Assignment 2 Risk Register

BIG ISLAND HOTEL - ASSIGNMENT 2 Project Description: The Gymnasium is the suggested project for the Big Island Hotel based on my decision-making assignment. The establishment of a fitness center inside the resort is the Big Island Hotel's most highly advised initiative. This initiative seeks to provide visitors with a cutting-edge gym that encourages physical health and well-being. The gymnasium will include a wide choice of exercise machines, give specialized workout programs, and offer a selection of fitness programs appropriate for individuals of all ages and fitness levels. The Big Island Hotel will stand out from rivals, draw in health-conscious travelers, and improve the overall guest experience by adding a gym to the property. The goal of this project is to adapt the hotel to an all-inclusive model and satisfy evolving visitor needs. The project can be carried out within the $2,500,000 budget and 24-month timetable without going beyond the allotted resources. The project execution phase will be appropriately protected from potential risks and uncertainties due to the risk reserve of 12%, or $300,000. Big Island Hotel Cost Table Description of Cost Unit Type Rate Duration Architect Hourly $200.00 N/A Project Manager Hourly $150.00 N/A Printing Per Job $5,000.00 3 weeks lapsed time Permits Per Permit $1250.00 2 weeks lapsed time Meetings Blended Rate Per Meeting $120.00 N/A Construction Labor Hourly $50.00 N/A Interior Designer Hourly $170.00 N/A Equipment Rental Per day $200.00 N/A Material Supplies Per Unit $500.00 N/A Risk Register: Conestoga College MGMT8370 Assignment 2 Risk Register Spring 2023 - Section 25
BIG ISLAND HOTEL - ASSIGNMENT 2 Risk ID Risk Statement Prob. Impact Risk Rating Risk Type (O/T) EMV Cost (show all work) EMV Dur (show all work) Risk Category 1 Insufficient Employee Retention: Risk: The risk is that the business will have a hard time keeping talented individuals on board, which will result in higher turnover rates, a loss of institutional knowledge, and lower productivity. Impact: The effects may include higher hiring and training expenses, poorer retention rates, decreased productivity, and significant reputational harm to the business. 80- 99% High (12.0%- 15.0%) Very High T = Impact Rating * Probability = 0.15 * 0.9 = 0.135 (approx. $13,500) = Probability*duration = 90%*12 = 10.8 EMV = 10.8 days Internal 2 Technological Innovation: Innovation and technical breakthroughs may provide organizations with important chances for expansion and success. A company may increase operational effectiveness, expand product/service offerings, and maintain an edge over the competition by keeping up with the most recent technology and trends. 60- 79% Moderate (8.0%- 12.0%) High O = Impact Rating * Probability = 0.11 * 0.7 = 0.077 (approx. $7,700) = Probability*duration = 70%*12 = 8.4 EMV = 8.4 days Internal 3 Market Resistance to All-Inclusive Concept: Risk: The possibility that the all-inclusive approach won't be well received by the target market is a risk, which might limit consumer adoption, lower demand for goods and services, and even generate unfavorable feedback. Impact: Reduced revenue, slower business 40- 59% Low (3.0%- 8.0%) Moderate T = Impact Rating * Probability = 0.06 * 0.4 = 0.024 (approx. $2,400) = Probability*duration = 40%*12 = 4.8 = 4.8 days External Conestoga College MGMT8370 Assignment 2 Risk Register Spring 2023 - Section 25
Uploaded by GrandSteelOryx16 on