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Pm/571 Riordan Manufacturing Project Management Plan Week 4 (W/Instructor Comment)

1238 words - 5 pages

Under the internal risks, such clear categories as suppliers, sub-contractors, contractors, designers and owners are borne in most of the past research methodologies. Under the external risks, the past studies consider natural factors, economic factors, social and cultural factors and political factors as the major categories. The studies have associated each of the above-mentioned categories with a number of risk events. The owner of the Riordan Manufacturing Company can be the source of risk through a number of events, which have been identified in the past methodologies. Among these events are the delaying of payments to contractors, imposition of unreasonably tight schedule, change of ...view middle of the document...

On the other hand, the examples of economic factors, which are sources of risks in fast track projects, are shortage in the availability of equipment, shortage in availability of manpower, shortage in availability of material, currency fluctuation and inflation. The past studies have also identified unforeseen site conditions and unexpected inclement weather as the natural factors that can cause risks in fast track projects. Last, past methodologies have another category of external risks called others, in which such events as difficulty in claiming insurance, local protectionism, unfairness in tendering, delays in resolving litigation and delays in contractual issue resolution are the sources of risks (Frenkel, et al., 2005).

Risk Matrix Structure

| |Impact Score |
| |1 |2 |3 |4 |5 |
|Domains |Negligible |Minor |Moderate |Major | Catastrophic |
|Owner |No delay of payments |Slight delay of |Reasonable delay of |Long delay of payments |Total delay of |
| |to contractors, |payments to |payments to |to contractors, |payments to |
| |imposition of |contractors, imposition|contractors, imposition|imposition of |contractors, imposition|
| |unreasonably tight |of unreasonably tight |of unreasonably tight |unreasonably tight |of unreasonably tight |
| |schedule, change of |schedule, change of |schedule, change of |schedule, change of |schedule, change of |
| |design, improper |design, improper |design, improper |design, improper |design, improper |
| |intervention, and |intervention, and |intervention, and |intervention, and |intervention, and |
| |delays in getting |delays in getting |delays in getting |delays in getting |delays in getting |
| |access to the site, |access to the site, |access to the site, |access to the site, |access to the site, |
| |lack of scope |lack of scope |lack of scope |lack of scope |lack of scope |
| |definition, sudden |definition, sudden |definition, sudden |definition, sudden |definition, sudden |
| |bankruptcy, and breach |bankruptcy, and breach |bankruptcy, and breach |bankruptcy, and breach |bankruptcy, and breach |
| ...

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