Figure 6 Project

1. Planning Risks: Inadequate time to plan, allocate resources and scheduling thoroughly for projects completions and budget parameters.

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

risks and determine the likelihood and consequence of that risk occurring during the project. The

In other words, we will first and foremost develop a risk management plan, identify the different risks associated to the project, then conduct a qualitative risk analysis.

4.3: To carry out a risk assessment first of all you need to identify the hazards, then decide who might be harmed and how. Then evaluate the risks and decide on precaution and then record your findings and implement on them. After this is done review your assessment and update if necessary.

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

| Major risks that hinder the success of the project are based around the timeline. All micro projects and milestones are consecutive to each other. The largest variable within risk mitigation is the exterior construction. Risks can include but limited to: varance permits, weather, protesting, funds allocation, war, loss of materials, and human hazards and lawsuits/safety

It is used as a means of input to the risk management plan processes (Heldman, 2005). It usually helps the project managers and the project team to recognize the components of a project that are at risk or certain risks that are unique to a specific area of the project than compared to a risk that is commonly found throughout the project. There also various qualitative analysis that can be used to in identifying and analyzing risk in a project. The method of qualitative risk analysis involves the assignment of a numeric value to the scales. This risk analysis is normally used for projects that are larger and that risks have a greater and more significant impact (Heldman, 2005). There are various software tools and methods that can be used, an example would be the use of Monte Carlo analysis for calculating values for projects that are large and difficult. There are various values that are assigned to the magnitude or intensity of the risk, for example, High-.80, Medimum-.50, Low-.10; these are used to rate and prioritize the risks (Heldman, 2005). A risk registry is also an essential documentation that can be used analyze the quantitative aspect related to risk and threats that are found throughout the project. The Risk Breakdown Structure is created to identify the various risks categories in the project so that they can be in the prioritized response plan (Heldman,

3. Develop at least three (3) project risk recommendations based on the analysis from criteria number 1 and 2 of this assignment.

So we will set up milestones that show deadlines the date, mean by finish a task which a milestone is a task with zero duration. We think that a milestone is most important in a log cabin project as it show important dates on the project plan and often key events, but it does not affect any of the Gantt chart calculations. Overall, the work breakdown structure (WBS) to make complex a log cabin project more management while the WBS is designed to help breakdown this project into manageable chunk that can be effectively estimated. Also a WBS helps to explain a log cabin project scope to the stakeholder, supplier and labor.

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

There are five benefits of Gantt chart in a project management. The first benefit is to avoid the completion confusion, as it provides an effective time line to start and finish different tasks in project management. Second, it keeps everyone on the same page, as it provides and road map for the stakeholders with clear tasks and objectives for efficient completion. Third, it helps the management to make a good relationship in different tasks to depict a precise workflow in different projects. Fourth, it enables the management to allocate all the resources equality and effectively. Fifth, it helps the management to make effective and efficient decision for future, as the management can navigate the charts, bars regarding the tasks, and react accordingly. (Finch, 2015)

A work breakdown structure (WBS) will develop for this project and the WBS is based on the project charter, scope statement, and other relevant information. Gantt chart and network diagram also will be well prepared for this project. While preceding the planning stage, the resource usage cash flow report will showing the hours each person is assigned to work on each task each week. Furthermore, the probability/ impact matrix and list of prioritized risks for the project will be included in the project