Answer To: Assessment 3 InformationSubject Code: MBA641Subject Name: Strategic Project ManagementAssessment...
Sudipta answered on Oct 10 2021
RISK ANALYSIS AND STAKEHOLDER MANAGEMENT PLAN
Risk analysis
In this section of the study, the risk associated with the completion process of Sydney's new cruise terminal will be identified. Likelihood and impact of these risks will be estimated, and mitigation strategies to minimize these risks will be suggested.
Risk
Description
Risk assessment
Responsible stakeholders
Mitigation strategy
Delivery risk
The delivery delay is one of the most common aspects of project management. Project delay mostly takes place in two different types of projects the first one is called the construction project and the other one is IT project (Durdyev, Omarov and Ismail, 2017). As per the selected project, it can be determined that Sydney cruise terminal is the selected project and project manager has slated a starting date of January 2023 and it is expected to be delivered by February 2026. Due to uncertain reasons, the project delay risk might take place. For example, lack of supply of raw materials, dissatisfaction among employees, funding issues and others.
Moreover, in 2023 if still the COVID pandemic exists then delay will take place in the commencement of the project itself. Eventually, project delay will take place.
6 - Delivery time may take longer than expected
Project planner, project manager
In order to avoid delivery delay risk, management must involve more time on selecting suppliers. The management team must ensure that suppliers have enough material along with quality material to complete the project in one go (Radujković and Sjekavica, 2017). On the other side, if the project manager must procure the fund from the stakeholders in order to avoid financial issues which may lead to delivery delay.
Design risk
As per the initial plan, it can be found that the project manager has decided to implement aboriginal cultural references in the terminal. However, the design might not attract the tourist as well. In other words, there is always uncertainty about the design of a project and representing aboriginal culture might not be appreciated by people.
4- Might not go as per the plan
Project designer
The project manager must consult with the project designer before finalising the concept of implementing aboriginal cultural references in the terminal (Lynch, 2019). Moreover, they must conduct surveys on people to determine potential social challenges.
Communication risk
As per the plan, it is mentioned that the project manager will be informed through a written test in the weekly meeting. In such a situation, if any issue is not covered in the written status then it will not be moved to the top management team. As a result, communication gaps might take place (Lauren and Schreiber, 2018). If any vital information is overlooked then it will directly impact the completion process of the project. In addition to this, as the project will be three years long, therefore, weekly meetings will be very frequent. In three years-long span of time, there are 156 weeks (approx.). Conducting 156 meetings is not an easy job. Moreover, it is very unrealistic to expect a present from everyone in all 156 meetings. On the other side, if frequency meetings do not take place then the project manager will not be able to determine the exact status of the project. Moreover, miscommunication related issues might take place. Hence, it is proved that conducting frequent meetings and keeping a gap between two meetings both have their disadvantages.
7- Miscommunication is prominent in large projects
Project designer, employees
To avoid communication risk, the management team must ensure flexibility in the communication channel. It is found that weekly meetings will be made to get to know the status of the project from each individual associated with it. In such a situation, the project manager must implement flexible communication medium like telephone, conference call, Email can be used as a communication medium so that everyone is able to convey the status of their work to the concerned person.
Technical risk
Statement of work has disclosed that the project will be completed using sustainable mechanisms. In other words, the power which will be used for completion of this project will be completely taken from solar power. Nguyen (2019) stated that solar panels are still not a reliable source of power especially when they are being used for commercial purposes or in projects. The study also mentioned that the largest solar panels are capable enough to supply electricity to a few households only. In such a situation, the project management team has decided to implement solar power as the main source of power. Project managers might get affected as there is no plan B for supplying power other than solar panels. Moreover, during the rainy season, it is difficult to store sunlight in the solar system. Hence, the lack of technical backup is one of the major risks associated with the construction process of the Sydney cruise terminal.
5- Unsuitability of selected technologies
Project manager, NSW government, Suppliers
Installing a solar panel will increase the sustainability of the project (Dauenhauer et al. 2020). However, the project managers must keep traditional sources of electricity as plan B. As a result, whenever the solar panel will fail to offer sufficient energy the traditional approach will cover the situation.
Human risk
The project plan has disclosed that staff members will be offered proper training during the training phase (Ningthoujam, 2017). However, a number of reports suggested that even after going through proper training employees were unable to deliver effective performance.
7- lack of expertise in...