Risks in a Home Building Project

1486 Words May 16th, 2014 6 Pages
A Review of Risks Associated With Estimating a Home Building Project

Michael T Bell

PMAN 637

Originality Score 6%

A Review of Risks Associated With Estimating a Home Building Project

Introduction

In building and construction, there are risks associated with estimating a home building project. These risks in construction are all the same across the board regardless the construction. Therefore, a home building projects is confronted with the same risks as any other project in the construction industry. The risks involved are such as; project management risks. The project management risks are mainly because of improper schedule. The improper schedule may be caused by poor allocation of time
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These organizational risks are otherwise known as technical feasibility risks.

Others risks involved in such projects include the external risks. These risks are linked to the project externally. They are, for example; new labor regulations, weather, changes in ownership, and in some cases, foreign policies might affect if the project is being carried out in a foreign place. Catastrophic risks can also be categorized under the external risks. The risks include occurrences such as; terrorism, earthquakes, floods, civil arrests and unavoidable circumstances that are most likely to occur unexpectedly. These are physical risks are normally beyond control.

Identifying the potential risks

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

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