Pm595 Risk Paper: Buying a Home

Before developing a risk management plan an analysis of risk needs to be performed. This analysis should include all aspects of the project that may be part of

risks and determine the likelihood and consequence of that risk occurring during the project. The

Create a matrix similar to the one from the your text (Pinto, Figure 7.5 Classifying Project Risk on page 222), making sure that it is consistent with your priority matrix, or use the risk management process in the

Assess the likelihood of occurrence and the impact of the assigned hazard to where you live. Tell us your assigned hazard, the vulnerability of your area to that hazard, then the likelihood that the hazard will occur. Rate the risk assessment on a scale of 1 to 10, with 1 being low risk and low vulnerability and 10 being high risk and high

Making yourself aware of the neighborhood and its growth, studying when the market peeks or if it is still growing, and studying the areas general financial foundation of the city, are all important things you need to be aware of when buying a house. According to Mankiw, "In any market, buyers look at the price when determining how much to demand, and sellers look at the price when deciding how much to supply. As a result of the decisions that buyers and sellers make, market prices reflect both the value of a good to society and the cost to society of making the good." This is one of the principles of economics that can quickly affect the profit of this investment.

First question, what type of real estate market are we in? Is it a buyers or a sellers market. This may very well determine if now is the right time for you to buy. Take 2004 as an example. At that point in time it was a very strong sellers market, which meant that sellers had more control over the transaction and could demand more from prospective buyers. Almost every seller was receiving multiple if not 10 or more contracts on their property. This turned every purchase into a bidding war between potential buyers,

It is used as a means of input to the risk management plan processes (Heldman, 2005). It usually helps the project managers and the project team to recognize the components of a project that are at risk or certain risks that are unique to a specific area of the project than compared to a risk that is commonly found throughout the project. There also various qualitative analysis that can be used to in identifying and analyzing risk in a project. The method of qualitative risk analysis involves the assignment of a numeric value to the scales. This risk analysis is normally used for projects that are larger and that risks have a greater and more significant impact (Heldman, 2005). There are various software tools and methods that can be used, an example would be the use of Monte Carlo analysis for calculating values for projects that are large and difficult. There are various values that are assigned to the magnitude or intensity of the risk, for example, High-.80, Medimum-.50, Low-.10; these are used to rate and prioritize the risks (Heldman, 2005). A risk registry is also an essential documentation that can be used analyze the quantitative aspect related to risk and threats that are found throughout the project. The Risk Breakdown Structure is created to identify the various risks categories in the project so that they can be in the prioritized response plan (Heldman,

In choosing to perform a qualitative risk assessment for Phil Sharp Homes, we must also determine methods that will be used to perform the risk assessment. Since this is such a small business with only four employees, all employees will be involved in the risk assessment. As previously mentioned above, a majority of the assessment will be done by utilizing my ability to predict what the main threats are. In addition to that, we will be focusing on two additional methods. We will also utilize brainstorming for additional risk identification and developing consequence categories by using a risk matrix for analyzing the risks.

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

Cost of risk is a concept many construction companies have never thought about despite the fact that it is one of the

In order for a home building project to survive its purpose, risk analysis is essential so that occurrences that may affect the projects in the end can be identified, analyzed, assessed, managed and monitored. Because of the risky processes that are involved in the projects of home building construction, risk analysis and mitigation is the most useful tool in achieving good project and planning in home buildings as well as other constructions. If good risks management procedures are well conducted, the team’s level of confidence will be boosted, and this will enable or project to run and smoothly achieve its goals while facing and tackling each risk. Risk management will also come in handy as time will be saved as well as the

This report analyses Oceanview Development Corporation’s decision in submitting a bid to purchase property that will be sold by a sealed bid. The findings and insights were based on the use of the expected value approach while taking into consideration the risk analyses of the selected recommendations. Comparing the expected values in both cases when market research is employed as well as when it is not employed, the optimum decision recommended would be that which has the highest expected value given the several states of nature (conditions).

This scenario is very complex and requires a very sensitive and dynamic approach in order to decide whether to approve the building of an e-waste recycling facility or no. Definitely all the sides, city official, company representatives and the society, need to communicate with each other in order to come up with the correct conclusion. There are a issues in this scenario, however, I believe that in contains problems of only one of three risk challenges.

The operations on a FPSO encounters many hazards or risk to personnel and the environment. Production facilities on the FPSO increases the risk associated with many marine incident.

The following diagram shows a generalized risk management cycle. Risk factors that are inherent in a relocation effort should not be underestimated because underestimation often leads to aberrant cost escalation.