Project Management: Risk Analysis, Costing, and Assignment Activities

This project management assignment addresses risk analysis in the context of constructing a new office building, considering scenarios of both low and high market demand for office space. It includes a detailed risk analysis, categorizing risks like budget, schedule, commercial, technical, and resource risks. The assignment also involves a qualitative risk assessment using a risk matrix, evaluating the likelihood and consequences of identified risk factors, and calculating fully loaded labor costs. Furthermore, it outlines a comprehensive plan of activities for completing a long-term school assignment, breaking down the process into tasks such as planning, brainstorming, evaluation, timeline establishment, research analysis, and final assignment outline. The document concludes with a bibliography of relevant academic sources.

Running head: PROJECT MANAGEMENT
Project Management: Week 2 Answers
Name of the Student:
Name of the University:

1PROJECT MANAGEMENT
1. Risk analysis of new office building construction
Risk Factors Probability Impact
Budget risks: There is over run of entire project budget
due to improper estimation of the budget against the
project activities.
Moderate Moderate
Schedule risks: There is delay in the project due to
addition to extra resources after the project is planned.
Moderate Major
Commercial risks: Due to low demand of the office
space, the market demand of that space is low as the
clients are not interested into the project.
Likely Major
Technical risks: There is incomplete design of the office
space due to which there is delay in the project
completion work.
Moderate Moderate
Resource risk: There are lack of availability of the
project resources as they do not have technical and
construction skills to work in the project.
Moderate Major
The risk analysis will be changed if there is high demand of the new office space as
then there will be high market value of the space and the clients will be interested to buy
the land.

2PROJECT MANAGEMENT
2. Qualitative risk assessment
Identified risk factors Likelihood Consequences Risk level
Key team members pulled off project High High High risk
Chance of economic downturn Low Medium Low risk
Project funding cut Medium Medium Medium risk
Project scope changes High Medium High risk
Poor specifications performance Low Low Low risk
Risk rating Likelihood
Consequence
Low Medium High
High Key team
members
pulled off
project
Medium Chance of
economic
downturn
Project
funding cut
Project scope
changes
Low Poor
specifications
performance
Table 1: Risk Matrix
Based on the information provided on the risk factors and likelihood, there is an
assumption on the consequences of the project and by the risk matrix, the risk level is also
identified.
3. Calculation of fully loaded cost of labor
The fully loaded cost of the labor is = Hourly rate * hours needed * overhead rate
= $ (35*150*1.55)

3PROJECT MANAGEMENT
= $8,137
4. Calculation of fully loaded cost of labor
The fully loaded cost of the labor is = Hourly rate * hours needed * overhead rate *
personal time
= $ (40*120*1.65*1.15)
= $9,108
5. Development of activities for completing a long term school
assignment
Task Id Set of activities name
0 Project plan on completing a long term school assignment
1 Assignment planning
1.1 Assignment title
1.2 Read the assignment requirements
1.3 Feasibility analysis
1.4 Detailed objectives
1.4.1 Define the SMART objectives
2 Brainstorming the assignment resources
2.1 Determine the project planning tools
2.2 Resource allocation
2.3 Accessibility of information from literature and books

4PROJECT MANAGEMENT
2.4 Internet research
3 Evaluating the assignment
3.1 Identify the complexity of the assignment
3.2 Lessons learned
3.3 Impact on the project stakeholders
3.4 Determine the project risks
3.5 Time estimation
3.6 Design the assignment specifications
3.7 Develop the final product
4 Establishment of project timelines
4.1 Identifying the project phases and milestones
4.2 Identifying each phase's working units by approvals
4.3 Identify the resources allocated for each tasks
4.4 Tracking the project progress
4.5 Verifying with the instructor
5 Analysing the research and findings
5.1 Plans for the research gap
5.2 Requesting for tutor assistance

5PROJECT MANAGEMENT
5.3 Mid-stream check with the team members and tutor
6 Final assignment outline
6.1 Thesis statement
6.2 Final project review
6.3 Draft of the assignment
6.4 Final assignment submission

6PROJECT MANAGEMENT
Bibliography
El-Ja’bary, S. M., & Ashour, Y. H. (2015). Status of Using Quantitative Methods in Project
Risk Management. Status of Using Quantitative Methods in Project Risk
Management.
Huemann, M. (2016). Managing the project-oriented organization. In Gower Handbook of
Project Management (pp. 493-506). Routledge.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process.
McGraw-Hill Education.