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Gene You have a good amount of extraneous information/topics, however although you did identified what you asserted are risks to your project but without your detailed explanation of how and why each of these are risks to your project, especially as written many are general and/or not relevant to the construction of a hotel. You were asked for a Risk Assessment Table/Chart but provided a “Risk Mitigation Summary matrix”, hence you are missing, “Risk priority in the overall risk management plan (supported by your risk matrix and risk assessment)”, so please see comments and example posted.

The Original Instructions For the Paper

Start creating your Risk Management Plan for the project you selected in week one.

NOTE: You are creating this project artifact for your real project so it is not about theories and/or concepts you are applying what you have learned so DO NOT provide quoted theories or conception of the how , why or what /must be done, i.e. "a lesson".  If you submit "a lesson" and/or include lesson(s) in you paper you will lose 20% of the potential points

A Risk is a event that has not happen and  you do not have any control whether it will happen or not. If it becomes a risk event (happens) it could have a positive or negative effect on the project and/or organization

Submit the following

· Identify 10 specific risks specifically/explicitly that are unique to your selected project  

· A  1/2 page comprehensive, detail description for each of the specific risk identified that explains  your analysis of how and why each of the ten (10) identify specifically/explicit are a risk to your selected project.

· A risk assessment/ registry and matrix with qualitative assessments linked to quantifiable measures and risk factors, i.e. and explanation of  your quantitative scale, i.e. key/ledger/explanation of what your quantitative measurement represents.

· Risk priority in the overall risk management plan (supported by your risk matrix and risk assessment)

Note: If you identify a general broad risk you WILL NOT EARN credit. Weather is a general broad risk, rain or a hurricane would be specific risk

Warning Although there are bullet points to highlight what you must provide you will need to format and present the information in a logical sequences/format consistent with a project artifact so do your research

Format your paper consistent with live Risk Management Plan/Business, i.e. Project Artifact or consistent with APA guidelines.

Risk Management Plan for Mariette Hotel

September 16, 2017

Introduction

Mariette Hotel will be a five storey independently owned business built on Mission Bay in San Diego California with boating facilities, business centres providing cable television and in house movies with room services. The hotel will cater and attract business people, tourists, holiday travellers especially families at first class luxury with expected five-star rating.

The hotel will provide outstanding services with high quality furnishings, fittings and presentation to reflect the ambience of the blue skies and open water which will be the basis and foundation of its reputation and their prioritization of customer satisfaction with the service provided.

During implementation of the project, there will be several risks involved whether positive or negative. To tackle them several risk management strategies will be employed including risk identification and probability and consequences assessment through a retain, reduce and remove approach.

Risk Management Approach

Different risk will be dealt with in different ways. There are risks that will be faced suing the reduce approach where the identified risk will be completely eliminated by counter measures set in place, substituted with appropriate measures, chances and effects of the risk happening reduced. These approaches will be made possible through risk assessment logging tool that require risk identification, the affected parties, control measures and mitigation in place, identification of residual risk for the specific one mentioned, contingency plan, and through determination of and monitoring of the operations on site by the project manager.

Roles and Responsibilities

To avoid delays in counter measure, the risks involved will be categorized and the right team let to handle. Procurement related risks will be handled by the procurement and finance team, human resources and labour risks will be handled by the human resource and general management team, accidental and asset related risks will be handled by the litigation and emergency response team, marketing and advertisement related risks will be handled by the public relations team.

The responsibilities of the team will be to handle all response mechanisms. They will be expected to identify the risks before they happen, set mitigation measures, prioritize the risk and put up contingency measures to help in its management.

Risk Identification

To make sure this comes to a successful implementation, the “acceptable risk” for Mariette Hotel is defined as the limit at which human life, monetary and asset loss can be tolerated by the management, investor and board of directors. The minimum for which there will be no loss of life, ten percentage loss of revenue and property destruction in any form. For implementation purposed during construction, the acceptable risk is defined as the limit to which there will be no loss of life and more than contractually accepted cost and timeline for construction of project.

Through a definitive research, brainstorming, interviews and review of defined common risks in similar projects, several risks identified to take into consideration for Mariette Hotel. These risks include:

1. Collapsing of materials during construction

2. Market competition

3. Injury to general public

4. Failure in outsourced arrangement in procurement

5. Loss of reputation

6. Cost in time and production

7. Property damage

8. Fire hazards

9. Loss of skilled and experienced labour

10. Soaring energy costs

Where is the detailed explanation of how and why each of these are risks to your project, especially as written many are general and/or not relevant to the construction of a hotel

Risk Analysis and Evaluation

During construction, trenching might encounter a weak formation which will lead to destabilization and collapse of materials into the trench. Market competition is considered a risk for Mariette hotel because of the number of resorts and hotel already established in the area reduce the demand. Injury to general public would pose safety question to the customers and the local neighbours. Failure in outsourced arrangement in procurement such as electricity and internet are procured from other companies and availability is directly linked to the customer satisfaction. Loss of reputation is an indicator in the success and failure as hospitality is heavily reliant on reputation both by clients and critics in order to be ranked.

Cost in time and production in renovations affects development plan for renovations and employees hiring, firing and quitting rate affects recruitment plan and consistency of service provision. Property damage costs are high and affect the development and inspection plans. Fire hazard is linked too security and confidence is given to customer when planning for countering measures is given. Loss of skilled and experienced labour leads to a vacancy which affects consistency, the taste and uniqueness of a particular services. Soaring energy costs in winter and spring months’ energy consumption goes higher therefore costs increased tremendously and affect turn out, food, beverages, movement and check in and other safety features. Comment by Grandkids: You talk about renovations and this is new construction so do not understand

Mariette Hotel risk analysis and evaluation plan will be determined using an evaluation tool as shown in the matrix below.

Not sure the purpose of the forgoing paragraph(s) as they seem to be a collection of independent sentence/thoughts/subjects

Table 1

Risk Mitigation Summary matrix Comment by Grandkids: You were asked for a Risk Assessment Table/Chart

Figure 1: Key on impact assessment

The high-impact risks are likely to increase conceptual cost of the project and a percentage of the detailed budget. Gradual time without control risks happen at a gradual process and they are the ones whose cost is relatively not high (medium) and can be easily managed. The ones that are immediate in time are risks whose effects occur immediately they happen and are (expensive) high in cost.

Risk Response Planning and Mitigation,

The risk response will be carried through the mechanism in the figure below.

Figure 2: Risk Response Mechanism

All targeted response mechanism team are educated on the response assessment and management document. When risk is identified, the risk management body is notified from which they will quickly impact assessment through observation and initiate a response mechanism at the same time initiate control assessment for reporting. During response, the steps will be clearly noted and a report made from which residual risks and contingency planning will be made. This will then trigger the response mechanism for the residual risks and review of lessons learnt from the handling of the risk.

Risk Monitoring and Reporting

High impact, immediate response without control and high costs risks should be carefully monitored and equipment and tools for monitoring them will be done on a daily basis. During construction, it is the project manager responsibility to monitor the progress on site and to carefully assess the use of low risking equipment and application of safety measures. For market competition, it is the responsibility of the team leader from each team to look at the competitive market in their area of expertise and leadership to note the trends that are ongoing, prep and update his team for this also affects cost and time management. For hazardous risks, it monitoring will be done on daily basis and regular response exercise to determine the readiness in handling its exposure.

Reporting will be done as regularly as the monitoring. Once monitoring process is through, the reporting on its review is done and documented. When the risk occurs and has been dealt with, a thorough report is given from the moment of identification to the process of mitigation and response. This report is documented and from which response team will deduce the lessons learnt and determine the efficiency of the systems.

In the event of upcoming new risks, immediately the risk is identified, it is reported in the monitoring tool from which the team that will be responsible for the monitoring is identified and a mechanism is depending on the reduce, retain and remove approach. The course of action is carefully identified and tested from which a review of the risk management planning is done.

Table 2

Risk Assessment Matrix

References

Cooke B. & Williams P. (2004). Construction Planning, Programming and Control. Oxford: Blackwell Publishing.

Parker, D., & Mobey, A. (2004). Action Research to Explore Perceptions of Risk in Project Management. International Journal of Productivity and Performance Management 53(1), 18–32.