In this assignment i am building a 2700sq lakefront home. The assignment was that i had won 1 million from a lottery and now get to build my dream home.

9) RISK MANAGEMENT PLAN (PMBOK Section 11.1.) Risk represents uncertainty on a project. In this section you should demonstrate practical examples of events that may or may not happen on the project, and how you would deal with them based on the industry best practices outlined in the PMBOK Chapter 11. Overall Risk Plan Prioritization: Risk can affect many different project characteristics (budget, schedule, quality) - indicate which of these characteristics you feel should be prioritized to be protected within your risk plan, and why you feel that (for this particular project) it is best that the risk plan prioritize and protect this characteristic. Remember: A risk management plan cannot protect the project from all risks; usually, there is not enough money to manage all risks, and risks are inter-related, so it is often the case that protecting against everything is not possible for example, protecting the schedule might mean sacrificing the budget, just as protecting the budget might mean sacrificing quality and ensuring quality might mean sacrificing the schedule, etc. As such, you need to prioritize which project characteristic you will protect over other characteristics. Contingency Fund and Managerial Reserve Fund: Briefly explain how you would determine the funding requirements of both the projects 1) contingency reserve fund and 2) managerial reserve fund for a project of this nature. It is important that you describe the formulas or approach that should be used in establishing both of these reserve funds. Risk Registry Based on appropriate tasks for a project of this nature, develop a risk registry (also known as a risk log). Using the table below, provide examples of risk information that would be appropriate for a project of this nature and that demonstrate your knowledge of risk related terms: 9 WBS Risk # Title / Description Likelihood Impact Strategy Response The following notes provide guidance on how to fill in your risk registry table: Risk Likelihood: Using industry best practices identify the likelihood of the risk occurring. Risk Impact: Using industry best practices describe the potential impact of the risk on the projects three primary constraints (schedule, budget and quality impact). Risk Strategy: Identify your overall strategy or strategies for dealing with the particular risk and briefly justify the strategy. Strategies include the following: o For threats: Mitigate, Transfer, Accept, Avoid o For opportunities: Accept, Exploit, Enhance, Share Risk Response: Using appropriate industry best practices (such as fast tracking, schedule crashing, buffers, insurance policies, contracting mechanisms, contingency funds, management reserve funds, etc.) to describe how you would propose to manage your identified project risks.