• a. Identify the risks facing the project (both threats and opportunities) - explaining how can we determined the risks and what methods we could use: no more than 10 significant risks should be identified and we should include a justification of the selection of these risks.
• b. We must then analyse each risk giving an indication of the probability/likelihood and impact/consequence of each risk on the project objectives. Our estimation of probability must give the evidence for our risk score from a reliable/reasonable data source and our estimate of impact must be based on a reasoned calculation of cost/profit
• c. Than we must map each risk onto a risk matrix which indicates the risk appetite of the project owners. We should justify the risk appetite we have identified

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Yang Sing Hotel You have recently been appointed by an investment company who wish to relaunch the Yang Sing Hotel (see Case Study Introduction below) under a new name after recently buying the building but they have concerns over the problems that caused the Yang Sing Hotel to close. Your assignment is to write a report on the prospective New Yang Sing Hotel as a project. The assignment contains information from news and other sources. We have sought to make this as close as possible to a live project brief. You may wish to conduct relevant research but please do not contact anyone involved without rst contacting your module tutor. Yang Sing hotel Manchester Advertisement for the hotel The Yang Sing Oriental offers 48 individually designed bedrooms and suites inspired by the cultures of Japan, China, India, Thailand and beyond ised together in a grade II listed building in the heart of Manchester. We otter a level of service never seen before in the city. Guests can tailor make their service using the online booking system, selecting 'om our extensive personalised menus from pillows and Japanese silk duvets to your complimentary bathroom products and even which scent will ll your room. A boutique Hotel which was refurbished from a former paper mill, the hotel extends over seven oors and includes 48 individually designed bedrooms, bar, lounges, breakfast and spa rooms and is located in a prominent position on the corner of Princess and Portland streets, close to the China Town area within Manchester city centre. The conversion of the mill to a hotel cost 4 Million. This building is a Grade II listed \"Manchester" warehouse, with cast iron internal columns, timber beams and masonry external walls. The building had been left vacant for a number of years and extensive repair works were required to prevent further deterioration (to remove dry and wet rot, leaking roof, leaning parapet brickwork etc), before plans to convert into hotel were developed. Structural conversion works included removing the original central staircase and lift; constructing a new lift and stair-core, repair and strengthening works to timber oor beams; adaption and strengthening works to roof trusses to allow formation of mezzanine oor to top oor suites; formation of new plant room at roof level; repair of cast iron column, and enhancing stability of external masonry walls. The considerable work required meant that rebuilding and redesign work went over budget and over time. Yang Sing Closes Manchester Evening News, 2f3f2009 Yang Sing Oriental, the luxury Manchester city centre boutique hotel, closed its doors today less than eight months after it opened - victim of the deepening economic crisis. The company will be placed into the hands of a liquidator. Managing director Gerrv Yetmo. who realised a long-standing repair or cast iron column, and enhancing stability or external masonry walls. The considerable work required meant that rebuilding and redesign work went over budget and over time. Yang Sing Closes Manchester Evening News, 2819009 Yang Sing Oriental, the luxury Manchester city centre boutique hotel, closed its doors today less than eight months after it opened victim of the deepening economic crisis. The company will be placed into the hands of a liquidator. Managing director Gerry Yeung, who realised a long-standing ambition when he launched the 8m project in a listed building in Princess Street last July, said: \"It is a tragedy. My team are amazing and one of the saddest outcomes of this is that 30 people will be made redundant. Together we have created the best hotel in Manchester and business was growing. Everyone who stayed here loved it, but we couldn't have picked a worse time to open a luxury hotel: with a global banking crisis, credit crunch, and the worst recession since the 19305.\" \"I have committed an additional lm of my personal money to the Yang Sing Oriental since it was launched, but with room rates being massively discounted across the luxury hotel market, and with no end to the recession in sight, the business is just not sustainable.\" The nationally renowned Yang Sing Restaurant, located next door and run jointly by Mr Yeung and his brother Harry for more than 30 years, is unaffected by the hotel's closure. The Yang Sing Oriental offered 48 individually designed bedrooms and suites inspired by the cultures of the Far East, with rack rate tariffs ranging from 179 ~ 569 per night. A statement on the hotel 's website said: \"Gerry Yeung and his amazing team at Hotel Yang Sing Oriental deeply regret to inform you that, despite their hard work and best efforts, Yang Sing Oriental Ltd has been placed into liquidation. \"As a result of this, Hotel Yang Sing Oriental closed its doors on Monday 2nd March 2009. \"We thank you all most sincerely for your support and the generous and wonderful reviews that you have kindly sent to us. It has been an honour and a privilege to welcome you to the hotel over the past eight months. We are so glad that you have enjoyed staying with us", Critics were impressed by the hotel after its launch. The international travel website TripAdvisor rated the Yang Sing Oriental Number 1 of 14? Manchester hotels in its Popularity Index. A newspaper travel writer said: \"Manchester is a world class destination and has the accommodation to match. It [Yang Sing Oriental] is incredibly stylish, luxurious and laid back..." Guest feedback on the Late Rooms website showed that 98 per cent of visitors would recommend the hotel and would return. The hotel was full at the weekend, but guests were taking advantage of rate cuts of up to 50 per cent which are now becoming commonplace across the industry. Gerry Yeung, the boss of the city centre boutique hotel, told Manchester Condential that there were a combination of factors all rooted in the economic crisis which have led to the failure of the business. \"We're operating at 60% capacity at the moment which isn't too bad but the problem is we can't get the room rates we need. Even at 60% we're discounting. In another economic time I believe we would have been fine, but we opened just as things start to get bad globally. We were ambitious too, we wanted to provide very individual accommodation, with 24 hour room service and ve star customer service generally.\" Funding for the hotel was provided by the Yeungs, private investors and Natwest Commercial Banking. Total losses are estimated in the region of 7 Million