Kitchen Remodeling Project: Mitigating Future Risks Please Essay

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Kitchen Remodeling Project: Mitigating Future Risks

Please Betty You initiating assembly risk opportunity plan. The plan finalized reflection impact risks opportunities identified addressed activity 7. Your challenge activity review template basic portions risk opportunity plan omissions errors, oversights.

In order for the kitchen remodeling project to succeeds, there is need to ensure there if effective risk management in order to guarantee an increase in the opportunities available and that risks that arise are mitigated to reduce their effects on the project Beans, 2011.

The type of risk, degree of impact of the risk, likelihood of the risk, prioritization of the risks, tasks that have been effected to date, and mitigation strategies for the risk are important in developing the final risk management plan. This helps to ensure the project manager understands all that is expected and foreseen for the project and also that they develop an effective strategy for any unforeseen risks.

For this kitchen remodeling project, twenty-three risks have been identified based on the different phases and activities to the undertaken by the project. For each of the risks, the likelihood, assumptions based on the risk, tasks effected to date, mitigation strategy, and priority have been evaluated to make sure the risk management plan is as comprehensive as possible. Table 1 below shows all 23 risks identified for this kitchen remodeling project.

High likelihood risks

The risks with the highest likelihood of occurrence are exceeding of budgeted costs, the project being behind schedule and some aspects of the work needing to be redone. This is because the project is being undertaken by different stakeholders with different roles to play and even though all aspects such as budget, time required and design of the project have been evaluated, there may be some issues as a result of unforeseen circumstances.

The project may run into high costs as a result of the cost of some items being underestimated in the budget or some required items not being included in the budget at all. Furthermore, in trying to meet the changing building regulations, the owner of the house may have to make changes to the design that require workers to be compensated for more days than budgeted or more material to be purchased to comply. Cost cutting will be very important to ensure the costs are kept as close to budgeted values as possible. Earned value management processes will also be used to mitigate this risk Alviniussen, Jankensgard, & forskning, 2009()

Time is a limited resource and the project may experience delays from other stakeholders such as suppliers and workers or even the owner of the house, which lead to the project being behind schedule. It is important for timelines for the project to be specified. These should cater for any delays and also appropriate milestones with reasonable deadlines should be developed to ensure the project can be timed and when seen to be falling behind schedule, appropriate corrective measure are undertaken.

The owner of the house has specified high standards of the work to be completed therefore where these are not met, there is the risk of having to redo the work. It is important for this risk to be kept in check since it will delay the project and will also lead to increase in costs for the project. It is important for the owner of the house to regularly monitor the work being done to identify any places where the project is not meeting their specifications for immediate corrective action to be taken. This will prevent delays this risk from arising.

These three risks are highlighted because bearing their highest likelihood means they can occur at any point in the duration of the project. Therefore, they need to be monitored unwaveringly to ensure they do not occur. These risks also bear the highest impact therefore should they occur, they could disrupt the project completely. These three risks thus need to receive highest possible attention from the project manager.

Medium and low likelihood risks

The other risks identified fall under the category of medium and low likelihood risks. There are three medium likelihood risk and seventeen low likelihood risks. Though the low likelihood risks can be thought to be of least importance since their likelihood is low, they need to be monitored to ensure that their likelihood remains low and that any preventive measure that can be undertaken to prevent their occurrence. Medium risks also need to be monitored regularly since they can easily progress to high likelihood risks.

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Therefore, for all the risks identified, they need to be monitored regularly they are mitigated effective and that they do not happen Banaitien?, Banaitis, & Norkus, 2011()

Table 1: Risks identified for the kitchen remodeling project.

Risks

Likelihood

Assumptions

Effected tasks

Mitigation

Priority

Exceeding budget costs

High

Costs will change as the project progresses. New items that had not been budgeted for will be required.

An inclusive budget has been prepared and cost control measures have been initiated.

Cost cutting strategies and strategic planning to try to evaluate options that are less costly. Earned value management processes.

High

Team member conflicts

Low

Conflicts between team members will arise as a result of individual differences between them.

Workers that are qualified to perform their task and responsibilities to the highest levels possible have been hired.

Focus on worker satisfaction and ensuring effective supervision and leadership in order to prevent conflicts.

Low

Plumbing work disorder

Medium

Plumbing work, though done to the highest quality, may have some minor leaks and issues which need to be fixed.

Quality plumbing material has been purchased. The plumbers hired are also qualified to do the plumbing work.

Checking the quality of plumbing work done and that a strong adhesive is used at joints to prevent leakages.

Medium

Unavailability of appliances

Low

The appliances to be installed are of high quality and fly off the shelves in electronic stores quickly. They may be difficult to find.

Quotations from different electronic stores have been sought for the required appliances.

Ensuring that the items are available in the stores with the lowest price before choosing to go to the store to purchase. Also ensuring the appliances have been purchased before setting up the fittings and location for the appliances.

High

Exceeding timeline allocated

High

Time is a limited resource and some activities will fall behind as a result of reliance on different players and stakeholders in the project.

A flexible timeline for the project has been developed. It allows for sufficient time for each part of the project and has sufficient time to allow for delays.

Milestones and timelines should be evaluated at all times to check whether the project is on schedule to meet the set deadlines.

High

Some items may get damaged and require replacing

Low

In remodeling the kitchen, some items may get damaged as a result of wear and tear and other activities undertaken.

Extreme caution is being undertaken by all workers and other stakeholders to reduce likelihood of damage.

The workers and other stakeholders in the project such as foreman, owner, and suppliers to exercise caution.

Medium

Legal complaints from neighbors against noise

Low

The remodeling will produce a lot of noise and disturbance to the neighbors.

Neighbors have been informed about the project and noise levels are being monitored.

Continue to monitor levels of noise and inform and apologize to neighbors about the noise being generated by the project. Any complaints received to be addressed immediately/

High

Redoing some tasks

High

Some tasks may not be completed to the owner's satisfaction and standards and may need to be redone.

The owner is present

The owner should be involved in the project so that they can give feedback about the project and how they want the overall design of the kitchen to be. Regular communication should be present between the foreman and the owner.

Medium

Sudden changes in weather conditions

Low

The weather conditions are sometimes unpredictable and these may lead to losses on the part of the project as a result of damage to property and appliances.

Weather conditions are being monitored regularly.

Weather conditions should be monitored regularly and insurance for the kitchen remodeling project should be sought to shoulder the cost of any damage that occurs during or after the project.

High

Change in building regulations

Low

Building regulations may change as regulators are continuously striving to tighten the sector and also as a result of public pressure.

All applicable building permits and approvals have been sought for the project. An inspector is also expected to monitor the project to ensure it meets the building regulations.

Building regulations are being monitored regularly and the project is being monitored to ensure it is within legal limits. The inspector is also expected to provide a report of the project and where suggestions are made, these will be implemented with urgency.

Medium

New appliances emerging

Medium

Technology changes very fast and during the duration of the project, new appliances that are.....

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