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HIA Week 5
HIA Week 5
HIA Week 5
The project scenario is based on the likelihood of risks, with probable occurrence
prior or after execution with influence on project. Analyzing the probable effect of
can be achieved through the Nine-grid matrix; assigning categorizing risks in rows
and columns based on likelihood and its effect. However, calculating the statistical
measure for likelihood and effect of matrix and meaning is solely influenced by
project and organization. Sanghera, (2010, p 204) Adopting this methodology for
the DQ project scenario (Mint Cake) will give understanding on risks effect i.e. High,
Medium& Low Priority with effects to be either +ve or ve. It is imperative for PM&
team to monitor risk effects for mitigating threats in high precedence with
assertiveness and low precedence preserved on watch list.
DQ PROJECT SCENARIO: NEW PRODUCT LAUNCH BY BAKES
CONFECTIONARIES (BC) - MINT CAKE
R.
No
1
2
3
R. description
New product launch Mint Cake is
assumed that name has not been
adopted by any franchise
Hiring new chef based on probable
availability of pastry chef.
Confectionary food alteration is based
on probable alteration by the
governments governing directive
Delay in availability or raw material in
time, required quantity& quality hence
delay in demand and supply of product
Percenta
ge (%)
Priority
40
Medium
50
Medium
20
Low
30
Low ( Nevertheless
low, its effect on
product launch can
be rated 70% if
eventually occurs)
90
High
80
High
20
Low ( Nevertheless
low, its effect on
product launch can
be rated 70% if
eventually occurs)
50
Medium
9 (Risk 5,
Risk 6)
High
2
5 (Risk 1)
8( Risk 2, Risk 8)
3 (Risk 33)
6 (Risk 4, Risk 7)
Medium
High
Medium
Low
1
Low
Task 111
Calculation of additional cost
Risk (R)
1
2
3
4
5
6
7
8
Additional cost to be
budgeted ()
375
3,200
400
880
2,100
675
1,200
4,200
Total Sum
13,030 ( Extra supplementary budget required
Awe Oluwadamilola Hand In Assignment Week 5
9 Risk 5
High
2
5 Risk 1
8 Risk 2,
3 Risk 3
6 Risk 4,
Risk 8
Medium
Low
1
Risk 6, Risk 7
Low
Medium
High
Reference
Hoboken, New Jersey. LEACH, LAWRENCE P. (2000) Critical Chain Project
Management. Boston: Artech House, Inc.
Milosevic, D. (2003) Project Management Toolbox: Tools and Techniques for the
Practicing Project Manager. Wiley Publishing Inc.
Project Management Institute (2008), A guide to the management body of Knowledge
Raftery, J, 2003. Risk analysis in project management. 1st ed. London, New York: E & FN
Spon
Sanghera, P. (2010). Project Management professional Guide for PMP Exam. 2 nd Ed.
Boston: Course Technology