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Risk is a part of every business and project. Identifying and eliminating as much risk as possible are the duties of the project manager. Maintaining change/version control documents to validate changes in project scope is essential to ensure that the project will be paid for and the customer will accept the project upon completion.
Discussion assignment instructions:
Respond to the following:You are the project manager for a new restaurant. The project includes construction of the physical building, equipping the kitchen to commercial standards, and ensuring that the kitchen has all essential elements and may be safely used to produce cuisine for customers. As the project progresses, you identify several areas with increased risk and approach the customer with suggestions for addressing the new risk. One area of concern is the change of management at a supplier. Historically, you have done business with AAA Concrete and the husband and wife owners, Marvin and Betty. Unfortunately, they have decided to retire and have turned the business over to their three children. You have heard rumors that the children do not offer the same quality materials as their parents, which could pose a significant problem given that the restaurant will have a large concrete balcony for alfresco (fresh air) dining. Would this be considered a risk to the project? Why or why not? What, if anything, should you do as the project manager?One of the employees on the project has been approached by someone they know about purchasing a second-hand (used) commercial freezer and oven. The savings could be significant (around $50,000) compared to purchasing the new items. What should you as the project manager do in this situation? What support do you have for that decision? Does the availability of used appliances pose risk to the project? If accepted, would a change document be necessary? Justify your answer.Provide a third scenario relating to risk. How would you handle the new instance as project manager? Please provide details.RequiredTextbook:Larson, E. W., & Gray, C. F. (2021). Project Management: The Managerial Process (8th ed.). New York, NY: McGraw-Hill Companies, Inc.Chapter 7: Managing RiskChapter 13: Progress and Performance Measurement and EvaluationArticles from the Excelsior College Library (ECL): Articles are attached in pdf format.Allen, M., Carpenter, C., Hutchins, M., & Jones, G. (2015). Impact of risk management on project cost: An industry comparison (Links to an external site.). Journal of Information Technology & Economic Development, 6(2), 1-19. Retrieved from http://vlib.excelsior.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=112466626&site=eds-live&scope=siteReunanen, T. (2015). Human factor in time management (Links to an external site.). Procedia Manufacturing, 3(6th International Conference on Applied Human Factors and Ergonomics (AHFE 2015) and the Affiliated Conferences, AHFE 2015), 709-716. doi:10.1016/j.promfg.2015.07.311. Retrieved from http://www.sciencedirect.com/science/article/pii/S2351978915003121Smith, P. (2014). Project cost management – Global issues and challenges (Links to an external site.). Procedia – Social And Behavioral Sciences, 119(Selected papers from the 27th IPMA (International Project Management Association), World Congress, Dubrovnik, Croatia, 2013), 485-494. doi:10.1016/j.sbspro.2014.03.054. Retrieved from http://www.sciencedirect.com/science/article/pii/S1877042814021454
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