PROJ2205: Risk Management Plan for LaLaLand Library Renovation Project

This assignment presents a comprehensive risk management plan for the LaLaLand Library Central Branch Renovation Project. The plan includes a risk framework diagram, a risk breakdown structure (RBS), and a list of stakeholders. It details assumptions and constraints, followed by a risk regist...Read More

Running head: RISK MANAGEMENT PLAN
Risk Management Plan
LaLaLand Library Central Branch Renovation Project
Name of the Student
Name of the University
Author Note

1RISK MANAGEMENT PLAN
Table of Contents
1. Risk Management Plan..........................................................................................................2
Risk framework diagram........................................................................................................2
Risk Breakdown Structure (RBS)..........................................................................................3
List of Stakeholders................................................................................................................4
Assumptions and Constraints.................................................................................................4
2. Risk Register..........................................................................................................................5
List of risks in a risk register..................................................................................................5
Two (2) opportunities on the 25 risks..................................................................................12
References................................................................................................................................13

2RISK MANAGEMENT PLAN
1. Risk Management Plan
Risk framework diagram
Figure 1: Risk Framework Diagram
(Source: Mhetre, Konnur. and Landage 2016)

3RISK MANAGEMENT PLAN
Risk Breakdown Structure (RBS)
Figure 2: Risk Breakdown Structure
LaLaLand Project Risk
Breakdown Structure
Technical
Errors
Information
security issues
Data
Governance
problems
External errors
Scope creep
Unresolved
project
conflicts
Service
Transition
issues
Extreme
weather
conditions
Theft Development
of new policy
Contractor
delays
Organizational
errors
Business Case
Development
Issues
Lack of communication
Strategic
Assessment
Incorrect
vendor
selection
Safety hazards
for the
workers
Ethical issues
Staff priorities
are not
controlled
Management
errors
Undefined Project
purpose and need Project design and
deliverable definition is
incomplete
Project schedule is
not defined clearly
to the project team
Change
management
errors
Scheduling
estimation
errors
Delay in
intermediate
project phases
Contracting
Risks

4RISK MANAGEMENT PLAN
(Source: Created by Author)

5RISK MANAGEMENT PLAN
List of Stakeholders
 LaLaLand Public Library owner
 Local residents
 Bishop’s house
 Children’s area owners
 Project Manager
 Facilities Management team
 Construction Services Department
 Library Board’s advisor and agent
 Site management team
 Scheduling team
 Administrative team
 Financial team
 Technical services team
Assumptions and Constraints
 Resources would be available for the project
 The intended delivery would be done
 Budget, scope and finances should be analysed properly
 The architecture and design would be done properly according to the requirement of
the LaLaLand project

6RISK MANAGEMENT PLAN
2. Risk Register
List of risks in a risk register
I
D
Dat
e
rais
ed
Risk
description
Likelihood
of the risk
occurring
Impact if
the risk
occurs
Severity Owner Mitigating action or Risk
Response Strategy
1 [ent
er
date
]
Undefined
Project purpose
and
requirement
Medium High High Project Sponsor Preparing a complete business
case again
2 [ent
er
date
]
Project design
and
projectdeliverab
le is incomplete
Low High High Project Sponsor Definition of scope is to be
redefined by taking inputs from
SMEs.
3 [ent
er
date
]
Project
schedule is not
defined clearly
to the project
team
Low Medium Medium Project Manager Random and regular scheduling
workshops held with the workers

7RISK MANAGEMENT PLAN
4 [ent
er
date
]
Staff priorities
are not
controlled
Medium Medium Medium Project Manager The priorities are to be briefed to
the team managers to provide the
information about the importance
of the project
5 [ent
er
date
]
Contractor
delays
Medium High High Project Manager The late penalties within the
contracts needs to be included and
at the same time include a
communication plan for schedule
early. The manager has to be in
contact with the suppliers
regularly.
6 [ent
er
date
]
Scheduling
estimation
errors
Medium High High Project Manager Cost Benefit Analysis estimation
to be shared throughout with
economic forecast

8RISK MANAGEMENT PLAN
7 [ent
er
date
]
Change
management
errors
Low High Medium Team Manager Hold face-to-face meetings and
communicate the change
requirement plans and needs of
change needs
8 [ent
er
date
]
Lack of
communication
Medium Medium Medium Project Manager Creation of a communication plan
with including frequency, goal,
and audience of each
communication.
9 [ent
er
date
]
Strategic
Assessment
Low High Medium Project Manager Integrate and align LaLaLand’s
core objectives for developing the
project. Culture, expectations and
visions are communicated
through all the project team
members

9RISK MANAGEMENT PLAN
10 [ent
er
date
]
Scope creep Medium High High Project Manager Develop a Project Initiation
Document to define the project
scope
11 [ent
er
date
]
Unresolved
project conflicts
Low Medium Medium Project Manager Hold consistent project team
meetings for being regularly
informed about either trivial or
major conflicts and build up a
strong communication to follow
up with all conflicts and
providing solutions to all of them
with a defined and well done
communication.
12 [ent
er
date
]
Business Case
Development
Issues
Low High High Project Sponsor Identify the scope, benefits,
losses, professional impact,
employee impact and all the
aspects regarding the project and
develop the business case again.
13 [ent
er
date
]
Delay in
intermediate
project phases
causing overall
delay in
launching of the
total project
Medium High High Project Manager Needs to ensure that the project
plan is as precise with the
scheduling activity workshops.

10RISK MANAGEMENT PLAN
14 [ent
er
date
]
Development of
new policy
delaying the
project work
Low Medium Medium Project Sponsor Not possible to mitigate
15 [ent
er
date
]
Risks related to
incorrect
vendor
selection
High High High Project Manager Every time a vendor is
incorporated for the construction
work, vendor assessment needs to
be done to assess the vendor’s
operational readiness, capabilities
and compliance.
16 [ent
er
date
]
Contracting
Risks
Low Medium Medium Project Sponsor Identify all the performance
criteria aligned with the business
value. Then it is required to
develop mechanisms for
managing the varied in volume
and cost, regulatory, creating the
checklist of legal contract, and
insurance requirements.
17 [ent
er
date
]
Service
Transition
issues
Medium Medium Medium Project Manager Transition planning, training,
knowledge transfer and personnel
training needs to be ensured
regularly.
18 [ent
er
date
]
Theft of
materials,
intellectual
property or
equipment
Low High High Project Manager Strict security rules and
regulations needs to be initiated
with prompt and severe actions
taken if reported against or found
guilty of the issue.
19 [ent Extreme Low High High Project Manager Development of a strong disaster

11RISK MANAGEMENT PLAN
er
date
]
weather
conditions,
leading to loss
of resources,
project site and
others without a
disaster
recovery plan
management plan.
20 [ent
er
date
]
Ethical issues
delaying the
project due to
illegal activities
Low High High Project Manager Development of a governance
policy to ensure strict rules for
binding the team member activity
to be conducted in the most
ethical way possible.
21 [ent
er
date
]
Safety hazards
for the workers
Medium High High Project Manager Environmental health and safety
(EHS) policies and procedures for
LaLaLand needs to be developed
along with placing of disaster
management equipment
22 [ent
er
date
]
Issues in
Vendor and
financial
management
Medium High High Project Manager Compulsory procurement and
vendor management policies and
procedures needs to be developed

12RISK MANAGEMENT PLAN
23 [ent
er
date
]
Issues in
Labour
management
delaying the
project
Low Medium High Project Manager LaLaLand must ensure their
facility managers to comply with
anti-discrimination laws and all
general company rules and
regulations
24 [ent
er
date
]
Information
security issues
Medium High High Project Manager The organization needs that the
LaLaLand project and its cyber
service providers needs to be
skilful enough to protect both
physical and virtual corporate
data assets. Along with this, it is
required to maintain the best
access control and practises.
25 [ent
er
date
]
Data
Governance
problems
Low Medium High Project Manager The cyber service providers to the
organization standardize the data
related to compliance for the
project completion.
Table 1: Risk Register with Risk Assessment for each risk
(Source: Created by the Author)

13RISK MANAGEMENT PLAN
Two (2) opportunities on the 25 risks
Contractor Delays: This will help in keeping a tract of the raw materials and supplies
and keeping the resource list and schedule in mind (Szymański 2017).
Change Management: This will help in successfully bringing about any change for
the betterment of the project.

14RISK MANAGEMENT PLAN
References
Mhetre, K., Konnur, B.A. and Landage, A.B., 2016. Risk management in construction
industry. Int. J. Eng. Res, 5, pp.153-155.
Szymański, P., 2017. Risk management in construction projects. Procedia engineering, 208,
pp.174-182.