Project Progress Note: The assignments in this course are a series of papers that are based on the same case, which is located in the XanEdu tab in the left-hand menu of your course. The assignments d

Running head: RISK WORKSHOP AND RISK REGISTER 0

Risk Workshop and Risk Register

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The last report of the study analyzed the BP project concerning the stakeholders, techniques, and tools; the report also developed risk management practices. The present report will develop pre-workshop activities for the BP project. The report will also create a risk workshop agenda and a risk management plan for the project.

The preparation activities involved in the BP project workshop will include brainstorming, which will encourage the participants to carry out a useful discussion over the potential risk areas of the BP project. It will require internal stakeholders' involvement to provide decent support in suggesting improvement areas for the project (Chatterjee et al., 2018). The stakeholders must ensure effective collaboration during the session to make a valuable contribution towards identifying, analyzing, and managing strategies of the potential risks present. The facilitator will update the risk register by incorporating all the critical information regarding the risks. The facilitator will share the project's objectives with the participants at the beginning stage (Hillson & Simon, 2007). The team member will identify all the potential risks and management strategies to meet the company's objectives. The facilitator will share key ideas regarding the project's potential risk areas to encourage the participants to identify potential risks, including reputation loss, increased spending, and increased period (Kousky & Kunreuther, 2018). The facilitator will inform the stakeholders regarding different risk management strategies, including avoiding, reducing, and transferring; it will help develop health plans for managing the risks.

• Introduction: The facilitator will share information regarding the BP project with all the stakeholders to make them aware of the objectives and the workshop's purpose.

• Verification of Project Objectives: The workshop facilitator will carry out a collaborative discussion with the stakeholders regarding project needs, requirements, and objectives, ensuring that the project's scope is clear to them so that the required results of the workshop could be achieved (Kousky & Kunreuther, 2018).

• Verification of Project Risk Scope: The workshop facilitator will be sharing complete information regarding the project risk scope with the internal stakeholders so that they become aware that the project's risk management process may cover the whole project from start to end.

• Setting workshop rules: The facilitator will be setting ground rules for the workshop, making sure that there is an equal opportunity available to all the stakeholders for presenting their point of view (Hillson & Simon, 2007).

• Providing risk management brief: The facilitator will inform the stakeholders regarding the adoption of ATOM methodology to manage the potential risks present (Hillson & Simon, 2007)

• Sharing expectations: The facilitator will make stakeholders realize that the company expects a positive contribution and support to manage risks associated with the BP project.

• Risk Identification: The facilitator will encourage the stakeholders to come up with the identification of potential risks existing in the project (Qazi et al., 2016)

• Risk Rationale: The facilitator will collaborate with all the internal stakeholders to identify the rationale of all the existing potential risks.

• Risk Translation: The facilitator will segregate the potential risks into different categories and segments for stakeholders' understanding (Violante, 2018).

• Assessment Scheme Explanation: The facilitator will team up with the stakeholders to define the criteria to assess the potential risks.

• Evaluating the impact and likelihood of all risks: The facilitator will collaborate with all the stakeholders to assess the potential effects and the possibility of the existing risks (Hillson & Simon, 2007).

• Risks Categorization: The facilitator will work together with all the stakeholders to define different categories of the existing potential risks to target the organization's concerned function.

• Risk Owners Nomination: The facilitator will collaborate to nominate the concerned stakeholders to manage the project's potential risks.

• Timeline for Responding to the Risks: The facilitator will collaborate to define the timeline to manage the risk and provide the progress (Violante, 2018).

• Closing the Workshop: The facilitator will ensure to end the workshop by encouraging all the stakeholders to provide some positive thoughts or recommendations for improvement.

All the risks identified in the BP project comes with two critical dimensions, including likelihood and impact, which will be deciding factors for categorizing the risks.

The risk ID-4 belongs to the low-level risks category because there are limited chances that there will be no risk log existing in the BP project. After all, the BP project team uses the ATOM risk methodology that makes it mandatory for the project team to create a risk register (Chatterjee et al., 2018). However, the impact of the same risk upon realization will be medium. It will be restraining the project team from identifying and managing the project risks effectively throughout the project.

The risk ID-1 belongs to the medium level risks category. The previous projects carried out by the BP Company reveals that the company pays less attention to safety (Hillson & Simon, 2007). Therefore, if the project risk is realized, it will be bringing various consequences for the project team, such as injuries and accidents affecting the reputation and the progress of the project.

The risk ID-2 belongs to the critical risks category. After all, the BP project is quite significant in its spectrum and focus. Moreover, bribing issues had been reported in the previous project (Qazi et al., 2016). Considering the same, if the same risk is observed in the current project, it will bring various consequences, such as reputation damages.

The risk ID-3 belongs to the critical risk category. There are many activities involved in the project; the construction manager might not keep a vital check on all the carried-out activities (Violante, 2018). The impact of the same risk is also high as it will affect the progress and the reputation of the market's project.

The risk ID-5 also belongs to the critical risk category. There are various stakeholders involved in the BP project. The project leader must effectively manage the stakeholders and project activities to achieve desired targets (Chatterjee et al., 2018). With the same consideration, the impact of the same risk is also high as it will affect the motivation and the satisfaction of the stakeholders, restraining the project to achieve targeted objectives.

The opportunity ID-1 existing for the BP project team is eradicating complete safety issues or concerns at the project site. The same opportunity demands the project team to implement the ATOM methodology effectively. The workshop's conduction will provide required training and support to the stakeholders for participating in the BP project's risk management process (Chatterjee et al., 2018). The same opportunity is also high as it will be supporting the BP project team in providing a valuable contribution to project success.

The opportunity ID-2 available for the team deals with adopting effective and efficient construction practices at the workplace. The chances for the same opportunity are high as various contractors and builders are involved in the project. BP project team can use effective construction practices to ensure all the stakeholders' presence at the same platform (Kousky & Kunreuther, 2018). The same opportunity is high and lively as it will benefit the project team in exerting the input in the right direction.

The opportunity ID-3 existing for the BP project team deals with adopting and implementing effective leadership practices. The chances for the same opportunity are high as various stakeholders are involved in the project due to its size (Violante, 2018). The same option is high as it will support the project team in arranging and managing all the stakeholders at the same platform.

The BP project team must arrange pre-workshop activities related to risk management to manage the potential risks present at the BP project effectively. The BP project team needs to use the risk management register developed in this report to manage all the existing potential risks effectively. It will make a valuable contribution to the achievement of desired success. The report has also identified some opportunities existing for the BP project team that must be exploited for adding value to the achievement of project objectives.

References

Chatterjee, K., Zavadskas, E., Tamošaitienė, J., Adhikary, K., &Kar, S. (2018). A Hybrid MCDM Technique for Risk Management in Construction Projects. Symmetry, 10(2), 46. https://doi.org/10.3390/sym10020046

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

Kousky, C., &Kunreuther, H. (2018). Risk Management Roles of the Public and Private Sector. Risk Management and Insurance Review, 21(1), 181–204. https://doi.org/10.1111/rmir.12096

Qazi, A., Quigley, J., Dickson, A., &Kirytopoulos, K. (2016). Project Complexity and Risk Management (ProCRiM): Towards modeling, project complexity is driven by risk paths in construction projects. International Journal of Project Management, 34(7), 1183–1198. https://doi.org/10.1016/j.ijproman.2016.05.008

Violante, A. (2018). Risk Management in Construction Projects: Are Small Companies Prepared? MOJ Civil Engineering, 4(1). https://doi.org/10.15406/mojce.2018.04.00090