discuss the qualitative and quantitative risk analysis
You are required to perform the qualitative and quantitative risk analysis for the risks identified in your previous assignment and establish their priority.
Please update the risk register used in the Week 3 assignment. You may use your choice scale for the qualitative analysis and the expected monetary value for the quantitative analysis.
Project Title: Building and opening a new Toy4All store
Project Description: Toy4All toy store chain wants to open a new store in a small town. For this project, the Director of the Projects Department assigned Mr. Play as the project manager, an employee with 5 years of service in the company. He will have to plan and coordinate all activities related to the new store's opening, which, unlike other existing stores, will be equipped with a children's playground. He will need to consider the activities: building the store, setting up the interior and the exterior, supplying the store with toys, defining the personnel structure, and preparing the store for the opening. Also, the details regarding advertising must not be forgotten. The project duration is 1 year and will end with an opening event.
Due to the professionalism proven when building previous stores, the company decided to work with the same building contractor (for the construction phase). By now, all licenses and permits required to start the work have been obtained.
The role of Mr. Play will not be easy. He was assigned due to his idea to include a playground in the store, which, once applied, should lead to increased sales figures. While the entire management has supported the idea, some heads of departments in the organization were not very pleased by his assignment, considering him too young and inexperienced for such a project. The most serious concerns are related to the project's impact on the already planned activities that will support sales in the holiday season.
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Document name: RISK REGISTER |
Version: |
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Project title |
Building and Opening a New Toy4All Store |
Project initiator |
Toy4All toy store chain |
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Project Manager |
Mr. Play |
Project Sponsor |
Sponsor |
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Risk ID |
Risk statement Fill in the risks identified on each work package |
Probability Fill in the estimated probability of occurrence for each identified risk |
Impact Fill in the estimated impact (if it manifests) for each identified risk |
Priority (Probability x Impact) Prioritize the identified risks based on the result obtained by multiplying the probability of occurrence and impact |
Response measures/ Risk Owner Fill in measures to increase the probability of occurrence and/ or impact of opportunities and reduce those of threats. State the team member responsible for implementing the response. |
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R1 |
Construction Delays |
Moderate |
High |
Moderate |
Regular monitoring of construction progress; allocate additional resources if needed; Mr. Play is responsible. |
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R2 |
Supply Chain Disruptions |
High |
Moderate |
High |
Diversify suppliers; maintain buffer stock; establish alternative supply sources; assign responsibility to the Procurement Manager. |
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R3 |
Personnel Recruitment Challenges |
Moderate |
High |
Moderate |
Start recruitment early; offer competitive salaries; collaborate with HR for effective hiring; HR Manager is responsible. |
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R4 |
Inadequate Advertising |
Moderate |
Moderate |
Moderate |
Develop a comprehensive advertising plan; utilize various channels; Marketing Manager is responsible. |
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R5 |
Playground Approval Issues |
Low |
High |
Low |
Continuously liaise with relevant authorities; have contingency plans for playground modifications; Mr. Play is responsible. |
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R6 |
Negative Public Reception to Playground |
Low |
Moderate |
Low |
Conduct public surveys; address concerns through effective communication; PR Manager is responsible. |
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R7 |
Unexpected Regulatory Changes |
Low |
High |
Low |
Stay informed about local regulations; have legal counsel on standby; Legal Department is responsible. |
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R8 |
Holiday Season Sales Impact |
High |
High |
High |
Implement pre-holiday promotions; collaborate with other departments to manage sales expectations; Sales Manager is responsible. |
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R9 |
Store Opening Event Logistics |
Moderate |
Moderate |
Moderate |
Plan logistics well in advance; coordinate with event management; assign responsibility to the Events Coordinator. |
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R10 |
Technology Failures |
Low |
Moderate |
Low |
Regularly maintain and test systems; have IT support readily available; IT Manager is responsible. |
Risk Register Template
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