SlideShare a Scribd company logo
1 of 22
Instructions for Assignment 3: Risk Workshop and Risk
Register
Write an eight (8) Risk Workshop and Risk Register Component
paper in which you:
1. Identify the required pre-workshop activities.
2. Prepare a risk workshop agenda based on Figure B-8, Sample
Agenda for a First Risk Assessment / Two – Day Risk
Workshop (Appendix B of the Hillson and Simon text). Include
suggested time intervals for each activity and justify why each
agenda item is relevant for this case.
3. Determine the top five (5) threats in a risk register following
Figure B-11, Sample Simplified Risk Register Format
(Appendix B of the Hillson and Simon text). Include
information from the case for each threat.
4. Justify the assignment of probability and impacts for each
threat identified in criterion number 3 of this assignment.
5. Document the top three (3) opportunities in a risk register
following Figure B-11, Sample Simplified Risk Register Format
(Appendix B of the Hillson and Simon text). Include
information from the case for each opportunity.
6. Justify the assignment of probability and impacts for each
opportunity identified in criterion number 5 of this assignment.
7. Use at least two (2) quality resources in this
assignment. Note: Wikipedia and similar Websites do not
qualify as quality resources.
Your assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides.
· Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the
date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning outcomes associated with this
assignment are:
· Assess and prioritize risks to the project through an analysis
of the active threats and opportunities presented.
· Apply the Active Threats and Opportunities Management
(ATOM) process to ensure a consistent, measurable result of
this analysis.
· Use technology and information resources to research issues in
project risk management
· Write clearly and concisely about project risk management
using proper writing mechanics.
1. Reading(s)
0. Hillson and Simon, Chapter 15: Simulating Possible Futures
(Quantitative Analysis)
0. Hillson and Simon, Figure B-5: Sample Project-Specific
Probability-Impact Scales
0. Hillson and Simon, Figure B-6: Sample Double Probability-
Impact Matrix
0. Heldman, Chapter 5: Analyzing and Prioritizing Risks
Practical Project Risk Management - 1 Year Option, 2nd Edition
David Hillson
Project Manager's Spotlight on Risk Management - 1 Year
Option
Kim Heldman
https://eds.a.ebscohost.com/eds/ebookviewer/ebook/bmxlYmtfX
zE2NzIyOTdfX0FO0?nobk=y&[email protected]&vid=6&format
=EB&rid=1
(this link goes to ebscohost library where you can read book
information for chapter 15)
http://www.atom-risk.com/templates.html
(this link should be helpful)
https://www.researchgate.net/publication/237383505_Using_a_
Risk_Breakdown_Structure_in_project_management (you can
go to this website where author has paper in pdf form on the
website called researchgate) Use as example only though
especially with charts.
Running head: ASSESSING ORGANIZATIONAL READINESS
1
ASSESSING ORGANIZATIONAL READINESS
10
Assessing Organizational Readiness
By:
Course: Bus - 519
Instructor:
Date:
Abstract
This paper includes an assessment of the key success factors, as
well as the risks of the EQI firm that specializes in providing
tourist services in Siwa, Egypt. In particular, it describes
factors such as the uniqueness of the place, demand,
environmental quality, involvement of the local community in
the activities, and investments. The study has also revealed the
benefits of the project, its organizational readiness, and the
presence of a risk culture, which is determined to be effective.
The paper indicates the initial risk levels that are present in the
project, and provides recommendations for mitigating and
minimizing them.
Keywords: project risks, risks assessment, key success factors.
Assessing Organizational Readiness
Introduction
Any touristic company, regardless of its location, faces constant
risks that arise due to frequent changes in the economy or
public policy, insufficient planning, and insufficient
development of the risk management system. Using the example
of Environmental Quality International (EQI), a privately owned
Egyptian firm, it is possible to look at the specifics of running a
tourism business, identify key factors for its success, and
analyze what barriers may occur in the hospitality industry and
how it is possible to control them.
Analysis of Critical Success Factors
Critical success factors (CSFs) are common to the tourism
industry. However, their particular set may differ because they
are directly dependent on the type of services provided.
According to Yaraghi & Langhe (2011), it is possible to
distinguish the following factors with respect to Environmental
Quality International (EQI):
· The uniqueness of the tourist location. Siwa Oasis, on the
basis of which EQI develops its activities, is the most remote of
the Egyptian oases. It is located at 18.3 meters below sea level
on the old caravan route. This oasis is a small island of life in
the heart of the Western Desert and is separated from Cairo by a
distance of 550 km of lifeless desert. The city of Siwa was built
around Shali, a settlement of the 13th century, surrounded by
high walls, the purpose of which was to protect the inhabitants
from possible attacks. In this regard, Environmental Quality
International has discovered a unique geographical location,
interesting as a worldwide attraction, which, at the same time,
does not have a developed tourist sector.
· The presence of demand from tourists. An important critical
success factor is the presence of demand among tourists for
visiting Siwa because the oasis offers everything that they
expect from the sights of the desert, in particular, dense palm
groves around fresh water sources and salt lakes, harsh massifs,
and huge dunes. Also impressive are the ruins of Shali built of
unbaked clay bricks and similar to urban mazes that once
protected Siwa people from raids. Around the oasis, there are
ruins of temples that speak of the glory and prosperity of Siwa
in ancient Greco-Roman times. This description allows
concluding that the provided sights will have a large target
audience, including businesspeople, students, and families with
children.
· Orientation to international environmental quality. EQI aims
to develop global tourism in Siwa. At the same time, it intends
to adhere to environmental standards that do not violate the
environment. For example, hotels of the company are built
according to ancient architectural schemes, which include
exclusively natural materials. In addition, the interior is also
adapted for the use of natural means to provide convenience -
coal fryers for heating, candles for lighting, and so on. Modern
social trends prove that tourists are more loyal to environmental
protection measures, which increases the firm’s competitiveness
against the background of the rest of the tourism sector.
· Commitment to local community involvement in tourism. An
important critical success factor for EQI is the inclusion of
local people in its work activities. This approach gives several
advantages at the same time. Firstly, it is a saving in
organizational costs since local residents do not need additional
housing provision. Secondly, the surrounding community
understands the peculiarities of the traditional way of life in the
area most deeply and is able to transfer it to the service sector.
Thirdly, the involvement of local residents in tourism activities
contributes to the growth of their well-being, which improves
the economic health of the area as a whole.
· Support from the International Finance Corporation. Tourist
activities based on the above principles are a priori successful
for investors, because of which the company has good financial
support in the Corporation. In addition, it is possible to assume
that it is not the only investor, which may be interested in the
project, so financial support will allow EQI to feel more at ease.
Project Benefits, Organizational Readiness, and Risk Culture
Project benefits. According to the previous section, the main
advantages of the project are the uniqueness of the tourist
location and the unemployment of the tourist segment in the
analyzed region (Siwa). In this regard, Environmental Quality
International gets the opportunity to start tourism activities in
the oasis first and use all available resources to increase its own
efficiency (Jugdev, 2012). Another important advantage is the
balance between old traditions and modern innovations. In
particular, the attractiveness of the place for tourists increases
if it focuses on the culture and identity of the area. The sale of
souvenirs and goods that correspond to national traditions, the
reconstruction of ancient buildings - all these features fall under
the definition of the term national treasure, which tourists
always explore with interest. Finally, an important advantage is
the good relationship with clients. That is, the firm organizes
leisure in such a way that it meets their needs if taking into
account living in an area that is underdeveloped in terms of
infrastructure (Jugdev, 2012).
Organizational readiness. Regarding organizational readiness,
Environmental Quality International has some problems. First of
all, they relate to construction directly. In particular, EQI
initially decided to build houses for tourists with using original
technologies, namely, palm logs and blocks of rock salt and
mud. For modern times, it is an innovative way of construction,
which does not have a technical description since only a few
local elder residents know the traditional methods of housing
construction. The second problem in this sector is the high cost
of construction. The materials necessary for the construction
must be pretreated and created by experienced craftspeople. For
this reason, there is also difficulty in the qualification of
workers and the schedule. However, the firm could solve the
described problems in the end, which helped the company to
cope with the tasks and build the required number of lodges
corresponding to the national culture. Another organizational
problem was the involvement of local women in the execution
of work. Traditional culture and education of local female
residents did not allow them to work with the male population,
so the influence of the company stopped for a while. However,
EQI has found a way out. It consisted in introducing women to
tailoring traditional clothing and other attributes with elements
of national motives.
Risk culture. The risk culture is the knowledge, belief, values,
and understanding of the risks that a certain group of people
with a common goal shares (Govori, 2012). In the case of
Environmental Quality International, the firm maintains its risk
culture at a high level. First of all, the organization’s goals that
are the same for the whole team ensure this result. All of the
project participants understood that tourist activities in the
classical style could hinder the development of the project. For
this reason, they all adhered to common principles, in
particular, focusing on environmental standards, maintaining
local culture and attractions, and preserving ancient traditions.
The inclusion of the local community in the project has played
an important role. The formation of common values among the
locals, which Environmental Quality International has
supported, has ensured the growth of their friendliness and
loyalty to the company. In turn, it has significantly reduced the
risk of conflict with the local population. In this regard, it is
possible to consider the risk culture of the firm effective since
it provides a significant advantage for all project participants
including Siwa residents. For the company managers, it includes
competitive growth, a good income, and a contribution to
supporting local culture. In turn, Siwa residents receive
improved local economies, reduced unemployment, and control
of local attractions.
Identifying the Initial Categories of Risk
The initial risk categories in the Environmental Quality
International project can be the following (Hillson & Simon,
2012):
· Technical Risk: Technical processes, Technology, Design,
Reliability and maintainability, Security.
· Management Risk: Operations management, HS & E.
· External Risk: Environmental/weather.
Technical risks. This type of risk may relate to technical
problems arising during construction or subsequent repairs.
According to the previous section, the construction has been
quite expensive. In addition, it requires unique materials, the
making of which is a long process, given the lack of
qualifications of workers. For this reason, there may be a
chance of creating a poor-quality building that does not meet
safety standards. In addition, it is also necessary to remember
some of the needs of clients. Hypothetically, it is possible to
assume the situation that a certain segment of tourists will
refuse to rest in an area where the usual modern comforts are
minimal. Therefore, to meet their needs, the company will have
to change construction plans, thereby disrupting the
construction technology, or violate the local landscape and
environment. Also, risks related to subsequent housing repairs
are likely. Given the fact that the construction used archaic
technology, the strength of the buildings may suffer. For this
reason, they will require constant renovation to prevent
accidents. It may require additional and significant capital
investment.
Management risk. The project of EQI focuses on the use of local
labor and resources. There is a possibility of their shortage or
difficulties with the management and control of working
personnel. Occupational safety and health also pose significant
risks. First, the construction does not use materials
manufactured according to modern international standards.
Instead, it uses local resources, in particular, palm wood, rock
salt, and mud. Reliable research on the safety of using these
materials does not exist, so there is a possibility of violating
labor laws that guarantee the safety of workers. In addition, the
used materials may not be suitable for applying as building
attributes. For example, a palm tree may not be soaked enough
in salt water and contain ticks. Rock salt or mud can cause
allergic reactions in visitors. For these reasons, it is necessary
to consider this risk as particularly important.
External risk. Finally, one of the risks is the likely instability of
weather conditions in the area. It is necessary to note that Siwa
is characterized by high temperatures in the daytime and low
temperatures in the nighttime. The constructed buildings
maintain a balance of temperatures. However, considerable
climatic discomfort indoors can occur when the temperature
deviates significantly to either side.
Conclusions and Recommendations for Managing Project Risks
The information obtained shows that the main risks of
Environmental Quality International (EQI) are technical risks
and risks of occupational safety and hygiene. Given the ideas
from the book by Heldman (2005), it is possible to propose
recommendations for mitigating and minimizing these risks:
1. First of all, the firm must mitigate the technical risks that
relate to the production of materials and construction. For these
purposes, it is necessary to conduct a scientific study of the
composition of materials used for construction, find out their
properties and stability, and conduct a series of laboratory tests.
Based on the data obtained, the EQI management will be able to
develop a manual for technical operation and preparation of
materials, including a list of mandatory procedures and the rigor
of their observance. This approach will help to improve the
skills of workers and avoid technical errors in construction.
2. The second recommendation concerns occupational health
and safety of workers. In this case, laboratory testing of
materials for construction will help as well. After obtaining the
necessary data, the person responsible for safety should create
conditions, which will eliminate the risk of injury to workers or
their illness. For example, these conditions may include
specially equipped rooms with good ventilation for the
production of stone blocks or soaking the wood. Also, this
approach will help to minimize the likelihood of allergies
among clients.
3. The third recommendation is to build separate rooms of
modern material and with internal amenities for customers who
do not want to live according to traditional local characteristics.
Such a step will resolve the issue with the satisfaction of the
full range of tourist needs.
References
Govori, A. (2012). Measuring and Managing the Impact of Risk
on Organizations: The Case of Kosovo. Journal of Advanced
Research in Management, 3(1), 17-26.
Heldman, K. (2005). Project manager’s spotlight on risk
management. San Francisco, CA: Jossey-Bass.
Hillson, D., & Simon, P. (2012). Practical project risk
management: The ATOM methodology (2nd ed.). Vienna, VA:
Management Concepts.
Jugdev, K. (2012). Learning from Lessons Learned: Project
Management Research Program. American Journal of
Economics and Business Administration, 4(1), 13-22. doi:
10.3844/ajebasp.2012.13.22
Yaraghi, N., & Langhe, R. (2011). Critical success factors for
risk management systems. Journal of Risk Research, 14(5), 551-
581. doi: 10.1080/13669877.2010.547253
ASSIGNMENT 2: RISK MANAGEMENT PLAN 11
Assignment 2: Risk Management Plan
By: Annette Dixon
Course: Bus - 519
Instructor:
Date: October 29, 2018
Assignment 2: Risk Management Plan
Risk management is a crucial factor when setting up a
business. There is a high probability that the company will
succeed if incorporated into the company’s policies and
strategy. However, if not considered it is evident that the
company will find it hard to keep afloat. This document is the
Risk Management Plan of Environment Quality Information
(EQI) firm based in Siwa, Egypt. The plan defines the risk
management plan that will be implemented. It is the
responsibility of the Project Manager to update the plan to
ensure it deals with any present risk factors by reviewing and
maintaining the risk management plan of the EQI firm
throughout the entire project duration.
Scope and Objectives of the Risk Management Process
The Project Scope
EQI firm, a privately owned tourist company, is situated in
the remote Egyptian oasis of Siwa in the expansive Western
desert. The place is located 550 km from Cairo, the capital city
of Egypt, and therefore a good get away place for both local
people and international tourists. The oasis provides the only
source of life in the rather lifeless desert. It is a source of fresh
and saline water in the desert, In addition to this, the project
boasts of being in a place full of tourist attraction features since
it is positioned among the famous sand dunes, palm grooves,
and the ancient Shali Ruins. All these tourist attraction features
gives the company the assurance that the project will attract and
maintain many visitors. The fact that the place is located in an
underdeveloped and unexploited tourism destination implies
less competition, which translates to more visits by tourists.
Financially, this implies more revenue for the firm. The Project
Objectives
Some of the company’s objectives are:
· To provide quality and affordable tourism services to both
locals and international tourists. The former will be offered
even cheaper incentives to encourage them to visit the site often
since it is they who harbour the initial potential for the
business.
· To manage and conserve the environment where the firm is
located. In alignment with the environment conservation efforts
around the world, the company aims at utilizing the tourist
attraction sites to draw in more tourists, and use part of the
proceeds to conserve the environment.
· To involve the local residents in tourism activities. The local
residents shall form the company’s main workforce. They will
give the company’s expatriates some guidance since they know
the area better, in turn they will be employed by the firm to
improve their living standards.
· To attract many investors. The firm will invest in the creation
of a good reputation for itself. With the factors mentioned
above, the firm expects to attract many investors. This will
definitely make the project financially stable and successful in
the long run.
· To assess and look into how to manage the risks involved in
the business. Despite the strengths outlined above, the project
managers are aware of the uncertainties and risks inherent in the
project, thus they are more prepared to counteract them.
· To provide employment to other professionals. Besides
targeting the local community, the project aims at tapping into
the expertise and knowledge of experienced and highly trained
hospitality workers from within the locality.
· To break-even within the first 2 years of operation. Once the
project starts running, it is expected that the firm shall recover
its initial capital overlay within 24 months.
Of all these objectives, environment conservation is of the most
priority. The project itself is based on the environment and with
a wasted environment; the project is infeasible. The local
community is also of much significance since without their
support, there will be probabilities of conflicts, which may
affect the project negatively. However, all the other factors are
important too as they are core to the operational success of the
project.
The Project Size
The strategic importance of the firm is critical to the business,
as the firm has to be located near the tourist attraction features.
The project team anticipates including investors from all over
the world. Post-project liabilities are of high consideration
since the project is rooted on environmental usage. Innovation
in this project is already existent, since the technology that will
be used is already in place, but requires minor adjustments. All
the stakeholders will calculate the project value, but due to its
complexity, the project will most probably be valued above
$2M. The tourism sector, where the project falls, is highly
regulated as it involves international investors, international
tourists and most importantly, the environment. Key project
objectives depend on external factors, thus the political support
is of great importance since the company’s clients shall come
from all over the world and the attraction features belong to the
country of operation (Hillson & Simon, 2012. However, it is
worth noting that the requirements in the project have not been
finalised until after consultation with the stakeholders.
According to the project-sizing tool, all these factors sum up to
a score above 75(128). This project, therefore, is large and
complex.
CRITERION
CRITERION VALUE=2
CRITERION VALUE=4
CRITERION VALUE=8
CRITERION VALUE=16
CRITERION SCORE
Strategic importance
The significant contribution to business objectives
4
Commercial complexity
No unusual commercial arrangements or conditions
2
External constraints
Key project objectives depend on external factors
8
Requirement Stability
The requirement not finalised and subject to negotiations
16
Technical complexity
Enhancement of existing product/service
4
Market sector regulatory characteristics
Standard regulatory framework
4
Project value
Larger project value over $3M)
16
Project Duration
1-3 years
8
Project Resources
Larger project team including external contractors
8
Post-project liability
Significant exposure
8
Overall Project Score
78
Figure 1. The overall expected project size and score.
The Risk Tools and Techniques
The EQI project aims to effectively manage all the risks that
may arise in the most appropriate and proactive manner. The
goal is to maintain an acceptable risk exposure level, which is
the maximum acceptable risks for the investors of the project,
and at the same time achieve the project objectives (Hillson &
Simon, 2012). For accountability, the risk process will involve
all project stakeholders. Through this way, the stakeholders will
gain a sense of ownership and take part in making critical
decisions that affect the survival and operations of the business.
Detailed information about the risk process shall be
communicated to the project stakeholders from time to time to
keep them updated and at the same time enable them to give
their contributions to any adjustments to the proposal. Through
risk management, the project stakeholders will be able to focus
their attention on the areas with the most risk and device
solutions on how to deal with them (Jugdev, 2012). An analysis
of the opportunities based on how well the company shall
capitalise on them and the threats on how best it can inhibit
them from affecting the project will be done. This way, the most
significant positives, and the worst negatives shall be analysed,
and a range of how the business will perform be set.
Risks are inherent in the project from the start and throughout
the operation of the project. Thus, the risk management plan
will take into account, not only the inception of the project but
throughout its lifetime. Risks are essential in every undertaking,
and they seem to magnify when the project is situated in a new
environment (Govori, 2012). The plan will, therefore, be
reviewed and updated regularly by the risk factors that will be
existent (it is expected the risk factors shall change from time
to time). Thus, the risk management plan will major on internal
risks, but the company will also consider external threats such
as the supplier, and program risks, which all shall affect the
business.
Risks expected in the project include technical, management,
commercial and external. To counter the first type of
uncertainties, the company shall consider including safety and
security of tourists and employees in its policies, maintenance
of the firm and its neighboring environment, the technology that
will be required and its compatibility to the area, and the
assumptions and estimates that shall be drawn, considering the
project operations (Jugdev, 2012). For the management risks to
be disputed, the organisation shall consider including project
and operations management, communication, advertisement and
access to information, quality and reputation of the firm. On the
other hand, commercial risks shall be mitigated by including
internal procurements, terms, and conditions of the offered
contracts, partnerships and retaining the company’s clients
(Heldman, 2005). Some of the external threats to be considered
include administrative, regulation and legislation requirements,
the environment and weather patterns of the area, competition
in the market, and social factors. External risks, just like
inherent risks, should not be overlooked. If not well taken care
of, the business will collapse.
Risk Review and Reporting
The EQI project requires continuous monitoring through the
formulation and implementation of a proper risk strategy and
action plan. Such a review of risks should be a regular topic in
the project management meetings to facilitate continuous flow
of work. This process should involve the control and monitoring
of any potential threats. The tools and techniques for
performing these assessments include risk reassessment, audits,
technical performance measurement, reserve analysis, and status
meetings, among others (Heldman, 2005). Thus, a watch list of
the prioritised risks should be developed and contemporary
measures formulated as a response to the mitigation. This
process is of a great significance as it ensures that appropriate
procedures of managing risks are in place, and they are clearly
understood and strictly followed. Furthermore, the process shall
serve as a risk register, which shall be regularly regenerated to
support new actions.
After a proper review, project risk reports shall be drafted,
which are of enormous significance when it comes to
communicating with project stakeholders. They will be the
driving force in ensuring adequate risk management actions are
put in place, and project outcomes are achieved according to
expectations (Heldman, 2005). Furthermore, the reports shall
help the project managers and clients to understand the existing
opportunities and risks, besides keeping them informed. The
results, apart from maintaining communication among the
stakeholders, is a balance between risk management actions and
core issues.
Risk Impact and Probability
Probability-impact assessment shall play a crucial role in the
project risk analysis. It shall involve investigation of the
probability that an event may occur and the impact the
occurrence shall have on the project. A medium, high and low
scale shall be used in the analysis, depending on the complexity
of the work. A comparison of the impact and probability scores
shall be done, which shall offer an overall conclusion of the
value of the risks of the project. However, an event with a low
probability/impact ratio shall not be taken to imply the reverse
ratio since impact scales are linear and probability ones are
logarithmic in nature.
The following table is the probability and impact scale for the
EQI project in Siwa;
scale
probability
Impact on project objectives
Time
Cost
Quality
VHI
71-99%
>3 years
>$5M
Very significant impact
HI
51-70%
2-3years
$3-$5M
Significant impact
MED
31-50%
1-2 years
$1-$3M
Impact on certain functional areas
LO
11-30%
3-12 Months
$1M
Mino impact on functional areas
VLO
1-10%
<3 Months
<$1M
No unusual impact on overall functionality
NIL
<1%
No change
No change
No change
Figure 2. Table of expected risk impact and probability
Risk Threshold.
The risk threshold is the measure of the degree of uncertainty
that a particular event will occur and its level of impact. It shall
be one of the essential tools in risk management analysis, which
the project stakeholders shall be interested in. To quanitify the
potential threats, interviews shall be done on the stakeholders to
determine the real risks, according to their perception (Govori,
2012). Based on this, the project managers shall calculate the
risk threshold from the risk tolerance. Thus, failing to
understand the stakeholder's risk perception, tolerance and
threshold shall jeopardise the entire risk management plan.
RBS Level 0
RBS Level 1
RBS Level 2
Example
Project Risk
Management Risk
Competent management
- active management in the restoration of the cultural and
traditional identity
- promotion of tourism
-Balancing of women and male affairs in the project
Commercial Risks
Product prices
- high price for of local expertise and materials beyond the
affordability of the local population
- modern construction methods which are more economical and
faster to the native residents
External Risks
-Social
- Scarcity of Resources
- rising urbanisation leading to increased usage of the modern
machines
-Indoor bathrooms and the digging of several wells stresses the
supply of water
Figure 3. Table of expected risk threshold.
Risk management plan is a significant tool for the success of the
project. It is essential in understanding and handling the threats
that may be encountered during the duration of the project. The
analysis of these risks during the early stages of the project and
the development of mitigation plans as the project develops
plays a crucial role in its success. Therefore, if the outline plan
for the EQI project at Siwa is followed to the latter, then it is
easier to ensure its effective implementation by the
management, after consulting and reaching a common consensus
with all the concerned stakeholders.
References
Govori, A. (2012). Measuring and managing the impact of risk
on organizations: the case of Kosovo. Journal of Advanced
Research in Management, 3(1), 17-26.
Heldman, K. (2005). Project manager’s spotlight on risk
management. San Francisco, CA:
Jossey-Bass.
Hillson, D., & Simon, P. (2012). Practical project risk
management: The ATOM methodology. Vienna, VA:
Management Concepts.
Jugdev, K. (2012). Learning from lessons learned: project
management research program. American Journal of Economics
and Business Administration, 4(1), 13-22.

More Related Content

Similar to Instructions for Assignment 3 Risk Workshop and Risk RegisterWr.docx

THC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docx
THC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docxTHC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docx
THC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docx
RoyCabarles3
 
Running Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docx
Running Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docxRunning Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docx
Running Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docx
toltonkendal
 
Ecolodge publication part1
Ecolodge publication part1Ecolodge publication part1
Ecolodge publication part1
ecokhoa
 
NCFA-brochure-final-print
NCFA-brochure-final-printNCFA-brochure-final-print
NCFA-brochure-final-print
Oliver Wagg
 
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
blondellchancy
 
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
sodhi3
 
Ecoturismo Sostenibilidad (1) 2
Ecoturismo Sostenibilidad (1) 2Ecoturismo Sostenibilidad (1) 2
Ecoturismo Sostenibilidad (1) 2
Jennifer Ford
 
micro-perspective-of-tourism-and-hospitality.docx
micro-perspective-of-tourism-and-hospitality.docxmicro-perspective-of-tourism-and-hospitality.docx
micro-perspective-of-tourism-and-hospitality.docx
SandreWaldenSCSC
 

Similar to Instructions for Assignment 3 Risk Workshop and Risk RegisterWr.docx (20)

THC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docx
THC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docxTHC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docx
THC101 MACRO PERSPECTIVE OF TOURISM AND HOSPITALITY SYLLABUS.docx
 
Running Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docx
Running Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docxRunning Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docx
Running Head RISK WORKSHOP AND RISK REGISTER1RISK WORKSHOP AND.docx
 
Ecolodge publication part1
Ecolodge publication part1Ecolodge publication part1
Ecolodge publication part1
 
(XIMB) Sustainability - Banking Industry
(XIMB) Sustainability - Banking Industry(XIMB) Sustainability - Banking Industry
(XIMB) Sustainability - Banking Industry
 
Hospitality Business Vs Environmental Sustainability: A Study of Soarak Hotel...
Hospitality Business Vs Environmental Sustainability: A Study of Soarak Hotel...Hospitality Business Vs Environmental Sustainability: A Study of Soarak Hotel...
Hospitality Business Vs Environmental Sustainability: A Study of Soarak Hotel...
 
The Finance Sector and Natural Capital
The Finance Sector and Natural CapitalThe Finance Sector and Natural Capital
The Finance Sector and Natural Capital
 
Sustainability and the Tourism Industry - Fall 2010
Sustainability and the Tourism Industry - Fall 2010Sustainability and the Tourism Industry - Fall 2010
Sustainability and the Tourism Industry - Fall 2010
 
Sustainable tourism development prooreading service
Sustainable tourism development prooreading serviceSustainable tourism development prooreading service
Sustainable tourism development prooreading service
 
THE FACTORS OF ECO SYSTEMS MANAGEMENT EFFECT TO THE HOTEL OF VIETNAM
THE FACTORS OF ECO SYSTEMS MANAGEMENT EFFECT TO THE HOTEL OF VIETNAMTHE FACTORS OF ECO SYSTEMS MANAGEMENT EFFECT TO THE HOTEL OF VIETNAM
THE FACTORS OF ECO SYSTEMS MANAGEMENT EFFECT TO THE HOTEL OF VIETNAM
 
Project management(roro)
Project management(roro)Project management(roro)
Project management(roro)
 
3.3 Optional Internal 2013
3.3 Optional Internal 20133.3 Optional Internal 2013
3.3 Optional Internal 2013
 
The role of ISO 20121 in the events industry
The role of ISO 20121 in the events industryThe role of ISO 20121 in the events industry
The role of ISO 20121 in the events industry
 
NCFA-brochure-final-print
NCFA-brochure-final-printNCFA-brochure-final-print
NCFA-brochure-final-print
 
Facility
FacilityFacility
Facility
 
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
 
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx8Cesar Ritz CollegesBA in Hospitality Business Man.docx
8Cesar Ritz CollegesBA in Hospitality Business Man.docx
 
Ecoturismo Sostenibilidad (1) 2
Ecoturismo Sostenibilidad (1) 2Ecoturismo Sostenibilidad (1) 2
Ecoturismo Sostenibilidad (1) 2
 
micro-perspective-of-tourism-and-hospitality.docx
micro-perspective-of-tourism-and-hospitality.docxmicro-perspective-of-tourism-and-hospitality.docx
micro-perspective-of-tourism-and-hospitality.docx
 
Waking up – tourism, climate change and the SDGs
Waking up – tourism, climate change and the SDGsWaking up – tourism, climate change and the SDGs
Waking up – tourism, climate change and the SDGs
 
Tourism4SDGSs19 Keynote_3 S Becken
Tourism4SDGSs19 Keynote_3 S BeckenTourism4SDGSs19 Keynote_3 S Becken
Tourism4SDGSs19 Keynote_3 S Becken
 

More from carliotwaycave

Major DiseasesCHAPTER 10Chapter 10Maj.docx
Major DiseasesCHAPTER 10Chapter 10Maj.docxMajor DiseasesCHAPTER 10Chapter 10Maj.docx
Major DiseasesCHAPTER 10Chapter 10Maj.docx
carliotwaycave
 
Major Approaches to Clinical Psychology PresentationSelect one.docx
Major Approaches to Clinical Psychology PresentationSelect one.docxMajor Approaches to Clinical Psychology PresentationSelect one.docx
Major Approaches to Clinical Psychology PresentationSelect one.docx
carliotwaycave
 
Make a 150 word response to the following. Incorporarte what was sai.docx
Make a 150 word response to the following. Incorporarte what was sai.docxMake a 150 word response to the following. Incorporarte what was sai.docx
Make a 150 word response to the following. Incorporarte what was sai.docx
carliotwaycave
 
Major Paper #1--The Point of View EssayWe will be working on this .docx
Major Paper #1--The Point of View EssayWe will be working on this .docxMajor Paper #1--The Point of View EssayWe will be working on this .docx
Major Paper #1--The Point of View EssayWe will be working on this .docx
carliotwaycave
 
Major Essay for Final needs to be 5 pages long on the topic below an.docx
Major Essay for Final needs to be 5 pages long on the topic below an.docxMajor Essay for Final needs to be 5 pages long on the topic below an.docx
Major Essay for Final needs to be 5 pages long on the topic below an.docx
carliotwaycave
 
Major AssignmentObjectivesThis assignment will provide practice .docx
Major AssignmentObjectivesThis assignment will provide practice .docxMajor AssignmentObjectivesThis assignment will provide practice .docx
Major AssignmentObjectivesThis assignment will provide practice .docx
carliotwaycave
 
M A N N I N GRobert I. KabacoffSECOND EDITION IN A.docx
M A N N I N GRobert I. KabacoffSECOND EDITION IN A.docxM A N N I N GRobert I. KabacoffSECOND EDITION IN A.docx
M A N N I N GRobert I. KabacoffSECOND EDITION IN A.docx
carliotwaycave
 

More from carliotwaycave (20)

make sure to discuss the following•your understanding of t.docx
make sure to discuss the following•your understanding of t.docxmake sure to discuss the following•your understanding of t.docx
make sure to discuss the following•your understanding of t.docx
 
make sure to discuss the following•your understanding of .docx
make sure to discuss the following•your understanding of .docxmake sure to discuss the following•your understanding of .docx
make sure to discuss the following•your understanding of .docx
 
make sure to discuss the following•your understanding o.docx
make sure to discuss the following•your understanding o.docxmake sure to discuss the following•your understanding o.docx
make sure to discuss the following•your understanding o.docx
 
Major DiseasesCHAPTER 10Chapter 10Maj.docx
Major DiseasesCHAPTER 10Chapter 10Maj.docxMajor DiseasesCHAPTER 10Chapter 10Maj.docx
Major DiseasesCHAPTER 10Chapter 10Maj.docx
 
Main questions of the essay1. What are types of daily-lived situat.docx
Main questions of the essay1. What are types of daily-lived situat.docxMain questions of the essay1. What are types of daily-lived situat.docx
Main questions of the essay1. What are types of daily-lived situat.docx
 
Make a simple plan to observe and evaluate a facility in your school.docx
Make a simple plan to observe and evaluate a facility in your school.docxMake a simple plan to observe and evaluate a facility in your school.docx
Make a simple plan to observe and evaluate a facility in your school.docx
 
Major Approaches to Clinical Psychology PresentationSelect one.docx
Major Approaches to Clinical Psychology PresentationSelect one.docxMajor Approaches to Clinical Psychology PresentationSelect one.docx
Major Approaches to Clinical Psychology PresentationSelect one.docx
 
Make a powerpoint presentation. At least 4 to 6 pages. Your pape.docx
Make a powerpoint presentation. At least 4 to 6 pages. Your pape.docxMake a powerpoint presentation. At least 4 to 6 pages. Your pape.docx
Make a powerpoint presentation. At least 4 to 6 pages. Your pape.docx
 
Make a 150 word response to the following. Incorporarte what was sai.docx
Make a 150 word response to the following. Incorporarte what was sai.docxMake a 150 word response to the following. Incorporarte what was sai.docx
Make a 150 word response to the following. Incorporarte what was sai.docx
 
Major dams and bridges were built by the WPA during the New Deal o.docx
Major dams and bridges were built by the WPA during the New Deal o.docxMajor dams and bridges were built by the WPA during the New Deal o.docx
Major dams and bridges were built by the WPA during the New Deal o.docx
 
Major Paper #1--The Point of View EssayWe will be working on this .docx
Major Paper #1--The Point of View EssayWe will be working on this .docxMajor Paper #1--The Point of View EssayWe will be working on this .docx
Major Paper #1--The Point of View EssayWe will be working on this .docx
 
Major Essay for Final needs to be 5 pages long on the topic below an.docx
Major Essay for Final needs to be 5 pages long on the topic below an.docxMajor Essay for Final needs to be 5 pages long on the topic below an.docx
Major Essay for Final needs to be 5 pages long on the topic below an.docx
 
Major AssignmentObjectivesThis assignment will provide practice .docx
Major AssignmentObjectivesThis assignment will provide practice .docxMajor AssignmentObjectivesThis assignment will provide practice .docx
Major AssignmentObjectivesThis assignment will provide practice .docx
 
magine that you are employed by one of the followingT.docx
magine that you are employed by one of the followingT.docxmagine that you are employed by one of the followingT.docx
magine that you are employed by one of the followingT.docx
 
M4D1 Communication TechnologiesIn this module, we have focused .docx
M4D1 Communication TechnologiesIn this module, we have focused .docxM4D1 Communication TechnologiesIn this module, we have focused .docx
M4D1 Communication TechnologiesIn this module, we have focused .docx
 
M A N N I N GRobert I. KabacoffSECOND EDITION IN A.docx
M A N N I N GRobert I. KabacoffSECOND EDITION IN A.docxM A N N I N GRobert I. KabacoffSECOND EDITION IN A.docx
M A N N I N GRobert I. KabacoffSECOND EDITION IN A.docx
 
Luthans and Doh (2012) discuss three major techniques for responding.docx
Luthans and Doh (2012) discuss three major techniques for responding.docxLuthans and Doh (2012) discuss three major techniques for responding.docx
Luthans and Doh (2012) discuss three major techniques for responding.docx
 
Lyddie by Katherine Paterson1. If you were Lyddie how would you h.docx
Lyddie by Katherine Paterson1. If you were Lyddie how would you h.docxLyddie by Katherine Paterson1. If you were Lyddie how would you h.docx
Lyddie by Katherine Paterson1. If you were Lyddie how would you h.docx
 
Luthans and Doh (2012) discuss feedback systems. Why is it important.docx
Luthans and Doh (2012) discuss feedback systems. Why is it important.docxLuthans and Doh (2012) discuss feedback systems. Why is it important.docx
Luthans and Doh (2012) discuss feedback systems. Why is it important.docx
 
Luthans and Doh (2012) discuss factors affecting decision-making aut.docx
Luthans and Doh (2012) discuss factors affecting decision-making aut.docxLuthans and Doh (2012) discuss factors affecting decision-making aut.docx
Luthans and Doh (2012) discuss factors affecting decision-making aut.docx
 

Recently uploaded

SPLICE Working Group: Reusable Code Examples
SPLICE Working Group:Reusable Code ExamplesSPLICE Working Group:Reusable Code Examples
SPLICE Working Group: Reusable Code Examples
Peter Brusilovsky
 
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes GuàrdiaPersonalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
EADTU
 
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
EADTU
 

Recently uploaded (20)

TỔNG HỢP HƠN 100 ĐỀ THI THỬ TỐT NGHIỆP THPT TOÁN 2024 - TỪ CÁC TRƯỜNG, TRƯỜNG...
TỔNG HỢP HƠN 100 ĐỀ THI THỬ TỐT NGHIỆP THPT TOÁN 2024 - TỪ CÁC TRƯỜNG, TRƯỜNG...TỔNG HỢP HƠN 100 ĐỀ THI THỬ TỐT NGHIỆP THPT TOÁN 2024 - TỪ CÁC TRƯỜNG, TRƯỜNG...
TỔNG HỢP HƠN 100 ĐỀ THI THỬ TỐT NGHIỆP THPT TOÁN 2024 - TỪ CÁC TRƯỜNG, TRƯỜNG...
 
When Quality Assurance Meets Innovation in Higher Education - Report launch w...
When Quality Assurance Meets Innovation in Higher Education - Report launch w...When Quality Assurance Meets Innovation in Higher Education - Report launch w...
When Quality Assurance Meets Innovation in Higher Education - Report launch w...
 
The Story of Village Palampur Class 9 Free Study Material PDF
The Story of Village Palampur Class 9 Free Study Material PDFThe Story of Village Palampur Class 9 Free Study Material PDF
The Story of Village Palampur Class 9 Free Study Material PDF
 
male presentation...pdf.................
male presentation...pdf.................male presentation...pdf.................
male presentation...pdf.................
 
Analyzing and resolving a communication crisis in Dhaka textiles LTD.pptx
Analyzing and resolving a communication crisis in Dhaka textiles LTD.pptxAnalyzing and resolving a communication crisis in Dhaka textiles LTD.pptx
Analyzing and resolving a communication crisis in Dhaka textiles LTD.pptx
 
Spring gala 2024 photo slideshow - Celebrating School-Community Partnerships
Spring gala 2024 photo slideshow - Celebrating School-Community PartnershipsSpring gala 2024 photo slideshow - Celebrating School-Community Partnerships
Spring gala 2024 photo slideshow - Celebrating School-Community Partnerships
 
ESSENTIAL of (CS/IT/IS) class 07 (Networks)
ESSENTIAL of (CS/IT/IS) class 07 (Networks)ESSENTIAL of (CS/IT/IS) class 07 (Networks)
ESSENTIAL of (CS/IT/IS) class 07 (Networks)
 
Đề tieng anh thpt 2024 danh cho cac ban hoc sinh
Đề tieng anh thpt 2024 danh cho cac ban hoc sinhĐề tieng anh thpt 2024 danh cho cac ban hoc sinh
Đề tieng anh thpt 2024 danh cho cac ban hoc sinh
 
Graduate Outcomes Presentation Slides - English (v3).pptx
Graduate Outcomes Presentation Slides - English (v3).pptxGraduate Outcomes Presentation Slides - English (v3).pptx
Graduate Outcomes Presentation Slides - English (v3).pptx
 
Sternal Fractures & Dislocations - EMGuidewire Radiology Reading Room
Sternal Fractures & Dislocations - EMGuidewire Radiology Reading RoomSternal Fractures & Dislocations - EMGuidewire Radiology Reading Room
Sternal Fractures & Dislocations - EMGuidewire Radiology Reading Room
 
8 Tips for Effective Working Capital Management
8 Tips for Effective Working Capital Management8 Tips for Effective Working Capital Management
8 Tips for Effective Working Capital Management
 
Including Mental Health Support in Project Delivery, 14 May.pdf
Including Mental Health Support in Project Delivery, 14 May.pdfIncluding Mental Health Support in Project Delivery, 14 May.pdf
Including Mental Health Support in Project Delivery, 14 May.pdf
 
Observing-Correct-Grammar-in-Making-Definitions.pptx
Observing-Correct-Grammar-in-Making-Definitions.pptxObserving-Correct-Grammar-in-Making-Definitions.pptx
Observing-Correct-Grammar-in-Making-Definitions.pptx
 
SPLICE Working Group: Reusable Code Examples
SPLICE Working Group:Reusable Code ExamplesSPLICE Working Group:Reusable Code Examples
SPLICE Working Group: Reusable Code Examples
 
An overview of the various scriptures in Hinduism
An overview of the various scriptures in HinduismAn overview of the various scriptures in Hinduism
An overview of the various scriptures in Hinduism
 
e-Sealing at EADTU by Kamakshi Rajagopal
e-Sealing at EADTU by Kamakshi Rajagopale-Sealing at EADTU by Kamakshi Rajagopal
e-Sealing at EADTU by Kamakshi Rajagopal
 
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes GuàrdiaPersonalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
 
FICTIONAL SALESMAN/SALESMAN SNSW 2024.pdf
FICTIONAL SALESMAN/SALESMAN SNSW 2024.pdfFICTIONAL SALESMAN/SALESMAN SNSW 2024.pdf
FICTIONAL SALESMAN/SALESMAN SNSW 2024.pdf
 
Supporting Newcomer Multilingual Learners
Supporting Newcomer  Multilingual LearnersSupporting Newcomer  Multilingual Learners
Supporting Newcomer Multilingual Learners
 
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
 

Instructions for Assignment 3 Risk Workshop and Risk RegisterWr.docx

  • 1. Instructions for Assignment 3: Risk Workshop and Risk Register Write an eight (8) Risk Workshop and Risk Register Component paper in which you: 1. Identify the required pre-workshop activities. 2. Prepare a risk workshop agenda based on Figure B-8, Sample Agenda for a First Risk Assessment / Two – Day Risk Workshop (Appendix B of the Hillson and Simon text). Include suggested time intervals for each activity and justify why each agenda item is relevant for this case. 3. Determine the top five (5) threats in a risk register following Figure B-11, Sample Simplified Risk Register Format (Appendix B of the Hillson and Simon text). Include information from the case for each threat. 4. Justify the assignment of probability and impacts for each threat identified in criterion number 3 of this assignment. 5. Document the top three (3) opportunities in a risk register following Figure B-11, Sample Simplified Risk Register Format (Appendix B of the Hillson and Simon text). Include information from the case for each opportunity. 6. Justify the assignment of probability and impacts for each opportunity identified in criterion number 5 of this assignment. 7. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: · Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. · Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are:
  • 2. · Assess and prioritize risks to the project through an analysis of the active threats and opportunities presented. · Apply the Active Threats and Opportunities Management (ATOM) process to ensure a consistent, measurable result of this analysis. · Use technology and information resources to research issues in project risk management · Write clearly and concisely about project risk management using proper writing mechanics. 1. Reading(s) 0. Hillson and Simon, Chapter 15: Simulating Possible Futures (Quantitative Analysis) 0. Hillson and Simon, Figure B-5: Sample Project-Specific Probability-Impact Scales 0. Hillson and Simon, Figure B-6: Sample Double Probability- Impact Matrix 0. Heldman, Chapter 5: Analyzing and Prioritizing Risks Practical Project Risk Management - 1 Year Option, 2nd Edition David Hillson Project Manager's Spotlight on Risk Management - 1 Year Option Kim Heldman https://eds.a.ebscohost.com/eds/ebookviewer/ebook/bmxlYmtfX zE2NzIyOTdfX0FO0?nobk=y&[email protected]&vid=6&format =EB&rid=1 (this link goes to ebscohost library where you can read book information for chapter 15) http://www.atom-risk.com/templates.html (this link should be helpful)
  • 3. https://www.researchgate.net/publication/237383505_Using_a_ Risk_Breakdown_Structure_in_project_management (you can go to this website where author has paper in pdf form on the website called researchgate) Use as example only though especially with charts. Running head: ASSESSING ORGANIZATIONAL READINESS 1 ASSESSING ORGANIZATIONAL READINESS 10 Assessing Organizational Readiness By: Course: Bus - 519 Instructor: Date:
  • 4. Abstract This paper includes an assessment of the key success factors, as well as the risks of the EQI firm that specializes in providing tourist services in Siwa, Egypt. In particular, it describes factors such as the uniqueness of the place, demand, environmental quality, involvement of the local community in the activities, and investments. The study has also revealed the benefits of the project, its organizational readiness, and the presence of a risk culture, which is determined to be effective. The paper indicates the initial risk levels that are present in the project, and provides recommendations for mitigating and minimizing them. Keywords: project risks, risks assessment, key success factors. Assessing Organizational Readiness Introduction Any touristic company, regardless of its location, faces constant risks that arise due to frequent changes in the economy or public policy, insufficient planning, and insufficient development of the risk management system. Using the example of Environmental Quality International (EQI), a privately owned Egyptian firm, it is possible to look at the specifics of running a tourism business, identify key factors for its success, and analyze what barriers may occur in the hospitality industry and how it is possible to control them. Analysis of Critical Success Factors Critical success factors (CSFs) are common to the tourism industry. However, their particular set may differ because they are directly dependent on the type of services provided. According to Yaraghi & Langhe (2011), it is possible to distinguish the following factors with respect to Environmental Quality International (EQI):
  • 5. · The uniqueness of the tourist location. Siwa Oasis, on the basis of which EQI develops its activities, is the most remote of the Egyptian oases. It is located at 18.3 meters below sea level on the old caravan route. This oasis is a small island of life in the heart of the Western Desert and is separated from Cairo by a distance of 550 km of lifeless desert. The city of Siwa was built around Shali, a settlement of the 13th century, surrounded by high walls, the purpose of which was to protect the inhabitants from possible attacks. In this regard, Environmental Quality International has discovered a unique geographical location, interesting as a worldwide attraction, which, at the same time, does not have a developed tourist sector. · The presence of demand from tourists. An important critical success factor is the presence of demand among tourists for visiting Siwa because the oasis offers everything that they expect from the sights of the desert, in particular, dense palm groves around fresh water sources and salt lakes, harsh massifs, and huge dunes. Also impressive are the ruins of Shali built of unbaked clay bricks and similar to urban mazes that once protected Siwa people from raids. Around the oasis, there are ruins of temples that speak of the glory and prosperity of Siwa in ancient Greco-Roman times. This description allows concluding that the provided sights will have a large target audience, including businesspeople, students, and families with children. · Orientation to international environmental quality. EQI aims to develop global tourism in Siwa. At the same time, it intends to adhere to environmental standards that do not violate the environment. For example, hotels of the company are built according to ancient architectural schemes, which include exclusively natural materials. In addition, the interior is also adapted for the use of natural means to provide convenience - coal fryers for heating, candles for lighting, and so on. Modern social trends prove that tourists are more loyal to environmental protection measures, which increases the firm’s competitiveness against the background of the rest of the tourism sector.
  • 6. · Commitment to local community involvement in tourism. An important critical success factor for EQI is the inclusion of local people in its work activities. This approach gives several advantages at the same time. Firstly, it is a saving in organizational costs since local residents do not need additional housing provision. Secondly, the surrounding community understands the peculiarities of the traditional way of life in the area most deeply and is able to transfer it to the service sector. Thirdly, the involvement of local residents in tourism activities contributes to the growth of their well-being, which improves the economic health of the area as a whole. · Support from the International Finance Corporation. Tourist activities based on the above principles are a priori successful for investors, because of which the company has good financial support in the Corporation. In addition, it is possible to assume that it is not the only investor, which may be interested in the project, so financial support will allow EQI to feel more at ease. Project Benefits, Organizational Readiness, and Risk Culture Project benefits. According to the previous section, the main advantages of the project are the uniqueness of the tourist location and the unemployment of the tourist segment in the analyzed region (Siwa). In this regard, Environmental Quality International gets the opportunity to start tourism activities in the oasis first and use all available resources to increase its own efficiency (Jugdev, 2012). Another important advantage is the balance between old traditions and modern innovations. In particular, the attractiveness of the place for tourists increases if it focuses on the culture and identity of the area. The sale of souvenirs and goods that correspond to national traditions, the reconstruction of ancient buildings - all these features fall under the definition of the term national treasure, which tourists always explore with interest. Finally, an important advantage is the good relationship with clients. That is, the firm organizes leisure in such a way that it meets their needs if taking into account living in an area that is underdeveloped in terms of infrastructure (Jugdev, 2012).
  • 7. Organizational readiness. Regarding organizational readiness, Environmental Quality International has some problems. First of all, they relate to construction directly. In particular, EQI initially decided to build houses for tourists with using original technologies, namely, palm logs and blocks of rock salt and mud. For modern times, it is an innovative way of construction, which does not have a technical description since only a few local elder residents know the traditional methods of housing construction. The second problem in this sector is the high cost of construction. The materials necessary for the construction must be pretreated and created by experienced craftspeople. For this reason, there is also difficulty in the qualification of workers and the schedule. However, the firm could solve the described problems in the end, which helped the company to cope with the tasks and build the required number of lodges corresponding to the national culture. Another organizational problem was the involvement of local women in the execution of work. Traditional culture and education of local female residents did not allow them to work with the male population, so the influence of the company stopped for a while. However, EQI has found a way out. It consisted in introducing women to tailoring traditional clothing and other attributes with elements of national motives. Risk culture. The risk culture is the knowledge, belief, values, and understanding of the risks that a certain group of people with a common goal shares (Govori, 2012). In the case of Environmental Quality International, the firm maintains its risk culture at a high level. First of all, the organization’s goals that are the same for the whole team ensure this result. All of the project participants understood that tourist activities in the classical style could hinder the development of the project. For this reason, they all adhered to common principles, in particular, focusing on environmental standards, maintaining local culture and attractions, and preserving ancient traditions. The inclusion of the local community in the project has played an important role. The formation of common values among the
  • 8. locals, which Environmental Quality International has supported, has ensured the growth of their friendliness and loyalty to the company. In turn, it has significantly reduced the risk of conflict with the local population. In this regard, it is possible to consider the risk culture of the firm effective since it provides a significant advantage for all project participants including Siwa residents. For the company managers, it includes competitive growth, a good income, and a contribution to supporting local culture. In turn, Siwa residents receive improved local economies, reduced unemployment, and control of local attractions. Identifying the Initial Categories of Risk The initial risk categories in the Environmental Quality International project can be the following (Hillson & Simon, 2012): · Technical Risk: Technical processes, Technology, Design, Reliability and maintainability, Security. · Management Risk: Operations management, HS & E. · External Risk: Environmental/weather. Technical risks. This type of risk may relate to technical problems arising during construction or subsequent repairs. According to the previous section, the construction has been quite expensive. In addition, it requires unique materials, the making of which is a long process, given the lack of qualifications of workers. For this reason, there may be a chance of creating a poor-quality building that does not meet safety standards. In addition, it is also necessary to remember some of the needs of clients. Hypothetically, it is possible to assume the situation that a certain segment of tourists will refuse to rest in an area where the usual modern comforts are minimal. Therefore, to meet their needs, the company will have to change construction plans, thereby disrupting the construction technology, or violate the local landscape and environment. Also, risks related to subsequent housing repairs are likely. Given the fact that the construction used archaic technology, the strength of the buildings may suffer. For this
  • 9. reason, they will require constant renovation to prevent accidents. It may require additional and significant capital investment. Management risk. The project of EQI focuses on the use of local labor and resources. There is a possibility of their shortage or difficulties with the management and control of working personnel. Occupational safety and health also pose significant risks. First, the construction does not use materials manufactured according to modern international standards. Instead, it uses local resources, in particular, palm wood, rock salt, and mud. Reliable research on the safety of using these materials does not exist, so there is a possibility of violating labor laws that guarantee the safety of workers. In addition, the used materials may not be suitable for applying as building attributes. For example, a palm tree may not be soaked enough in salt water and contain ticks. Rock salt or mud can cause allergic reactions in visitors. For these reasons, it is necessary to consider this risk as particularly important. External risk. Finally, one of the risks is the likely instability of weather conditions in the area. It is necessary to note that Siwa is characterized by high temperatures in the daytime and low temperatures in the nighttime. The constructed buildings maintain a balance of temperatures. However, considerable climatic discomfort indoors can occur when the temperature deviates significantly to either side. Conclusions and Recommendations for Managing Project Risks The information obtained shows that the main risks of Environmental Quality International (EQI) are technical risks and risks of occupational safety and hygiene. Given the ideas from the book by Heldman (2005), it is possible to propose recommendations for mitigating and minimizing these risks: 1. First of all, the firm must mitigate the technical risks that relate to the production of materials and construction. For these purposes, it is necessary to conduct a scientific study of the composition of materials used for construction, find out their properties and stability, and conduct a series of laboratory tests.
  • 10. Based on the data obtained, the EQI management will be able to develop a manual for technical operation and preparation of materials, including a list of mandatory procedures and the rigor of their observance. This approach will help to improve the skills of workers and avoid technical errors in construction. 2. The second recommendation concerns occupational health and safety of workers. In this case, laboratory testing of materials for construction will help as well. After obtaining the necessary data, the person responsible for safety should create conditions, which will eliminate the risk of injury to workers or their illness. For example, these conditions may include specially equipped rooms with good ventilation for the production of stone blocks or soaking the wood. Also, this approach will help to minimize the likelihood of allergies among clients. 3. The third recommendation is to build separate rooms of modern material and with internal amenities for customers who do not want to live according to traditional local characteristics. Such a step will resolve the issue with the satisfaction of the full range of tourist needs. References Govori, A. (2012). Measuring and Managing the Impact of Risk on Organizations: The Case of Kosovo. Journal of Advanced Research in Management, 3(1), 17-26. Heldman, K. (2005). Project manager’s spotlight on risk management. San Francisco, CA: Jossey-Bass.
  • 11. Hillson, D., & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA: Management Concepts. Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration, 4(1), 13-22. doi: 10.3844/ajebasp.2012.13.22 Yaraghi, N., & Langhe, R. (2011). Critical success factors for risk management systems. Journal of Risk Research, 14(5), 551- 581. doi: 10.1080/13669877.2010.547253 ASSIGNMENT 2: RISK MANAGEMENT PLAN 11 Assignment 2: Risk Management Plan By: Annette Dixon Course: Bus - 519 Instructor: Date: October 29, 2018 Assignment 2: Risk Management Plan Risk management is a crucial factor when setting up a business. There is a high probability that the company will succeed if incorporated into the company’s policies and strategy. However, if not considered it is evident that the company will find it hard to keep afloat. This document is the Risk Management Plan of Environment Quality Information (EQI) firm based in Siwa, Egypt. The plan defines the risk
  • 12. management plan that will be implemented. It is the responsibility of the Project Manager to update the plan to ensure it deals with any present risk factors by reviewing and maintaining the risk management plan of the EQI firm throughout the entire project duration. Scope and Objectives of the Risk Management Process The Project Scope EQI firm, a privately owned tourist company, is situated in the remote Egyptian oasis of Siwa in the expansive Western desert. The place is located 550 km from Cairo, the capital city of Egypt, and therefore a good get away place for both local people and international tourists. The oasis provides the only source of life in the rather lifeless desert. It is a source of fresh and saline water in the desert, In addition to this, the project boasts of being in a place full of tourist attraction features since it is positioned among the famous sand dunes, palm grooves, and the ancient Shali Ruins. All these tourist attraction features gives the company the assurance that the project will attract and maintain many visitors. The fact that the place is located in an underdeveloped and unexploited tourism destination implies less competition, which translates to more visits by tourists. Financially, this implies more revenue for the firm. The Project Objectives Some of the company’s objectives are: · To provide quality and affordable tourism services to both locals and international tourists. The former will be offered even cheaper incentives to encourage them to visit the site often since it is they who harbour the initial potential for the business. · To manage and conserve the environment where the firm is located. In alignment with the environment conservation efforts around the world, the company aims at utilizing the tourist attraction sites to draw in more tourists, and use part of the proceeds to conserve the environment. · To involve the local residents in tourism activities. The local
  • 13. residents shall form the company’s main workforce. They will give the company’s expatriates some guidance since they know the area better, in turn they will be employed by the firm to improve their living standards. · To attract many investors. The firm will invest in the creation of a good reputation for itself. With the factors mentioned above, the firm expects to attract many investors. This will definitely make the project financially stable and successful in the long run. · To assess and look into how to manage the risks involved in the business. Despite the strengths outlined above, the project managers are aware of the uncertainties and risks inherent in the project, thus they are more prepared to counteract them. · To provide employment to other professionals. Besides targeting the local community, the project aims at tapping into the expertise and knowledge of experienced and highly trained hospitality workers from within the locality. · To break-even within the first 2 years of operation. Once the project starts running, it is expected that the firm shall recover its initial capital overlay within 24 months. Of all these objectives, environment conservation is of the most priority. The project itself is based on the environment and with a wasted environment; the project is infeasible. The local community is also of much significance since without their support, there will be probabilities of conflicts, which may affect the project negatively. However, all the other factors are important too as they are core to the operational success of the project. The Project Size The strategic importance of the firm is critical to the business, as the firm has to be located near the tourist attraction features. The project team anticipates including investors from all over the world. Post-project liabilities are of high consideration since the project is rooted on environmental usage. Innovation in this project is already existent, since the technology that will be used is already in place, but requires minor adjustments. All
  • 14. the stakeholders will calculate the project value, but due to its complexity, the project will most probably be valued above $2M. The tourism sector, where the project falls, is highly regulated as it involves international investors, international tourists and most importantly, the environment. Key project objectives depend on external factors, thus the political support is of great importance since the company’s clients shall come from all over the world and the attraction features belong to the country of operation (Hillson & Simon, 2012. However, it is worth noting that the requirements in the project have not been finalised until after consultation with the stakeholders. According to the project-sizing tool, all these factors sum up to a score above 75(128). This project, therefore, is large and complex. CRITERION CRITERION VALUE=2 CRITERION VALUE=4 CRITERION VALUE=8 CRITERION VALUE=16 CRITERION SCORE Strategic importance The significant contribution to business objectives 4 Commercial complexity No unusual commercial arrangements or conditions 2 External constraints Key project objectives depend on external factors
  • 15. 8 Requirement Stability The requirement not finalised and subject to negotiations 16 Technical complexity Enhancement of existing product/service 4 Market sector regulatory characteristics Standard regulatory framework 4 Project value Larger project value over $3M) 16 Project Duration 1-3 years 8 Project Resources Larger project team including external contractors
  • 16. 8 Post-project liability Significant exposure 8 Overall Project Score 78 Figure 1. The overall expected project size and score. The Risk Tools and Techniques The EQI project aims to effectively manage all the risks that may arise in the most appropriate and proactive manner. The goal is to maintain an acceptable risk exposure level, which is the maximum acceptable risks for the investors of the project, and at the same time achieve the project objectives (Hillson & Simon, 2012). For accountability, the risk process will involve all project stakeholders. Through this way, the stakeholders will gain a sense of ownership and take part in making critical decisions that affect the survival and operations of the business. Detailed information about the risk process shall be communicated to the project stakeholders from time to time to keep them updated and at the same time enable them to give their contributions to any adjustments to the proposal. Through risk management, the project stakeholders will be able to focus their attention on the areas with the most risk and device solutions on how to deal with them (Jugdev, 2012). An analysis
  • 17. of the opportunities based on how well the company shall capitalise on them and the threats on how best it can inhibit them from affecting the project will be done. This way, the most significant positives, and the worst negatives shall be analysed, and a range of how the business will perform be set. Risks are inherent in the project from the start and throughout the operation of the project. Thus, the risk management plan will take into account, not only the inception of the project but throughout its lifetime. Risks are essential in every undertaking, and they seem to magnify when the project is situated in a new environment (Govori, 2012). The plan will, therefore, be reviewed and updated regularly by the risk factors that will be existent (it is expected the risk factors shall change from time to time). Thus, the risk management plan will major on internal risks, but the company will also consider external threats such as the supplier, and program risks, which all shall affect the business. Risks expected in the project include technical, management, commercial and external. To counter the first type of uncertainties, the company shall consider including safety and security of tourists and employees in its policies, maintenance of the firm and its neighboring environment, the technology that will be required and its compatibility to the area, and the assumptions and estimates that shall be drawn, considering the project operations (Jugdev, 2012). For the management risks to be disputed, the organisation shall consider including project and operations management, communication, advertisement and access to information, quality and reputation of the firm. On the other hand, commercial risks shall be mitigated by including internal procurements, terms, and conditions of the offered contracts, partnerships and retaining the company’s clients (Heldman, 2005). Some of the external threats to be considered include administrative, regulation and legislation requirements, the environment and weather patterns of the area, competition in the market, and social factors. External risks, just like inherent risks, should not be overlooked. If not well taken care
  • 18. of, the business will collapse. Risk Review and Reporting The EQI project requires continuous monitoring through the formulation and implementation of a proper risk strategy and action plan. Such a review of risks should be a regular topic in the project management meetings to facilitate continuous flow of work. This process should involve the control and monitoring of any potential threats. The tools and techniques for performing these assessments include risk reassessment, audits, technical performance measurement, reserve analysis, and status meetings, among others (Heldman, 2005). Thus, a watch list of the prioritised risks should be developed and contemporary measures formulated as a response to the mitigation. This process is of a great significance as it ensures that appropriate procedures of managing risks are in place, and they are clearly understood and strictly followed. Furthermore, the process shall serve as a risk register, which shall be regularly regenerated to support new actions. After a proper review, project risk reports shall be drafted, which are of enormous significance when it comes to communicating with project stakeholders. They will be the driving force in ensuring adequate risk management actions are put in place, and project outcomes are achieved according to expectations (Heldman, 2005). Furthermore, the reports shall help the project managers and clients to understand the existing opportunities and risks, besides keeping them informed. The results, apart from maintaining communication among the stakeholders, is a balance between risk management actions and core issues. Risk Impact and Probability Probability-impact assessment shall play a crucial role in the project risk analysis. It shall involve investigation of the probability that an event may occur and the impact the occurrence shall have on the project. A medium, high and low scale shall be used in the analysis, depending on the complexity of the work. A comparison of the impact and probability scores
  • 19. shall be done, which shall offer an overall conclusion of the value of the risks of the project. However, an event with a low probability/impact ratio shall not be taken to imply the reverse ratio since impact scales are linear and probability ones are logarithmic in nature. The following table is the probability and impact scale for the EQI project in Siwa; scale probability Impact on project objectives Time Cost Quality VHI 71-99% >3 years >$5M Very significant impact HI 51-70% 2-3years $3-$5M Significant impact MED 31-50% 1-2 years $1-$3M Impact on certain functional areas LO 11-30% 3-12 Months $1M Mino impact on functional areas VLO
  • 20. 1-10% <3 Months <$1M No unusual impact on overall functionality NIL <1% No change No change No change Figure 2. Table of expected risk impact and probability Risk Threshold. The risk threshold is the measure of the degree of uncertainty that a particular event will occur and its level of impact. It shall be one of the essential tools in risk management analysis, which the project stakeholders shall be interested in. To quanitify the potential threats, interviews shall be done on the stakeholders to determine the real risks, according to their perception (Govori, 2012). Based on this, the project managers shall calculate the risk threshold from the risk tolerance. Thus, failing to understand the stakeholder's risk perception, tolerance and threshold shall jeopardise the entire risk management plan. RBS Level 0 RBS Level 1 RBS Level 2 Example Project Risk Management Risk Competent management - active management in the restoration of the cultural and traditional identity - promotion of tourism -Balancing of women and male affairs in the project Commercial Risks Product prices
  • 21. - high price for of local expertise and materials beyond the affordability of the local population - modern construction methods which are more economical and faster to the native residents External Risks -Social - Scarcity of Resources - rising urbanisation leading to increased usage of the modern machines -Indoor bathrooms and the digging of several wells stresses the supply of water Figure 3. Table of expected risk threshold. Risk management plan is a significant tool for the success of the project. It is essential in understanding and handling the threats that may be encountered during the duration of the project. The analysis of these risks during the early stages of the project and the development of mitigation plans as the project develops plays a crucial role in its success. Therefore, if the outline plan for the EQI project at Siwa is followed to the latter, then it is easier to ensure its effective implementation by the management, after consulting and reaching a common consensus with all the concerned stakeholders. References Govori, A. (2012). Measuring and managing the impact of risk on organizations: the case of Kosovo. Journal of Advanced Research in Management, 3(1), 17-26. Heldman, K. (2005). Project manager’s spotlight on risk management. San Francisco, CA: Jossey-Bass. Hillson, D., & Simon, P. (2012). Practical project risk management: The ATOM methodology. Vienna, VA:
  • 22. Management Concepts. Jugdev, K. (2012). Learning from lessons learned: project management research program. American Journal of Economics and Business Administration, 4(1), 13-22.