This week’s exercise will be to create a Risk Register for the Week?2?Business Case that you have utilized throughout the semester.?Additional instructions are in the Word template. You wi
This week's exercise will be to create a Risk Register for the Week 2 Business Case that you have utilized throughout the semester. Additional instructions are in the Word template.
You will complete the attached Risk Register in the Word template provided. A risk needs to be identified for each of your six (6) Key Deliverables (this would be listed under the Deliverable column). An example of the Risk Register is available in Exhibit 11.9 on page 370 of the textbook.
The following is a description of what should go under each column.
Risk Description: Identify the Risk associated with the Deliverable. These should not be failures of management, planning or execution. These should be out of the control of the project team.
Impact Statement: This is a narrative of potential impact if the risk should occur. This statement should specifically justify scores provided in Impact and Probability columns.
Deliverable: This will be the associated Deliverable. Identify one risk for each of your six (6) deliverables.
Probability: This is a score of 1-5. A score of 1 would be if the probability of the risk occurring is very slight and a score of 5 is that it will almost likely occur.
Impact: This is a score of 1-5. A score of 1 would be the impact would have little impact if the risk occurs and a score of 5 would be catastrophic impact if risk event occurs.
Score: This is the Probability multiplied by the Impact.
Response Strategy/Solution: This should identify one of the risk response strategies from the textbook. Then provide a brief plan on how respond to risk if it should occur. This must include direct correlation to the scores assigned to Probability/Impact. At least one risk response strategy needs to be identified for each and make logical sense. For example, you cannot Avoid a natural disaster so you would not select Avoid as the risk response strategy.
RISK REGISTER EXERCISE
You will complete a Risk Register for your on-going Business Case project. Provide your Business Case. You will then complete the Risk Register in the template provided on the next page. Format the document so it is legible and easily read. You can adjust the row height or column width to achieve this formatting. Do not allow a single row to be split between two pages. The information required in each of the columns is as follows:
Risk Description: Identify the Risk associated with the Deliverable. Risks need to be known unknowns and not failure of planning or management.
Impact Statement: This is a narrative of potential overall impact if the risk should occur. This statement should thoroughly justify scores provided in Impact and Probability columns.
Deliverable: This will be the associated Deliverable from your Project Scope/WBS. Identify one risk for each of your six (6) Deliverables.
Probability (Column P): This is a score of 1-5. A score of 1 would be if the probability of the risk occurring is very slight and a score of 5 is that it will almost definitely occur.
Impact (Column I): This is a score of 1-5. A score of 1 would be the impact would have little impact if the risk occurs and a score of 5 would be catastrophic impact if risk event occurs.
Score (Column X): This is the Probability multiplied by the Impact.
Risk Response Strategy: This should be a detailed explanation on how to respond to the risk event. This must include direct correlation to the scores assigned to Probability/Impact. You will identify at least one of the Risk Responses from the textbook to utilize and explain the strategy for using this Response.
Project Title:
Business Case:
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Deliverable |
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2
Problem 1
Amey Chekka
University of the Cumberlands
05/15/2022
Hotel Management System Project
Project Link: https://www.ijeat.org/wp-content/uploads/papers/v10i5/E25690610521.pdf
Project overview
This project involves designing an automated hotel management system that will incorporate all the hotel's activities, services, information, and the booking system. The overview of the hotel management system was configured by breaking down the project into smaller units—for instance, check-ins, check-outs, bookings, and advanced payments for customer services. Also how the cancellation of customer reservations will be handled, customer inquiries for specific services, and generation of reports for customers and employees. Another essential aspect of the project is information security, especially for clients' data in various hotel services (Horváth, 2019). The project focused on creating the front-end using Java and the back-end database using oracle.
The project is designed to fit the four vital elements of the Kloppenborg definition: the project resources, the time taken to complete the project, the budget of the project, and the project scope. The project resources include the workforce involved in the project, such as the project manager, the project team, and the equipment and materials to undertake the project (Kloppenborg, 2019). For instance, as this was a new project, it involved making sure that there were enough front-end and back-developers who would develop the different modules of the software, software testers to test the software before roll-out, and a technical IT team to perform maintenance and upgrades of the end product after launch and also the provision of high-end equipment as this software was sophisticated.
Another important aspect is the time taken for the project entirely; this is a significant factor as it has an immense impact on the project (Kloppenborg, 2019). To complete this project would take six months which involves two months of front-end design and development, two months for back-end development, one month of incorporating security features, two weeks of testing and final touches, one week of testing on a natural environment, and finally one week of launching, training the users and installing the software on every client computer and also training the IT team on performing the required maintenance and upgrades on-need basis.
The project budget is another crucial factor that even the time and resources for the project as it affects every aspect of the project. In this project, this involved budgeting for enough money to pay the project team, acquiring the needed materials and equipment that will be necessary for the completion of the project in time, and ensuring that there is a budget for any emergencies and resources required over the time of project development and finally and most importantly ensuring that there is profit at the end of the project (Kloppenborg, 2019). The total budget for this project that will cover everything and guarantee a profit was 1.5 million dollars.
The project scope is arguably one of the most critical aspects of the project as it is one of the factors that can be hard to determine (Kloppenborg, 2019). In this project, there are several aspects of the project scope taken into consideration; this includes the project requirements. For instance, in this project, the hotel management system is a system that both the administrators and the customers can use and incorporates all the features of the hotel, the services they offer, and the payment terms also; the software should be user-friendly and easy for the customers to navigate, another aspect is the project objectives, and goals, the primary purpose of this project is to develop a hotel management system that is adaptable to different operating system environments and can be customized to be used in other hotels.
Finally, the size of the project is another vital factor. In the project, this involved clearly defining the total financial resources available, the size of the project team that was available, the size of the hotel management software expected, the complexity of the hotel management software, and the deadline for delivery of the software. To effectively achieve this, a project sizing matrix was designed, which entailed how the initiation of the project will be done by appointment of the project team and performing a phase review in the planning stage involved the creation of a project plan, risk assessment plan and communications plan and finally the execution and closing stage (San Cristóbal et al., 2018).
Descriptive project Title
"P-1/P-7 Regal Company Automated Hotel Management System Project to securely store and retrieve data and automate customer service in five-star hotels (2022)."
Business case
The automated hotel management system will automate all the functionalities of the hotel effectively and efficiently and ensure that there is data protection for the client's information. The project scope will involve; building an automation mechanism for customer inquiries, automating the provision of services around the hotel, establishing payment methods, and ensuring data protection on performing transactions, regular maintenance, and upgrades on the system. The entire project will take 6-7 months, costing around 1.5 million dollars. Ensuring that the system's fully functional features will enable the hotel to earn customers by increasing its sales and improving customer experience and satisfaction.
References
Horváth, V. (2019). Project management competence–definitions, models, standards, and practical implications. Vezetéstudomány-Budapest Management Review, 50(11), 2-17.
Kloppenborg, T. J. (2019). Contemporary project management: organize, lead, plan, perform. Cengage.
San Cristóbal, J. R., Carral, L., Diaz, E., Fraguela, J. A., & Iglesias, G. (2018). Complexity and project management: A general overview. Complexity, 2018.
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BUSINESS CASE
Link to project:
https://www.nypl.org/press/press-release/may-24-2018/historic-jefferson-market-library-receive-series-significant
Essay:
The selected project is the renovation of the Jefferson Market Library. This is one of the branches of the New York library and is located in Greenwich Village, Manhattan, New York City. Originally, the building was a courthouse that was constructed between 1875 and 1877. However, it was later turned into a library and has served the local community for more than four decades. This project has a budget of $10 million with a 3-year project time frame. It is expected to be completed this year. Overall, this project is needed because it will ensure that people with disabilities can access all its amenities and resources. It will also ensure that the library meets the modern standards expected of a public library in terms of accessibility and communication.
The project specifically fits the four (4) elements of the Kloppenborg (2019) definition. First, the project is new. The renovations being done to the library will greatly transform the user experience. For starters, the entrance of the library is being redesigned. Also, elevators are being installed to all floors. This will ensure that all people including those with disability can access all parts of the library. Initially, the building was not friendly for people with disabilities. Hence, this is a new project since it will transform how users access the building. Also, the IT equipment of the building are being revamped to meet the modern technology standards expected of a modern library.
Second, the project is a time-bound effort that has a definite beginning and a definite ending. The project commenced in 2019 and is expected to end later this year. Despite the delays caused by the Covid-19 pandemic, the project has managed to be fast-tracked in order to meet its 3-year project time frame. This is impressive considering that the budget of the project has not been adversely affected.
Third, the project has several related and interdependent tasks. To make the building more accessible to all people regardless of their ability or disability, first, the entrance of the library is being redesigned. Second, restrooms are being reconstructed. Third, an effective elevator system is being installed to eradicate individual platform and stair lifts. These are related tasks aimed at enhancing accessibility to the building. Additionally, the building’s design and infrastructure are being enhanced. This will include the reclamation of the lobby’s public space and the redoing of the IT equipment. This will transform the building into a more modern one that sit the needs of the current society.
Finally, the project creates a unique product or service. People with disability face a lot of segregation and discrimination in the country. Despite appropriate laws being put in place to enhance the quality of their living, they still lack many opportunities to improve their lives. Therefore, this project will ensure that they access the library and all its provisions, which ensures they will be at par with all able-bodied individuals with regards to getting an education.
Descriptive Project Title:
“425 Avenue of the Americas Manhattan, New York City: Jefferson Market Library project to install a new elevator system platform, redesign/reconstruct the lobby entrance, and upgrade the IT system (2022).”
Business Case:
To meet the objectives of the project, the following are the specific tasks that will be done from the day the project begins to the day it ends. First, the individual platform and stair lifts will be eliminated. In their place, there will be the installation of a single, more effective elevator that will serve all the building’s floors. Second, there will be the construction of a ramp at the lobby entrance, which will run parallel to the stairs. The ramp will be cover the entire distance of the stairs. Third, the entrance masonry will be cleaned and restored. Fourth, the IT equipment will be rewired and rerouted. Finally, new finishes will be applied to complement the landmark building. These tasks will be covered by a budget of $10 million and will be completed within three years.
Reference
Kloppenborg, T. (2019). Contemporary project management. Cengage Learning.
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