Project Progress Due Week 10 and worth 100 points Note: The assignments are a series of papers that are based on the same case, which is located in the XanEdu tab in the course shell. The assignments

Running head: RISK WORKSHOP AND RISK REGISTER COMPONENT 0

In the last report, the author carried out an analysis of the BP project, the relevant stakeholders, and appropriate risk tools and techniques. The author also developed other critical risk management aspects for the BP project, including risk reviews, reporting, probability, and impact. This part of the study will inform the pre-workshop activities for the BP project and the development of the risk workshop agenda. The study will also identify and assess various risks and opportunities existing for the BP project effectively.

The preparation activities of the workshop may begin with brainstorming turning the teaching session, which will be facilitated by the learner for proceeding towards the process of discussion, findings, and knowledge capturing form the groups. It will also comprise a meeting between all the internal stakeholders of the organization to identify the improvement areas. All the stakeholders will attempt to integrate to identify the risks and opportunities existing for the project by gathering proper comments and inputs (Hillson & Simon, 2007). The facilitator will ensure that all the team members are not putting much time over a single risk and are engaging in proper discussions to develop proper risk register. The facilitator will share the project objectives with the team members. The team members will ensure compliance with the company’s aspiration with the same project, including no accidents and no harm to the people. The facilitator will be providing impact ideas to the stakeholders, such as ruined reputation, compensation, death, injury, and social and environmental disconnect to the stakeholders for coming with risks and ideas existing for the organization (Aven, 2016). After identifying the potential risks existing for the project, the project management will be delegating all the risks amongst the team members with proper ownership and due date to come up with proper risks analysis and mitigation plans for reducing the influence of the same risks up to a maximum extent.

• Introduction: The workshop facilitator will be sharing the complete introduction of the workshop to identify, analyze, and manage all the potential risks existing at the BP project to improve the project's success.  

• Verifying Project objectives: The Workshop facilitator will share complete BP project objectives with the team members, including maximizing the BP project's chances through proactive approaches and proper coordination between the project stakeholders (Aven, 2016).

• Verifying the scope of the project risk process: The Workshop facilitator will share the scope of the risk management process with the stakeholders that it will be covering the whole BP project from start to end.

• Setting ground rules for the workshop: There will be an equal opportunity for all the stakeholders to be involved in the workshop's communication process of the workshop

• Providing brief for risk management: ATOM methodology will be adapted for managing the risk at the BP project (Bernardo, 2012).

• Sharing expectations: The identification, analysis, and management of all the potential risks by the relevant stakeholders effectively

• Identifying the risks: All the stakeholders will be encouraged to provide risks existing within the work of the domain.

• Rationalizing the risks: Workshop facilitator and stakeholders will develop a rationale for the risks identified in the previous session in terms of their impact on the BP project  

• Translation of risks: The Workshop facilitator will translate all the risks in different languages as per involved stakeholders to ensure their understanding (Blake, 2015).

• Explanation of assessment scheme: The workshop facilitator will define the assessment criteria for analyzing the risks

• Assessing the chances and severity of all the risks: All the concerned stakeholders will be analyzing the risks (Hillson & Simon, 2007).

• Categorizing the risks: All the stakeholders mutually will categorize the risks in various categories, including critical, medium, and low.

• Nominating the risk owners: BP project management will delegate the risk management to each stakeholder as per their area of work (Aven, 2016).

• Developing a timeline for risk response: There will be a proper deadline for the stakeholder to respond to risk management.

• Workshop closure: The project management will be closing the workshop with a positive not

There are two critical aspects of risk, including probability and impact indicating the occurrence chances and influence of the particular risks over the project.

The risk ID-4 belongs to this category as the Chances of lack of risk log at the BP project is quite low because the project management is making use of ATOM risk methodology that involves the usage of risk log (Hillson & Simon, 2007). However, the impact of the same risk is medium as it will restrain the project team members to timely report and record the safety violations improving the safety culture at the BP project.

The risk ID-1 belongs to this category as Don Parus Refinery Director informed the lack of Band-Aids and Superglue's supply to the BP project site. The occurrence chance of this risk at the BP project is low because all the stakeholders had been informing regarding the resources required to them for the project management that is being provided to them by the project manager (Blake, 2015). The impact of this risk is quite high, as it will cause various accidents at the BP project site.

The risk ID-2 occurrence chance at the BP project is medium as proper risk management workshop had been arranged involving all the stakeholders to ensure the understanding of all the risks existing at the project for proper management. The impact of the same risk over the BP project is high, as it will contribute towards increasing accidents at the workplace(Blake, 2015). Therefore, the same risk belongs to the critical risk category, and it is imperative to manage the same effectively.

The risk ID-3 also belongs to this category as there are serious concerns involved with the chunks of concrete falling, broken alarms, and staff being overcome with fumes. Moreover, all of these factors tend to input an adverse impact on the health and safety of the workers (Aven, 2016). Therefore, the risk is quite critical, and the risk owner must ensure the usage of proper construction best practices to minimize the threat of this risk up to a maximum extent.

The risk ID-5 also falls in the critical risk category. The occurrence chances are high as there are various stakeholders involved in the project, and it might not be possible for the project manager to collaborate with all the stakeholders effectively. Moreover, if there is a lack of coordination between the project stakeholders, then it will undoubtedly lead the BP project towards failure(Bernardo, 2012). For the same reason, the BP project manager needs to develop useful leadership characteristics to improve the success chances of the BP project.

The opportunity ID-1 involves the removal of the safety concerns at the BP project workplace. The occurrence chances of the same opportunity are high as it involves the effective implementation of ATOM methodology after carrying out proper training amongst the employees, followed by a two-day risk workshop as developed in the earlier section of the study (Hillson & Simon, 2007). Moreover, the impact of the same opportunity over the BP project will also be high, as all the concerned stakeholders will be complying with the same for improving the BP project's chances of success.

The opportunity ID-2 involves the adaption of the best construction practices in the BP project. The occurrence chances of the same opportunity are high as BP project is being carried out on a marginal scale involving the best builders and contractors all across the world, carrying required expertise in their concerned area. Therefore, the stakeholders can make use of effective construction practices for the BP project. The same opportunity will also have a positive impact on the BP project as the overall quality factor of the BP project will undoubtedly improve, increasing the chances to complete the overall project within the constraints of time, cost, and quality (Blake, 2015).

The opportunity ID-3 involves the utilization of effective leadership practices at the BP project. Its occurrence chances are high as the project board will be selecting the project manager properly with practical communication skills carrying the ability to ensure effective coordination between all the concerned stakeholders (Bernardo, 2012). Moreover, the same opportunity will be putting a positive impact on the project progress as the coordination level between all the stakeholders will improve in a particular manner contributing towards the project's success.

Overall, the BP project team needs to engage in pre-workshop activities to gain specific information about managing risks. The project team must be following the risk-workshop agenda as it will benefit them in gaining desired information from the relevant stakeholders of the project regarding the risk for contributing towards the BP project's success respective of time, cost, and quality. The study identified and analyzed various risks and opportunities for the BP project that must be effectively exploited by the project team to improve the success chances of the BP project.

References

Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research, 253(1), 1–13. http://doi.org/10.1016/j.ejor.2015.12.023

Bernardo, D. V. (2012). Security risk assessment: toward comprehensive practical risk management. International Journal of Information and Computer Security, 5(2), 77. http://doi.org/10.1504/ijics.2012.051775

Blake, S. (2015). 3. Dispute Management, Project Management, and Risk Management. A Practical Approach to Effective Litigation, 46–64. http://doi.org/10.1093/law/9780198715948.003.0003

Hillson, D., & Simon, P. (2007). Practical project risk management: the ATOM methodology by David Hillson and Peter Simon. Vienna, VA: Management Concepts.