Project Risk Management
kiaa_p1
ip_5_example_1_2_1.pdf
MPM344- Project Risk- Phase 1IP5
Wedding Planning
Student XXXX
June XX, XXXX
TT A B L E O F A B L E O F CC O N T E N T SO N T E N T S
II .. PP R O J E C T R O J E C T OO U T L I N E U T L I N E (( I PI P 1 )1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 11
1 .1 . PP R O P O S A L R O P O S A L AA P P R O V A LP P R O V A L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .2 . PP R O J E C T R O J E C T DD E S C R I P T I O NE S C R I P T I O N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .3 . MM I L E S T O N E SI L E S T O N E S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .
I II I .. RR I S K I S K MM A N A G E M E N T A N A G E M E N T JJ U S T I F I C A T I O N U S T I F I C A T I O N ( I( I PP 1 )1 ) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . 99
1 .1 . TT H E I M P O R T A N C E O F R I SH E I M P O R T A N C E O F R I S KK -- T O T H E S P O N S O R T O T H E S P O N S O R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 2 .2 . SS T E P S T O D E V E L O P I N G AT E P S T O D E V E L O P I N G A R I S K M A N A G E M E N T P L A NR I S K M A N A G E M E N T P L A N . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . 3 .3 . FF L O W L O W DD I A G R A M O F S T E P S F O R I A G R A M O F S T E P S F O R A A R M PR M P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . .
I I II I I .. PP R O J E C T R O J E C T RR I S K I S K II D E N T I F I C A T I O N D E N T I F I C A T I O N ( I( I PP 1 ,1 , II PP 2 )2 ) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 1 21 2
11 .. HH II -- L E V E L L E V E L BB R A I N S T O R M I N G O F R A I N S T O R M I N G O F RR I S K T H A T C O U L D O C C U RI S K T H A T C O U L D O C C U R . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 22 .. RR I S K S I S K S CC A T E G O R I Z E D WA T E G O R I Z E D W // S W O TS W O T A N A L Y I S I SA N A L Y I S I S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3 .3 . SS T A K E H O L D E R S T A K E H O L D E R S && PP R O J E C T R O J E C T TT E A M U T I L I Z E D T O I D E NE A M U T I L I Z E D T O I D E N T I F Y R I S K ST I F Y R I S K S . . . . . . . .. . . . . . . .
I VI V .. PP RR O J E C T O J E C T RR I S K I S K AA S S E S S M E N T S S E S S M E N T (( I PI P 2 )2 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 44
11 .. TT A B L E S H O W I N G R I S K SA B L E S H O W I N G R I S K S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 .. RR AA N K I N G O F N K I N G O F RR I S K S S H O W I N G I S K S S H O W I N G LL I K L I H O O D A N D I K L I H O O D A N D II M P A C T M P A C T . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .
VV .. PP R I M A R Y R I M A R Y RR I S K I S K RR E S P O N S E E S P O N S E SS T R A T E G Y T R A T E G Y (( I PI P 3 )3 ) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . 55
11 .. MM A T R I X A T R I X S H O W I N G S H O W I N G AA S S E S S M E N T S S E S S M E N T R E P O N S E S F O R E A C H R IR E P O N S E S F O R E A C H R I S KS K . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 2 .2 . DD E T A I L E D E T A I L E D RR I S K I S K RR E S P O N S E S F O R T H E E S P O N S E S F O R T H E R I S K SR I S K S … . . .… . . . … … … … … … … … … … … … . . .… … … … … … … … … … … … . . .
V IV I .. PP RR O J E C T O J E C T RR I S K I S K MM A N A G A M E N T A N A G A M E N T PP L A N L A N (( I PI P 44 )) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . 66
11 .. MM O N I T O R I N G O N I T O R I N G RR I S K I S K RR E S P O N S I B I L I T Y E S P O N S I B I L I T Y MM A T R I XA T R I X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
V I IV I I .. PP R O J E C T R O J E C T RR I S K S I S K S MM O I N I T O R I N G O I N I T O R I N G && CC O N T R O L O N T R O L PP L A N L A N ( I( I PP 44 )) . . .. . . 77
11 .. FF L O W L O W CC H A R TH A R T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . .
V I I IV I I I .. PP R O J E C T R O J E C T RR I S KI S K SS MM I L E S T O N E SI L E S T O N E S && BB U D G E T U D G E T UU P D A T E S P D A T E S (( I PI P 55 )) .. 88
11 .. MM I L E S T O N E SI L E S T O N E S ,, BB U D G E T U P D A T EU D G E T U P D A T E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .
2 . C2 . C O N T I N G E N C Y O N T I N G E N C Y BB U D G E T U D G E T UU P D A T EP D A T E … … … … … … … … … … … … … … … … … … …… … … … … … … … … … … … … … … … … … …
I XI X .. PP RR O J E C T O J E C T RR I S K S I S K S CC O M M U N I C A T I O N O M M U N I C A T I O N PP L A N L A N (( I PI P 5 )5 ) . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 99
1 .1 . PP R O J E C T R O J E C T DD I R E C T O R YI R E C T O R Y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .2 . MM A T R I X F O R T H E C O M M U NA T R I X F O R T H E C O M M U N I C A T I O N S P L A N I C A T I O N S P L A N 33 GG U I D E L I N E S F O R C O M M U NU I D E L I N E S F O R C O M M U N I C A T I O N S M E E T I N G S I C A T I O N S M E E T I N G S … … … .… … … . … … … … … … … … … …… … … … … … … … … …
I .I . PP R O J E C T R O J E C T OO U T L I N EU T L I N E
1. PROPOSAL /APPROVAL
Dear Sponsor: Ronald Burke,
My proposal will give you the insights of why I am seeking your approval
to being the lead Project Manager for the project of Wedding Planning. I am really
excited to take on this new venture for I know it will help add to my resume and my
future growing endeavors with your company. As proposed, clients Walter James and
Gloria Jefferies decided to take on the commitment of marriage in June of 2013 and
are the official winners of “The $50,000 Wedding Give Away Day” from our
sweepstakes raffle. I understand before the kickoff of this project I would need your
approval of your sponsorship to take on such a large project. Even though I am a new
hire under your management team of project managers, this proposal is to declare my
ability and desire to taking on the Wedding Planning Project with delight, but first let
me explain in detail of why I strongly feel this way.
May 7, 2011 was one of the best days of my life….For it was my Wedding
Day! This is the year my husband and I promised ourselves and loved ones that we
would finally have a wedding which was on our 10th Year Anniversary. Besides that,
we felt that since our family is now complete they could participate in the ceremony as
well. Well we did just that. Our little girl was our mini bride/flower girl, our middle
son was the ring bearer and our older son actually walked me down the aisle, which
was very emotional, since my uncle passed away last year and was suppose to walk
me since he was just like a father to me.
However, I never knew until this project that the risks involved with an individual
planning their own wedding could be just as stressful, if not more, and loaded with a
ton of risks, than if you were to hire a project manager/planner to do it all. As a
matter-of-fact, I personally just experienced how substantial those risks and stresses
could be…and yes it was experienced, the hard way- without a risk plan.
I was a bride on a limited budget and decided to have my wedding on a cruise in
the Bahamas with 6 months of planning. Well, that idea fell through after the 4th
month and the plans had to change because the most important guests such as our
parents, siblings, etc. were not able to get on board with us for unseen circumstances.
My immediate family and my photographer were already booked for the cruise and at
this point we could not cancel. So to sum up the situation: our wedding funds were
tied up on a Carnival Cruise Ship that only my family of 5 plus my photographer
would be able to attend.
Instead of panicking, I decided to use the $ 2,000 dollar reserve funds that we set
aside as “spending money” on the cruise, to have a simple ceremony with 30 guests in
Orlando, FL the weekend week prior to our departure. I had two months to make the
plans. As anyone can imagine, those were the busiest 2 months of my life. The details
were mind boggling, the risks were endless, resources were many, the groom did not
disappear, as I’m sure he wanted to at times, and everything was beautiful in the end
for we finally had our 25 thousand dollar wedding on a 2 thousand dollar budget!
Afterwards we enjoyed our week of vacation in beautiful Orlando, Fl home of Mickey
Mouse, and at the end of the week we embarked on the ship and vacationed for 3 more
days. When it was all over, I can honestly say that I was extremely happy with the
results, for it was all worth it in the end.
I had previously told a friend of mine that if I could execute my wedding on
such short notice and budget that I will be able to plan anything and project
management was definitely my talent and calling. As a matter-of- fact, planning
weddings as a career has always been a life-long dream, and my purpose for my
education in project management. Therefore this proposal to lead the project of
“Wedding Planning” is being written with a little experience but a whole lot of zeal!
Mr. Burke thanks in advance for your consideration for approval of this proposal.
Respectfully Yours,
Jane Doe Project Manager
1. PROJECT DESCRIPTION
This risk management plan will identify risks that are associated with planning a
wedding. The planning of a wedding involves a lot of detail that must be thoroughly
planned out. There are a lot of milestones involved and sometimes can seem
overwhelming even for the most experienced project planner. Although similar, there
are no two weddings ever alike because everyone is different with different likes and
dislikes; this could make the planning of a wedding a risk all by itself. That is why it is
important for the project manager to be well -rounded and diverse because there are
simply no limits to where a wedding can take place. A wedding can be planned on top
of a mountain or at the bottom of a sea. Most of the time it is a preference, illusion or a
dream that the project manager is expected to make realistic… on schedule and most
of all within budget. For example it would not be ideal to go to a bride and tell her that
her wedding date needs to change or more money is needed to accommodate random
expenses that were never allotted for. This is just the tipping of the ice-burg when a
project manager is in charge of planning a wedding. However, this process does not
get any easier when one plans their own wedding as discussed earlier in section 1 (the
proposal/approval section).
2. MILESTONES
a. Flowers
b. Cake and Catering
c. Music Getting Marriage License
d. Name Change on all cards (i.e. social security, credit, health etc.)
e. Preparing A Budget
f. Guest List
g. Invitations
h. Vendors
i. The Bride
j. The Groom
k. Wedding Party
l. Hair & Beauty
m. Ceremony
n. Reception
o. Honey moon
p. Photo & Video
q. Rehearsal Dinner
r. The Wedding day
s. Thank you gifts/ cards
II. RISK MANAGEMENT JUSTIFICATION
1. THE IMPORTANCE OF RISK- TO THE SPONSOR
Dear Ronald Burke,
Thank you for your approval. I wanted to write you a letter to inform you of the
importance of having a risk management plan (RMP) in place for the current wedding planning
project. Since my wedding it has opened my eyes to know that the risk involved in planning a
wedding is crucial to the success of it. Our current client/family is depending on our expertise to
making their dreams come true and we do not want to let them down. First of all, to identify
what a risk is, I would consider it as anything that could potential stop, tamper or change the
progression of the project. This could be a temporal stagnation or it could be permanent. We do
not want anything to cause our clients wedding from taking place. This could be devastating to
our client’s future and even though we are sponsoring it, our reputation is on the line. Therefore
this is my rationale for having a risk plan in place for this project.
Through the complete lifecycle of this project, the PRM can also help us stay on schedule. If
we have a plan for mitigating the risk, when it occurs we can continue plans without having to
cancel them. Risks are real. It is better to be prepared for them than not to be. A RMP gives us
this outlet to have changes already on the table before they can occur. Some risks are much
higher than others and must be respected as such. There are risks that maybe very rare and never
happen. In either case it is still better to be prepared. For example having the wedding outside in
June may be a risk of the weather conditions being either too hot or raining. In this case, we
would need to consider a back up location. Think about it, how can we promise our client a
wedding of their dreams if it rains on them, or if they or their guest fallout from a heat stroke?
These are the types of risks I’m speaking of. I hope I have convinced you in the importance of
having a project risk plan in place. In the meantime, I will continue my brainstorming of the risks
associated with this wedding and I would appreciate any insight you may foresee that I can
include in this document. Thank you for your time.
Respectfully Yours,
Jane Doe Project Manager
2. STEPS TO DEVELOPING A RISK MANAGEMENT PLAN (RMP)
.
a. First understand that it is very essential to the success of the project
b. Brainstorm with other stakeholders including bride and groom to partner and help form
this document
c. Define what constitutes as a risk in this business by researching historical data of
weddings gone wrong
d. Use expert judgment for identifying risk
e. Utilizing forecasts to determine unseen conditions
f. Categorizing the Risks for example (wedding dress, chapel, guest, etc.)
g. Rank the risk as to its significance and the likely hood of it happening (Burke, 2011)
h. Mitigating the risks with plans to overcome the expected obstacles (Barkley, 2004)
i. Develop a plan to identify, mointor control,and execute the risk
j. Write the plan
3. FLOW DIAGRAM OF A RISK MANAGEMENT PLAN
(Microsoft, 2007)
Iden%fy Risk
Analyze Plan Monitor Control Execute
What to do with each risk?
III. PROJECT RISK IDENTIFICATION
1. HIGH LEVEL- POTENTIAL RISKS
a. Budget is Overrun
b. Guests don’t RSVP but arrive at wedding
c. Cake is wrong color and size
d. Food taste awful
e. Flowers shrivel before ceremony
f. Best Man forget his pants
g. Limo driver is held up by traffic
h. Bridal party arrives late
i. Brides zipper to her bridal gown breaks
j. Best Man looses one of the rings
k. Reception location is overbooked
l. 2 people from wedding party can’t be in wedding at last minute
m. Bride/ Groom’s selected songs has been left at home for ceremony on accident
n. Outside weather conditions are bad
o. The groom’s white suit gets a stained
p. DJ get into accident with all the equipment in van
q. Videographer forgets camcorder
r. Wedding Officiate looses the couple’s written vows to each other
2. RISKS CATEGORIZED USING A TABLE MATRIX & SWOT ANALYISIS
Risk Categorized
Risk Categorized & Described
Method/ Techniques used to identify risks
Bride’s Risks
• Bride zipper breaking on wedding day
• Interview of Bride
Groom’s Risks
• Best Man loosing the rings
• Interview of
Groom
Ceremony Risks
• Music player won’t play
• Music left at home
• Minister loose vows
• PM Team
Assumptions/Brainstorming
Reception Risks
• Overbooked
• Room Set up Wrong
• Flowers die because of room temp.
• Lead PM
Assumptions
Wedding Party Risks
• Back out of wedding at last minute
• SWOT Analysis
Guest Risks
• Showing up without prior RSVP
• SWOT Analysis
Sponsor Risks
• Budget Overruns
• Interview of Sponsor
(Grewal & Levy, 2008, 2010)
3. STAKEHOLDERS & PROJECT TEAM UTILIZED TO IDENTIFY RISKS
a. Sponsor b. Project Management Team c. Lead Project Manager d. Bride and Groom
Note: The table below explains the role of the stakeholders that I brained stormed with
last week to categorize the risks. I have also added some additional responsibilities that
each key member adhered to. Each one has agreed and is committed to these
responsibilities during the project’s life cycle as the need arises. Everyone is now aware
of the importance of this document and would like to help in any way possible to be sure
it is a success. After all we are a team. Either we are all winners or we all fail. We have
Strengths
Good Budget to work with, Bride and Groom leaving most details to us, only Planning Agency to offer such reward in State
Opportunities
To make a clients dream come true, Can become the Leading Planning Agency by reputation
Weaknesses
Can’t predict the client/ or their families involved ; dependant on resources for a successful outcome
Threats
Risks associated with planning and executing the project/ Bad reputation for the company
agreed that failure is not an option. So we will work as a team to getting this project on its
way by mitigating the risks as often as possible.
ROLE RESPONSIBILITY TO RISK IDENTIFICATION
Project Sponsor ü Provided risk information for budget risks by interview. ü Provided mentoring regarding costs and schedules ü Facilitate monitoring and communications trough project life
cycle ü Act as liaison to ensure effective communication between team,
and vendors regarding project changes
Project Management Team Members
ü Brainstorming with risks that could affect the overall success of the project.
ü Provide input for mitigation strategies ü
Lead Project Manager ü Established the importance of a RMP ü Ensure vender contracts and other deliverables are met ü Meet w/ vendors and clients to go over a comprehensive project
risk assessment to identify unforeseen risk ü Keep open communication and reports to sponsor, clients ü Present project risks to sponsor and communicate client’s
mitigation plans according to their desires ü Ensure risk mitigations are being adhered to and on schedule ü Report progress to all stakeholders ü Obtain schedules requested for all tasks and procure availability
of vendors
Bride & Groom ü Communicate all known risks that could hinder their wedding day
ü Interview explaining their expectations ü Insight on family tendencies
IV. PROJECT RISK ASSESSMENT
1 .1 . TT A B L E A B L E SS H O W I N G H O W I N G RR I S K SI S K S ,, T H E I RT H E I R L I K E L I H O O D A N D L I K E L I H O O D A N D II M P A C T SM P A C T S
Risk Name
Risk Description
Risk Likelihood
Scoring #’s for 2x2 matrix
Below
Risk Impact Ranking
Risk Impact Description
Bride’s
Risks Bride zipper breaking on wedding day
Low (2) High Ceremony would be delayed until problem fixed
Groom’s Risks
Best Man loosing the rings
Low (2) High Ceremony would be delayed
Ceremony
Risks Music player won’t play
Low (2) High Upset bridal party ceremony will probably be delayed
Reception
Risks
overbooked Low (2) High No reception
Wedding
Party Risks
Back out of wedding at last minute
High (1) High Unequal wedding party/no escort for someone
Limo Venue Risks
Traffic /wrong directions
High (1) Low Could delay schedule
Guest Risks
Showing up without prior RSVP
High (1) High Could cause the costs to be impacted
Sponsor Risks
Budget Overruns
High (1) High A Loss for client/company
2 .2 . RR A N K I N GA N K I N G RR I S K SI S K S (( ## ’’ SS D E S C R I P T I O N A B O V ED E S C R I P T I O N A B O V E )) S H O W I N G S H O W I N G LL I K L I H O O D I K L I H O O D A N D A N D II M P A C TM P A C T
****Please refer to the above table/chart for actual risk matrix with detail. *** All of the risks in the above table risk fell in between #’s (1) and (2).
All risks in quadrants (1) should receive the highest priority since these risks are more likely to happen. The others will receive the least attention arranged by number from 2-5 as shown above.
(Burke, 2011)
V. PROJECT RISKS RESPONSES STRATEGY
1. RISK RESPONSE ASSESSMENT MATRIX
Risk Name
Risk Description
Risk Likelihood
Scoring #’s for 2x2 matrix
Below
Risk Impact Ranking
Risk Impact Description
Risk Response
Type
Risk Response Description
Bride’s
Risks Bride zipper breaking on wedding day
Low (2) High Ceremony would be delayed until problem fixed
Avoid Be sure seamstress put a corset backing instead of a zipper to avoid the risk totally
Groom’s Risks
Best Man loosing the rings
Low (2) High Ceremony would be delayed
Mitigate Have the rings pinned inside a bag inside of his pockets instead of them being loose or in a box.
Ceremony
Risks Music player won’t play
Low (2) High Upset bridal party ceremony will probably be delayed
Transfer Have another music player on standby just in case the first one stops working
Reception
Risks
overbooked Low (2) High No reception
Avoid/Transfer Have a backup location/venue
Wedding
Party Risks
Back out of wedding at last minute
High (1) High Unequal wedding party/no escort for someone
Transfer Have the extra person to perform a different task such as usher or escort the guest in if it is
a male or if it is a female she can help with hair and makeup etc.
Limo Venue Risks
Traffic /wrong directions
High (1) Low Could delay schedule
Avoid Allot extra time by planning everything one hour ahead
Guest Risks
Showing up without prior RSVP
High (1) High Could cause the costs to be impacted
Mitigate Have a guest greeter checking RSVP’s at the door to eliminate the budget from being depleted with having to pay for guest that were not accounted for.
Sponsor Risks
Budget Overruns
High (1) High A Loss of revenue for the company
Avoid Request all transactions to be reported daily via email by all project managers to stay abreast. Request all changes are handled through the sponsor first which includes changes in all costs and schedules.
2. DETAILED RISK RESPONSES STRATEGIES
First Risk:
The bride’s zipper breaks before the wedding ceremony. This risk will be mitigated
by getting the bride’s zipper dress altered to a corset by the seamstress. This will
avoid this risk all together. This risk is a low likelihood, but the impact could be
high so we do not want to take on this risk at all. In adding a corset backing, the
costs will be an extra $150.00 which will increase our budget for the dress by that
amount.
Second Risk:
The Best man loosing the rings is the second risk. The likelihood of this risk is low
but the impact would be high. Therefore it is important to mitigate this risk by the
groom having the groom inside a box that will be placed in a jewelry bag that will
be pinned to the inside of the groom’s right pants pocket. This will allow the rings
to stay safe, unless the Best mans looses’ his pants. This will not change the budget
for the bag is part of the ring purchase.
Third Risk:
This risk involves having Sound System problems where the music player won’t
play during ceremony. This risk is high and the impact would be high for it could
delay the wedding’s schedule. This could also cause the budget to change because
it will mean more time in the chapel as well as more money to be spent on new
equipment. This risk will be avoided by purchasing a back up sound system if
needed. This will cause the costs to increase by $1000.000. The vendor will need
to deliver the first sound system on time and on schedule to be tested. It will also
be tested one week and one day prior to the ceremony. If the vendor cannot fulfill
the requirements of the delivery contract, they will assume all costs as agreed to.
Fourth Risk:
The fourth risk of the reception location being overbooked is less likely to happen,
but will have a high impact on the project. Therefore, having a backup location we
will mitigate this risk. This information will need to be verified well in advanced
for proper planning. A contract will need to be signed. In the event the location has
been overbooked we will request that the original vendor returns all money for
deposits. This could cause our cost and schedule to change if a new vendor is
needed. For example if the new location costs more than the current one it would
cause the budget to increase. Also if the new location date requested is unavailable
it would cause the schedule to change.
Fifth Risk:
The fifth risk is that several of the wedding party back out of wedding two weeks
before the wedding. This risk is high and the impact is high for this could cause the
wedding party to be unequal. There could possibly be for example not enough men
for the women to be escorted or vice versa. This could also alter the entrance and
standing arrangements. In this case, the risk will be transferred by having the extra
wedding party fulfill other tasks such as an extra male could act as an usher or
escort of guests to their seats. The extra females can be used to help with make-up
hair and dressing. A back up rehearsal should also be performed. The wedding
party can rehearse walking in alone and also walking in with escorts. This will
transfer this risk for everyone will be prepared either way.
Sixth Risk:
Limo driver has traffic issues and does not get the wedding party to the chapel on
time. This risk is high and likely to happen. The impact will also be high because it
will cause the schedule and possibly cost to change. Most wedding chapels allow
you to rent it by the hour. If the limo drive is an hour late, this could cause a charge
to occur that was not planned for. Therefore, we would like to avoid this risk by
planning the Limo driver to arrive an hour ahead of schedule. We will also be sure
that the limo driver has made a test run to be sure he will know where he is going
on the day of the ceremony. If for any reason he does take the bridal party to
another location in the contract it will be stated that he will be responsible for any
extra fees that his company will charge for they also charge by the hour.
Seventh Risk:
Guest showing up at the wedding that has not RSVP. The likely hood of this
happening is high for people show up all the times to places they have not
reserved. In this case this could cause the budget, planning, and everything to
increase. We will mitigate this risk by having a greeter that will check names and
RSVP information at the door. If that person is not on the list they will not be
allowed to attend.
Eighth Risk:
The last risk of budget overruns for this project has a high likelihood and a high
impact. This could cause the entire project to be canceled. This risk will be
mitigated by keeping an open line of communication by requesting that all
transactions to be reported daily between all project managers to stay abreast. It is
also required that all changes are presented and approved by the sponsor first. This
does include changes in all costs and schedules.
VI. PROJECT RISKS MANAGEMENT PLAN
1. Monitoring Risk Responsibility Matrix
R=Responsible, A=Approver, S= Support, I=Information N/A=not applicable
Responsible = person who take full responsibility of monitoring and controlling the risk of the task.
Approver = person who approves or allow changes to occur to budget, schedule, changes etc.(takes action) Support= person who provides their response to the risk or support regarding any aspects of the project.
Information= person who should be notified but does not possess any control for decisions n/a= monitoring risk plan does not apply in that particular task
Name
Wedding
Project
Schedule Risks
Overall
Project Cost/
Budget
Risks
Decorations
Type, Set up
And take down risks
Staff
Work
Hours
Wedding
Vendor non- Performance
Risks
Wedding
Party Attire
Activities
Associated
To Mitigating
Wedding Risks
Wedding changes/ status
updates
Wedding Guest RSVP Risk
Project sponsor
A A A A A A A A A
Lead Project Manager/ Coordinator
R R R R R R R R R
Project Management Staff
I I S I R S I I I
Vendors I I R I R I I S I
Design Team
I S R I I R S S I
Bride/Groom I I A I A I A S
Bridal Party S R n/a n/a n/a A I S S
Wedding Guest
I n/a n/a n/a n/a n/a I I S
PROJECT MONITORING & CONTROL PLAN
Risk monitoring and control is the process of identifying, analyzing, and
planning for newly discovered risks and managing identified risks. Throughout this
process, the responsible person of the risk identifies the risks, identifies new risks,
implements risk response plans, and measures the risk response plans
effectiveness. The actual inputs to Risk Monitoring and Control are: Risk
Management Plan, Risk Register, Approved Change Requests, Work Performance
Information and Performance Reports which most will be discussed in more detail.
The wedding giveaway sweep steak project must be obtained in a solid risk
monitoring and control plan in order to reassure the project goes according to plan.
The risk monitoring and control must be carried out during the entire life cycle of
the project. What this means is that this process will include but not be limited to
analyzing and identifying risk as they derive and documenting them to form
contingency plans for if and when they do arise. This helps the project stay on task
and helps monitor if our company’s resources that are being utilized for the project
are operating correctly (FFIEC, 2008).
Effective Risk monitoring and control will be essential to the schedule, cost and
overall budget. There are techniques involved in the risk monitoring process to
ensure the execution of the project (PMI, 2008). Each and every one of the
stakeholders involved in this development of the wedding project will either lose
or gain from the success or failure of it. A successful outcome is desired so that is
where project risk and monitoring will come into play because it ensures but does
not guarantee the project’s success. Put it this way, it will make the chances much
greater of being successful than if this process was not implemented at all.
The project management team, sponsor and other key stakeholders must always
be ready to not just identify the risk, but take a proactive approach to mitigating the
risk that are associated with it. In other words, they must always be prepared to
take a stance to eliminate the associated problem at hand. The techniques that are
used to manage the risks must be embodied within our project risk paradigm. The
basic techniques used to manage the risks are the following: identify, analyze, plan,
track, control, and communicate, (PMI, 2008).
We will use spreadsheets, performance reviews, variance analysis (VA) and
Microsoft project manager as the software tool to schedule and track the tasks to
help identify and document the risks. We will also use communication methods
such as by phone, fax, face to face or email to name a few ways to keep one
another abreast on any changes. If changes are needed such as in schedules or
costs, that final decision must be made by the Sponsor and our Executive Team.
The Project managers, vendor or anyone for that matter has the option to request a
change, but the request must be made known to the lead project manager which
will communicate it to the sponsor team right away for the decision making
process.
Monitoring and Controlling of this project will also deal with tracking and
periodically reviewing the information from the spreadsheets or risk analysis (RA).
This will enable us to regulate the process to meeting the performance that is
defined within the project scope and project management plan (PMI, 2008). Some
of the things that we will use to monitor and controlling the deliverables for this
wedding project are (1) collect information from all parties involved such as
reports showing work in progress and or completed. (2) Measure how this
information compares to the actual schedule and costs.
When a risk occurs, the control process is to first of all assess the risk, modify it
by determining if we can accept, avoid, or mitigate the risk. (3) The lead project
manager is in control of disturbing the performance information to the sponsor and
others that are of interest. (4) Last, perform measurements to effectively make
process improvements will be assessed. This information will be repeated the
entire time until the project is over and the couples have returned happily from
their honey moon.
This long duration of monitoring and controlling will ensure that corrective
actions will be taken in the event a risk does arise which is a part of the control
process. As a breakdown of the planned project monitor and control work that will
take place for this project the task are as following:
1. Continue to compare the actual performance of vendors, team members, etc.
to the project plan
2. Determine if there are actions needed to correct or prevent risks and
recommend them.
3. Identify new risks by analyzing, tracking and monitoring the wedding
project at hand. Also current and or past risk as well to be sure they are
identified, reported, and response mechanisms has been put into place
4. Keep an up to date status of the progression or digression of the project’s
progress throughout the project life cycle.
5. Inform the team and sponsor of support status reports, forecasting, and
progress measurements
6. Keep a detailed log of forecasts, current costs and current schedule
information to stay current and keep stakeholders current
7. Implement monitoring of approved changes from the sponsor as they occur
to the team members and vendors (PMI, 2008).
8. Quality assurance, Quality control Inputs and Risk Analysis performed ( i.e.
flowcharting to determine if improvements are needed) (PMI, 2008).
9. Documentation of lessons learned regarding the project will be indicated as
well
10. Close the project.
2. DIAGRAM FLOW CHART
(Microsoft Word Smart Art, 2011)
Risk Iden%fied
Risk Register
Access Risk Respond to the Risk
Work Perform ance
Requested Changes
Con%gency Plan
Introduced
Previous and New Risk
iden%fied,
VIII. PROJECT RISKS MILESTONES & BUDGET UPDATE
1. MILESTONES & UPDATES
a. Flowers
b. Cake and Catering
c. Music Getting Marriage License
d. Name Change on all cards (i.e. social security, credit, health etc.)
e. Preparing A Budget
f. Guest List
g. Invitations
h. Vendors
i. The Bride
j. The Groom
k. Wedding Party
l. Hair & Beauty
m. Ceremony
n. Reception
o. Honey moon
p. Photo & Video
q. Rehearsal Dinner
r. The Wedding day
s. Thank you gifts/ cards
t. Weekly meeting
u. Monthly meeting
v. Consult bride and groom w/ updates
w. Contact vendors monthly
x. Pay vendor in full one month prior to event
y. Contact catering company 1 month prior with exact numbers of guests
z. Contact wedding reception venue 1 month prior with exact number of guests
aa. Fitting for brides dress 3 months prior to event
bb. Wedding Party attire dress rehearsal 1 month and 1 week prior to event
cc. Rehearsal Dinner 1 week prior to event
dd. Limo driver test drive locations- obtain status report
ee. Flowers, Decorations, etc. Needs to be delivered two days prior
ff. Refrigerate flowers
gg. Check on cake venue be sure it is on schedule for delivery the day of event
hh. Accessories for flower girls and brides maids needs to be picked up 3 months
prior
ii. Last fitting of entire wedding party 2 weeks prior to event
jj. Chairs, tables, and all equipment delivered on week prior to event
kk. Set up team arrive 7 am to chapel (1 day prior to wedding day)
ll. Take down at 7pm at wedding chapel (1day post wedding day)
mm. Photography and Videographer arrive (1 day prior for shots of décor)
nn. Contact Reception Hall tour (1 day prior to be sure set up is correct)
oo. Test all equipment to ensure functionality 1 month, 1 week, 1 day prior
pp. Take a break and relax by 6pm. (1 day prior to event)
2. CONTINGENCY BUDGET -UPDATES
As of June 20th, 2011 our budget of $50,000 has not overrun. As a matter of fact we are
predicted to come in under budget by 20% or 5,000 dollars due making the Estimated Cost (EC)
to be $45,000. This is due to the recent changes in the reception location. The cost for the new
location is the same and the only difference is they will do all the decorations as per the
bride/grooms preference. This is part of their complimentary packages and services. Another
thing is they are accommodating the bride and groom a free honey moon suit the night of the
event. The guests are also allowed to stay with a group rate charge of 100.00 per night which is a
50% savings off the regular price. (Each guest will be responsible for his/her own fees). With
these amazing changes, this has allowed the event to be on schedule and under budget.
This brings me to mention about the couple’s one week cruise honey moon package to the
Bahamas. It is still on schedule to take place the day after the wedding. They will have a honey
moon suite w/ balcony view. We have also added a surprise bonus to this package ( thanks to
contributions made by our loyal customer’s) of a $5,000 spending voucher as well as limo
service transportation to and from the loading dock in Port Canaveral Fl.
We are sure to make this couple’s wedding day a dream come true and a day to remember for
the rest of their lives! We are also expected to receive a 30 % percent growth in client base and
revenue after this project is completed for it has received nationwide attention by the media. This
story is due to air on a “Wedding Story” on TLC the following month with permission from our
bride and groom of course! We are all excited about this project and have taking all the
necessary approaches to identify and mitigate the budget and planning risks according to this
plan.
IX. PROJECT RISKS COMMUNICATIONS PLAN
1. PROJECT TEAM DIRECTORY
This table is a representation of the contact information for the persons that are identified in this communications
management plan. The phone numbers/ email address will be one of the methods used to communicate with each of
them as needed. Role Name Email Phone
Project Sponsor Lead Project Manager Jane Doe
Project Staff Switchboard/Directory
Project Management Team line
[email protected] 555-555-1212
Customer (Bride/Groom) Francesca Griffin and Randy Watson
[email protected] 555-777-2345
Vendor Switchboard Vendors Exclusive Switchboard
[email protected] 555-222-7890
Design Team Switchboard Design Team [email protected] 555-888-4567
2. Matrix for the Communications Plan
This table identifies the form of communications that is requirements for this event. Communication
Type Communication
Objective
Type Frequency Audiences Owner Deliverable
Kickoff Meeting The Wedding Project
introduced as well as team
members. Management Approach- Objectives explained
• Face to Face 1x • Project Leader • Project Team • Bride Groom • Stakeholders
Project Sponsor
• Meetings • Agenda
Project Team Meetings
Project Status • Email • Conference
Call • Face to Face
Weekly • Project Team • Project Sponsor
Project Manager
Staff
• Meetings • Agenda
Design Team Meetings
Develop and Discuss design plans/solutions for the project.
• Face to Face As Needed • Project Design Team/ Lead PM
Lead Project
Manager
• Agenda • Meeting
Status Meetings for the Project
Reports of the status of the
project to team
• Face to Face • Conference
Call • Email
• Smartphone
Monthly • Entire Project Team
Project Manager
• Agenda
Status Reports
Of the Project
Report the status of the project risk, activities costs problems
etc.
• Email • Conference call • News letter
Monthly • Project Sponsor • Project Team • Stakeholders
•
Project Lead
Manager
• Status Report
3. Guidelines for the Meetings
Meeting Agenda
The Meeting Agenda will be sent out a week before each meeting. It will explain the topic and allow room for notes for
questions or comments that should be presented in the meeting. The Agenda will also express the presenter and
their contact information. The agenda will be reviewed each week to be sure it follows the previous meeting’s updates
and changes as needed to ensure all items are addressed and responded to. Occasionally the agenda will express
the actions by review if such case is permissible.
Owner of Meeting/ Presenter
The Owner of the meeting/ presenter will be identified as the “Chair Person” for that week and is responsible for
distributing the agenda of the meeting to all persons of interest. The times of both starting and ending will also
be their responsibility. It is asked that the meetings does not run 30 minutes over or they should be rescheduled
and reviewed during the next weeks meeting or conference. This will vary especially when meeting with the
customers (bride and groom) for they may have questions or concerns that may go over the allotted time. In the
case of emergencies will be the only time this restriction can be lifted but must be approved by the sponsor
because this will put the employees in an overtime status. This could cause the budget to overrun. Or team
members are welcome to talk and meet at any time off of the company’s paid hours.
Note Taker
It is important that the chair person picks someone to take notes of the meetings to ensure an accurate recording
of updates and status reports to other stakeholders that may not be present and also as a good review
mechanism. At the end of the meeting the note taker is responsible to hand over the notes to the chair person
which will get the notes copied and prepared as needed for following meetings etc.
.
REFERENCES Barkley, B. T. (2004). Project Risk Management. New York: The McGraw- Hill Companies, Inc.
Boyet, (2010). A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fourth Edition Translations Retrieved from
http://www.pmi.org/en/About-Us/Press-Releases/A-Guide-to-the-Project-Management- Body- of-Knowledge.aspx
Burke, R. (2011). MPM344 Live Chat. Colorodo Tech University Online.
Haughty, (2009). The Project Management Book of Knowledge. Retrieved from website http://www.projectsmart.co.uk/pmbok.html
(PMBOK® Guide); Project Management Institute, Inc. (PMI); 2000, Newtown Square, PA : Project Management Institute
Project Management Body of Knowledge (PMBOK Guide). (2008). Newton Square 4th edition: Project Management Institue, Inc.
