Silver Fiddle

1304 Words6 Pages
Silver Fiddle Construction 1) Identify potential risks associated with this project. Try to come up with at least five different risks. Now that we have clearly defined the key aspects and variables associated with this project. A brief description of the risks I identified begins with Silver Fiddle’s practice of using subcontractors. * Silver Fiddle routinely subcontracts build work to local subcontractors. As previously discussed, Silver Fiddle is scheduled to build eleven homes this year, and these homes will be built in a local housing market which can be described as “booming”. Since the Czopek home is scheduled to be built within five months, our concern is that there will be a lack of subcontractors available to work on the…show more content…
Additionally, the customers have already expressed their preference to extend the deadline if it means a cost savings, and that is another scenario which may impact the completion date. The fact that the customer has given approval for extending the due date in favor of saving money demonstrates that a firm deadline is not a major consideration for the customer and is the reason we assign an impact factor of 2 for this event. On the other hand, we assigned a likelihood factor of 2 to exceeding the budget since we feel the budget will be scrutinized over the life of the build, reducing the likelihood that it will become an issue, and an impact factor of 4 due to its importance to the customer. We assigned a likelihood factor of 4 to inadequate project oversight due to lack of a full-time bookkeeper. We also assigned an impact factor of 4 to this risk event as well, since lack of fiscal oversight would render it nearly impossible to monitor and curb costs, which is a priority of the customers. 3) Develop a risk response matrix similar to figure 7.7 to outline how would deal with each of the risks. Let’s review our risk response matrix, located at Figure 2. This matrix provides responses and contingency plans for each risk event. Figure 2. Risk Response Matrix Risk Event | Response | Contingency Plan | Trigger | Who is Responsible | Lack of preferred subcontractors | Use
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