Silver Fiddle Construction Project Risk Management

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).

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

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.

Print Сite this

Cite this paper

Select style

Reference

StudyCorgi. (2021, March 27). Silver Fiddle Construction Project Risk Management. Retrieved from https://studycorgi.com/silver-fiddle-construction-project-risk-management/

Work Cited

"Silver Fiddle Construction Project Risk Management." StudyCorgi, 27 Mar. 2021, studycorgi.com/silver-fiddle-construction-project-risk-management/.

1. StudyCorgi. "Silver Fiddle Construction Project Risk Management." March 27, 2021. https://studycorgi.com/silver-fiddle-construction-project-risk-management/.


Bibliography


StudyCorgi. "Silver Fiddle Construction Project Risk Management." March 27, 2021. https://studycorgi.com/silver-fiddle-construction-project-risk-management/.

References

StudyCorgi. 2021. "Silver Fiddle Construction Project Risk Management." March 27, 2021. https://studycorgi.com/silver-fiddle-construction-project-risk-management/.

References

StudyCorgi. (2021) 'Silver Fiddle Construction Project Risk Management'. 27 March.

Copy to clipboard

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.

Psst... Stuck with your
assignment? 😱
Susan
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
Yes
What type of assignment 📝 do you need?
Yes
How many pages (words) do you need? Let's see if we can help you!
Yes