Risk Management Plan

Published: 2021-06-29 06:56:42
essay essay

Category: Business

Type of paper: Essay

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I have made a list of all areas that might cause delays or failure with their respective outcomes (see numerical list below).
1. Delay or denial of licensing from the city - This could delay the project or even cause the project to move to a new location.
2. Delay or denial of construction permits - This could delay the project or even cause the project move to a new location.
3. Lack of Tattoo artists - Without artists contracted to the company, the project could fail.
4. Office may need to be rewired and the lighting reinstalled - this could delay the project by several months.
5. Weather issues - This may cause construction delays.

Risk Assessment
The following is an assessment of these risks in terms of the probability of project occurrence and the negative cost impact of project outcomes. Risk analysis attempts to quantify the severity of the impact of an identified risk event, sometimes its probability, and its sensitivity to change.

Defined conditions for risk management Analysis
Project Objective Relative or numerical scales
Very low-1 Low-2 Modeate-3 High-4 Very High-5
Cost Insignificant Cost Increase <5% cost Increase 5-10% cost Increase 10-20% cost Increase >20% cost Increase

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