Silver Fiddle Construction Project Risk Management

Topics: Construction, Construction Management, Management Words: 299 Pages: 2

Table of Contents

Potential Risks
Risk Assessment
Risk Response
Reference List

Potential Risks

When it comes to defining the key risks associated with the project one must point to the fact that the project is very costly and requires a substantial amount of time. Therefore, the lack of financial resources should be viewed as the primary risk, whereas the lack of time is the next most important issue. In addition, the possible issues in meeting the technological requirements set by the owner may emerge due to the time constraint. The necessity to deviate from the plan provided in the blueprint may appear once the owner refuses to provide the financial resources listed in the estimates. Finally, the threat of going beyond the financial limits by wiring the house for the unrequested air conditioning system deserves to be brought up (Gray & Larson, 2014b).

Risk Assessment

Risk Event	Likelihood	Impact	Detection Difficulty	When
Financial resources shortage	4	5	3	Installation
Time resources shortage	4	5	3	Installation
Weather conditions	1	3	5	Installation/Start-u/Post-Installation
Scheduling issues	3	4	2	Installation
Quality issues	3	5	3	Installation

Risk Response

Risk Event	Response	Contingency Plan	Trigger	Who Is Responsible
Financial resources shortage	Requirement to meet the estimation provided	Introducing cost-efficient strategy	Not solved until the building process starts	The Czopeks
Time resources shortage	Requirement to extend the deadline	Elaborate schedule design	Not solved until the building process starts	The Czopeks
Weather conditions	Requirement to extend the deadline	Elaborate schedule design	Poor weather conditions	I (the president of Silver Fiddle Construction (SFC))
Scheduling issues	Introduction of time management tools	Introduction of corporate social responsibility	Not solved until the building process starts	I (the president of Silver Fiddle Construction (SFC))
Quality issues	Requirement to extend the deadline	Introduction of corporate social responsibility	Lack of motivation among the staff	I (the president of Silver Fiddle Construction (SFC))

Reference List

Gray, E. W., & Larson, C. F. (2014b). Chapter 7. Managing risk. In Project management: The managerial process (6th ed.) (pp. 210–251). New York City, NY: McGraw-Hill Publishing Company.