As part of risk management the first stages for any project are: - Risk identification. - Analysis of the identified risks using the risk mapping matrix.

Scenario: Construction Project You are the owner, you have the land, the project, and you organize a bidding process to hire the general contractor. All the proponents will bid on having the same package including the building documents with drawings, specifications, and reports.

After the bidding, you obtain nine bids and need to evaluate the bids in the context of risk assessment.

Tasks:

Task 1: Evaluate the bids in the context of risk assessment.

Task 2: Produce a risk assessment matrix.

Task 3: Draw a clear conclusion on which bidder you awarded the contract to and why.

Tips:

- Write an introduction where you briefly present the project (come up with a project name, location, size, costs, etc).

- Identify risks, list them, and rank them based on importance for you as the owner.

- Prepare one risk matrix for all the nine bids and evaluate them from the same point of view and the same risks.

- Create a legend forthe reader to read and understand the matrix.

Some suggested risks could be: - Corporate profile and experience with similar projects - Project team (number of laborers, project managers, and resources) - Price - Duration of work and time to complete this project - Location of the proponent about the location of the project - Subcontractor availability