Risk Management Plan assignment and Risk Register for Structural Overhaul of KIMS Mart

Question

Task: What are the key components and strategies of the Risk Management Plan assignment and risk register for the structural overhaul of KIMS Mart?

Answer

Introduction

The objective of the KIMS Mart Structural Overhaul project is to improve the operations and customer experience for KIMS Mart in Burnaby, Canada. This would be achieved by implementing a restoration and modernization plan. This project includes a various activities, such as design revamping, introduction of self-checkouts counters, improved accessibility features, and infrastructure modernization such as display racks and the ventilation systems. Being an international convenience store specializing in Korean and Japanese food and supplies, KIMS Mart's currently enjoys a monopolistic position, happy customer, and positive brand reputation which have impacted by the businesses performance (Anton & Nucu, 2020).

To guarantee future growth and expansion it is important to manage risk using methodical approaches to identify risk, perform assessments, mitigation, and monitoring. This will help the team to anticipate and proactively handle possible problems that may develop during the overhaul process. Effective implementing Risk Management Plan assignment techniques are crucial towards meeting budgetary limits, schedule, and successful delivery of a redesigned KIMS Mart that exceeds customer expectations. With this in mind it is important to understand the projects complexity so as to minimise operations disruptions. The Risk Management Plan assignment protocols will serve as a buffer towards unforeseen conditions which will help facilitating smooth project execution and improve the project's success.

Project Background

Upgrading KIMS Marts infrastructure is the goal for the KIMS Mart Structural Overhaul project by refurbishing the architecture, adding self-checkout counters, improved accessibility, and modernized infrastructure such as racks and the ventilation systems. The renovation projects goal is to increase customer satisfaction, operational effectiveness, and enhance KIMS Mart's competitive advantage.

This project will also have a major impact on Advantage Energy Technology (AET) as it would have a direct effect on the brands image and customer confidence. AET specializes in providing accounting and business management software solutions to the petroleum sector which is highly competitive. AET has also expanded in to the application as service provider (ASP) sector, and provides remote software package to businesses (Víchová et al., 2020).

AET is well recognized for its IT service reliability, resulting in AET being classified as a major played in the industry. KIMS Mart structural redesign is aligns with AET's reputation towards being an outstanding, dependable and excellent service provider. AET is committed to delivering positive client experiences and offers guaranteed operational excellence making it the most suitable services provider for the remodelling and improvement projects at KIMS Mart.

KIMS Mart will also act as an important point of contact for AET's making the successful completion of the renovation project an aspect which strengthens AET's reputed, customer-oriented company. AET is active involvement in KIMS Mart's transition, by offering innovation and client satisfaction, which fortifies its current reputation in the petroleum software sector.

Advantage Energy Technology considers the KIMS Mart Structural Overhaul project as an undertaking that demonstrates the business dependability, creativity, and customer-orientation in the petroleum sector.

Risk Management Plan assignment

Project Title and Objective:

KIMS Mart Structural Overhaul project aims to improve customer experience, operational efficiency, and competitive positioning which will revitalize and modernize KIMS Mart's infrastructure. The project will improve accessibility features, operational dependability, and enhance consumers shopping experience by improving the display layout, integrating self-checkout technologies, and modernising the infrastructure.

Risk Management Plan assignment Approach:

For the project to adopt a proactive and methodical Risk Management Plan assignment strategy which will encourage Stakeholder involvement, in-depth research is required to identify possible dangers related to the structural makeover. The identified Risks are ranked from highest to lowest depending on how likely they are to occur and their impact on project's goals. To reduce the identified hazards, mitigation methods are identified and stakeholders are consulted regarding the risk to help develop mitigation strategies. During the project, new risks will be identified and included to the Risk Management Plan assignment strategy, after which the Risk Management Plan assignment strategy will be periodically reviewed and updated (Sliuzas et al., 2021).

Risk Management Plan assignment Team:

Important stakeholders involved in Risk Management Plan assignment include the Project Manager, Project Steering Committee, Subject Matter Experts, and Stakeholders. The Project Steering Committee provides supervision and strategic direction, whereas the Project Manager will retain ultimately control of Risk Management Plan assignment during the project. Subject Matter Experts will offer specialised knowledge relating to risks, whereas stakeholders will provide feedback and suggestions regarding possible risks.

Risk Management Plan assignment Process:

1. Risk Identification: To identify possible dangers, get together and think of ideas, think about the risks, and look at old information. Involve people in a discussion to hear their thoughts and opinions on potential risks.

2. Risk Assessment: brain storm about what could go wrong and how it would affect the project's goals before making a decision. Prioritize which risks to analyse first based on how urgent and severe they are.

3. Risk Mitigation: Find the most important dangers and make specific plans to make them less risky. Give jobs and things needed to do the things that will make problems smaller. Create plans for when there are still risks that can't be totally removed.

4. Risk Monitoring and Control: Monitor risks regularly throughout the project. Check how well the techniques are working and make changes if needed. Give people who are involved in the project information about the risks and change the plan for managing the risks if needed.

The project needs to manage risks to be successful. This involves identifying and solving problems early, so they don't hinder the project from achieving its goals. Plans should find, measure, reduce, and monitor risks by utilizing stakeholder inputs which can help the project team deal with unexpected threats. Periodic evaluations and revisions of Risk Management Plan assignments help strengthen the project making it more likely to achieve success thus ensuring continued improvement and adaptability towards changing conditions.

Risk Register

The Risk Register helps identify, assess, and manage the potential dangers associated with renovating KIMS Mart by tracking potential problems, their likelihood, potential effect, mitigation strategies, and responsible stakeholders which helps prepare for problems and make enhance projects success (Juris, 2020).

Risk ID	Risk Description	Likelihood	Impact	Mitigation Strategy	Responsible Party
R1	Budget Overruns	High	High	Frequent financial evaluations and deployment of emergency funds	Project Manager
R2	Timeline Delays	Medium	High	Frequent monitoring of progress and a timetable buffer	Project Manager
R3	Technological Integration Challenges	Medium	High	extensive testing and working with tech suppliers	IT Manager
R4	Resistance to Change	High	Medium	Addressing issues, training initiatives, and communication	HR Manager
R5	Regulatory Compliance Issues	Medium	High	supervision of law and routine compliance audits	Legal Counsel
R6	Vendor or Contractor Issues	Medium	High	Choosing trustworthy partners, reading contracts carefully, and communicating openly	Project Manager
R7	Unforeseen Environmental Impact	Low	Medium	Observance of environmentally friendly procedures and routine environmental inspections	Sustainability Team
R8	Customer Disruption	High	Medium	Thorough preparation, early communication, and prompt issue resolution	Store Manager
R9	Operational Challenges	Medium	High	Comprehensive operating plan, low-disturbance approach	Operations Manager
R10	Employee Training Effectiveness	Medium	Medium	extensive training resources and feedback systems	Training Coordinator
R11	Stakeholder Conflict	Medium	Medium	Clear communication and techniques for resolving disputes	Project Manager
R12	Scope Creep	Medium	Medium	Frequent scope evaluations and change control protocols	Project Manager
R13	Data Security Breaches	Low	High	strong cyber security safeguards and frequent audits	IT Manager
R14	Natural Disasters or Weather Events	Low	High	Insurance coverage and an emergency plan	Project Manager
R15	Quality Control Issues	Medium	Medium	Strict quality control procedures and on-going observation	Quality Assurance Team

 

Risk Management Plan assignment

Budget Overruns:

This means that the project might go over its budget because of unexpected expenses or higher costs during different parts of the project.

To keep this risk under control, we should do financial check-ups often during the project. Emergency money can be set aside for surprises or unexpected expenses. Also, by closely watching our budget and sticking to a strict spending plan, we can catch and fix any budget problems before them get out of hand.

Timeline Delays:

This risk can result in slowing down the project progress due to factors such as inadequate resources, unseen delays and or project plan changes.

Regularly monitoring project progress and updating timelines accordingly can help reduce the risk. Backup plans much are drawn and ready to implement in case time delays are experienced, and the project managers must swiftly act on any time delay to limit its negative effect on the project schedule.

Technological Integration Challenges:

Introducing new technology or systems to an on-going project can result in having a major negative impact on the project slowing project progress.

All new technologies must be carefully studied and run offsite to ensure there are operational and any problems identified solved before implementation on a project. Detailed plans, involvement of IT experts and resource management must be integrated on a project plan during planning stage and not in-between the project.

Resistance to Change:

This risk involves making major changes to a projects deliverables or operation after starting the project and will in most cases experience resistance from stakeholders who may result in slowing down or halting the entire project.

To avoid such delays it is important to first consult all stakeholders before implementing changes and record feedback as the changes may affect certain stakeholders hindering their ability to exercise their role. All stakeholders must be involved and agree to the changes and effects to the timeline, which will result in making the change easier to execute.

Regulatory Compliance Issues:

This risk occurs when a project lacks guidelines or stakeholders do not follow set guidelines which can lead to legal disputes, project delays, or damaging the company's reputation.

Regulatory Compliance must be Monitors by discussing rule of law, regular checks to ensure all stakeholders following guidelines to avoid disputes. Creating clear rules for Following laws, keeping records and talking to regulatory authorities will help control this problem.

Vendor or Contractor Issues:

This risk may occur when materials, services, or labour for the project supplier experience difficulties resulting in delayed projects, quality issues, or exceeded budgets.

Choosing reliable partners, checking contracts carefully, and talking openly can reduce problems with vendors or contractors. Setting clear rules and keeping an eye on how well people are doing their jobs can help to keep everyone happy and avoid problems in the project.

An organised summary of possible hazards, including their impact, likelihood, and accountable parties, is given by the Risk Register. As a result, the project team is able to proactively manage risks and reduce their influence on the KIMS Mart structural revamp.

Analysis and Calculations

We may use calculations and analysis to address issues with project length, likelihood of completion within specific timeframes, and critical path considerations for the "Structural Overhaul of KIMS Mart" project based on the reading material that has been given.

1. Probability of completing the project before a scheduled time of 68 days:

We may use PERT analysis to determine the likelihood of finishing the project before the allocated time of 68 days, given the projected project duration of 69 days.

Applying the PERT distribution formula: P=(T?68)=?((68-?)/?)

Where:

? is the mean project duration (69 days).

? is the project duration's standard deviation, which is determined using the most likely, optimistic, and pessimistic durations.

? is the standard normal distribution's cumulative distribution function.

Expected project duration to ensure a 93% chance of completion within 68 days:

Using PERT analysis, we can determine the anticipated project time required to guarantee a 93% likelihood of completion within 68 days.

By using the inverse of the standard normal distribution's cumulative distribution function: T=?+z×?

Where:

T Is the intended time of completion (68 days)?

z Is the z-score that corresponds to the 93% desired probability?

? and ? are as defined earlier.

Probability of reducing the expected project duration by 2 days:

We may use the critical route approach and Monte Carlo simulation to determine the chance of cutting the projected project length by two days.

We can calculate the likelihood of cutting the project's duration by two days by examining the critical route and finding activities that can be completed more quickly or resources that can be distributed differently.

We can figure out the project's timeline, see if we can finish on time, and find ways to make the project better by doing these calculations and reviews (Kudszus et al., 2020).

Conclusion

To reduce risk escalation, risks must be managed carefully to achieve project goals. The achieved the desired goals the team must work efficiently, meet schedule and deadlines, and properly manage resources. This will also help identify potential problems and uncertainties during the project planning stage which result in enhanced decisions, proper resource allocation and Risk Management Plan assignment. This allows for more adaptability towards changes and challenges thus helping prevent problems which help the project operate and achieve good outcomes, making it successful projects.

Bibliography

Anton, S.G. & Nucu, A.E.A., 2020. Enterprise Risk Management Plan assignment: A literature review and agenda for future research. Journal of Risk and Financial Management, 13(11), pp.281 retrieved from https://www.mdpi.com/1911-8074/13/11/281.

Juris, U., 2020. Defining the Set of Criteria for Establishing and Evaluating a Project Risk Register. Project Management Development-Practice & Perspectives, pp.1-93 retrieved from https://balticpmconference.eu/sites/default/files/image-uploads/proceeding_book_2020_updated.pdf#page=75.

Kudszus, R., Klemencic, R. & Spyridis, P., 2020. Basic Concepts of Engineering Risk Management Plan assignment for Fastenings and Risk Register Based on Industry Survey. CivilEng MDPI Journals, 1(3), pp.275-290 retrieved from https://www.mdpi.com/2673-4109/1/3/18/pdf?version=1605513162.

Sliuzas, R. et al., 2021. Risk Management Plan assignmentning. INTEGRATING THE RISK MANAGEMENT PLAN ASSIGNMENT CYCLE, pp.50-106 retrieved from https://www.earth-prints.org/bitstream/2122/14850/1/ch02.pdf.

Víchová, K., Taraba, P. & Belantová, T., 2020. Risk Management Plan assignment of the project and the use of software in SME. WSEAS Transactions on Business and Economics, 17, pp.551-559 retrieved from https://www.wseas.org/multimedia/journals/economics/2020/b105107-066.pdf.