discuss the qualitative and quantitative risk analysis

Document name: RISK REGISTER

Version:

Project title

Building and Opening a New Toy4All Store

Project initiator

Toy4All toy store chain

Project Manager

Mr. Play

Project Sponsor

Sponsor

Risk ID

Risk statement

Fill in the risks identified on each work package

Probability

Fill in the estimated probability of occurrence for each identified risk

Impact

Fill in the estimated impact (if it manifests) for each identified risk

Priority

(Probability x Impact)

Prioritize the identified risks based on the result obtained by multiplying the probability of occurrence and impact

Response measures/

Risk Owner

Fill in measures to increase the probability of occurrence and/ or impact of opportunities and reduce those of threats.

State the team member responsible for implementing the response.

R1

Construction Delays

Moderate

High

Moderate

Regular monitoring of construction progress; allocate additional resources if needed; Mr. Play is responsible.

R2

Supply Chain Disruptions

High

Moderate

High

Diversify suppliers; maintain buffer stock; establish alternative supply sources; assign responsibility to the Procurement Manager.

R3

Personnel Recruitment Challenges

Moderate

High

Moderate

Start recruitment early; offer competitive salaries; collaborate with HR for effective hiring; HR Manager is responsible.

R4

Inadequate Advertising

Moderate

Moderate

Moderate

Develop a comprehensive advertising plan; utilize various channels; Marketing Manager is responsible.

R5

Playground Approval Issues

Low

High

Low

Continuously liaise with relevant authorities; have contingency plans for playground modifications; Mr. Play is responsible.

R6

Negative Public Reception to Playground

Low

Moderate

Low

Conduct public surveys; address concerns through effective communication; PR Manager is responsible.

R7

Unexpected Regulatory Changes

Low

High

Low

Stay informed about local regulations; have legal counsel on standby; Legal Department is responsible.

R8

Holiday Season Sales Impact

High

High

High

Implement pre-holiday promotions; collaborate with other departments to manage sales expectations; Sales Manager is responsible.

R9

Store Opening Event Logistics

Moderate

Moderate

Moderate

Plan logistics well in advance; coordinate with event management; assign responsibility to the Events Coordinator.

R10

Technology Failures

Low

Moderate

Low

Regularly maintain and test systems; have IT support readily available; IT Manager is responsible.