"Silver Fiddle Construction 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 "now brainstorming potential risks associated with the project.

Based on the case study answer the following questions.

1. Identify potential risks associated with this project. Try to come up with at least five different risks.Also explain why did you select these risks. 2. Use a risk assessment form to identified risks. 3. Develop a risk response matrix similar to outline how you would deal with each of the risks."

4. What is the difference between risk mitigation and contingency planning?

5. What are the major differences between managing negative risks and managing positive risks(opportunities)?