For each of your 18 risks, come up with a Cost Estimate and a justification of how you arrived at that amount. Your justification needs to include how you decided on the amount you chose for the Cost Estimate. If you listed $10,000 for your cost estimate, why was $10,000 chosen? Why not $5,000 or $20,000? Use your critical thinking skills to justify the value you chose.For each of your 18 risks use your qualitative Probability Estimate and Cost Estimate to calculate the Risk Value.The Probability Estimate is how likely (from 1% to 100%) the risk will occur. Use the same qualitative Probability Estimate from the Qualitative and Quantitative Analysis.The Cost Estimate is based on the costs to the project if the risk was to occur. These could be lost revenue, lost incentives, reputation, litigation, etc., represented in dollars. The Risk Value (R) of a Threat is simply the Probability Estimate (P) x the Cost Estimate (C) (e.g. (P) 35% x (C) $50,000 = (R) $17,500). The Risk Value of an Opportunity is the same, except that the Cost Estimate needs to have a negative sign in front of it.: Product Scope:Weather Issues (Threat): The risk of encountering adverse weather conditions, such as heavy storms, poses significant challenges and potential disruptions to the moving process. In this instance, meticulous planning, proactive risk mitigation strategies, and adaptive responses are used to mitigate potential impacts and ensure operational resilience.Immediate Move (Opportunity): The opportunity to complete the relocation within a constrained timeframe of less than 6 hours presents a compelling chance for Hawkins Moving Inc. to significantly enhance active efficiency, exceed customer expectations, and potentially unlock additional financial incentives. City Utility Coordination (Opportunity): Efficient coordination with the city utility department presents a strategic opportunity for Hawkins Moving Inc. to optimize utility shutdowns, mitigate disruptions, and foster seamless progress throughout the relocation process. Collaborative engagement with the city utility department offers numerous avenues to enhance operational efficiency, minimize downtime, and proactively address potential challenges associated with utility shutdowns.Scorpions Nest (Threat): The presence of a scorpion nest introduces a significant risk of safety hazards that could disrupt the relocation project, necessitating prompt extermination measures to mitigate potential disruptions and ensure worker safety. Scorpions pose a threat not only to the well-being of the workers but also to the smooth execution of critical tasks associated with the relocation process. Contractor Availability (Threat): The risk of setbacks looms large if in-demand specialized contractors are not available when needed, posing multifaceted challenges that can impede the smooth progress of the relocation project. The scarcity of in-demand contractors, coupled with their busy schedules and competing commitments, heightens the vulnerability of the project to delays and operational bottlenecks. Building Stability Analysis (Threat): The potential for unexpected building issues during the move represents a formidable threat that could jeopardize the project's timeline, incur unforeseen costs, and disrupt the relocation process. While preliminary assessments may provide insights into the structural integrity of the house, the dynamic nature of building structures introduces inherent uncertainties and vulnerabilities that may manifest during the relocation. These unforeseen challenges could include undetected structural weaknesses, compromised foundations, or hidden damage exacerbated by the stress of the relocation process.Schedule:Traffic Control Management (Opportunity): Effective coordination of traffic control measures by Chandler City Police Officers represents a pivotal opportunity to optimize the efficiency of the relocation process while mitigating potential delays. By implementing robust traffic management strategies, Hawkins Moving Inc. can facilitate the smooth flow of vehicular and pedestrian traffic along the designated route, minimizing disruptions and streamlining the relocation timeline. Contractor Collaboration (Threat): The risk of setbacks emerges if specialized building contractors fail to collaborate effectively during the relocation process. Inefficient collaboration among contractors may result in miscommunication, conflicting schedules, or overlapping responsibilities, leading to confusion, duplication of efforts, and delays in critical tasks. Monsoon Weather (Threat): The unpredictable nature of monsoon season weather conditions poses a multifaceted threat to the project's timeline, budget, and safety protocols. The onset of heavy rains, thunderstorms, or flash floods during the relocation process may lead to significant delays in project activities, hindering the efficient execution of tasks and impeding progress toward completion. Labor Union Talks (Threat): The risk of workforce problems or strikes resulting from tense union negotiations presents a multifaceted threat to project timelines, operational stability, and overall success. Friction during union negotiations may escalate into labor disputes, work stoppages, or strikes, disrupting the continuity of project activities and compromising productivity levels. Moreover, the potential for strained relations between Hawkins Moving Inc. and the labor union could engender a climate of mistrust, exacerbating workplace tensions and impeding collaborative efforts. Utility Department Issues (Threat): The potential for delays stemming from disagreements or issues with the city's utility department over shutdown schedules poses a significant threat to the project's timeline and overall success. Disputes or misunderstandings regarding the timing or scope of utility shutdowns may lead to prolonged negotiations, administrative hurdles, or even regulatory compliance challenges, all of which can impede progress and disrupt the relocation process. Quick Move (Opportunity): The opportunity to complete the relocation within a timeframe of less than 6 hours presents a compelling chance to demonstrate efficiency and meet customer expectations for swift delivery. However, this accelerated pace carries inherent risks, including the potential for errors and damage resulting from haste and pressure to meet the deadline. Rushing the relocation process may compromise the meticulous attention to detail required for safe and precise execution, increasing the likelihood of overlooked safety protocols or improper handling of delicate components. Resource:Exterminator (Opportunity): Collaborating with an exterminator presents a valuable opportunity to prioritize worker safety and maintain project progress by addressing the presence of a scorpion nest. By engaging an exterminator expert, Hawkins Moving Inc. can proactively mitigate potential safety hazards posed by the scorpion nest, thereby fostering a secure working environment for the team. Furthermore, effectively dealing with the nest ensures that the relocation task remains on schedule, minimizing the risk of delays or interruptions caused by worker safety concerns. Union Labor Challenges (Threat): The prospect of union strikes or work disruptions due to friction among union workers poses a significant threat to the project's timeline and overall success. Tensions within the union may escalate into industrial action, leading to work stoppages, picketing, or other forms of protest, effectively halting progress on the relocation project. The resulting delays could incur substantial financial losses, damage Hawkins Moving Inc.'s reputation, and compromise customer satisfaction. Minimized Contractor Communications (Threat): The risk of limited or ineffective communication with specialized high-demand contractors poses a significant threat to the project's success. Inadequate communication channels may lead to misunderstandings, delays in scheduling, or even the unavailability of essential contractors when needed, potentially resulting in project setbacks and increased expenses. Furthermore, without clear lines of communication, there's a heightened risk of misalignment between Hawkins Moving Inc. and the contractors, leading to suboptimal coordination and compromised project outcomes. Time Bonus (Opportunity): The opportunity to secure a 10% bonus amounting to $50,000 by completing the relocation within 6 hours introduces a potential incentive for the team. However, achieving this goal may exert significant pressure on team members, potentially leading to heightened stress levels, fatigue, and a heightened risk of errors or oversights during the relocation process. Balancing the pursuit of the bonus with the well-being and efficiency of the team is critical to ensuring a successful and sustainable project outcome. Equipment Failure (Threat): The possibility of moving equipment breakdowns presents a significant risk to the project timeline and budget. In the event of equipment failure, there's a potential for extended downtime, increased labor costs, and the need for emergency repairs or replacements, all of which could lead to substantial delays in the relocation process and additional expenditures beyond the initial budget allocation. Furthermore, such breakdowns may also result in reputational damage for Hawkins Moving Inc., impacting future projects and client relationships.Tough Negotiations (Threat): The prolonged and contentious nature of union negotiations poses a risk of decreased morale among workers, potential strikes, work slowdowns, or other forms of industrial action, leading to disruptions in project timelines, increased costs, and compromised productivity.

House Relocation Project Risks Risk Description Risk Type Expected Monetary Value (EMV) Probability Risk Value (%) If the scorpions which were seen in the house are not eliminated, then it is possible that a project team If a key resource is stung and can't Scorpion Sting | member may be stung. A sting could cause the project team member to be hospitalized, which could not $17,500 |work any longer, it could jeopardize the only cause schedule delays if they are on the critical path, but also jeopardize their health. 108 Incentive payment of $50,000. Risk 2 Risk 3 Risk 4 Risk 5 Risk & Risk 7 Risk 8 ik 9 isk 10 Risk 11 Risk 12 Risk 13 Risk 14 Risk 15 Risk 16 Risk 17 Risk 18 Category Title Detailed Description (include project impacts to Product Scope, Schedule, Resource) |Threat| Oppty Justification of Cost Estimate Contingency Reserve