Risk Management for TCP and JSA

Assessing the level risk as related to the project management agreement between The Coleman Project L.L.C. (TCP) and J. Smith & Associates (JSA) is critical to meeting all project deadlines. The focus of this risk assessment is related to the office build out, furniture and equipment set up for JSA’s new regional office in Scottsdale AZ. The agreed upon start date of the project is February 28, 2013 with a completion date of May 25, 2013.
What is risk as it is related to this project? Microsoft defines project management risk as “A risk is the possibility of an event or condition that would have a negative impact on a project. Risk management is the process of identifying, mitigating, and controlling the known risks in order to increase the probability of meeting your project objectives” (Microsoft, 2013). This definition of risk will stand as a point of clarification between JSA and TCP to establish a basic understanding of project management risk.
The TCP project management risk tool used to identify, mitigate or control risk will focus on three areas; overall project risk, subcontractor risk, and risk specific to this project. Overall project risks are risks that are susceptible to any project. Kendrick, (2009) utilized information form the Peril Database and with that data TCP created a matrix representing delays from unmitigated risk see Appendix 1. The list quantifies actual project delays over a specific period of time and then averages those risks identifying the average potential delay per category of risk. This component of TCP risk tools gives a visual of how drastically a risk can delay a project. The impact of a “black swan” was not quantified within the matrix given their rarity but Kendrick, 2008 explains ...

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...hared with the TCP technical team in case the missing resources will impact their installation. On the ground the TCP project team primary function is ushering an orderly and efficient fully furnished opening of JSA new regional office. The TCP team will also handle the inventory of all the office equipment and furniture delivered to the site. TCP will have a two person team on the ground with the primary risk being if one or both became ill.
The TCP team is confident the risk assessment provided for the J. Smith & Associates Scottsdale AZ regional office build out fully addresses potential risks for delay. Daily emails and weekly reports will be provided to all stakeholders addressing completion progress. Communication to all stakeholders with solutions and updates to the project schedule will be provided immediately if any risk causes or could cause a delay.