Fundamentals of Project Management: Risk Assessment Report Analysis

This report presents a comprehensive risk assessment for a multi-storey car parking project. It begins with risk identification, highlighting potential issues such as budget shortfalls, schedule slippage, lack of team experience, scope creep, and material quality concerns. The report then delves into a detailed risk analysis, examining each identified risk and its potential impact on project performance. Following the analysis, a risk assessment is conducted, leading to the development of a mitigation plan. This plan includes strategies to accept, avoid, control, transfer, and monitor risks. The report emphasizes the importance of effective communication, experienced team members, and adherence to blueprints and safety measures to ensure project success. References to relevant project management literature are also included.

MULTI STOREY
CAR PARKING
Risk Assessment

RISK IDENTIFICATION
 Risk needs to be identified at
the early stage so that it
becomes easy to mitigate the
challenges.
 With the help of risk
identification knowledge as this
helps in developing a project
with good communication
process.

RISKS IDENTIFIED IN THE
PROJECT
 Risk 1- Budget shortfall
 Risk 2- Schedule slippage
 Risk 3- Lack of experience among the team members
 Risk 4- Scope creep
 Risk 5- Improper quality of materials
 Risk 6- Ineffective health and safety measures for
workers
 Risk 7- Neglecting the blueprint
 Risk 8- Changes of requirements
 Risk 9- Technical risks
 Risk 10- Lack of communication among the team
members

RISK ANALYSIS
 The risk analysis is mainly performed for
the purpose of analyzing the key risks that
are likely to hamper the performance of
the project.
 Risk 1- Budget shortfall: Budget shortfall is
the risk that can occur when the
development cost for the project outruns
the cost estimated at the starting of the
project.
 Risk 2- Schedule slippage- Schedule
slippage is referred to the term that is
used for the purpose of explaining the risk
that arises when the team fails to meet
the deadline.

RISK ANALYSIS
 Risk 3- Lack of experience among the team members- While carrying out a
project there is a huge need to ensure that efficient and dedicated
members are being allocated towards a project.
 Risk 4- Scope creep: The scope is being decided at the early stage of the
project execution and thus it is essential to ensure that the project has
been executed based on the desired scope.

RISK ANALYSIS
 Risk 5- Improper quality of materials: The quality of the materials are
considered as an essential element for executing a project successfully.
 Risk 6- Ineffective health and safety measures for workers: one of the most
important aspect that needs to be taken care of while carrying out any
project is to offer better health and safety features towards the workers.

RISK ANALYSIS
 Risk 7- Neglecting the blueprint- the blueprint is designed and approved by
committee members.
 Risk 8- Changes of requirements: sudden change in the project has the
potential to hamper the project performance.

RISK ANALYSIS
 Risk 9- Technical risks- The design of multi storey car parking includes
implementation of LCD, sensors and other technical equipment.
 Risk 10- Lack of communication among the team members- Without proper
communication among the team members it becomes difficult to carry out
the project successfully.

RISK ASSESSMENT
Risks Likelihood Impact
Budget shortfall High (5) Medium (4)
Schedule slippage Medium (4) Possible (3)
Lack of experience among the team
members
Low (2) Medium (4)
Scope creep Medium (4) Possible (2)
Improper quality of materials High (5) High (4)
Ineffective health and safety measures for
workers
Medium (3) Possible (3)
Neglecting the blueprint Low (2) Possible (3)
Changes of requirements Low (2) Possible (2)
Technical risks High ((5) High (4)
Lack of communication among the team
members
High (5) High (5)

RISK MITIGATION PLAN
 Accept the risk
 Avoid
 Control
 Transfer
 Monitor

MITIGATION STRATEGY
 The team leader should ensure that the project has been executed
successfully by following the project budget.
 Before appointing any team member for carrying out the complex design of
multi storey car parking area it is essential to check their experience and
the potential to manage the performance.
 Communication process needs to be improved.

REFERENCES
 Hajmohammad, S. and Vachon, S., 2016. Mitigation, avoidance, or
acceptance? Managing supplier sustainability risk. Journal of Supply Chain
Management, 52(2), pp.48-65.
 Kerzner, H., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
 Kliem, R.L. and Ludin, I.S., 2019. Reducing project risk. Routledge.