4:13 al T @ ) A_3PLG & SCHLG (1).docx ~ [ RISK AND MITIGATION 1. Quality Control Risks - Risk: A refurbishment that falls short of the intended 80s theme quality requirements due to poor construction or the use of inferior materials. - Mitigation: Encourage a collaborative work environment, update and recall quality control regulations frequently, and employ collaborative inspection software to monitor continuously. 2. Regulatory Compliance Risks - Risk Failure to adhere to local, state, and federal standards pertaining to labor laws, building requirements, and food safety may result in penalties or closures. - Mitigation To make sure that every part of the remodeling complies with the applicable legislation, develop a thorough grasp of all pertinent regulations, keep a thorough compliance checklist, and confer with legal specialists. 3. Time Delays Risks - Risk Unexpected site circumstances, manpower shortages, or delayed material delivery might cause delays that push the project's completion date over the 207-day target. - Mitigation To keep the renovation on track, do a thorough risk assessment to identify potential delays, create backup plans, and make sure project management is overseen. 4. Budget Overruns Risks -Risk Going over budget by $405,350 because of inaccurate projections, unexpected costs or adjustments to the scope of work . Mitigation Creating precise budgets, putting in place efficient change control protocols, and keeping a careful eye on project costs. 5. Safety Hazards Risks A 4:14 al T @) A_3PLG & SCHLG (1).docx v (1 1. Uwner's approval It is assumed that the owner's request for an overhaul in the style of the 1980s is definitive and won't alter during the project. 2. Budget Allocation It is anticipated that the $500,000 budget would be adequate to pay for all refurbishment expenses without experiencing a major overrun. 3. Completion Timeline The 180 days' completion timetable is predicated on effective project management and does not account for any significant setbacks or delays. 4. Availability of Resources It is anticipated that labor, supplies, and machinery required for the refurbishment would all be easily accessible when needed. 5. Customer Interest It is anticipated that the refurbishment with an 80s motif would draw in more guests and improve the Restaurant's overall eating experience. 6. Stakeholder Alignment All parties involved will comprehend and concur on the project's objectives, aims, and scope. Constraints: 1. Budget A set $500,000 is allocated to this project. 2. Timeline The renovation project is to be finished in 180 days. 3. Scope The project's modernization and renovation of the restaurant with an 80s theme, including the integration of technology and improvements to operational efficiency, is its whole scope. 4. Resource Allocation The amount of labor, materials, and technology that may be used for the project is limited by predetermined parameters. 5. Space limitation The renovation is limited to the restaurant's current 1600 square feet. 6. Operational constraints After renovations, the restaurant must continue to run smoothly with the least amount of service interruption. CRITICAL SUCCESS FACTORS Renovating the Restaurant requires careful planning, clear communication, o T rommeand careful post