Project Management: Risk Management Plan and Project Evaluation Report

This project management assignment focuses on developing a comprehensive plan, specifically tailored for a wedding function. The assignment begins with an introduction to project management and the significance of risk management. It then details the creation of a risk management plan, outlining potential risks such as venue issues, guest accommodation, catering, invitation design, and various other event-related challenges. For each risk, potential treatments, responsible parties, costs, and time frames are specified. Part 3 reviews the project management plan and risk management plan, including an evaluation report that analyzes the project's budget, expected outcomes, and risk assessment strategies. The project's total budget is $30,000, with allocations across different areas. Risk assessment identifies potential issues like bad weather, guest safety, and financial overruns, and the plan provides mitigation strategies such as backup venues and security arrangements. The assignment concludes with a summary of the project plan, risk management, and evaluation, followed by a list of references.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 2............................................................................................................................................1
Developing a Risk management plan..........................................................................................1
PART 3............................................................................................................................................2
Review of the project management plan and risk management plan..........................................2
CONCLUISON ...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Project management is known as a practice of taking initiatives, making plans,
implementing strategies and complete the task and projects in given time limit (Oyegoke, 2011).
Risk management plan is prepared to identify the associated risk and implanting ideas and plans
accordingly (Sanderson, 2012). To detect the risk factors and making a plan to control the risk
are considered as risk management plan.
PART 2
Developing a Risk management plan
Risk management plan for wedding function Overall project cost $30000
Risk
Reference
(unique
identifier
code)
Potential
treatment
options
Person
responsib
le for
monitori
ng the
risk
Cost to
implem
ent risk
treatme
nt
Time
frame to
implement
treatment
Monitors to
measure the
effectiveness
of the risk
treatments
Treat
ment
of
Risk
Compl
ete
Yes or
No
Venue The venues
have indoor
options
Bad
weather
$3000 12 Months Whether the
budget is
sufficient to
the risk
assessment
Yes
Accommod
ation for
guests
Book a venue
for staying
guest
Guest’s
safety
$3000 12 Months Bad weather Yes
Full-service
catering
Hiring of
security guard
Wedding
gift risks
$16000 9 Months Guest’s safety Yes
Invitation
design
Placing the gift
table far from
an exit
Power
outage
$500 6 months Wedding gift
risks
Yes
Dress and
suit
Proper quality
check of power
check
More
guests
than
$650 4 months Power outage Yes
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expected
Accommod
ation for
guests
Analysing the
numbers of
guests and
arrange them
accordingly
Missing
Bride of
groom
$1800 6 weeks More guests
than expected
Yes
Table and
chairs
Immediately
inform to
partner
Medical
emergenc
y
$200 1 weeks Missing Bride
of groom
Yes
Hair and
make up
Quick facility
to nearest
medical centre
Overspen
ding
$500 Wedding
day
Medical
emergency
Yes
Wedding
car supplies
Set an optimum
limit of budget
Loss of
vendor
$2000 Wedding
day
Overspending Yes
Music and
DJ
Meeting with
vendor and
signing of
contract with
the vendor
Bad
weather
$750 Wedding
day
Loss of
vendor
Yes
Cake and
dessert
Protecting
them from bad
weather
conditions and
climate
Guest’s
safety
$350 Wedding
day
Bad weather Yes
Insurance A legal
Contract
between the
insurer and
liable party
Wedding
gift risks
$800 Wedding
day
Guest’s safety Yes
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PART 3
Review of the project management plan and risk management plan
1. Review of the expected outcomes: there is a project planed in respect of weeding
function. There is a time duration of 12 months are given to complete for the entire
project. Duration of task is divided in seven sections such as for twelve months, nine
months, six months, four months, six week, one week and wedding day. There are some
expected outcomes measured that
 By preparing the budget for accommodation of guest will help to get the estimated
cost.
 It will be healthful to ascertain the required resources for preparation. It is expected
that pre booking of photographer and the videographer will reduce the seasonal cost.
 Transportation facility would be easily managed on the wedding day apart form it
extra vehicles would be available at the time of emergency.
 Schedule for wedding dinner, catering and other accessories requirement would be
fulfilled on the wedding day.
 Flowers arrangement, photographer, and reception destination would be easily
manageable.
 Music vendors will be booked before the one week and the contract also would be
made for surety of payment.
2. An evaluation report: analysis of project management plan and risk management plan
for wedding function done. The project contains the limit of project of $30000. there are
some certain areas are found to utilise the amount of budget such as venue,
accommodation for guest, invitation design, dress and suits, tables and chairs, music
vendor, cake and dessert supplier and insurance.
Risk assessment and management plans helps to determine the future risk (Müller,
Glückler and Aubry, 2013). There is a risk management assessment done in respect of expected
risk. There are some risk founded with the risk management such as risk of bad climate and
weather, guest safety, risk of theft of wedding gifts, shortage of power and light cut, increased
amount of guest, missing of bride of groom,risk any type of medical emergency, risk of extra
payment and expenditure, possibility of less vendors at the time of wedding.
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The risk assessment plan is made with the coverage of all the expected risk (Meaning of
risk management, 2017). Potential treatments are made for the above mentioned risk such as
keep two options of venue for accommodation of guests, arrangement of security services, extra
budget for extended plans and emergency plans made for covering the projects.
CONCLUISON
This assignment is based upon a project management. Second and third part of the project
plan is prepared. Risk management plan, project overview and an evaluation report is prepared in
this assignment.
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REFERENCES
Books and journals:
Oyegoke, A., 2011. The constructive research approach in project management research.
International Journal of Managing Projects in Business. 4(4). pp.573-595.
Müller, R., Glückler, J. and Aubry, M., 2013. A relational typology of project management
offices. Project Management Journal. 44(1). pp.59-76.
Sanderson, J., 2012. Risk, uncertainty and governance in megaprojects: A critical discussion of
alternative explanations. International journal of project management.30(4). pp.432-
443.
Meaning of risk management, 2017. [Online]. Available through:
<https://www.workzone.com/blog/project-management-articles-2017/>.
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