CASE STUDY: Silver Fiddle Construction

Program: Masters of Engineering Management

Course: Project Risk Management

***Case study starts***

You are the president of Silver Fiddle Construction (SFC), which specializes in building high-quality, customized homes in the Grand Junction, Colorado, area. You have just been hired by the Czopeks to build their dream home. You operate as a general contractor and employ only a part-time bookkeeper. You subcontract work to local trade professionals. Housing construction in Grand Junction is booming. You are tentatively scheduled to complete 11 houses this year. You have promised the Czopeks that the final costs will range from $450,000 to $500,000 and that it will take five months to complete the house once groundbreaking has begun. The Czopeks are willing to have the project delayed in order to save costs. You have just finished a preliminary scope statement for the project (which follows). You are now brainstorming potential risks associated with the project. Identify potential risks associated with this project. Try to come up with at least 15 different risks with Cause-Risk-Effect format.

Project Scope Statement Project Objective To construct a high-quality, custom home within five months at a cost not to exceed $500,000. Deliverables A 2,500-square-foot, 212-bath, 3-bedroom, finished home. A finished garage insulated and sheet rocked. Kitchen appliances to include range, oven, microwave, and dishwasher. A high-efficiency gas furnace with programmable thermostat.

Milestones Permits approved July 5. Foundation poured July 12. "Dry in"framing, sheathing, plumbing, electrical, and mechanical inspectionspassed September 25. Final inspection November 7.

Technical Requirements Home must meet local building codes. All windows and doors must pass NFRC class 40 energy ratings. Exterior wall insulation must meet an "R" factor of 21. Ceiling insulation must meet an "R" factor of 38. Floor insulation must meet an "R" factor of 25. Garage will accommodate two cars and one 28-foot-long Winnebago. Structure must pass seismic stability codes.

Limits And Exclusions Home will be built to the specifications and design of the original blueprints provided by the customer. Owner is responsible for landscaping. Refrigerator is not included among kitchen appliances. Air conditioning is not included, but house is prewired for it. SFC reserves the right to contract out services.

Acceptance Criteria "Bolo" and Izabella Czopek reviews.

***Case Study Ends***

Case Question: Please prepare detailed analysis of risk identification including but not limited to potential risks identification, risk matrix, qualitative risk analysis, quantitative risk analysis, risk response plan, project schedule to identify critical path, etc.

Case solution should be presented as a formatted document, with tables and diagrams as needed and contains minimum sevem pages.