Assignment 7
CASE STUDY: 7 SILVER FIDDLE CONSTRUCTION
1. Risks associated with the project.
Construction projects always have risk associated with them.
Contractors will not have enough time to manage all current ongoing projects and meet all the deadlines.
There is an early winter in Colorado. Bad snow and rain storms which may damage some parts of the project as well as the material for which the project will have to be kept on hold.
The prices of supplies go up due to a shortage and will have to increase the budget so that the project can be completed on time.
Czopek’s may not be able to qualify for a loan and then the house could sit on the market for a number of months.
Changing requirements by the customer (Czopeks) due to this being their dream home.
The inspectors do not approve of an aspect of the houses for which it will have to be reviewed so that it gets passed and approved.
Sub-contractors may use sub-standard materials or unqualified workers in order to save money.
One of the contractors machines break and it will take time to fix which will cause an unlikely delay in completion of the project.
2. Risk Assessment Matrix
Below is a risk assessment matrix that identifies the risk event, likelihood of the event happening, then impact that it will have on the project, the detection difficulty, and when the expected risk will have the most impact on the project. In my opinion, scheduling and economic issues are the most likely to occur and have the greatest danger of being a major impact on the project’s completion and success.
Risk Event
Likelihood
Impact
Detection Difficulty
When
Weather
2
2
1
Installation
Scheduling
5
5
3
Installation
Economic
5
5
3
Post Installation
Customer
3
3
4
Installation
Sub-Contractor ability
2
5
5
Installation/ Post installation
Inspectors do not approve
3
4
4
Pre-installation
Machine Break
2
3
5
Inspection
3. Risk Response
Below is a risk response that identifies the risk and the plan to deal with that risk. This table
1. Risks associated with the project.
Construction projects always have risk associated with them.
Contractors will not have enough time to manage all current ongoing projects and meet all the deadlines.
There is an early winter in Colorado. Bad snow and rain storms which may damage some parts of the project as well as the material for which the project will have to be kept on hold.
The prices of supplies go up due to a shortage and will have to increase the budget so that the project can be completed on time.
Czopek’s may not be able to qualify for a loan and then the house could sit on the market for a number of months.
Changing requirements by the customer (Czopeks) due to this being their dream home.
The inspectors do not approve of an aspect of the houses for which it will have to be reviewed so that it gets passed and approved.
Sub-contractors may use sub-standard materials or unqualified workers in order to save money.
One of the contractors machines break and it will take time to fix which will cause an unlikely delay in completion of the project.
2. Risk Assessment Matrix
Below is a risk assessment matrix that identifies the risk event, likelihood of the event happening, then impact that it will have on the project, the detection difficulty, and when the expected risk will have the most impact on the project. In my opinion, scheduling and economic issues are the most likely to occur and have the greatest danger of being a major impact on the project’s completion and success.
Risk Event
Likelihood
Impact
Detection Difficulty
When
Weather
2
2
1
Installation
Scheduling
5
5
3
Installation
Economic
5
5
3
Post Installation
Customer
3
3
4
Installation
Sub-Contractor ability
2
5
5
Installation/ Post installation
Inspectors do not approve
3
4
4
Pre-installation
Machine Break
2
3
5
Inspection
3. Risk Response
Below is a risk response that identifies the risk and the plan to deal with that risk. This table