Risk Management - Project Management - Essay Example

Management project management 1 List of things to consider while planning for reunion- Recruitment of members of committee Creation of a Website Preparing an initial budget Estimate of the number of guests- It can be estimated 50 percent will attend the reunion and 50 percent will bring guest so 300*.50*1.5=225 people. Temporary ticket price= an estimate of $66.67 per person .Therefore, 225*66.67=$15000 Expenses- Caterer charges $25 per person = 225*$25= $5625 Venue charges= $5000 DJ charges= $200 Decorations= $ 500 1.

2 Date of Reunion- 08/22/2014 12 to 18 months before: Starting a website Informing school about reunion and collection of class list Prepare primary budget Sending out emails for choice of dates 8 to 12 months before: Searching, finalizing and booking the venue Caterer finalizing and booking Revising budget Finalizing the ticket prices 4- 8months advance Collecting RSVP from the classmates who have not yet responded Designing, planning of the venue Arranging for mementos for sale Sending out final invitations 1 to 3 months in advance: Preparing name tags Getting volunteers Sending email reminders Final week: Finalizing guest list for registration tables Sending final head count to caterer for meals Receive confirmation from all suppliers Reunion day: Decorate the venue Registration area confirmation Delivery and distribution of all mementos Post Reunion: Upload reunion photos to the website Send thank you notes 1.

3 The schedule risks which may occur in this type of reunions is that sometimes the budget maybe exceeding, at other times the vendors and the suppliers may be misplacing orders, the venues may be hard to find, the invitations maybe misplaced and the like. There may be also presence of estimation errors on part of the deciding committee. There may be also delays on behalf of the committee, or delays from behalf of the vendors and the suppliers. 2.1 Planning a Jillson’s Custom Home Risk Management Plan             Risk Description Probability Impact Factor Owner Mitigation             Budget is $650,000 to $850,000, however the costs may be higher than originally quoted since there are 14 houses to be constructed.

2 3 6 The Jillsons Party would have not had a cover charge, but will charge each person $20-30 admission. Varied labor and equipment productivity 2 3 6 The Jillsons The owners want less cost so a delay in the work can be compensated. Inflation effects 2 3 6 The Jillsons The owners would need to negotiate the amount. Unavailable labor, materials and equipment 2 3 6 The Jillsons The owners want less cost so a delay in the work can be compensated. Occurrence of accidents due to poor safety 1 3 3 The Jillsons More stringent methods should be employed.

Gaps between implementation and specification 1 2 2 The Jillsons More care should be taken. The lot needs to be cleared and the foundation digging needs to be done. 2 2 4 The Jillsons If the lot is cleared and foundation digging is on time it would not be a problem. Resource management 1 2 2 The Jillsons A proper resource management should be utilized. Changes in management ways 1 2 2 The Jillsons Management must be more careful. Time of completion of the house 8 months will be required.

1 1 1 The Jillsons The owners want a less cost but to them delay is not exactly a very risky factor. Source: (Enshassi & Abu Mosa, 2008) Key   Probability 1 = Low likelihood of occurrence 2 = Medium likelihood of occurrence 3 = High Likelihood of occurring   Impact 1 = Not severe, very tolerable risk 2 = Moderate impact that can be remedied 3 = Severe can make a grade impact Factor Table       Probability 1 2 3 Impact 1 1 2 3 2 2 4 6 3 3 6 9 1 - 3 Factor is considered in the Green Range and acceptable 4 - 5 Factor is considered in the Yellow Range and mitigation plan should be in place 6+ Factor is Severe and risk should be escalated.

References Enshassi, A., & Abu Mosa, J. (2008). Risk management in building projects: owners’ perspective. The Islamic University Journal, 16(1), 95--123. Bibliography Hopkin, P. (2013). Risk Management (1st ed.). London: Kogan Page. Jordão, B., & Sousa, E. (2010). Risk management (1st ed.). New York: Nova Science Publishers. GOV.UK,. (2001). Assessment and Management of Risks to Buildings, Building Materials and Services from Land Contamination (1st ed.). Retrieved from https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/290415/sp5-035-tr-1-e-e.pdf