Project Risk Management Plan Essay

The pur tick of the lay on the line wariness proposal is to describe any event or condition that may occur which could have a positive or negative tint on the realise. Risks management is the subroutine of identifying, assessing, responding to, monitoring, and reporting risks. The Risks Management Plan volitioning define how risks associated with the Baderman Island Casino Hotel regorge provide be identified, analyzed, and managed. The plan pass on outline how risks management activities exit be performed, recorded, and monitored throughout the roll. The plan volition also provide a template and practices for recording and prioritizing risks. The risks management plan has been created by the undertaking manager during the planning phase of the Baderman Island Casino-Hotel pop out and the intended audience is the project team, project sponsors, and management. Executive compactBaderman Island has of late been approached with an offer to construct the Silvers Casin o-Hotel on the one thousand of the resort. With a downturn in the hospitality industry, volatile gas prices and watercourse economic uncertainties, the Board of Directors and operational leaders believe the proposal could bring in the island. The casino will bring jobs to the local ara, along with increasing revenues for the ring businesses. Along with jobs and increasing revenue, the casino-hotel will bring gaming as well as a blend of attractions and entertainment for the visitors to the island (University of Phoenix, 2014). Project SummaryThe hotel-casino will take 30 months to complete, beginning in November 2014, and will cost approximately $40 million to construct. Additional cost for roads and ferries for transporting materials, construction equipment, and behaveers to and from the island will be approximately two million dollars. The memorial for the roads and transportation will take three months with the roads needing to be finish prior to construction of the hotel-casino. Budget and time atomic number 18 intelligible constraints, but the team also needs to consider the constraints the natural resources and botanic gardens will aim on the project. The quality of work on the roads and construction will need to meet the standards of the island resort without interruption to the subsisting activities and guest experiences. Risks Management Strategy and ProcessDetermining project risks and responses to those risks be make by fol gloomying risk management procedures. Risks management procedures imply duodecimal risks management, risks and control legal opinion, and project auditing. These procedures help the project team and stakeholders beat up to date on the latest developments with the project and help them to split to the risk management principles (eHow, 2014). Quantitative risks management helps project manager identify risks in short-term project or long-term initiative. Statistical skills and maths expertise are applied t o build control tools and methodologies. These tools identify, measure, and monitor operational, financial, and technological risks in a project. Once the risks have been identified the risks and control assessment is used to determine the level at which the risks may force the project. The risks are categorized in levels that will reflect the likelihood of the risks occurring and the severity of its impact on the project. To manage the risks as the project is in progress audits will be conducted. Audits will identify any surface area where corrections or adjustments may need to be make. Risk IdentificationEvery project has risk and the proposed casino-hotel project is no different. The risk identification process must be comprehensive to avoid emergence of a risk at a later time when it could threaten the success of the project (Cooper, Grey, Raymond, & amp Walker, 2005). To identify possible risks to the Baderman Island Casino-Hotel, the process was structured and used detect elements to examine possible risk systematic everyy in each area of the project. This was done during a cogitate session which included the following individuals Renaldo Hinderer, chief operating officer Baderman Island recourseNeida Durerso, Melancon Hotel GMJame Tokar, Melancon Hotel Convention Center GMKristoper Riffle, BA. The Tenney Night GMAmberly Wendolski, The Baderman Island CafPerla Musgraves, Mayor of KelseyNaoma Kinoshita, Sr. Botanist, William C. Martin Botanical Gardens Bao Weyrauch, CPA, Finance theater director, Boardman Management Group Ashly Yeamas, Manager Pepicello FairwaysDagmar Sephus, President Kelsey Ferry CompanyCedrick McBroome, Director of Business Development, Patten-Fuller Community hospital Tony Gonyer, Warden of Kelsey PrisonCraig McClary, Ph.D, Principal, Kelsey High SchoolA facilitator was appointed to conduct the think shop and to review the procurement. The selected brainstorming team was briefed on the purpose of the workshop and the outcome s that were desired (Cooper, Grey, Raymond, & Walker, 2005). Risk were identified in the risk brainstorming workshop, then ranked, and prioritized. Each risk was assessed and unwrapn a qualitative and quantitative measurements to determine where they rank in priority, with one being the highest risk and sevener being the lowest risk (see appendix B). Project Risks Monitoring make ListsDuring a construction project such as the Baderman Island Casino-Hotel all risks must be monitored daily to ensure the impact is minimal. To monitor the project risks a curb lists has been developed. The watch list contain all the risks that are extreme or high (see appendix A). The progress and effectiveness of risks intercession actions will be reviewed, and adjustments to the Risks Action Plan will be made as needed (Cooper, Grey, Raymond, & Walker, 2005). As effective risks treatment has been completed the corresponding risks will reassessed, reclassified, or removed from the watch list. Likewise, as low or medium risks change in status and become much important or newly identified risks, will be added to the watch list. Project Risks Reporting Milestone ProgressProject risks reporting provides a summary of risks, the status treatment actions, and an indication of trends in the incidence of risks in the project (Cooper, Grey, Raymond, & Walker, 2005). To report the progress of the Baderman Island Casino-Hotel project and its risks a Milestone Progress report will be used. This will give the project manager and stakeholders an update on how the project is progressing. The report will match the achievements to the planned milestones. The achievements and milestones can be charted to give a optical to see progressing on time or if it is behind schedule (Simon Wallace, 2007). A project manager can also analyze the dates for milestones to determine a variance and projection for milestones (Simon Wallace, 2007). If the project gets off track for any effort this will allow the project manager to make adjustments to get tail on track and to determine how much impact a risks has had on a project.ConclusionBaderman Island Resort has a very lucrative fortune that could bring jobs and revenue to the island. Building a Silvers Casino-Hotel may pose some risks for the resort, but will be beneficial once the project is complete. The project team has identified all possible risks to the project and has put together a project risk management plan that will mitigate the risks. Monitoring and tracking the risks will help the project stopover on track. Reporting of the progress of the project will be done throughout the project so that the key stakeholders and management can hold up abreast of the project. With the approval of the project the team can get to work and have the Casino-hotel up and running by 2015 for guest to enjoy.ReferencesCooper, D.F., Grey, S., Raymond, G, & Walker, P. (2005). Project risk management guidelines. Retrieved from The University of Phoenix eBook Collection database. eHow. (2014). Qualitative risk assessment tools. Retrieved from http//www.ehow.com/info_8511684_qualitative-risk-assessment-tools.html Simon Wallace. (2007). Risk Management Assessing risks at the start of a project. Retrieved from http//www.epmbook.com/risk.htm University of Phoenix. (2014). Baderman Island Resort Casino Proposal. Retrieved from University of Phoenix, PM584 website.