Huntsville Project - Week 5 Risk Matrix Analysis

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  • Topic: Cost, Cost overrun, Optimism bias
  • Pages : 1 (311 words )
  • Download(s) : 200
  • Published : February 18, 2012
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Class: PM586 Online
Week 5 Risk Matrix Analysis

Identification| Assessment| Response Plan|
Risk| Consequence| Probability| Impact| Trigger| Resp.| Response| Cost / time overrun| Budget Overrun| Low| High| .Rising commodity prices . Increase in labor cost| PM| Close monitoring of budget and time| Permit Delay| Might cause delay and missed schedule| High| High| Delayed securing of permit.|  | All requirements must be submitted on time and on schedule. Since permits are done by outside agency, so if all odds fail, then the schedule would have to be adjusted accordingly.| Inclement Weather| Delayed work| High| Low| Mother Nature|  | Weather is something that can't be predicted but scheduling can be done such that construction begin and end during the summer season.|

Increased cost and time are a major concern in this project, the probability is low however, if it does occur the impact will be quite high, because it will definitely cause an overrun in the budget and or missed schedule. This risk can be mitigated by closely monitoring the budget against the actual cost and making sure that the project is always within the allocated cost and on schedule. Permit poses risk because this is something that is completely out of the organization’s terrain, it has to be submitted to the local government office and they have to come out for inspections and this has to be on their own schedule and this could be out of schedule for this project, to mitigate this, the application for permits have to be submitted on time giving more than enough time to hear back from the local government. Inclement weather, the risk is high but the impact is low, but there is little to nothing we can do about this, it is an act that cannot be controlled and all we can pretty much do is to schedule construction for summer and landscaping for spring.
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