Risk Management Workbook Instructions This template is to be use for gathering risks, creating plans for how to avoid them (mitigation plans), what to do if they happe throughout the project. The first sheet titled Risk List shows a number of fields to use for gathering the following information about risks. Risk ID is some unique value that identifies the risk. Risk Name is a short description of the risk. Date is when you identified the risk. Rank is a subjective measure of where you and the team place this risk. Rank is generally reevaluated on a weekly bas Phase is an optional field that you can use to capture the phase that a risk might occur. Prob (Probability) is the percentage chance that the risk will actually occur. Impact is the 1-10 rating of how bad it would be if the risk occurred (1 being not very bad and 10 being very bad). Exp (Exposure) is the product of Prob and Impact. This gives you a relative number to access how much time and effor example, a risk might be a 90% Probability but only a 1 for Impact, so its Exposure would only be a .90. Effect is a description of what would happen if the risk occurred. This can be a quick sentence of a detailed set of effec Mitigation is a description of what steps can be taken to avoid having the risk occur. This is what you will do to try and s Trigger Event is a description of how you will know if the risk has occurred. Contingency is the description of what you plan to do if the risk happens. This is how you will try to limit the Impact of t Also included is a sheet in the workbook titled Risk Matrix. This section gives a graphical view of where your risks fall. It graphs code on the various combinations. This is automatically generated based on predetermined formulas using the data entered i A few things to remember about this template include the following. The sheet called Criteria Sheet is locked because it provides the formulas that drive the graph on the Risk Matrix sheet. If work. The Matrix and List sheets are also locked, but only a few cells are protected. On the List sheet, the Exposure cells are pr same goes for the Matrix sheet. The colored matrix itself is protected, but the other cells are not. Form P-4 Project Manager: Name (816) XXX-XXXX Risk Management Matrix I D 1 Risk Title Schedule Compression 2 Capacity 11/7 11/7 Experience with 3 Project Type Hospitality 4 Date Ran Phase Prob Impact k Client experience with Construction 5 Adequate financing Form P-4 11/7 11/7 11/7 1 2 4 3 3 1 2 3 4 5 60% 15% 5% 10% 10% 6 7 9 4 8 Exp Effect 3.60 Functional requirements over nonfunctional requirements will be met. 1.05 Not having the capacity to take on a project is a very serious issue - this can cause delays and a poor rushed job. 0.45 Requires additional time to learn and catch up to everyone's level. This can cause delays. Mitigation Trigger Event Contingency Under spend to meet delivery commitments This event could be caused by City review delays, Client review delays, soil contamination, and other factors depending on City of Los Angeles requirements. Unfortunately with scheduling it is difficult to have a backup plan. However, if enough planning and research of requirements are done before submitting to City and Client, the delays can be avoided. Hire help to avoid project delays and poor quality. This event could be caused by project overflow. Too many projects and not enough resources. Conduct weekly staff meetings, get to know who is/isn't available and assign new duties accordingly. Have a staffing agency on call that can help with hiring quality architects and project managers. Hire someone with Hospitality experience. This event could be cause by hiring someone quickly to meet project deadlines without further info. Perhaps a reference. It is always best to take the time and hire someone who knows what they are doing instead of hiring someone just to fill in the part. As a plan B, I would work closely with a staffing agency with emphasis in Hospitality in case a new employee is needed to fulfill project requirements. 0.40 If the client has no experience with construction, this could result in a conflict. Document everything - in & out to client. Change Orders could trigger a conflict. Having worked in this field for about a year, Change Orders can drastically impact the budget. 0.80 If the client does not have adequate financing, this can cause delays. Make sure client receives everything needed from architect to provide to lender. Client may depend on others to provide info and this can cause delays. Project Manager: Name (816) XXX-XXXX If the client has no experience with construction, we generally suggest hiring a project manager to act on behalf of the client with a knowledge of construction. If the client doesn't want a project manager, plan B is to help the client as much as we can in understanding project requirements and expectations. Make sure client receives everything needed from Architect and other consultants hired through Architect to expedite this process. I D Risk Title Form P-4 Date Ran Phase Prob Impact k Exp Effect Project Manager: Name (816) XXX-XXXX Mitigation Trigger Event Contingency Risk Matrix 9-10 Impact 7-8 5-6 3-4 1-2 1 0 0 0 0 2 0 0 0 0 0 0 1 0 0 Zone Total: 0 1 0 0 0 0 Zone Total: 2 0 0 0 0 0 Zone Total: 3 1-20% 21-40% 41-60% 61-80% 81-100% Probability Form P-4 Project Manager: Name (816) XXX-XXXX Do NOT Edit this sheet. This sheet provides the formulas for the Matrix Sheet 1-2 3-4 1-20% Prob 1% 1-20% Impact Prob Impact Result 1 1% 2 0 Prob Impact 1% 3 21-40% Prob 21% 21% 41% 2 0 41% Prob 21% 21% 3 2 0 Prob Impact Prob 41% 41% 3 61-80% Prob 61% 61% 2 0 Prob Impact Prob 61% 61% 3 81-100% Prob 81% 81% 1-20% Prob Impact Prob Impact Result 1% 5 Impact Result 4 0 Impact Result 4 0 Impact Result 4 0 2 Form P-4 0 Prob Impact Prob 81% 81% 3 Impact Result 4 0 1% 6 0 1% 7 1% 1-20% 8 2 Prob 1% 21-40% 21-40% Prob Impact Prob Impact Result Prob Impact Prob Impact Result Prob 21% 21% 21% 5 21% 6 0 7 21% 8 0 41-60% 41-60% Prob Impact Prob Impact Result Prob 41% 41% 41% 5 41% 6 1 7 41% 8 0 61-80% 61-80% Prob Impact Prob Impact Result Prob 61% 61% 61% 61% 6 0 7 61% 8 0 81-100% 81-100% Prob Impact Prob Impact Result Prob 81% 81% 81% 81% 6 0 Project Manager: Name (816) XXX-XXXX 7 81% 1% 10 1 Impact Prob Impact Result 9 21% 10 0 Impact Prob Impact Result 9 41% 10 0 61-80% Prob Impact Prob Impact Result 5 9 41-60% Prob Impact Prob Impact Result 5 Impact Prob Impact Result 21-40% Prob Impact Prob Impact Result 81-100% Impact Prob Impact Result 1 1 9-10 1-20% 61-80% Impact Prob Impact Result 1 4 7-8 Prob Impact Prob Impact Result 41-60% Impact Prob Impact Result 1 Impact Result 1% Prob Impact 41-60% Prob Prob 21-40% Impact Prob Impact Result 1 5-6 Impact Prob Impact Result 9 61% 10 0 81-100% 8 0 Impact Prob Impact Result 9 81% 10 0