Project Risk Management

Unit III Mini Project Risk Management
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Unit III Mini Project Risk Management
The Silver Fiddle Company has at least eleven homes that are due to be completed making the project schedule risky. There are inly two employees who are supposed to complete at least 12 projects and this is an indicator they are not enough and the probability of numerous mistakes and unhappy clients will be very high (Morris & Chotin, 2011). This shortage of labor can be attributed to the increased construction market available in Grand Junction. Additionally, the other risk involves the shortage of material which has also resulted from the booming construction in the Grand Junction. Risk management in this project is therefore very important to ensure all possible risks are identified and mitigation measures put in place to ensure its effectiveness. Setting up realistic schedules for the project is critical as well as hiring more human resources to keep pace with the booming house market. Materials should also be acquired early enough to ensure the feasibility of the 12 projects (Morris & Chotin, 2011).
Other elements of risk worth consideration by the Silver Fiddle Company include insurance cover to protect in the event of liabilities as well as other contractor issues that may arise. Permits approval delays may require flexible schedules to accommodate any changes that may impact on the projects. Additionally, contractor’s reliability should be considered to ensure they adhere to the timeframes and other guidelines of the contract to avoid inconveniences that may delay or impact on the project negatively. All possible eventualities including increase in material cost, weather effects and labor should be comprehensively detailed to promote the efficiency and effectiveness of the project (Gajewska & Ropel, 2011).
In conclusion, proactive risk management is a critical part of any project and the Silver Fiddle Company must identify all potential risks in the projects to be undertaken in order to ensure realistic schedules, timelines, resources, insurance, and all other supportive requirements. Risk management will ensure all the appropriate mitigation measures are in place and enhance the achievement of the projects with efficiency.
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