Project Manegement, Final Assignment Example | Topics and Well Written Essays - 1250 words

Project Manegement, Final - Assignment Example jeopardy Event Graph stake cost High probability of cost to fix fortune Risk occurring Low Beginning Project life cycle End Project is an undertaking that has a initiate and completion time (Kendrick, 2011). Therefore, generally risk is greater at the initial stage of the digest executing and tends to decline as the time progresses. The risk event graph enables project managers to estimate the misadventures of occurrence of risk at different times and decide on the resources they require for reducing the chances of risk (Dinsmore and, Cabanis-Brewin, 2011). This is usually essential at the initial stage of project implementation so that managers can mitigate the perceived risks and where executable eliminate it. The risk is usually high at the early phase of project implementation as a few expenses ar sustained in mitigating the perceived risk (Wallace and Webber, 2011). However, as time progresses, the proprietor of the project injects more resources in mitigating consequences of the project hence reduction in risk. Therefore, as more resources argon injected in the project, the judge risk declines proportionately. This is because the perceived risk is due to the chances that the issue of the project activities may translate undesired results (Dinsmore and, Cabanis-Brewin, 2011). Therefore, as the project is being implemented practically, the events become realistic without the anticipation of risk. This tends to lower the anticipated risk progressively towards the completion of the project (Kendrick, 2011). Risk event graph provides the project managers with a chance to estimate the risk associated with the project at the starting compass point so that they can take beguile measure to reduce the anticipated risk before Types of risks Environmental risks There is a probability of experiencing delays as a result of vagaries of weather hence casing unexpected delays in the completion of the project ( Wallace and Webber, 2011). The workers are exposed to numerous dangers associated with injuries hence this may add cost to the general asseverator (Dinsmore and, Cabanis-Brewin, 2011). This may result to inability to meet the client need at the agreed value of the houses. Personnel risk The contractor is dealing with part time bookkeeper hence the bookkeeper may not be available during the project period (Kendrick, 2011). Since the contractor depends on hired subcontractors, there is a risk that during the contract period there may be some shortage of subcontractors hence the work may not b completed indoors the planned duration Construction risk The suppliers of materials required for look activities may fail to deliver the materials and equipment hence causing the contractor to delay in completing the work (Wallace and Webber, 2011). Market risk The price of the construction materials and equipment may hike hence increasing the expenses of completing the project (Wallace and We bber, 2011). Political risk The approval of the project may be delayed by the authority hence causing delay in bug out and ending period of the project to fail to adhere to the set schedule (Kendrick, 2011). This may result to an duplicity of penalty to the contractor as a result of breach of agreement. Design risk The designers of the project may