Homework: Develop Risk Response Measures

Objectives:

I. The student will be able to define specific response measures for addressing project threats and opportunities.

II. The student will be able to monitor the effectiveness of implemented risk responses and identify secondary risks.

Prompt:

For this homework, you are required to develop risk response measures for the risks identified and prioritized in the previous lessons and update the risk register.

Instructions:

Make sure to mention the corresponding risk response strategy for each measure. The project for this homework is listed below.

Project Title: Building and opening a new Toy4All store

Project Description: Toy4All toy store chain wants to open a new store in a small town. For this project, the Director of the Projects Department assigned Mr. Play as the project manager, an employee with 5 years of service in the company. He will have to plan and coordinate all activities related to the new store`s opening, which, unlike other existing stores, will be equipped with a children`s playground. He will need to consider the activities: building the store, setting up the interior and the exterior, supplying the store with toys, defining the personnel structure, and preparing the store for the opening. Also, the details regarding advertising must not be forgotten. The project duration is 1 year and will end with an opening event.

Due to the professionalism proven when building previous stores, the company decided to work with the same building contractor (for the construction phase). By now, all licenses and permits required to start the work have been obtained.

The role of Mr. Play will not be easy. He was assigned due to his idea to include a playground in the store, which should lead to increased sales figures once applied. While the entire management has supported the idea, several heads of departments in the organization were not very pleased by his homework, considering him too young and inexperienced for such a project. The most serious concerns are related to the project`s impact on the already planned activities that will support sales in the holiday season.