You are required to perform the qualitative and quantitative risk analysis for the risks identified in your previous assignment and establish their priority.
Please update the risk register used in the Week 3 assignment. You may use your choice scale for the qualitative analysis and the expected monetary value for the quantitative analysis.
Project Title: Building and opening a new Toy4All store
Project Description: Toy4All toy store chain wants to open a new store in a small town. For this project, the Director of the Projects Department assigned Mr. Play as the project manager, an employee with 5 years of service in the company. He will have to plan and coordinate all activities related to the new store’s opening, which, unlike other existing stores, will be equipped with a children’s playground. He will need to consider the activities: building the store, setting up the interior and the exterior, supplying the store with toys, defining the personnel structure, and preparing the store for the opening. Also, the details regarding advertising must not be forgotten. The project duration is 1 year and will end with an opening event.
Due to the professionalism proven when building previous stores, the company decided to work with the same building contractor (for the construction phase). By now, all licenses and permits required to start the work have been obtained.
The role of Mr. Play will not be easy. He was assigned due to his idea to include a playground in the store, which, once applied, should lead to increased sales figures. While the entire management has supported the idea, some heads of departments in the organization were not very pleased by his assignment, considering him too young and inexperienced for such a project. The most serious concerns are related to the project’s impact on the already planned activities that will support sales in the holiday season.