontrolled
change of
project scope
Scope creep Rigorous
management
of the project
Degree
uncertainty
3 Budget
control
Moderate Degree of
uncertainty
Control cost
overruns
Budget
control
Control
overrun
Good
4 Resistance to
change
Moderate Estimated by
outcome
Resistance to
change
Defend
individual
status quo
Resist
organization
change
Best
5 Sponsor
support
Moderate Related to
responsibilitie
s
Responsibility Advice
sponsor
Responsibility Best
6 Technology
risk
Moderate Analysis of
risk caused by
technology
Offer
service
outages
7 Schedules
risk
Moderate Estimate
market
assumption
Control
customers
assumptions
Based on
uncertainties
Focus on the
scheduled risk
Best
8 Projects
dependencies
Moderate Analysis of
the
Control
identified risk
Based on
the
precondition
Focus on the
evaluation of
the risk
9 Skills risk Moderate Relates to
training
Transfers to
resources to
inexperience
10 Stakeholders Moderates
as
Related to
stakeholders
Aims at
fluffing
consumer
demands
Description: there will almost certainly be a global conflict between the project's needs and
regular business cycles of the agency. For example, a cynical peak in a given business process

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converging with a critical timeframe in the development.
Evaluation: The renovation of the library has not yet identified any problematic of
significance. The executing plan, as well as the general timeline, have been created to reduce
the uncertainty which can be realized within the library renovation.
Response plan: The plan for the renovation of the library should be considered as part of the
analysis leading to the scheduling of the future phases of similar projects. However, with
specific conflict increasing during the life of the renovation project, the renovation team will
work with the affected business unit to try to balance the needs of both optimally.
TASK 2: Answering the questions
1. Explanation of the three risk
Resistances to change
This is a common occurrence in most of the departments within the organization. It mainly
defends the principle of the project and as well as resists organization and project last change.
Integration risk
Activities which are associated with high risk are typically involved integration of the
technologies process as well as information. However, some of these activities are
underestimated.
Scope creep
This is an uncontrolled change in the project scope. For instance, the next project may be tried on
solid effort ground, which rejects rigorous management of the project change.
2. Highlights of five items which should have been documented better at all in the
charter
Accident to employees: the issue of the harm or injury which is caused by accident within the
workplace is a threat that should be addressed possible means on how it can be eliminated.

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Accident to the general public: the widespread concern of the team, which will be in charge of
the renovation to minimize the chances of causing injuries to people who are working or
passerby individual renovation sites (Turvey & Johnson, 2017)
Damage due to experience and skills: repair should be carried out by experienced guys who
know what they are doing, hence, reduces the chances of causing injuries to people within the
site.
Destruction to property: in many cases, the majority of the constructor like damaging remained
working material without apparent reason. This commonly results in factors that cause injuries
within the working place.
Loss of production and time: haste in the site also lead to reduced construction outcome, which
sometimes may result in damages within the working section.
3. Importance of the framework management plan used in the library renovation
The framework which I used describes how the benefits of the projects will be delivered and
when they will be delivered (Fleischer & Calzonetti 2018).
References

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Büyüksaraç, A., Yalçiner, C. Ç., & Kurban, Y. C. (2017). GPR Analysis Of Sultan Ahmed III Library
(Enderun) In Topkapi Palace, Istanbul Before Restoration.
Fleischer, S. V., & Calzonetti, J. A. (2018). Deferred Maintenance and Space Repurposing: The Impact
on Libraries and Archives Disaster and Contingency Planning. In Library Science and
Administration: Concepts, Methodologies, Tools, and Applications (pp. 1359-1383). IGI Global.
Juneja, A., & Dubey, A. (2018). Critical Success Factors of Renovation Projects.
Kachoka, N., & Hoskins, R. (2017). Using project management strategy to evaluate the challenges of
managing a renovation project at the chancellor college library, university of Malawi. African
Journal of Library, Archives & Information Science, 27(2), 189-200.
Scanlon, M. M., Gordon, J. L., McCoy, W. F., & Cain, M. F. (2020). Water Management for
Construction: Evidence for Risk Characterization in Community and Healthcare Settings: A
Systematic Review. International Journal of Environmental Research and Public Health, 17(6),
2168.
Sobotka, A., & Radziejowska, A. (2019). Risk analysis in the realization of buildings in revitalized
areas. Archives of Civil Engineering, 65(3).
Turvey-Welch, M. R., & Johnson, R. L. (2017). Repurposing and Renovating Space for High-Density
Storage: Kansas State University Libraries' Answer to Additional Collections Space. Collection
Management, 42(2), 109-119.
Xie, Y., Liu, J., Zhu, S., Chong, D., Shi, H., & Chen, Y. (2019). An IoT-based risk warning system for
smart libraries. Library Hi Tech.
Appendices

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Appendices
r
Figure 1.2 risk management
Losses caused by exposure to risk
 Accident to employees
 Accident to the general public
 Damage due to experience and skills
 Destruction to property
 Loss of production and time
 Loss of future business
RISK ASSESSMENT
Risk assessment
 Locating the hazard
 Identifying the cause of the
hazard
 Analyzing the risk which might
rise from the hazard
 Record the finding
 Planning for the problem
 Revise and review
Identifying hazard
Assess probability and
consequence
Priorities
Risk control measures
Retain
Self-finance
Remove
Contractually
insurance
Reduce
Eliminate
Reduces chance
Minimize effects
Residual risk
Risk management

RISK MANAGEMENT 12
Figure. 1.13 LaLaLand renovation library overview