2023

MGMT 182- MARRIOT RISK REGISTER

INDIVIDUAL ASSIGNMENT 02
AKASH SINGH -10314316
Contents
1. Risk register of hotel Marriot project ..................................................................................................................................... 2
2. Proposed review dates of the Marriot project ....................................................................................................................... 7
3. References ............................................................................................................................................................................. 8

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 1. Risk Register of hotel Marriot project

Project Name: Tribute Portfolio Homes Project Manager: Manjot Singh

Risk Identification Risk Analysis Risk Implementation and Monitoring
ID Risk Statement Proba Impact Risk Dimension (Scope, Response Trigger Response Plan Assigne Status
bility of Score Cost, Schedule, Etc.) Strategy d To (Open
of Occurr ,
Occur ence Close
rence d)
R7 Property acquisition 5 4 20 Schedule Mitigation The project's To reduce Manjot Open
delays- The risk identified as timeframe delays, Singh
"Property Acquisition may be implement a
Delays" concerns the impacted by streamlined
potential for delays in the delays in property
acquisition of appropriate finding acquisition
properties for the Tribute appropriate process.
Portfolio Homes project. The properties for Maintain
timeline for the project the portfolio. regular contact
could be significantly with property
impacted by these delays. owners to
make sure the
purchase goes
smoothly.
R5 Inefficient approach to 4 7 28 Cost Acceptance Low booking In light of Marketi Open
marketing - The risks rates could be consumer ng
associated with a bad or the result of input and Team
inefficient marketing plan for ineffective industry
the Tribute Portfolio Homes marketing developments,
project are related to the efforts that review and
difficulties and fail to draw in modify the
disappointments that may clients. marketing plan.
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 arise. in a sufficient number To reach more
of clients. people, spend
money on
digital
advertising.
R6 Quality complaints from 4 6 24 Quality Mitigation Frequent Improve Propert Open
visitors - Regarding the grievances cleaning and y
quality of the properties from visitors upkeep Manage
included in the Tribute regarding the practices for ment
Portfolio Homes project, upkeep and the property. Team
there is a possibility that cleanliness of Track visitor
visitors would complain the comments and
about them on a regular establishment quickly resolve
basis. The focal point of it is any problems.
the potential for visitors to Make
voice discontent on things restitution
like the state of the available to
property. unhappy
customers.
R8 Changes in regulations 6 3 18 Schedule Mitigation The Keep up with Legal Open
affecting short-term enactment or changes in the Team
rentals-This risk involve the proposed law and modify
possibility of new or changes to the business
modified regulations that regulations at plan to
impact the operation of the local or conform to the
short-term rentals in the state level in new
market where Tribute California requirements.
Portfolio Homes operates, directly
which is California in this impact short-
case. It encompasses various term rental
forms of legislative, zoning, operations.
or tax changes that could This includes
directly affect the project's any official
business model, legality, or announcemen
compliance with local and ts,
state regulations.

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R2 Competition from other 8 5 40 Schedule Mitigation Reduced Make more of Business Open
home-sharing websites profitability an effort to set Develop
like Airbnb -It encompasses due to intense the brand apart ment
the potential for aggressive competition and offer Team
competition from these for the same distinctive
platforms for the same properties products. Work
properties and target together with
audience as Tribute Portfolio property
Homes. owners to
provide unique
experiences.
R4 Low demand for the 4 8 32 Schedule Acceptance Fewer Target various Marketi Open
renting of opulent homes reservations client segments ng
- It encompasses the are made for and broaden Team
likelihood that customers luxury your marketing
may not show strong properties initiatives.
interest in renting high-end than for Offer deals and
properties, impacting the conventional discounts on
project's ability to generate hotels the leasing of
revenue and achieve opulent
profitability. homes.
R9 Events involving property 4 4 16 Scope Mitigation Events Put strict safety Security Open
safety and security - This involving and security Team
risk encompasses the visitor safety measures in
potential occurrence of or property place. Make
various events that security that security
compromise the safety and could harm measures
security of the properties the company's investments
within the Tribute Portfolio reputation and conduct
Homes project. Such events routine safety
may include accidents, checks.
criminal activities, or other
incidents that could
adversely affect the well-
being of guests

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R3 The economic crisis has 6 6 36 Schedule Mitigation A recession In order to Finance Open
an effect on the travel that affects handle revenue Team
sector.- It encompasses the travel shortages
various economic downturns sector and during a
or crises, such as recessions, lowers downturn in
depressions, or financial reservations the economy,
shocks, that could lead to establish
reduced consumer spending, financial
decreased travel, and backup plans.
changes in booking behavior. Vary your
sources of
income.
R1 Technical problems with 4 3 12 Cost Customer Invest in IT Team Open
0 the reservation system -It experience is enhancing the
involves the likelihood that impacted by IT
the system may experience Mitigation frequent infrastructure
disruptions, outages, or technical to lower
glitches, which can adversely issues and technical
affect the project's ability to platform problems.
manage bookings, customer outages. Provide client
satisfaction, and overall service for
operations. technical help
around the
clock.
R1 Budget Overruns – the 7 8 56 Scope Mitigation Any incident To spot Manjot Open
possibility of going over or situation possible Singh,
the pilot project's budget that raises overruns early Finance
is referred to as "budget project costs on, keep a team
over the close eye on
overruns." This risk could
original project
result from unplanned
budget is expenses and
expenses during the what sets off compare them
project's execution, faulty this danger. to the budget.
budget estimations, or For the
unexpected charges. duration of the
project, this
should be a
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 continuous
process.

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2. Proposed review dates of the Marriot project

Date Reason Required Reviewers

March 31, 2023 Submission of Scope Management
Plan for the pilot project
September 30, 2023 Review of the pilot project's financial
performance after six months.
2ND Of Every Month Review Risk Register
Manjot Singh and Stephanie Linnartz
Manjot Singh, Financial Team, and
Stephanie Linnartz.
Manjot Singh

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3. References
 A guide to the Project Management Body of Knowledge: (PMBOK Guide). (2017). Project Management Institute.

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