PROJ5002 Project Management Principles : Initial Risk Identification

Old Farm House Project 

You have inherited a century old farm house and acreage in a rural area.  You have visited the site and made an inspection.  The house needs a great deal of repair work to get it marginally liveable.  You have itemized the most important things that need to be done and estimated the time required as shown below.

You plan to use this house for vacations and as a rental property through Airbnb. In fact, your work colleague as already expressed interest in staying over as soon as the property is finished. Your parents have sponsored you with a personal loan of $10,000 – that will give you enough money to buy the supplies and have a spending budget on help from a local carpenter, a painter and their apprentice. You yourself have committed to working 80 hours over your vacation to fix up the house, but you are terrible at carpentry and painting. Your vacation of two weeks starts on Monday the 1st of June. Assume you, the carpenter, the painter and the apprentice1 all can work up to 8 hrs per day, 5 days per week.

Milestone Schedule

Based on the project brief and the list of work packages, please list the milestones you would identify for this project. The first and last are already given for you. Estimate a completion date for each milestone, as well as what the acceptance criteria would be. Also think about who should judge whether or not the criteria have been met.


Based on the project brief, examples from the textbook and your own interpretation, please identify the funding, workers and equipment required for this project, as well as potential other resources. Don’t overthink this exercise and keep it short and simple.

Initial Stakeholder Identification

Based on the project brief, examples from the textbook and your own interpretation, please identify at least four stakeholders to the project, their interest and priority to the project.

Work Breakdown Structure

Based on the project brief, examples from the book and your own interpretation, complete the Work Breakdown Structure (WBS). Start with the first deliverable after ‘Charter signoff’ and finish with the ‘Project completed’. The number of sub-packages needed per deliverable is up to your discretion and the context of the project.

While you are working on the WBS you also need to provide the predecessors for each activity – what must be completed before this activity can begin. This dependency will be needed later in Week 3 to help create the AoN.

Based on the information provided on blackboard, use for instance MS PowerPoint to create an Activity on Node diagram based on the WBS provided in ‘Additional Information WEEK 3’. Ensure that you have one node per activity. Make sure you save your work as we will change and add to it as we advance through the Exercises

Time estimation

Based on the information provided, give a best estimate of the duration of each activity. Make sure you mention the unit you use (i.e. hours). Not each activity will have a clear answer, so use your best educated guess. Give a short explanation to each activity why you think it will take as long as you’ve estimated. Keep your explanation1 as short and succinct as possible.