ITC505 Project Management: Risk Planning for Building Renovation

This project presents a risk planning analysis for a state-of-the-art building renovation project, focusing on a 24-hour dining cafe. The project addresses various risks including competition, costs, procurement, and user requirements. It outlines a solution strategy utilizing quantitative and qualitative analysis, risk elicitation, and assessment. The assignment covers risk categorization, roles and responsibilities, and mitigation measures like avoidance, transfer, mitigation, and acceptance. The project also includes considerations for new technology, student training, and kitchen recording systems. The solution strategy involves identifying risks, analyzing them, and evaluating appropriate responses to ensure project success. The project's objective is to design and implement a system for entry-exit into the 24-hour dining cafe and a kitchen recording system for control purposes. The presentation also includes the proposed solutions by a bankrupt company that previously undertook the assignment and how to overcome the challenges.

Risk Planning
Project : state-of-the –art
Building renovation

Accommodation •500 Students to be accommodated
•Accommodation fee paid by student
Other Social
Amenities
•Ding café
•Recreation area
•Library
•Mini-theatre
•Car park, bicycle etc.
Proposed Building

Supermarket •24- hour operation
Pharmacy •Health issues
Event hall •Competes with theatre
Restaurant •Competes with dining cafe
Competing environment

 Costs associated
 Procurement
 University management
 Competition from outside building
 Failure to explicitly define user requirements
 Contractual terms that may change
Risks

 Oder new technology model B cards
 Set up train and orient students to its use
 Acquire ,install and orient the kitchen
recording system and control
 The kitchen recording and control system
should possess a polling feature
Solution strategy

 Quantitative analysis
 Qualitative analysis
 Risk elicitation and assessment
 Mitigation measures
How would this be
realised?

 High probability, high impact
 High probability, low impact
 Low probability, high impact
 Low probability, low impact
Risk categorization

Title role
Project management Responsible for coordinating
activities within between all
stakeholders and directing the
project team towards the set vision
and mission
Stakeholders Responsible for providing feedback
on their areas of interest with
regard to the system under
development
Financiers Responsible financing the
development of the system under
consideration
Technical team Responsible for the provision of
technical skills for the
development of the system under
consideration
Roles and responsibilities

 Checklists
 Interviews
 Brainstorming
 Project tasks
 Cause and effect diagrams
 Affinity diagrams
Risk Identification

 Executive Support
 Cost Management
 Communication
 Training
 Design
 Procurement
 Project Management
Identified risks

Risk identified Effect on project Probability of impact
Failing to Managing
flexibility of student
cooking options
May lead to bridge of
contract
medium
Harmonizing the
previous
recommendations by
the bankrupt firm
with the current plan
Delays in
implementation of the
project and increased
overhead costs
high
Shifting from the
previous m1
technology to model
B technology could
be quite expensive
Increased
implementation costs
high
Risk analysis and evaluation

 Avoid
 The risk of the project having an uncertain funding capacity will be avoided if the
philanthropist can be made to commit his willingness to fund the project on paper
 The risk of scope creep can be avoided by clearly listing the requirements and engaging all
stakeholders prior to development initiation
 Transfer
 There are risks that will best be handled by transferring to third parties
 The risk of coping with student flexibility in choice of cooking can best be handled by
transferring it to the caterers who are a third party
 Mitigate
 the risk of students rejecting the new system can be avoided by educating the students about the
benefits of the system prior to its full implementation
Accept
Risk response and
mitigation

 General feedback
 Basic
 Team Performance
 Work performed
 Final assessment
Knowledge Management

Thank You