3. Risk Management Process of the Regency Plaza Project
Regency Plaza is a mixed-use multi million US dollar project carrying quite high stakes. So the risks of it should be evaluated beforehand and managed well in order to make sure that the project wouldn’t over run budget or time and end with a successful result. Here we use the “Four Stage Risk Management Process” to evaluate the risk management happened in Regency Plaza project.
3.1 Risk Identification
Evaluation: how well the project was analyzed and source of the risk identified.
In the below table we will take a closer look at how well the risk was identified by Kris Hodgkins.
Description | Identified/Not | Constraints and Remarks | Size the layout of the floor…show more content… Customer Dissatisfaction | Medium | Medium | This might lead to loss of some sales/ potential customers because Hodgkins’ marketing strategy is word of mouth and dissatisfied customers wouldn’t recommend the condos to their friends/family |
3.4 Risk Response Development
As mentioned above, many of the risks were highly likely to occur. Should any of those occur, it’s ultimately project manager’s task to have a contingency plan, which Hodgkins didn’t have. She also made wrong assumptions in the planning phase of the project thinking that customers would require only minimal changes that wouldn’t obstruct construction process. As mentioned above some risks posted threat to Hodgkins marketing strategy as well but she didn’t consider the risks and eventually failed in developing Risk Response program.
3.5 Risk Response Control
As a result of not having a Risk Response plan, Hodgkins could not reduce the impact or the effect those events had on the project. It is true that, she had to manage a multi-faceted project but she wasn’t able to even reduce the additional cost, which was occurring due to her planning and marketing failures, and the deadline being overrun due to various delays.
4. Review of The Options
Option | Advantages | Disadvantages | Inform the Millers that it’s too late to allow changes | *
