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).
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|Risk Event||Likelihood||Impact||Detection Difficulty||When|
|Financial resources shortage||4||5||3||Installation|
|Time resources shortage||4||5||3||Installation|
|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))|
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.