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 home, given the booming housing market and the multiple homes being constructed simultaneously. We feel a well-designed time estimation based upon parametric procedures would help identify when specific subcontractors would be needed, allowing Silver Fiddle to “book” each subcontractor for the correct time required in advance. Simply put, parametric procedures are methods of estimating based upon data from past projects. This old data is then used to devise a cost, or in this case, a timeline, which is relevant to the new procedure. This is based upon the similarities between the legacy project data and the current project scope. These similarities are key for parametric procedures to yield accurate estimates. An alternate means of mitigating this risk is to identify a secondary set of subcontractors who are not in the local area and likely to be available during the forecasted time.
* The next risk we identified was the possibility of not meeting the five month deadline for completion. We felt this was in part due to a lack of equipment and manpower. Since Silver Fiddle will be completing eleven other homes, the availability of their organic, or in house workers, along with their high-cost, high-use, limited...
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