Risk Identification And Business Priority In Risk Management ✓ Solved

Risk Identification Business Priority Risk Management Strateg

You are the project manager assigned to a project to upgrade an old bus shelter located along South Street travelling eastbound. The bus shelter is set back from the roadway approximately 5 feet. Your supervisor requests that you develop a risk register associated with this project before work begins. You will need to identify potential risks including threats and opportunities, and develop a Risk Register in Microsoft Excel (.xls) format.

Your risk register should include the following items:

  • Risk Identification: Identify and list at least five potential risks associated with this project. This list should include at least one opportunity risk.
  • Risk Category: Determine and list the corresponding category associated with each risk (e.g., schedule, scope, budget).
  • Likelihood/Probability: Estimate and list the likelihood of each risk occurring with an explained scale.
  • Impact: Estimate and list the impact on the project of each risk should it occur.
  • Rank: Calculate and list a Risk Score for each risk.
  • Root Cause: List a potential root cause for each risk.
  • Risk Response Strategy: Create a response strategy for each risk.
  • Risk Response Cost: Provide an estimated cost to implement the strategy.
  • Risk Owner: List who will be the owner of the risk.
  • Risk Status: List a hypothetical status for each risk.
  • Other Fields: Identify at least one additional field for the Risk Register.

Paper For Above Instructions

Introduction

As the project manager for upgrading the old bus shelter on South Street, it is essential to identify potential risks and develop a comprehensive risk register. The bus shelter is situated in a critical area where safety and accessibility are paramount for users. This paper will present a detailed risk register that enumerates various risks, assesses their likelihood and potential impact, and offers strategies for managing these risks.

Risk Identification

1. Safety Concerns of Passengers: The lack of safety measures for passengers waiting for buses poses a significant risk of robbery and accidents.

2. Insufficient Space for Bus Pull-Over: The inability of the bus to safely pull over to allow passenger boarding can lead to accidents and injuries.

3. Lack of Proper Lighting: The absence of lights at the bus stop exposes users to danger during night-time.

4. Inadequate Signage: The lack of warning signs for vehicles on the road can lead to speeding past the bus stop, risking pedestrian safety.

5. Opportunity Risk – Improved Community Engagement: Upgrading the bus shelter may foster community engagement and support, leading to better utilization of public transportation.

Risk Category

1. Safety Concerns of Passengers – Safety

2. Insufficient Space for Bus Pull-Over – Operational

3. Lack of Proper Lighting – Environmental

4. Inadequate Signage – Communication

5. Opportunity Risk – Community Engagement – Social

Likelihood/Probability

1. Safety Concerns of Passengers – High (10)

2. Insufficient Space for Bus Pull-Over – Medium (5)

3. Lack of Proper Lighting – High (8)

4. Inadequate Signage – Medium (4)

5. Opportunity Risk – Community Engagement – Medium (5)

Impact

1. Safety Concerns of Passengers – High

2. Insufficient Space for Bus Pull-Over – High

3. Lack of Proper Lighting – Medium

4. Inadequate Signage – Medium

5. Opportunity Risk – Community Engagement – Low

Rank

1. Safety Concerns of Passengers – Score: 100

2. Insufficient Space for Bus Pull-Over – Score: 40

3. Lack of Proper Lighting – Score: 64

4. Inadequate Signage – Score: 16

5. Opportunity Risk – Community Engagement – Score: 25

Root Cause

1. Lack of safety concern of authorities regarding the bus shelter area.

2. Inefficient design of the bus stop layout, contributing to space constraints.

3. Absence of proper infrastructure planning for nighttime safety.

4. Poor communication regarding existing traffic patterns and nearby bus stops.

5. Lack of community involvement in the upgrade planning process.

Root Cause Analysis Technique: A "5 Whys" analysis can help identify and clarify the underlying reasons for each risk.

Risk Response Strategy

1. Safety Concerns of Passengers: Regular police patrols and surveillance cameras will enhance safety. (Category: Mitigation)

2. Insufficient Space for Bus Pull-Over: Alter the bus stop shelter's position to allow for safe pull-over. (Category: Avoidance)

3. Lack of Proper Lighting: Install adequate lighting at the bus stop for nighttime visibility. (Category: Mitigation)

4. Inadequate Signage: Erect warning signs to alert drivers of the bus stop. (Category: Mitigation)

5. Opportunity Risk – Community Engagement: Initiate community involvement programs to foster better transportation use. (Category: Enhancement)

Risk Response Cost

1. Police patrols and surveillance – $5,000.

2. Relocation of bus stop – $3,000.

3. Lighting installation – $1,500.

4. Signage – $800.

5. Community program initiation – $2,000.

Risk Owner

1. Safety Officer – John Smith

2. Operations Manager – Jane Doe

3. Facilities Manager – Abdul Rahman

4. Traffic Coordinator – Lucy Chang

5. Community Liaison – Robert Brown

Risk Status

1. Safety Concerns of Passengers – Open

2. Insufficient Space for Bus Pull-Over – Monitoring

3. Lack of Proper Lighting – Planned

4. Inadequate Signage – Pending Installation

5. Opportunity Risk – Community Engagement – Ongoing

Other Fields

1. Mitigation Measures: Additional notes on how each risk will be monitoring and adjusted if conditions change.

Conclusion

The creation of a risk register for the bus shelter project is essential for identifying and managing potential risks. By addressing these risks proactively, we can significantly enhance the safety, accessibility, and community engagement of the bus shelter. This detailed risk management strategy will not only benefit the project stakeholders but also encourage safer travel solutions for the community.

References

  • EdUravic, J. (2013). Strategic Risk Management: A Risk-Based Approach. Risk Analysis Journal.
  • Hillson, D. (2017). Practical Project Risk Management: The ATOM Methodology. Management Concepts Press.
  • Pinnock, C. (2010). Risky Business: A Guide to Risk Management in the Public Sector. Governance UK.
  • PMI (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) (6th ed.). Project Management Institute.
  • Turner, J.R., & Cochrane, R. (1993). Goals and Methods in Project Management: A Methodology for Project Management. International Journal of Project Management.
  • Ward, S., & Chapman, C. (2003). Transforming Project Risk Management into Project Uncertainty Management. International Journal of Project Management.
  • Hillson, D. (2003). Effective Opportunity Management for Projects. Project Management Journal.
  • ISO (2018). ISO 31000: Risk management - Guidelines. International Organization for Standardization.
  • Bourne, L., & Walker, D.H.T. (2006). Visualising Stakeholder Influence. Journal of Project Management.
  • Schmidt, C. J., & Lane, C. D. (2013). Risk Management for Project Managers: A Guide for Project Managers. Business Expert Press.

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