Risk Management Assignment: Project Analysis for Kitchen Renovation by KitchenMagic(Pvt)Ltd.

Question

Task: Project examined in the risk management assignment: Jenifer Lawrence, are owned celebrity chef, and Perth resident, contacted KitchenMagic(Pvt)Ltd. to manage the renovation of her kitchen. This will be a complete makeover—everything to go with installation the of newstove, sink, fridge, dishwasher, benches and cupboards. Jenifer has prepared a list of specifications for this purpose, which are:

Everything in the kitchen except crockery, food and cutlery is to go; crockery etc.will need to be stored somewhere as she has little storage in the house.
She will require somewhere to make a cup of coffee and heat the occasional meal throughout the renovations and somewhere to keep the milk and other fridge things. She does not want that huge fridge in the lounge room or any where else during the renovations.
Paint colour needs to tone with the benches; however, she is not sure what finish she wants on the benches and she would like some samples and prices to consider.
Stove, fridge and dish was her need to be good quality, but not over the top prices. Shewould
like KitchenMagic(Pvt)Ltd. to source options and make recommendations based on price and quality.
She is unsure of what todo with the cat while there novations are happening, asitusuallyhas therunof the house.
Everything must be finished in five weeks as Jenifer’s mother is coming to stay.

KitchenMagic(Pvt)Ltd. is a Pert company specializes in the kitchen makeover. Their clients are usually busy couples and families who do not have the time to manage their own renovation projects and people who are just daunted by the whole idea.KitchenMagic(Pvt)Ltd.cansourcealloftheexpertiserequired, including architects, landscape designers, builders, painters, electricians, wreckers, rubbish removalists and interior designers,as well as manage the entire project from scoping and preparation to completion. It claims that it will manage the project: ‘Ontime, onbudget, to your specifications.’

Now, you have been appointed as the project manager in this company and given the role to carry out a thorough risk analysis for this project.You must:

1. Identify all risks and rank the minterms of their severity, making sure you have understood the context in which they are likely to occur. Identify project risks using valid and reliable risk identification methods.

2. Determine risk objectives and standards with input from stakeholders. Then determine priorities to avoid those risks (or minimise the chance of them having a majorimpact).
3. Document them according to organisational protocols. Establish processes for regular risk review to maintain currency and to monitor risk environment to identify changed circumstances impacting projectrisks.
4. Determine and apply specific risk management techniques, tools, and strategies to minimise the chance of physical risk, as well as any risk that are likely to be detrimental to work outcomes.
5. Discuss the processes for assessing risk management outcomes to determine the effectiveness of risk-management processes and procedures and for identifying and documenting risk management issues and recommended improvements for application to future projects.
6. In your report, you also must include:
a) One piece of legislation that directly relates to this project and working practice of the organisation.
b) A risk register for the given project.
c) An appropriate method for risk management.
d) How you will consult with the stakeholders and clients to agree upon riskpriorities?
e) A risk probability and impact assessment and then record the findings in a risk and impact matrix.
f) How you will adhere to organisational policies andprocedures
g) Appropriate communication methods to seek and share information with a range of people.

Answer

Risk Management AssignmentAnswer 1

Table 1: Risk Assessment

Risks can be identified in a variety of ways. A mix of these strategies may be used by project managers. The project manager, for instance, may go over criteria in one of the regular group sessions and then go over premises in another. The following are some tried and true methods:
1. Interviewing. Make a list of essential stakeholders. Prepare for the interviews. Particular questions should be defined. Keep a record of the interview's outcomes.
2. This is a fun, inventive, and healthful practice. Respondents are instructed to make a list of possible threats (Duncan Bucknell, 2017). I urge volunteers to jot down each threat on a sticky note. The dangers are then organised or classified by the participants. After that, each group is given a name.
3. Cause and effect diagrams are quite useful. This fundamental method can help project managers discover causative factors that give rise to hazards. Risks can be lessened or removed if the causes are handled.

Answer 2
People, communities, and social reformers who are impacted by risk are at the heart of any risk. Those stakeholders are fluid, and they will most probably change throughout the procedure. Some are always there, while some come and go, while others may participate at various moments during the process. As a result, engaging with these stakeholders is critical for Kitchen Magic (Pvt.) Ltd. Stakeholder participation in procedures and guidelines has become more commonly recognized as a technique of making important decisions that are susceptible to different ideas and aspirations. The benefits of including stakeholders include increased risk awareness, the building of faith and confidence as stakeholders feel involved in decision-making and actions that impact their lives, and the sense that the business values their input. If anything goes wrong in this project, involvement leads to collective understanding and delegation of responsibilities. This also gives risk stakeholders the opportunity to express their thoughts on the danger, the organization's reaction, and the potential consequences. Kitchen Magic (Pvt.) Ltd. must first understand who its customers are and how they are engaged in order to engage them correctly.

Risks must first be recognized before being prioritized. Iwas a project manager for this project often compiled a danger list based on prior occurrences and lessons gained from previous projects. The list of learning lessons includes dangers that were not addressed during earlier project preparation and had an impact on the projected outcomes. This is critical since, even with the strongest risk management strategy in order, unexpected events, design faults, or exclusions might occur. Even if certain hazards are unforeseeable and improbable, they must be accounted for in a risk and control matrix. Officials in power can then be allocated before the danger arises. This risk matrix must be updated and amended on a regular basis. After the threats are identified, the effect and chance of their occurring should be assessed and prioritized from most to least influential.

Answer 3
The risk management plan should include ongoing monitoring or assessment. If necessary, the results should indeed be recorded and shared both internally as well as externally during this project. The results must be used to aid in the assessment and continuous improvement of the project's risk management strategy (Perseus-net, 2017). It is critical to determine who is in charge of monitoring and evaluating. To ensure that such controls are established and managed in an effective and efficient manner, all components of the risk management process should be integrated into this project's evaluation and control processes. Additional data is being collected in order to improve vulnerability assessment. Risk events such as near-misses, shifts, trends, accomplishments, and failures may all be examined and learnt from.

The effectiveness of the risk management strategy launched must be evaluated on a daily basis to ensure continuous progress in risk mitigation in this project to give Jennifer Lawrence better work (Perseus-net, 2017). The aim of Kitchen Magic is to instil a risk-aware mindset inside the customer (Jennifer Lawrence). This may be evaluated in terms of infractions and near-misses, information sharing, and evaluating what lessons have been learned and what remedial steps have been done. Because the vulnerability assessment scope is determined by whether or not the scenario is relevant to the firm, the approach is only beneficial if the issue is essential to the organization. Make that the risk mitigation practice objectives, including the changing environment, are current and accurate.

Table 2: risk monitoring and review

Answer 4
Every initiative that Kitchen magic (Pvt.) Ltd. undertakes involves some level of risk. The Organization do not include risk in their Project Management approach are more concerned about missing project deadlines (Riskinteg.com, 2017). This is why it is critical to prepare for risks as parts of a Project Plan, and why Risk Management tools are necessary for this particular scenario. There are several tools and approaches that businesses may use as elements of their Project Management plan to effectively control risks inside programs.

1. A SWOT analysis is a strategy for evaluating the strengths, weaknesses, opportunities, and threats that a project may face. This method can also be used to spot possible dangers. The first step is to concentrate on the project's benefits. The players on the team must then produce a list of all the problems in the project as well as any other issues that need to be solved.

2. I was a Project manager who can utilize the probabilities and impact of bad occurrences to prioritize risks concerning the potential effect. It helps with capital allocation for risk management (Riskinteg.com, 2017). This technique combines the probability and impact scores of distinct risks. After all of the calculations have been done, the risks are assigned a severity rating.
3. The probability and impact matrix is also another useful tool for project executives. It aids in risk prioritization, which is vital since you would not want to waste too much time pursuing a little risk and exhausting the assets. This method combines the likelihood and effect scores of specific hazards before ranking them in order of severity.

Fig 1: SWOT analysis

Fig 2: Probability and Impact matrix

In an ideal environment, business risk management is integrated into the workplace culture, influencing every role and decision. Even part-time employees may indicate that you want to run a tight ship by including risk assessments. Failure to include risk management into your business, on the other hand, might indicate a laid-back mentality (Dash et al., 2017). Disreputable employees may find such a relaxed atmosphere appealing and tough to resist. Kitchen Magic (Pvt.) Ltd. may be in danger of employee fraud unless accountability and responsibility are embedded into the system.

Answer 5
You must do a risk and environmental study for the projects in order to recognize risk management challenges. Environmental and organizational elements that impact hazards must also be included in your investigation. The risk assessment must assess potential hazards that might have the greatest influence on the project's organizational and financial results. You must have a thorough awareness of the business, its partners, and the risk management activities accessible in order to conduct an effective analysis. Distractions to the project timeline (Dash et al., 2017). The process of implementing the risk strategy Risk triggers Negative effects on results are some of the challenges you could find, delays in the schedule.

When documenting these concerns, please remember who will get the documentation and what the material will be used for. Risk management should not be a reactive activity; this should be a constructive one that recognizes hazards that may develop during the operation and plans for how to deal with them if they do. A threat is something that might have an impact on your project's schedule, productivity, or cost (Wood, 2005). Risks are potential that, if realized, will result in "issues" that must be addressed within the project structure. As a result, risk analysis is the process of identifying, categorizing, prioritizing, and planning for risks before they become issues.

Identify and distribute any suggested improvements to relevant stakeholders to be used in future developments. As a result, any difficulties must be properly defined and documented, with relevant context provided so that the situation in which they happened is evident. Improved instruction, updated technology, and more concentrated planning might all help to decrease risk, risk audits, risk awareness training updated norms, rules, and methods.

Answer 6
A. It is indeed critical to understand the risk management requirements in the business since these will determine the minimum criteria you will need to meet in order to be legally acceptable. Australian and international standards are examples of standards that may be used (Wood, 2005). The Work Health and Safety Act 2011 (Australian) establishes a framework for the protection of the health, security, and welfare of persons at work and many others in NSW industries and administrative duties. Create guides for your company that deal explicitly with how to follow laws, rules, and standards of conduct. You would need to modify these instructions as new standards become available. Verify that you are adhering to occupational safety standards as well as employers and employees rights. Implementing a change management approach to guarantee compliance is preserved all across the project life cycle is a smart idea.

B. A risk register is a part of risk management that maintains track of all recognized hazards inside a business, including details like the risk's sources, nature, and the likelihood of occurrence, Risk potential treatment (Likelihood x Consequence), Counter-risk strategies (existing and recommended) (Iso.org, 2017).It is also known as a risk log, and it's used to keep track of hazards throughout a building lifecycle. It would include cost and responsibility details for any risk mitigation methods. A risk register's advantages include the ability to document and publish all risks and management measures to stakeholders in a uniform format. It improves critical stakeholder communication that allows them to provide meaningful input.

C. A hazard gets less serious if steps are made to prevent or reduce its effects. When it comes to pursuing management, mitigating risk, also known as risk decreasing, is a frequent method. If you follow this method, you will need to figure out what steps or activities the company can require to achieve risk more reasonable.
D. Stakeholder involvement requires the development of positive, productive relationships over time. It results in a strong partnership that allows us to identify trends and develop solutions to problems that are currently impacting or will be affecting the organization in the future (Iso.org, 2017). Complaints and opinions from stakeholders are valuable sources of information that may be used to improve planned initiatives and outcomes, as well as help a corporation identify and manage possible threats. It might also be used to launch joint projects and partnerships.

E.

Table 3: IMPACT MATRIX

F. Risks manager must make sure are a set of established steps taken by a company to guarantee that its employees are subjected to as little potential danger while doing their duties. Examples of such methods include technological advancements, extensive staff development, and the provision of a healthy work environment (Andersen, 2010). The purpose of workplace hazard management and implementation is to ensure that all employees are safe. While certain jobs entail some risk, each organization must implement effective risk policies and procedures to keep employee risk to a minimum.

G. The alternative communication technique, with a short glance at a few of the challenges that arise from the various approaches Often, a combination of delivery strategies is more successful in conveying a piece of information. Safety and health boards are frequently displayed on notice or bulletin boards. These, however, acquire part of the furnishings, are frequently overburdened with knowledge, and are frequently neglected. Electronic bulletin panels are increasingly widely used; however,personnel may overlook them if their content changes too seldom.

References
Andersen, T. (2010). Combining central planning and decentralization to enhance effective risk management outcomes. Risk Management, 12(2), pp.101-115.

Dash, S., Dash, S. and Dash, S. (2017). PMP Prep: Qualitative vs. Quantitative Risk Analysis | MPUG. [online] MPUG. Available at: https://www.mpug.com/articles/pmpprep-qualitative-vs-quantitative-risk-analysis/. Duncan Bucknell. (2017). The Difference Between a Strategy, a Plan, and a Process. [online] Available at: https://duncanbucknell.com/2013/04/12/the-differencebetween-a-strategy-a-plan-and-a-process/.

hand, R. (2017). Risk management and project management go hand in hand. Risk management assignment[online] CIO. Available at: https://www.cio.com.au/article/385084/risk_management_project_management_go_ hand_hand/. Iso.org. (2017). Cite a Website - Cite This For Me. [online] Available at: https://www.iso.org/obp/ui/#iso:std:iso:31000:ed-1:v1:en.

Landau, P. (2017). What Is Risk Management on Projects - ProjectManager.com. [online] ProjectManager.com. Available at: https://www.projectmanager.com/blog/what-is-risk-management-on-projects.

Perseus-net. EU. (2017). Qualitative Risk Analysis (consequence X likelihood) | Perseus. [online] Available at: http://www.perseusnet.eu/site/content.phpartid=2204.

Riskinteg.com. (2017). RISK ANALYSIS. [online] Available at: http://www.riskinteg.com/KB/1_Risk_Management_Basics/1_3_risk_analysis.aspx. Wood, D. (2005). Where we are going: SWOT analysis aids risk assessment. [online] Available at: https://www.researchgate.net/publication/235409457_Where_we_are_going_SWOT_ analysis_aids_risk_assessment