Categorize each risk, list potential causes, and list potential responses for each cause, as shown in Exhibit 11.9. Describe what each project success measure (from Exhibit 11.1) looks like on your example project. Identify at least three risks to each success measure, determine which are major risks, and for each major risk, develop one or more contingency plans. Identify whether the contingency plan is an avoidance plan (reducing the probability of the risk event), a mitigation plan (reducing the impact of the event), or both. Facilitate a discussion with the sponsor and other key stakeholders of your project. Have them determine the relative importance of their priorities and document them, as shown in Exhibit 11.2. Perform a risk review for your example project. Use at least three types of review, as shown in Exhibit 11.8. Which of these types gave you the most useful information? Why?

INTEGRATED EXAMPLE PROJECTS SUBURBAN HOMES CONSTRUCTION PROJECT Refer to the project WBS from Chapter 7. You developed the * 7-year warranty for structure and 2-year warranty for finish- WBS of multiple levels, including work packages at the low- Ing components est level based on the initial project requirements below, After the WBS was developed, It is necessary to identify which were further elaborated. risks associated with the project and include priontized risks Building a single-family, partially custom-designed home in revising cost and schedule estimates. For this purpose. as required by Mrs. and Mr. John Thomas on Strath you were asked to develop a comprehensive risk manage- Dr., Alpharetta, Georgia. The single-family home will have ment plan. the following features Tasks to Complete 3,200 square-feet home with 4 bedrooms and 2.5 bath- . Identify all the risks. To do so, you will use a WBS and ask rooms yourself, "What can go wrong with this work package?" Flooring-hard wood in the first floor, tiles in the kitchen for each work package identified at the lowest level of the and bathrooms, carpet in bedrooms WBS. Also, you can identify more risks by challenging all Granite kitchen countertops, GE appliances in the kitchen the assumptions listed in your project plan. * 3-car garage and external landscaping . Develop a risk register as discussed throughout the . Ceiling-10' in first floor and vaulted 9" ceilings in bed- chapter. rooms Develop a risk breakdown structure. Perform qualitative assessment to priontize risks. Develop risk response strategies for the top ten risks in the High-level Assumptions and Constraints prioritized list of risks. . The list of options is limited and the cost of the house . Choose a critical risk and develop a greater understanding would vary based on options selected. of the risk using quantitative risk assessment. The client must choose one from among the models offered. CASA DE PAZ DEVELOPMENT PROJECT Questions for students to answer first for the project overal 3. Create response plans for the big risks, including who and then for each iteration in turn at a smaller scale are the owns each and what the triggers are that indicate they following: may happen soon. 4. Which of the risks do you feel are showstoppers? 1. Brainstorm all of the risks you can imagine. 2. Assess the risks to determine which you believe are big