Management Plan

Risk Management Plan1AssignmentRisk Management PlanConstruction of Craftman Style houseRisk Management PlanStep 1Risk Identification.
Risk No Risk Description Risk TypeR01 Contractor delays may be presented due to economicinstability.Cost
R02 Legal actions concerning the property permits couldslow down the process.Legal
3Step 2Risk AnalysisRisk Register/ Risk Trucker
R03
Depending on the materials used to build the housethere could be a delay in early project phases, meaningthat the rest of the project will not be able to continueuntil that is finished
Schedule
R04
The use of specific constructing materials, such aswood, marble, bricks, etc., could generate a massiveimpact on the budget.
Cost
R05
The time lapse given for this project could requiremore money for an accelerated workforce
Schedule
R06
Business interruptions could have a negative impact onthe development of the project since it will mean it hasto be delayed.
Schedule

Risk No
Probability of Occurrence
Impact
Risk Owner
R01
Possible
High
Finance Manager
R02
Likely
Medium
Legal Advisor
R03
Unlikely
High
Project Manager
R04
Possible
Extreme
Construction Manager
4Risk MatrixFrom the above risk matrix, it could be analyzed that risks R01, R03 and R04 needs to beeliminated. Risk R02 can be mitigated, while Risk R05, R06 can be accepted.Step 3Risk Mitigation
R05
Unlikely
Low
Project Manager
R06
Likely
Low
Project Manager

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Probability
Impact
Low
Medium
High
Extreme
Possible
R01
R04
Likely
RR0 R066R
R02
Unlikely
R05RR05
R03

RiskNumber
Risk
Cause of Occurrence
Mitigation
5
R01
Contractor delays may bep r e s e n t e d d u e t oeconomic instability.
As this project deals witht h e c o n s t r u c t i o n o fcraftman style house, sod e f i n i t e l y t h e r e a r echanges to have disputes incontract. This problemarises mainly due to thefixation of lump-sumcontract.
It is better to avoid suchcontract, instead fixedtype of contract could betaken into considerationand to avoid furtherdisputes a legal papershould be signed withthe contractor will allthe conditions, so thatp r o j e c t c o u l d b ecompleted on time.
R02
Legal actions concerningthe property permitscould slow down theprocess.
Construction of house willneed acquisition of landand acquiring land is noteasy, necessary legalactions are require toacquire that.
This risk will occur,only if the lawyer isinexperienced because itis associated with thes l o w i n g d o w n o fprocess, so to speed upthe legal process, itwould be better toconsult with a reputedand experienced lawyer.
6
R03
Depending on thematerials used to buildthe house there could be adelay in early projectphases, meaning that therest of the project will notbe able to continue untilthat is finished
Construction of craftmanstyle house will requirespecial quality woodhaving high resistancecapacity, early phasescould be delayed due tounavailability of material,so this risk will occur dueto making of poor scopemanagement.
Its essential to plan thescope according to thematerials available.Materials may beavailable in certainseasons, so it would beessential to make timeline according to theavailability of materials.
R04
The use of specificconstructing materials,such as wood, marble,bricks, etc., couldgenerate a massiveimpact on the budget.
This is terious risk, whichwill occur if the costanalysis is not doneproperly.
The aim was to developaround 3000 square feethouse, and this is ofaround 3452 square feet,so length could bereduced to compensatethe budget becauseultimately quality ofmaterials to be used forconstruction mattersinstead of area.
7
R05
The time lapse given forthis project could requiremore money for anaccelerated workforce.
This will again occur dueto improper planning .
It would be a wise ideato hire skilled personshaving expertise inconstruction of craftmanstyle houses to avoidsuch issue
8
R06
Business interruptionscould have a negativei m p a c t o n t h ed e v e l o p m e n t o f t h eproject since it will meanit has to be delayed.
This risk may occur due tonot having unity amongthe team members and lowleadership quality.
Project manager is theleader, its his/herresponsibility to createsuitable and comfortablework environment forthe team members sothat they could worktogether in a team.Proper co-ordination isessential in this case.Apart from that to avoidsuch issue propermeeting schedule shouldbe planned on regularbasis and techniquessuch as Delphi,brainstorming should befollowed, to avoidfrequent businessinterruptions.
9ConclusionThis assignment deals with formulating the Risk Management Plan for construction ofcraftman style house.

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