How can project managers assess today's risks so that they won't become tomorrow's problems? Project managers are always on the lookout for risks and don't sit back and wait for risk events to happen. We must take a proactive approach to managing uncertainty. The good news is that we have tools that help us quickly identify, qualify, and quantify risk. This week you will prepare a risk assessment for your project

Assignment Instructions

Prepare a risk assessment for your project ( Project name:Opening of 'Urban Taste' - A Modern Fusion Restaurant in Downtown in screenshot below) , using this template Download this template ( Screenshot below ).

• You'll see in the blue section that the Analysis Section (Issue Log), has pull down menus for you to choose - Low, Medium, High. Your choices in these pull down menus will auto-populate the Evaluation section (Risk Log).
• Provide, at minimum, 10 risks to address in this exercise.

In the end, your risk assessment should:

1. Capture and prioritize the project risks (the template helps you with)
2. Indicate the impact and likelihood of the risk (the template helps you with)
3. Include a mitigation plan(a mitigation plan is one of the columns in the template)
4. Include a contingency trigger and plan for each risk (a contingency trigger and plan are two of the columns in the template)
5. Assign persons responsible for monitoring the risk
6. Provide an overall status

Your risk assessment will be graded based on whether it:

• Captures and prioritizes at least 10 project risks
• Indicates the impact and likelihood of each risk
• Includes a contingency trigger for each risk and comprehensive mitigation plan
• Includes monitoring details
• Provides an overall status

Name: Mk Project Charter Course & Term: MGMT-260, Summer 2025 Opening of 'Urban Taste' - A Modern Fusion Restaurant in Downtown This project involves the planning, development, and opening of Urban Taste, anew modern fusion restaurant in the heart of downtown. The goal is to bring innovative culinary experiences by blending international flavors with locally sourced ingredients. The project aligns with the current trend toward healthy eating and supports the growing demand for diverse dining experiences in the downtown area. This restaurant will not only contribute to the local economy but also offer an environment that attracts both locals and tourists, aiming to become a top destination for food enthusiasts. Timeline: Brief June 2, 2025, to June 13, 2025: Project Initiating and Planning Description & June 16, 2025, to Restaurant Design & Permitting: July 11, 2025 July 14, 2025, to September 19, 2025: Construction & Interior Build-out September 22, 2025, to October 10, 2025: Kitchen Equipment Procurement & Installation October 6, 2025, to October 31, 2025: Staff recruitment and training August 18, 2025, to September 5, 2025: Menu development and supplier selection. September 29, 2025, to November 7, 2025: Marketing and Promotional Campaigns November 3, 2025, to November 14, 2025: Pre-opening events and soft launch November 17, 2025: Grand Opening. Justification To ensure the success of Urban Taste, we have established the following SMART goals for the project: e Specific: Open the Urban Taste restaurant, focusing on achieving full operational readiness by completing the construction, staffing, and training of employees. Measurable: The restaurant should achieve at least $500,000 in revenue within its first quarter of operation, as measured through sales records and customer receipts. Achievable: The target of $500,000 in revenue is attainable, given the strategic location of the restaurant in downtown, the innovative fusion cuisine, and the planned marketing and promotional efforts. Relevant: This goal aligns with broader business objectives of establishing a profitable restaurant, contributing to the local economy, and meeting the growing demand for diverse dining options in the area. Time-bound: The goal is to open the restaurant by the end of Q3, with the revenue target to be achieved by the end of the first operational quarter. Qe Human Resources: $200,000 Human Resources: $200,000 Staffing costs for chefs, servers, managers, and other operational staff. Interior Design: $100,000 Cost of designing the restaurant's interior, including furniture and decor. Kitchen Equipment: $75,000 Purchase and installation of high-quality kitchen equipment and appliances. Marketing & Promotion: $50,000 Budget for pre-opening promotions, social media ads, and opening events. Operating Costs: $75,000 Utilities, supplies, and initial stock for the first three months. Budget Estimate In-Scope: Selection of restaurant location and lease negotiation Interior design and construction Staff recruitment and training Menu development and supplier selection Marketing and promotional campaigns Grand opening event Out-of-Scope: Expansion of additional branches Long-term marketing strategy beyond the first quarter Development of an online ordering platform (for now) ese Pe ee John Project Sponsor Stakeholders | Anderson : & Lisa | Lisa Cooper | Restaurant Manager Roles Mark Davis Head Chef Menu development and kitchen oversight Sarah Lee Marketing Specialist Handles all marketing and promotional activities Jason Brooks | Operations Supervisor Responsible for day-to- day restaurant operations [eonstrainte [Assumptions '(Rieke * Demand for fusion dining Limited budget experiences will remain and tight timeline | strong in the downtown area. Risk of overspending on design or equipment. Constraints Assumptions | Strict local a ta Poor location choice Risks regulations for Suppliers will deliver 3 : s SF ce . . impacting customer food safety and quality ingredients on time : ; turnout business licenses Coordination of ae . Health and safety 5 Availability of skilled : construction, risks, such as staff workers for restaurant and permits, and i injuries or foodborne soins kitchen staff : staffing in parallel illnesses dieses Approval Project Sponsor Project Manager AutoSave VO ... x Risk Assessment Template v1 Q Search (Cmd + Ctrl + U) Home Insert Draw Page Layout Formulas Data Review View Comments Share & Cut Arial 8 A A ab Wrap Text v General Auto-sum CL Copy v Fill v Paste B IUV VA Merge & Centre v % 9 Conditional Format Cell Insert Delete Format Sort & Find & Add-ins Formatting as Table Styles Clear v Filter Select U15 X fx B C D E F G H P Q R S U Risk Log Project Manager Identification Analysis (Issue Log) Evaluation (Risk Log) Response Planning Monitoring ID Entered by Description Strategy Probability Impact Detectability Exposure Priority Mitigation Plan Contingency Trigger Contingency Plan Assigned To Status Unique # Name Description of the risk and its impact Risk Strategy: Avoid, Likelihood of Effect on Ability to detect | Combination of Combination of Effort(s) to reduce likelihood of risk occuring or reduce the Activity, effort or date when mitigation Person responsible, action(s), schedule, resources Person Open Mitigate, Transfer, Accept risk occuring schedule , risk prior to probability and detectability and effects on the project if it does occur; include person measures are no longer effective and needed responsible for Moved to Issues Log resources ausing harm to impact (auto- exposure (auto- responsible, action(s), schedule, and result contingency plan should be implemented monitoring the Closed and/or quality the project generated) generated) risk R43 R 44 R 46 R47 Risk Log + Ready Accessibility: Investigate 100%