Identification Assessment response Plan

Identification Assessment Response Plan

Risk Consequence Probability Impact Trigger Resp. Response

Funding Over allocation Cost control Inadequate funding for unforeseen circumstances Decrease flexibility and poor response time Project Manager Level the resources by changing task over allocated resources

Economic Culture Financial Market Effect on Supply Industry Cost/ Availability of raw materials Delay in Project schedule Project Manager Research and locate alternative physical resources

Construction Permits Delay in schedule Effect on construction Production of the plants goods Lost sales in the plastic market General Contractors Attempt to get all permits in a timely manner to avoid any delays.

Huntsville Risk Matrix

The goal of the risk management is identified in the matrix to avoid any potential project risk. A qualitative assessment has helped to prioritize the identified risks by estimating the probability and the impacts, while exposing the most significant risk. "A common approach to identifying the source of risks is brainstorming" (Gido & Clements, 2011, p. 285), along with monitoring your risk. You have to monitor your risk for recurring risk themes and concentration on the risk of the project.

The current financial market condition has become the basis of suppliers not having the ability to meet contractual agreements with the purchasers of the raw materials. Suppliers are facing financial difficulties causing them not to provide essential goods. The financial market condition is in a difficult state and credit facilities are restricting lending causing a domino effect. The physical resources cost along with the availability of different materials become limited and raw materials become scares. These items will cause a delay in the project schedule if no preplanning has already been done. The plan should be to do research and locate alternative resources to fulfill the needs of the project and stay within the allocated budget. To avoid funding issues with the expenses of the project, the project team has to monitor the cost control and review the contingency plan that is in place for allocating funds. There will always be unforeseen events that take place during the course of a project and it is up to the Project Manager to level out the resources of the team to collectively get the project back on task and completed in a timely manner.

Another risk that has to be monitored is the permits for construction. The permits are a major risk that can delay the entire project as well as put the project behind budget if the permits are not requested in a timely manner. The permits are generally the responsibility of the contractors who are taking part in the construction of the building. If the project