Evaluation Of A Project On Risk Management - 1217 Words

4. Project governance 4.1 Project organization 4.2 Project Governance 4.3 Governance Management Process 11. Risk Management 11.1 Risk management plan A risk is an indefinite event or circumstance that, if or when it does occur it can have a positive or negative effect on the project and its outcome. Risk is an integral part of every project and every project manager should assess risks throughout the phase of the project and develop plans on how to tackle them. The risk management plan comprises of the evaluation of the risks that are likely to occur with both high and low impact, as well as strategies on how to improve them and to help the project avoid being disrupted should any problems arise. All†¦show more content†¦Ã¢â‚¬ ¢ Keeping up to date with all political changes and if any upcoming land development laws can disrupt the project. Image 1 - Source Manick (2012) Identified Risks Consequences Measures implemented Subdivision application rejected by council. Low Conditional purchase of the land on the basis council approval is granted. Cost overrun. High Detailed estimate to be carried out during project planning and a $250,000 contingency incorporated. Schedule overrun. Medium Detailed schedule to be carried out during project planning and performance contracts to be implemented with contractors. Failure to sell land lots in allocated time period. Medium Pre-sales activities to secure buyers prior to project development completion. Contactor failing to deliver scope as required. Low To be controlled during procurement of contract agreement. Quality not achieved to standard. Low Pre-qualification checks to be carried prior to contractor engagement. Political dispute Low Issues that could arise due to change in various government regulations or sudden change in the government rules during the duration of the project. Land exploitation Medium Various environmental bodies that may object to certain environment related aspects of the project, which can cause delays or cost. 11.2 Risk management process Steps that are