Project Risk and Risk Register

In this three-week team project, you will work with a project team made up of your fellow students using basic project management skills to plan for the design, construction, outfitting, and stocking of a new retail store in Canada for your US-based home improvement company. As this is the first time your company has opened a store in an international market, your team is going to be blazing a new trail for the company and setting the example for future international expansion.

This project will require you and your team to create several deliverables using templates provided in the steps below to ensure that the new store is fully operational by the target date. You will have three weeks to complete all nine steps.

When you submit your project, your work will be evaluated using the competencies listed below. You can use the list below to self-check your work before submission.

1.7: Create neat and professional looking documents appropriate for the project or presentation.
2.2: Locate and access sufficient information to investigate the issue or problem.
2.3: Evaluate the information in a logical and organized manner to determine its value and relevance to the problem.
3.1: Identify numerical or mathematical information that is relevant in a problem or situation.
3.4: Employ software applications and analytic tools to analyze, visualize, and present data to inform decision-making.
4.1: Lead and/or participate in a diverse group to accomplish projects and assignments.
4.2: Demonstrate the ability to plan and execute a project, articulating clear objectives and goals for the team.
4.3: Contribute to team projects, assignments, or organizational goals as an engaged member of a team.
4.4: Demonstrate diversity and inclusiveness in a team setting.
6.1: Identify the general (external) environment in which an organization operates and discuss the implications for enterprise success.
11.1: Recommend strategic plan for the use of technology to meet the strategic goals of organization.
13.2: Create and implement new initiative or enterprise.

Risk is a factor in every project. Each stakeholder and each element in your work breakdown structure, especially along the critical path, introduces risk. Identifying and managing these risks is critical to ensuring project success. Read more in

Project Risk and Risk Register

In this step, your team will develop a project risk register using the provided

risk register template.

The risk register must include at least 10 project risks, both internal and external, as well as the projected response or responses to those risks. Keep in mind that you are conducting a project in a foreign country, Canada, which itself will add some risk because the official language in the province of Quebec is French.

When you have completed your risk register and identified at least 10 project risks, continue to the next step, where you will develop a project cost estimate.

>Risk Register Project Risk Register: Quebec City Store Opening

Instructions are on the

Risk Definition

sheet.

. Potential risk Impact: What are potential consequences? Risk levels if left unchecked Likelihood Consequence Risk rating
(uncontrolled) EXAMPLE: Dramatic change in US-Canadian dollar exchange rates Increase in project cost and need for approvals 2. Unlikely 4

. Major MED Is it possible to deal with the risk? What is the method? Other controls or tools needed Risk levels with controls Likelihood Consequence

Risk rating
(controlled) Project team will monitor currency exchange situation during project. Coordinate with TCS finance for assistance in monitoring exchange rates. 1. Rare 3

. Moderate LOW 2. Potential risk