Fill in the details in the cost table and complete the risk register. (cost table and risk register templates are at the end of this question)

Instructions:

1. Add at least 3 new costs and descriptions. Use the cost table provided below. All costs incorporated into your risk calculations must be included in this table.
2. Fill in all the fields within the risk register template. All risks must include EMV Cost and EMV Duration.
3. Identify 3 risks; that is 2 risk threats and 1 risk opportunity.
4. Show your work, including all details of costs or duration for all calculations

Case: Big Island Hotel The management team at Big Island Hotel in Hawaii is responsible for transitioning from a hotel model to an all-inclusive concept. The Board of Directors wants to shift from marketing the resort as a hotel-only destination to an all-inclusive, which is rare in Hawaii. These concepts are far more popular in destinations such as Mexico, Dominican Republic or Jamaica. The Hotel President has accepted your project. The company is intentionally focusing on more formal risk management planning. Each project must plan and manage risk carefully, clearly documenting using a risk register. To assist with risk context, excerpts from the risk management plan are listed. Use the general costs, impact table, heat map and RBS. As the Project Manager, you may need to fill in some gaps using expert judgment.

General resort information:

• The resort was built in 1950 and underwent a renovation from 1996 to 1998 in preparation for millennium celebrations

• 20-minute drive from the airport

• Average occupancy is 50% and has been declining by 10% year over year for 3 years

• There are 500 rooms in 1 building

• There is only a small breakfast and lunch restaurant onsite

• The resort is oceanfront and has a small town and golf course nearby.

• There are 2 pools (1 adult only), 2 restaurants and no beach, water or land activities

Updated project parameters and assumptions: Note:

• The projects must be completed within 8 months

• The total budget must not exceed $1,200,000

• The risk reserve is 10% or $120,000

• Assume the human and project resources are available

• Disruption to guests must be kept to a minimum

• Project team members work Monday to Friday, 7 hours per day

General Costs:

Costs are identified in the risk register. Remember you must create at least 3 new cost descriptions with corresponding details. These must be incorporated into the risk register within the EMV calculations.

Impact Table:

Big Island HotelImpact Table
Impact Rating	Cost	Time (Days)
-1-
Very Low
-2-	5.0% - 10.0%	2 - 4
Low	$6,000.00 - $12,000.00
-3-	10.0% - 15.0%	4 - 6
Moderate	$12,000.00 - $18,000.00
-4-	15.0% - 20.0%	6 - 8
High	$18,000.00 - $24,000.00
-5- Very High	> 20.0% > $24,000.00	> 8

Project Description:

The Fitness Centre project meets the growing need for health and wellness services, improves the guest experience, and gives the hospitality business a competitive edge. The Fitness Centre at Big Island Hotel is a state-of-the-art facility designed to cater to the health and wellness needs of guests. It features a wide range of modern exercise equipment, offers group fitness classes led by certified instructors, provides personalized training with professional trainers, and may include spa and relaxation facilities. The Fitness Centre aims to enhance the guest experience and give the hotel a competitive edge in transitioning to an all-inclusive concept.

Cost Table:

Add at least 3 new costs following this format

Big Island Hotel Cost Table
Description of Cost	Unit Type	Rate	Duration
Architect	Hourly	$200.00	N/A
Project Manager	Hourly	$100.00	N/A
Printing	Per Job	$7,000.00	3 weeks lapsed time
Permits	Per Permit	$250.00	2 weeks lapsed time
Meetings	Blended Rate Per Meeting	$350.00	N/A
Add description, unit type, rate/cost and duration according to the project needs.
Add description, unit type, rate/cost and duration according to the project needs.
Add description, unit type, rate/cost and duration according to the project needs.
Add description, unit type, rate/cost and duration according to the project needs.
Add description, unit type, rate/cost and duration according to the project needs.

Risk Register:

Risk ID	Risk Statement	Prob.	Impact	Risk Rating	Risk Type (O/T)	EMV Cost (show all work)	EMV Dur (show all work)	Risk Category
1
2
3

Heat Map: PROBABILITY Almost Certain 80-99% Likely 60-79% Possible 40-59% Unlikely 20-39% Rare 1-19% HIGH LOW Threats MODERATE MODERATE HIGH VERY LOW HIGH Very Low -1- LOW MODERATE MODERATE HIGH HIGH VERY HIGH VERY HIGH VERY HIGH VERY HIGH LOW RISK MANAGEMENT HEAT MAP Low -2- HIGH VERY HIGH VERY HIGH HIGH LOW LOW HIGH Moderate High -3- -4- HIGH LOW MODERATE MODERATE MODERATE MODERATE MODERATE MODERATE. LOW MODERATE MODERATE Very High -5- Very High -5- IMPACT Opportunities LOW HIGH High -4- HIGH MODERATE MODERATE LOW HIGH HIGH MODERATE MODERATE. LOW Moderate -3- HIGH LOW Low -2- LOW VERY LOW Very Low -1- Almost Certain 80-99% Likely 60-79% Possible 40-59% Unlikely 20-39% Rare 1-19% PROBABILITY