University Project Execution and Control: Risk Management Plan

This report presents a comprehensive risk management plan for a construction project, addressing key aspects such as risk identification, impact analysis, and the development of effective response strategies. The analysis includes a detailed risk register outlining potential issues like consumer demand avoidance, budget overruns, and material slippage. The report emphasizes the importance of prioritizing risks based on their probability and impact, utilizing tools like the Risk Priority Number. It also explores various risk response strategies including risk control, mitigation, monitoring, transfer, and acceptance, tailored to address specific project challenges. Furthermore, the report highlights the crucial roles of stakeholders, including the project manager, finance manager, operation manager, resource manager, procurement manager, and contractors, in the successful management of project risks. References to relevant academic literature are also included.

Running head: PROJECT EXECUTION AND CONTROL
Project Execution and Control: Risk management Plan
Name of the student:
Name of the university:

2PROJECT EXECUTION AND CONTROL
Part B
1. Risk Identification and Impact analysis
1.1 Identification and analyzing the impact of possible risks
Ris
k
ID
Statement
of risks
Risk
probability
Impact Score Response Revised
Probabilit
y
Revised Impact Revise
d
Score
Responsibl
e Party
Actions Status Comments
Scope Quality Schedul
e
Cost Scope Qualit
y
Schedul
e
Cost
R12 Not
considering
the
consumer
demand
Medium High Low Medium high 11 Risk control Medium Mediu
m
Low Medium Mediu
m
7 Managemen
t
Department
Risk
Mitigatio
n
Implemente
d
Either survey or
other approaches
should be done to
gather information in
terms of feedback
from the consumers
R14 Over budget
for the floor
planning
construction
project
High High Mediu
m
high Low 12 Risk
mitigation
Low Low Low Low Low 4 Finance
department
Risk
control
Implemente
d
The Finance
department should
design and
implement a
Feasibility study
R20 Identificatio
n of
unofficial
Low Mediu
m
Low Medium Mediu
m
8 Risk
Identificatio
n
Low Low Mediu
m
Low Low 5 Operation
department
Risk
acceptanc
e
Under
planning
The operation
department should
identify all the

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factors official factors
R11 Material
delivery
slippage
Medium Low Mediu
m
Low Low 7 Risk
Acceptance
Medium Mediu
m
Mediu
m
Medium Low 7 Sales and
service
department
Risk
transfer
Planned but
not yet
implemente
d
Based on the
requirement of the
consumers the
suppliers are
required to be
contracted
R9 Vendor
material
supply delay
Medium Mediu
m
Mediu
m
high High 12 Risk transfer Low Low Low Low Low 4 Sales and
service
department
Risk
acceptanc
e
Implemente
d
The material from
the vendors must be
adopted based on the
project requirements
R6 Over
allocated
project
schedule
High Low High Medium Mediu
m
11 Risk
Mitigation
Medium Mediu
m
Low Low Mediu
m
6 Marketing
department
Risk
mitigation
Planning
completed
The complexity of
the activities are to
be measured initially
to design the project
schedule

4PROJECT EXECUTION AND CONTROL
1.2 Record the identified risks in a register
Risk name Impact Probability Score
Consumer demand avoidance High Very likely Extreme
Project over budget High Possible High
Unofficial actor identification Medium Unlikely Medium
Delivery material slippage Catastrophic Possible Low
Supplier material delay Medium Very likely High
Schedule over allocation High Very likely Extreme
1.3 Prioritizing the identified risks
Time Cost Scope
Constraint
Enhance
Accept
For this specific construction project the triple project constraints are considered and the
triple constraints are time, cost and scope (Azhar, Khalfan & Maqsood, 2015). In order to resolve
the identified risks this is very much crucial for the project manger to focus on the project scope,
time and cost individually. The time and cost of the project needs to be respectively enhanced
and accepted. The Risk Priority Number can be measured from the product of its severity,
occurrence and detection.

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2. Risk management and Reporting
2.1 Developing accurate Risk response strategies
For this construction project different risks are being identified and accordingly response
strategies are also identified (Azhar, Khalfan & Maqsood, 2015). Managing risks is not an easy
job therefore after analyzing theses risks are to be prioritized and ranked accordingly. The
response strategies vary for different risks and these are as follows:
Risk control: voidance of the consumer’s demand is one of the major issues that has
been identified. The consumer demand needs to be considered for the successful progress of the
project. Instead of avoiding the consumers demand the risk needs to be controlled by the project
manager. Different survey should be conducted to gather feedback and information from the
consumers and then accordingly the control mechanism has to be designed by the construction
project manager.
Risk mitigation: This risk of overrunning budget for the project needs to be mitigated by
developing a feasibility matrix at the project initiation phase (Fleming & Koppelman, 2016). If
the budget is being prepared by the project manager then the issues of budget overrun from the
construction project will be completely resolved. The ideas can be applied for mitigating the
risks are reducing the operation complexity, performing additional testing or addition of more
resources, performing much site visits etc.
Risk Monitoring and preparing: For the unofficial factor identification issue is one
which is interrupting the success of the project continuously. It is mandatory for the project
manager to monitor the risks that may rise due to the identification of unofficial project factors.

6PROJECT EXECUTION AND CONTROL
Then accordingly based on the monitoring resultants the control approaches should be prepared
to resolve the risks.
Risk transfer: The specific risk of material delivery slippage for the construction of the
project needs to be transferred instead of mitigating it (Costantino, Di Gravio & Nonino, 2015).
In order to words this risk can be transferred to another party who are assumed can resolve the
issues much easily. Few of the ideas those can be applied for transferring the risks include
insurance purchasing, difficult work purchasing for making the company much experienced,
removing the guarantees and warranties etc.
Risk acceptance: The risk of construction material supply and vendor material supply
can be resolved completely through accepting the risks. The approach of risk acceptance is
applicable for the major challenges only (Cagliano, Grimaldi & Rafele, 2015). Highly probable
and foremost risks are needed to be accepted always and accordingly mitigation strategies for
those risks should be implemented. The strategies applicable for these risks include management
of the project constraints.
2.2 Stakeholder’s role in risk management activities
In order to manage the identified risks the project stakeholders also play vital roles and
the roles actively played by the project associates are as follows:
Stakeholder’s name Roles
Project manager In order to accomplish the project within
estimated time and budget period project
manager needs to monitor and control the floor

7PROJECT EXECUTION AND CONTROL
construction project accurately.
Finance manager The finance manager is responsible to design a
feasibility structure to measure the actual
project budget. The feasibility report ensures
that whether the project will be successful or
not.
Operation manager Whether all the operations are operated
properly within the organization or not is
measured by the operation manager (Kendrick,
2015).
Resource manager The resource manager needs to identify only
the useful resources and eliminate the wastes to
accomplish the project within budget.
Procurement manager The procurement manager is responsible to
procure required materials, resources for the
construction.
Contractor The contractors should merge all the project
requirements together to meet the demand of
the consumers.

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References
Azhar, S., Khalfan, M., & Maqsood, T. (2015). Building information modelling (BIM): now and
beyond. Construction Economics and Building, 12(4), 15-28.
Cagliano, A. C., Grimaldi, S., & Rafele, C. (2015). Choosing project risk management
techniques. A theoretical framework. Journal of Risk Research, 18(2), 232-248.
Costantino, F., Di Gravio, G., & Nonino, F. (2015). Project selection in project portfolio
management: An artificial neural network model based on critical success
factors. International Journal of Project Management, 33(8), 1744-1754.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Hughes, W., Champion, R., & Murdoch, J. (2015). Construction contracts: law and
management. Routledge.
Kaiser, M. G., El Arbi, F., & Ahlemann, F. (2015). Successful project portfolio management
beyond project selection techniques: Understanding the role of structural
alignment. International Journal of Project Management, 33(1), 126-139.
Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing
your project. Amacom.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.

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