Project Risk Management

Question: Describe about theProject Risk Management?. Answer: Introduction Kitchen remodeling is the process, which is related to the building of projects that includes the implementation of the modification of the structure of the existing kitchen. The kitchen remodeling process includes the modification of the kitchen cabinets, cooking equipments, appliances, and storage system (Fang Marle, 2012). The project aims at illustrating the risk management plan related to the kitchen-remodeling project as finalized from the project risk template. The project also deals in successful, understanding, identification, and mitigation of the risk. The project also requires illustrating on each risk being identified in the risk management template through the summarization and detailed explanation of the same. Understanding The risk management of the kitchen remodeling event involves the great deal of steps which includes the understanding of the definitions of the intended project, working of the risk management, determining the risks, identifying the consequences of each of the risks, listing all the consequences of each risks, eliminating the irrelevant issues, computing the total risks, prioritization of the risks, developing contingency plans, developing mitigation steerages, analyzing, computing and monitoring the risks as well (Cagliano, Grimaldi Rafele, 2015). Summary The risks as identified in relation to the kitchen modeling can be described below as: 1. Changes in the project requirements One of the most significant risks that could hamper with the proper functioning of the entire project is the changes that are required to be implemented in the project requirements of the kitchen remodeling. The project requirements related to the kitchen include the modification of the kitchen cabinets, cooking equipments, appliances, and storage system (Sage, 2015). 2. Inaccurate measurements of the costs The inaccurate measurement of the costs related to the modification of the kitchen is another important risks factor that could cause excess cost to the sponsors of the companies and could a.lso result in the delay in the completion of the project. 3. Variance in the cost labor The variance anther cost of labor can be one of the outcomes of the faulty cutbacks that could lead in to lock in the costs. The variance could occur owing to the inexperience in terms of the financial managers to estimate the appropriate cost of labor related to the remodeling project. 4. Change in the project deliverable time The change in the deliverables time related to the kitchen-modeling project may result in the delay in the completion of the project. The change in the project deliverable incorporated high-level risks to the project and is reflected by the inexperience in respective of the project manager related to the kitchen-remodeling project. 5. Improper estimation of the budget The improper estimation for the budget is another high-level risk, which could hamper with the proper conduction of the remodeling project. The improper estimation may lead to incur excess of cost for the companies and may also result in the delaying of the project. 6. Inadequate training of the workers The inadequate and improper training of the workers may result in the improper conduction of the remolding project, which may hamper with the quality outcome of the p0orhect in the end. The significant number of suppliers 7. Misbalancing the team formation The imbalance among the team members are also responsible for the delay in the project, as it would be influencing upon the slack time of the activities, which are, invokes with the remodeling project. 8. Unavailability of materials The unavailability of the materials is the major risk factor assorted with the remolding project where the resources including the tiles, workforce related to the project. The unavailability of the resources can be prohibiting the process to be implemented and executed within the scheduled time line as estimated (Andersen, 2014). 9. Replacement of the damaged goods The improper selection of the quality materials prior to the implementation of the removing project may lead to the replacement of the same during the implementation of the project. This may result in the unnecessary delay in the implementation of the process. 10. Variance in the cost of the primary materials The variance in the costs of the materials during the implementation of the project may result the rescheduling of the budget related to the remodeling project. The variance may result in the improper estimation of the costs of process being involved with the project. 11. The absence of the team member This is one of the major risks that could result in the halting of the project due to the absence of the workforce during the implication of the project. The various causes related to the absence of the tea, members include the inner conflict amend improper training of the workers. 12. Unavailability of the kitchen products The unavailability of the kitchen products are the major reason of the delay in the completion of the project. 13. Exceeding the planned time The exceeding of the project time is the major issue related to the kitchen-remodeling project. The project is delayed due to various factors including the improper estimation of the project schedule, unavailability of the project resources and many others. 14. Change in kitchen design The change in the kitchen design can be caused due to the various factors and is one of the major risks that can hamper with the proper implementation of the remodeling project. The changes in the strategies or design for remolding the kitchen may cause unnecessary delay in the implantation of the project. 15. Variance of the cost of secondary materials The variance in the cost of the secondary materials during the implementation of the project may would ban the same as the variance in the resulting the rescheduling of the budget related to the remo0ldieng project. The variance may result in the improper estimation of the costs being involved with the project 16. Structural issues after implementation The structural issues after the implementation of the remolding project is the high property risk, which should be avoided as it, could result in the implementation of the entire project on a fresh start. 17. Adjustments required in the project The adjustments to be included in the project can be occurring in the project, which could lead to the unnecessary delays in the implementation of the project within the scheduled time line. 18. Slow speed of progress of the project The various factors including the improper scheduling of the project activates, improper training of the workers, improper evaluation of the budget. The slow progress of the project may result in the unexpected dually in the implementation of the project. 19. Unavailability of secondary resoi8rtces The secondary resources are also of the same importance of the primary resources in the kitchen remolding project, which includes the various tools and materials like adhesive, cement, and tools. The unavailability of the secondary resources is of prime importance that needs to be considered during the implementation of the project. 20. Failure of safety The remodeling project like that of the kitchen is usually prone to accidents on site and thereby involves health and safety issues related to the project. Thus, the health and safety of the workers should be considered prior to the implementation of the project. Categorization On the Basis of Materials Required for the Remodeling Project: Changes in the project requirements Inaccurate measurements of the costs Variance in the cost labor Improper estimation of the budget Unavailability of materials Replacement of the damaged goods Variance in the cost of the primary materials The absence of the team member Unavailability of the kitchen products Change in kitchen design Variance of the cost of secondary materials Structural issues after implementation Adjustments required in the project Unavailability of secondary resoi8rtces Failure of safety Based on the Labor Required for the Remodeling Project: Inadequacies training of the workers Misbalancing the team formation Slow speed of progress of the project Based on the Time Required for the Remodeling Project: Change in the project deliverable time Exceeding the planned time Mitigation Strategy 1. Changes in the project requirements The implementation of the change management plan would be helpful in mitigating the change management risks involved with the project. However, it wo0uld be best to identify the quality amend estimate an alternative plan in vase of any changes is required to be done. Thus, it became very necessary for the managers to define the objectives and requirements of each of the activities and workers implementing that project. 2. Inaccurate measurements of the costs This risk could be eliminated by the identification of all the variables related to the cost assorted with the imprecation of the remolding project. 3. Variance in the cost labor This risks could be eliminated by the identification of the cost of the labors, workers and employees working in the project such that to implement the project in an efficient manner. 4. Change in the project deliverable time The delay in the project deliverable time can be avoided by the proper estimation of the project schedule using the various tools, techniques, and methods related to the project management process. 5. Improper estimation of the budget The improper estimation of the budget is one of the major risks that could be prevented by estimating the costs and benefits involved with the implementation of the remolding project. 6. Inadequacies training of the workers This risk can be mitigated by implicating the poor training of the employees relend to the conduction of the project sic that there would be able to perform at their optimal level. Moreover, the proper teaming would be helping them in gaining the authority to solve the issues that may occur during the implementation of the project (Hillson, 2014). 7. Misbalancing the team formation The proper training of the workers and employees of the company related to the implementation of the project could avoid the imbalance in the project team. 8. Unavailability of materials The unavailability of the materials related to the remodeling if the kitchen could be prevented by souring the resources from the list of multiple resources available for the company. 9. Replacement of the damaged goods The replacement of the damaged goods during the implementation of the project could be an involved with high risk. It could be prevented by souring the resources form a trustworthy supplier (Gido Clements, 2014). 10. Variance in the cost of the primary materials The variance in the cost of the primary materials could be visited by sourcing the materials from the list of multiple suppliers related to the company. 11. The absence of the team member The absence of the tem member can be avoided by reducing the communication gap among the team members and encouraging the knowledge sharing within the business environment. 12. Unavailability of the kitchen products The unavailability of the kitchen products can be avoided by sourcing the material from the list of multiple suppliers of the company (Hu et al, 2016) 13. Exceeding the planned time The exceeding project time can be mitigated by introducing the slack time within the project schedule such that to schedule the tome for the project in an efficient way. 14. Change in kitchen design The change in the kitchen design can be avoided by using the standard sizing and metrical being required to remodel the kitchen. 15. Variance of the cost of secondary materials The most important mitigation step to avoid the variance in the cost associated with the material purchasing related to the implementation of the project would be to source the materials form multiple suppliers. 16. Structural issues after implementation The issues could be avoided by considering the possible consequences of the risks being involved with the remodeling project. 17. Adjustments required in the project The adjustments to be made during the implementation of the project could be avoided by establishing an alternative plan for the implementation of the remolding project prior to the implementation of the project (Zhao, Hwang Phng 2014). 18. Slow speed of progress of the project The risk mitigation strategy for increasing the progress speed of the project would be to evacuate and integrate the slack time into the project plan. 19. Unavailability of secondary resources The unavailability of the secondary resources are one of the major risk sand could be avoided by sourcing the materials from the list of multiple suppliers of the company. 20. Failure of safety The faultier of the safety could be avoided by mentoring the safety of the work place and the workers by identifying the safety risks associated with the remodeling project (Huemann Silvius 2015). Justification and Critique Risk in Kitchen Re-Modeling According to Liaukus, (2014), risk is associated with the formulation of every new product and its approach. Thus, remodeling of the kitchen is also associated with some risk. Some of the risks are the material used in the kitchen modeling, as if the use of granite for the kitchen surface will result in the health danger of the workers. Moreover, the communication with the supplier can be a breakdown that results in loss of the customer. One of the significant risks is the cost budgeted for the remodeling project that exceeds the maximum value allocated by the client. Lee and Cha, (2016) depict that if this risk occurs, the client may not pay the extra cost for the remodeling procedure and the project may have to be stopped in the middle of the project. Another risk that may occur is the unavailability of the appliances that is supposed to use in the remodeling of the kitchen (Cattano et al. 2013). Lack of participation of the all the team members is considered another risk, which ma y result in a poor outcome of the remodeled kitchen. Karabin, (2015) mentions that this lack of participation illustrates in exceeds in the timeline of the estimated deadline due to installation risk. Matschoss et al., (2013) demonstrate that Installation risk signifies the risk involve due to the damaged products for kitchen remodeling and failure of plumbing for kitchen faucet and sink. Moreover, extra time will be given to the project for the replacement of the damaged kitchen items that will create dissatisfaction among the client. Conclusion The project aims at categorizing, predicting, and defending on the mitigation strategy of the higher priory risks related to the kitchen-remodeling project. The main objective of the project has been to illustrate on the risk management plan related to the kitchen remodeling project as finalized from the project risk template. The project also deals in successful, understanding, identification, and mitigation of the risk. The project also requires illustrating on each risk being identified in the risk management template through the summarization and detailed explanation of the same. The project also needs to categorize the risks involved with the kitchen modeling into possible cost in materials, time, and labor. 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