XYZ is a retail chain of food & lifestyle products in Australia and currently has five stores in Brisbane, Sydney, and Melbourne. The company is now looking to open another retail store in Sydney and the scope of the project includes the construction and launch of the new store. The project scope includes the activities as initiation and planning processes for the building, construction of the building, migration of information, tools, and equipment to the building, change control, quality management, launch of the building, and the closure activities (Kloppenborg, Anantatmula and Wells, 2014).
The major deliverables that will be provided to the stakeholders during the project timeline will be project charter document, project plan, design document, constructed building, quality report of the new retail store, and the closure report of the project (Desmond, 2016).
The company is opening the retail store to maximize its offline sales by 40% and enhance the customer base in Sydney by another 35% in the first year after the launch of the store.
There is only one retail store that is set up in Sydney and the customers may not be able to visit the store due to its location. The retail store being opened now is in the heart of the city and will be able to enhance the market shares of the company by at least 40%.
XYZ is an organization that opened its first retail store in Sydney in the year 1995. The company has now expanded to five stores across Australia and has online presence as well in the form of its website and mobile application. The company has decided to open its sixth store which will be set up in Sydney so that more number of customers may be reached out through the same.
The milestone schedule of the project has been shown in the image below.
There will be various risks that the project will be exposed to. The risks have been identified using the qualitative and quantitative techniques as interviews, decision-tree analysis, domain analysis, SWOT analysis, observations, and group discussions. A risk register has been prepared below that lists out the risks, their descriptions, likelihood level, impact level, and treatment strategy for each risk. The risk score is also included which is obtained by multiplying the impact and likelihood levels (Blackhurst, Scheibe and Johnson, 2008). The likelihood and impact of the risks have been provided a score from 1 to 5 wherein 1 indicates lowest level and 5 indicates highest level.
ID |
Name |
Description |
Likelihood |
Impact |
Score |
Treatment Strategy |
1 |
Schedule/Budget Overrun |
The project has been assigned with an estimated budget and schedule. The changes in the specifications of the building, environmental conditions, productivity levels of the resources, and other factors may lead to the overrun of the schedule or budget. |
2 |
4 |
8 |
The risk shall be treated using avoidance as the strategy in which the Project Manager and senior management resources must review the project schedule and budget during every project activity. The gaps, if any, shall be treated immediately to avoid any sever implications of the delay or overrun of the budget. |
2 |
Health & Safety Risks |
The health and safety conditions at the construction site may not be in accordance with the defined standards which may lead to workplace accidents and injuries. |
1 |
5 |
5 |
The Health & Safety regulator must conduct audits before the project is kick started and these audits must continue during the project life cycle as well in order to avoid the risk (Cerniglia-Lowensen, 2015). |
3 |
Legal Risks |
There will be several third-parties that will be involved in the project in the form of suppliers and vendors. The non-adherence to the contractual terms may bring up legal obligations. |
1 |
5 |
5 |
The Legal Advisor must conduct audits before the project is kick started and these audits must continue during the project life cycle as well in order to avoid the risk (Fochmann and Haak, 2015). The procurement and contractual methods shall be incentive based in nature. |
4 |
Technical Risks |
There will be automated and technical tools used in the construction and project management activities. These tools may turn faulty. |
3 |
4 |
12 |
The risk shall be treated using transfer as the strategy in which the supplier of the technical tools shall be handed over with the responsibility to treat the risk. |
5 |
Resource Risks |
The resources assigned to the project may not perform as per the expected levels of their productivity and efficiency. This may bring up the risk of schedule and budget overrun. Also, absenteeism of the resources and resignation from the organization may bring up the risks of resource scarcity. |
2 |
5 |
10 |
The avoidance strategy shall be adopted and the management must have regular discussions with the resources to understand their concerns and develop & implement resource-friendly strategies to overcome the same. |
6 |
Quality Risks |
The quality norms and standards may not be followed and reflected during the project activities which may lead to the issue of non-compliance. |
1 |
5 |
5 |
The Quality Manager must conduct audits before the project is kick started and these audits must continue during the project life cycle as well in order to avoid the risk (Ershadi, Aiasi and Kazemi, 2018). |
7 |
Market Risks |
The expectations of the customers in the market may change which may have an impact on the sales performance of the organization. |
3 |
4 |
12 |
Market studies and surveys shall be done in advance to determine the market scenarios before the project is initiated. The change management plan must be set up in advance to mitigate the risks. |
8 |
Environment Risks |
The environmental conditions, such as extreme heat or cold, or rains may lead to delay in the completion of the construction activities. |
2 |
5 |
10 |
The design of the construction schedule shall be done on the basis of the environmental studies and the mitigation strategies shall also be developed in advance to deal with the unexpected environmental conditions. |
9 |
Operational Risks |
The members of the project team may perform operational errors which may bring up excessive re-work for the resources. |
4 |
3 |
12 |
The risk shall be avoided by training the resources as per the operational tasks and activities that will be performed. |
10 |
Communication Risks |
The availability of the internal and external customers may not match up which may lead to the communication gaps and issues. |
4 |
4 |
16 |
A communication plan and guideline shall be developed in advance and shall be followed during the project timeline. |
There will be human and non-human resources that will be needed in the project. The details of the human resources have been shown in the table below.
The non-human resources and their details are as shown below.
There will be several stakeholders involved in the project. The names of the stakeholders and their involvement in the project are as described below.
There are some of the essential activities that must be accomplished in the initiation phase of the project. The first and the foremost is the conduction of a feasibility study. The feasibility study shall be done on all the aspects as technical, environmental, economic, operational, social, and likewise. The decision to carry on with the project must be based on the results of the feasibility study. It is also essential that a kick-off meeting is done in the initiation phase so that the members of the project team are informed about the business case and the basic requirements that they are expected to fulfil. Such an activity makes sure that the resources get to know about the project specifications and understand the expectations that the management has from each of the resources identified for the project. Chartering of the project is one of the essential activities and the project charter is one of the significant project deliverables. It is because the high-level details of the project are included in the project charter, such as high-level requirements, budget, schedule, and likewise. The charter shall be submitted to the Project Sponsor and a formal go-ahead shall be obtained for the project. The Project Manager must make sure that the charter approval is provided by the sponsor and the planning processes shall begin thereafter.
Name of the Project Sponsor:
Signature of the Project Sponsor:
Date:
Approval Status:
Other Comments:
References
Blackhurst, J., Scheibe, K. and Johnson, D. (2008). Supplier risk assessment and monitoring for the automotive industry. International Journal of Physical Distribution & Logistics Management, 38(2), pp.143-165.
Cerniglia-Lowensen, J. (2015). Learning From Mistakes and Near Mistakes: Using Root Cause Analysis as a Risk Management Tool. Journal of Radiology Nursing, 34(1), pp.4-7.
Desmond, C. (2016). Project to plan for significant process change. IEEE Engineering Management Review, 44(2), pp.15-16.
Ershadi, M., Aiasi, R. and Kazemi, S. (2018). Root cause analysis in quality problem solving of research information systems: a case study. International Journal of Productivity and Quality Management, 24(2), p.284.
Fochmann, M. and Haak, M. (2015). Strategic Decision Behavior and Audit Quality of Big and Small Audit Firms in a Tendering Process. SSRN Electronic Journal.
Kloppenborg, T., Anantatmula, V. and Wells, K. (2014). Contemporary Project Management. 4th ed. Mason, OH: Cengage Learning US.
Markaki, E., Sakas, D. and Chadjipantelis, T. (2011). Building the Interactive Relationship between the Top Management and the External Project Manager: The Communication Plan in Laboratory Research. Key Engineering Materials, 495, pp.151-154.
Missonier, S. and Loufrani-Fedida, S. (2014). Stakeholder analysis and engagement in projects: From stakeholder relational perspective to stakeholder relational ontology. International Journal of Project Management, 32(7), pp.1108-1122.
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