Silver Fiddle Case

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4. Silver Fiddle Case
Risks and mitigations Not meeting the five-month time estimate is another risk that may be encountered. Lack of labor and equipment might be a problem because other houses are to be built. It will be advisable to evaluate the sequence in which these building activities will occur, and distribute resources evenly across each house. Silver Fiddle could apply Heuristics, or the rules of thumb to create a framework work for allocating resources in such a situation. A contingency plan will be to lease or hire additional equipment to augment the ones the company already has. A shortage of building materials is another risk that is possible. Supplies may run short due to the fact that Silver
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Exceeding the five month deadline ii. Shortage of building materials iii. Shortage of manpower(local trade professionals) iv. Lack of adequate personnel v. Overshooting of estimated budget.

4b. Risk Assessment Form | Likelihood | Impact | DetectionDifficulty | When | Exceeding the five month deadline | 3 | 4 | 2 | Towards the end of the project | Shortage of building materials | 4 | 2 | 2 | Mid way through the project | Shortage of manpower (Local trade professional) | 2 | 3 | 1 | Midway through the project | Lack of adequate personnel (Book keeper) | 4 | 4 | 1 | The entire duration of the project. | Overshooting the estimated budget | 3 | 4 | 1 | Towards the end of the project |

4c. Risk Response Matrix Risk Event | Response | Contingency Plan | Trigger | Who is Responsible | Exceeding the five month deadline | Use of parametric procedures to develop a time estimation plan. | Design and carry out project phase gates | Resource (time, manpower and cost) allocating measures are not successful at the beginning. | Project manager | Shortage of building materials | Make purchases in advance and informs stores of needed materials beforehand. | Look for multiple vendors for important items that may run out quickly. | Should be done with immediate effect | Foreman | Shortage of manpower (Local trade professional) | Inquire from subcontractors beforehand their available

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