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Colden Homes Ltd. You are the owner and president of Golden Homes Ltd, that focuses on building quality customized homes in Middlesex County} Ontario. Canada. You have been hired by the Regiers to build their dream home. You operate as a general contractor who designs and builds homes. Your employees include your wife. who does the bookkeeping and administration work, two carpenters who help with some framing and flnish work and a general labourer who does cleanup, running around and other general labour jobs. You Subcontract a lot of the work to local trade professionals. Housing in Mlddlesex County ls booming. You are tentatively scheduled to complete 22 houses this year. You have promised the Regiers that the final costs will range from $500,000 $550,000 and it will take 4 months to complete the house once groundbreaking has begun. The Regiers are willing to have the project delayed in order to save DOSE. You have just finished a preliminary scope statement for the project [see below]. You are now brainstorming potential risks associated with the project. 1. Identify it] potential risks associated with this project. 2. Use a risk assessment form on FOL Module 1' titled "3.6 Risk Assessment Form to analyze Identified risks. 3. Use the 7.3 Risk Response Matrix found on FIDL Module 7 to outline how you would deal with each of the risks identied In #2. PROJECT SCOPE STATEMENT Proiect objective To construct a highquality, custom home within 4 months at a cost not to exceed $550,000. Deliverable: A1200 square foot , 2.5 bath, 4 bedroom, two story. flnlshed home with a basement. A finished garage, insulated and dry walled. Kitchen appliances to include frldge, range, oven} microwave. and dishwasher. High-efciency gas furnace with programmable smart thermostat. Property is to be graded and sodded. OOOOO Milestones Permits approved by April 1. Foundation poured by April 3. Framing, sheathing, plumbing, electrical and mechanical inspections passed June 20. Final Inspection August 1. O... Technical Requirements 0 Home must meet local building codes. All windows and doors must pass U Factor ratings of 1.2 and ER Ratings of 34. Exterior wall insulation must meet an "R" factor of 21. Ceiling insulation must meet an "R" factor of 38. Garage will accommodate three cars. Structure must pass seismic stability codes. Limits and Exclusions The home will be built to the specification and design of the original blueprints provided by the customer. Basement is be insulated but not finished. No landscaping is to be done other than grading and sodding. No deck will built. Only wooden stairs to be built on each entrance. Washer and dryer is not included among appliances. . Air conditioning is not included, but house is prewired for it. Colden Homes reserves the right to contract out services. Customer Review Angela and Randy RegierRisk assessment Risk Probability and magnitude of a loss or some other negative outcome from an undesirable event. The outcome of an undesirable event, not the event itself. Risk appetite The amount of risk an organization is willing to accept in light of potential benefits. Risk tolerance The amount of risk an organization can withstand if the undesirable event occurs. Project Risk Assessment Matrix Project Completed by Date Risk Assessment Risk Response Undesirable Mitigate, Probability Inability to Avoid, Contin- event Severity of of Rationale Who Where Why impact detect Transfer, gency plan occurrence Accept Contingency plan: "If- Then" action plans, funds, time buffersOpportunity evaluation Probability and magnitude of a financial, operating, or other positive benefit from a Opportunity desirable event The opportunity evaluation and response process emulates the risk assessment process, with a focus on desirable events Project Opportunity Assessment Matrix Project Completed by Date Opportunity Evaluation Opportunity Response Desirable Enhance, Probability event Ability to Exploit, Alternate Benefit of Rationale Who Where Why realize Share, plan occurrence AcceptAA M Q R B D Qualitative Quantitative Cost ($) Quantitative Time (days) This is an ewersive Rick Register designed fev learning purposes Comments Initial Oppor- Prob | Impact Risk PXI Risk (confidence level, Ranking tunity or Date P Risk Prob | Impact PXI Prob | Impact Added Risk Description Category Triggers rating | rating | PX| | Ranking P% Ranking | P % I (days) (days) | Ranking Potential Responses Risk Owner | Status evidence?) 2 ID No. Cause Risk Name Effect Estimate |Activity Name | Threat