Project Risk Assessment and Management: PROJ6003 Case Study

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PROJ6003
PROJECT EXECUTION
AND CONTROL
ASSESSMENT 2 – PART B
RISK MANAGEMENT
Executive summary
The project will be assessed to understand the risks and to manage the risks involved in the project of the
Robert L Frank which was a construction company. Robert L Frank was a construction and engineering
company which served the chemical, iron and steel, petrochemical, petroleum, pharmaceutical, mining and
food processing industries which have corporate headquarters in Chicago, Illinois and offices in world wide.
Company faced various risks as project was not progressing sufficiently to satisfy customers due to man
Written by: Dominika Stredanska (00278016T) Submitted to: Mansoor
Mohammed

ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
hours of working has been expanded. Slippages experienced in material delivery which delayed in coal
liquefaction pilot plan.
Table of Contents
Executive summary............................................................................................................................................2
Introduction........................................................................................................................................................4
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
Risk identification and impact assessment.........................................................................................................5
Identify and critically analyse the impact of possible risks for the case study..................................................5
RISK REGISTER...............................................................................................................................................6
PROBABILITY AND IMPACT MATRIX.......................................................................................................9
Risk management and reporting.......................................................................................................................10
Develop appropriate response strategies to effectively manage identified risks in the case study..................10
Identify and describe how the stakeholders will be apprised of the project's ongoing risk management
activities...........................................................................................................................................................11
Conclusion........................................................................................................................................................12
References........................................................................................................................................................13
Introduction
The project will be assessed in weeks in order to execute the project. Project risks will be analysed in order
to meet the goals of the company. The research study will have discussed how the risk management done by
maintaining risk register. The research will be analysed to increase the awareness of risk management by the
project managers. In the first week we will going to discussed the slippages has been experienced by the
construction company Robert L Frank in the delivering the materials. In second week the completion of coal
liquefaction pilot plant will be discussed in the research.
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
Risk identification and impact assessment
Identify and critically analyse the impact of possible risks for the case study.
Risk management
Risk management means to manage the risks involved in the project. The risk management will be basically
done by the project manager of the organization. In the research work the study of risk management and the
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
project will be executing and controlled by the construction company Robert L. Frank. Robert L Frank was a
construction and engineering company which served the chemical, iron and steel, petrochemical, petroleum,
pharmaceutical, mining and food processing industries which have corporate headquarters in Chicago,
Illinois and offices in worldwide (Maes, et. al., 2018).
Risk Occurred
The Robert L. Frank was a construction company which analyse various risks involved in the Lewis Project
in order to complete the project. Risk identification means to identify the risks involved in the project to
complete it on time and to identify the business risks.
The first risk occurred as various slippages has been experienced and identified by the Robert L. Frank
Company in material delivery. The company worked on making good supply chain and to increase the
smoothness of material delivery by effectively working and focused on managerial functions like planning,
organizing, staffing, directing and controlling (Van, et. al., 2017).
Planning means to decide in advance what to do, how to do, when to do and who is to do it. Where
organizing means to organized the work properly. Staffing means to plot the right person to the right job at
the right time. Directing means to give directions to the employees and workers as what work they have to
do and in what time to complete the targets (Madan, et. al., 2017). Controlling means to control the activities
of the employees and workers by the management by monitoring them.
Risk will be identified by mitigating the supply chain risks and work on minimizing the supply chain risks
by the project managers of the company.
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
RISK REGISTER
Project Title: Risk Management Date 17-08-2019
Risk
ID
Risk
Statement
Probability Impact Score Response
1. Slippages in
material
delivery
High Scope/
Quality
The poor
quality of
material
delivery can
be seen in the
project.
Schedule/Cost
The cost of the
schedule will be
low to minimize the
risks of supply
chain.
1 The response
will be highly
positive in
order to
identify the
risks.
2. Financial
issues to build
the project
Very High The project
is looking to
have large
budget.
The cost of some
relevant things have
been occurred high.
1 The response
requires to
build some
cost effective
strategies.
3 Purchasing
management
issue
High This project
was facing
the issues
related to
purchasing
management.
The project is large
that why the project
purchasing team is
not able to make
efficient purchasing
concept.
2 The response
needs to be
related to the
resolution
regarding
purchasing
issue.
4 Receipt
availability
High The engineers
and suppliers
were not
ready to
provide the
bill.
Bills are necessary
to have as these
helps to make the
understanding
about cost if the
entire project.
2 This is
necessary to
make them
understand
about the
importance of
bill.
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
5 Time and
information
issue
Low The
information
gathering of
project is
slow.
Right and timely
information is
necessary to build
the project in
effective manner.
3 Team meeting
can be helpful
to make
strategies to
resolve the
issues.
6 Companies
with order
become bank
corrupt
Very high Some of the
companies
which linked
to the project
become bank
corrupted.
That was the large
issue for company.
the implementation
of project can be
the loss for the
organization.
1 This is
necessary to
have some
sort of backup
plan the
reduce the
risk
probability.
Revised
Probabilit
y Revised Impact
Revise
d Score
Responsible
Party Actions Status Comments
Scope/
Quality
Schedule/
Cost
Very high Analysed
the quality
of product.
The cost
has
minimized
with the
help of
innovative
strategies.
1 Project
management
team
Team had
introduced
departments
to overlook
the
productivity.
Stable Company is
concerned
to get rid of
the issue.
High Managemen
t team made
some
These
approaches
helped to
1 Higher
authority of
project
The higher
authority
made
Frequen
t
Company
made
efforts to
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
substitutes
to manage
the budget
of project.
manage the
cost from
very high to
balanced
frame.
management
.
analysis
over the
highest
costly
productivity.
get
balanced
budget.
Medium Purchasing
team build
some
purchasing
schemes.
The
strategy
was
minimum in
the cost.
3 Purchasing
management
team
The team
made
analysis
over the
current
marketing
trends.
Stable Purchasing
will
increases
project
growth of
compony.
High Engineers
and
suppliers
were
instructed to
issues bills.
The cost did
not expand
as it was
minimum.
2 Billing
management
team
The team of
billing
management
instructed
members to
issues and
get bills.
Stable This help
the
company to
understand
financial
changes
Very Low Information
team made
analysis
over the
information
which have
been
occurred.
That was
quiet cost
effective to
build the
time
managemen
t in
significant
manner.
2 Time and
information
management
team
All the team
members
instructed to
gather
relevant
information.
Stable This helped
to company
to get
justifies
information
.
Low The
company
had started
attaining
track
records of
That was
little cost
effective to
research
other
2 Project
research
team
Team
members
made
analysis
over
company
Stable This helped
the
organizatio
n to reduce
threat of
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
their
business
holders.
parties. performance
.
loss.
PROBABILITY AND IMPACT MATRIX (Snyder, 2013, P118).
Project Title: RISK MANAGEMENT Date Prepared:
Very High
Slippages in
material
delivery
High
Financial
issues to
build the
project
Receipt
availability
Medium
Purchasing
management
issue
Low
Companies
with order
become bank
corrupt
Very Low
Time and
information
issue
Very Low Low Medium High Very High
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
Risk management and reporting
Develop appropriate response strategies to effectively manage identified risks in the case study.
This is necessary to get rid all the issues and risks which have observed. These can affect the performance
of project in negative manner. There are some of the strategies which can be used by the company to analyse
the issues in brief.
Estimate and Recognize Current requirements: This is necessary to understand the current requirements
of the project. These could be understanding from the critical analysis over the current stage of project
implementation. This is one of the responsibility of organization to change the productivity and resources of
the project.
Highlight by Probability and Influence: Different type of risk had driven different type of possibilities this
is necessary for the entire project management team to understand the probability and make resolution
accordingly (Skjold, et. al., 2017). For example, to get information on time the research team needs to be
more concerned and effective.
Make certain purchase quality: Supplier will impact the reputation of the construction company Robert L.
Frank. The company should be cognizant of how the suppliers will treat their employees and source
materials. The organization must conduct financial due thoroughness to ensure the capability of suppliers in
long term. This will help the company y to reduce the risk related to purchase and will make certain changes
in the value of project.
Be aware of financial risks: The company must be aware of the risks which they can face financially.
Suppliers faced as country risk, regulations compliance, economic and political conditions that will impact
their ability to serve the Robert L. Frank construction company. on the other hand, the financial risk can be
powdered due to the heavy budget of project (Willumsen, et. al., 2019). This is recommended to the
company to use effective and valued ways of project implementation.
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ASSESSMENT 2 - B PROJ6003 – PROJECT EXECUTION AND CONTROL
Analysis risks intermittently: The construction company Robert L. Frank necessity review the risks of the
project and business risks sometimes and habitually to classify the changes happen in risk management. The
preparation of reviewing risk situations will be the best way to protect the company from risk interferences.
Strong internal working structure: There are many of the risks many of the risk which affect the business.
This is necessary for the company to have internal structure of organization working in effective manner. if
the company will perform well it will help to attain significant growth and development.
Identify and describe how the stakeholders will be apprised of the project's ongoing risk management
activities.
The stakeholders play vital role to build the project as these are the essential requirements of implementing
the project. these are the person or group of person who analyse the entire project from internal or external
factors. This is necessary for the team to understand all the ongoing risk which have observed in the project
management. There is different type of stakeholders which includes employees, investors, manage,
government, customers and so on (Oliva, 2016). This are some of the department which helps directly or
indirectly to build the project in significant manner.
Employees and manager are the people who directly work to execute the project. They collaboratively make
an entire team of project management. The employees work to complete the task on the other hand, manager
make the core decision making for the implementation of project. these are the people who get information
about the risk on very early basis. And needs to get rid of the issues. As these people get most affected from
such factors.
The investors are the people who invest their time and money on the success of project. these people ate
essential to build the project as they support the project from financial factor. This sis the financial support
of the entire organization (Buston, 2016). The implementation of project is quite large task and investors
needs to have an idea about different risk and challenges as they made efforts to build the project. customers
are the base of entire project as these are the people who make consumption of the productivity.
Any of the risk can affect the values of customer’s availability which needs to be resolved. Government also
plays effective role to build the project as there are some of the government policies which needs to be
followed by the entire project team (Guadix, et. al., 2015). These policies make the project legal and
necessary to resolve the risk factors of project.
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