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Risk Severity Matrix Assignment Corvus Engineering won a project and has conducted risk assessment meetings to prepare for the project kick-off. Using the meeting notes below and the Impact Scales on the next page, plot the Risk Severity Matrix for the project risks using an X-Y coordinate method (Impact, Likelihood). If you do not think something should be plotted on the matrix, explain why. Cost Estimate: There cost estimate for materials was very aggressive, and a significant amount of time passed between the bid and award. Material prices have increased, and pre-award negotiations with the suppliers and the client didn't yield much benefit to Corvus. It looks pretty certain that Corvus is going to lose 1.5% on the material costs for the project. Key Piece of Equipment: The overall schedule is not particularly tight, but the talk in the business press is that the manufacturer of this key piece of equipment is having difficulties with its supply chain and has missed some delivery deadlines. If this piece of equipment is late, it will affect the overall project schedule by 15%. The supplier has acknowledged the situation but reassured the purchasing department that the supply chain issue has been resolved and there is enough lead time that Corvus's order should not be affected. Testing: The president of Corvus's "go to" testing company decided to retire early and sold the company. The new owners have an excellent management track record with their other companies, but no direct experience in this area of testing. Things may go perfectly fine, but the situation should be monitored closely in case the turnaround or quality slips. Everyone agreed to make some preliminary calls to other testing firms should there need to be a switch mid-project. Labor Contract: The electricians' contract is up for renegotiation. The union and owners are very far apart, and the relationship is very contentious. It is very likely that that there will be a strike. If the electricians walk out, the other trades will not cross the line. If the strike lasts more than two weeks, it will delay the project, but Corvus thinks it will not last more than a few days and that the time can be made up. Aquarium: There is a signature aquarium being designed for the lobby. The designers have alerted us that fabrication is going according to plan, but the recent storm events in Asia have devastated the exotic fish farms in the region that supply most US fish and aquarium dealers. The specially designed tank will look and function the same, but the fish will be different. Agency Guidelines: In exchange for tax credits for locating its new facility in an economically depressed monitored closely in case the turnaround or quality slips. Everyone agreed to make some preliminary calls to other testing firms should there need to be a switch mid-project. Labor Contract: The electricians' contract is up for renegotiation. The union and owners are very far apart, and the relationship is very contentious. It is very likely that that there will be a strike. If the electricians walk out, the other trades will not cross the line. If the strike lasts more than two weeks, it will delay the project, but Corvus thinks it will not last more than a few days and that the time can be made up. Aquarium: There is a signature aquarium being designed for the lobby. The designers have alerted us that fabrication is going according to plan, but the recent storm events in Asia have devastated the exotic fish farms in the region that supply most US fish and aquarium dealers. The specially designed tank will look and function the same, but the fish will be different. Agency Guidelines: In exchange for tax credits for locating its new facility in an economically depressed area, Corvus agreed to create an adjacent park space for public use. New city agency guidelines for public space are expected to be released mid-project duration. Corvus has been following the pubic comment phase closely and expects the new guidelines will include requirements for additional public art, which will result in a minor cost increase to the project. The owner has indicated it will voluntarily incorporate the expected design changes, so Corvus will have no financial risk, but procuring the art could push back the overall completion date, depending on whether the owner commissions new work or buys existing work. The schedule extension will not affect the owner's ability to occupy the facility but could keep Corvus on the job site until installation is complete, longer than anticipated. Risk Severity Matrix Assignment Impact Scale of Risk Risk Severity Matrix Impact 5 Project Objective 1 Very Low 2 Low 3 Moderate 4 High 5 Very High Cost Insignificant Increase 40% Increase Time Insignificant Increase 20% Increase LIKELIHOOD 3 Scope Barely Minor areas of Major areas of noticeable scope affected scope affected Scope reduction required 2 Scope reduction unacceptable to sponsor Quality reduction unacceptable Quality Barely noticeable Within tolerances Quality reduction requires approval Quality reduction significant 1 1 2 4 5 1 60% MPACT 3 IMPACT Likelihood Example: 50% chance of a 8% cost increase = (2,3). 75% chance that major areas of scope will be affected =(3,5) Plot your answers on the matrix or explain why it should not be plotted on the matrix. Cost Estimate OR Justification for not plotting on matrix: Key Equipment OR Justification for not plotting on matrix: 5 Project Objective 1 Very Low 2 Low 3 Moderate 4 High 5 Very High Cost Insignificant Increase 40% Increase 4 Time Insignificant Increase 20% Increase LIKELIHOOD Scope Barely noticeable Minor areas of Major areas of scope affected scope affected Scope reduction required Scope reduction unacceptable to sponsor 2 Quality Barely noticeable Within tolerances Quality reduction requires approval Quality reduction significant Quality reduction unacceptable 1 1 2 5 1 60% 3 IMPACT Likelihood Example: 50% chance of a 8% cost increase = (2,3). 75% chance that major areas of scope will be affected = (3,5) Plot your answers on the matrix or explain why it should not be plotted on the matrix. Cost Estimate OR Justification for not plotting on matrix: Key Equipment OR Justification for not plotting on matrix: : Testing OR Justification for not plotting on matrix: Labor Contract OR Justification for not plotting on matrix: : Aquarium OR Justification for not plotting on matrix: Agency Guidelines OR Justification for not plotting on matrix: : Risk Severity Matrix Assignment Corvus Engineering won a project and has conducted risk assessment meetings to prepare for the project kick-off. Using the meeting notes below and the Impact Scales on the next page, plot the Risk Severity Matrix for the project risks using an X-Y coordinate method (Impact, Likelihood). If you do not think something should be plotted on the matrix, explain why. Cost Estimate: There cost estimate for materials was very aggressive, and a significant amount of time passed between the bid and award. Material prices have increased, and pre-award negotiations with the suppliers and the client didn't yield much benefit to Corvus. It looks pretty certain that Corvus is going to lose 1.5% on the material costs for the project. Key Piece of Equipment: The overall schedule is not particularly tight, but the talk in the business press is that the manufacturer of this key piece of equipment is having difficulties with its supply chain and has missed some delivery deadlines. If this piece of equipment is late, it will affect the overall project schedule by 15%. The supplier has acknowledged the situation but reassured the purchasing department that the supply chain issue has been resolved and there is enough lead time that Corvus's order should not be affected. Testing: The president of Corvus's "go to" testing company decided to retire early and sold the company. The new owners have an excellent management track record with their other companies, but no direct experience in this area of testing. Things may go perfectly fine, but the situation should be monitored closely in case the turnaround or quality slips. Everyone agreed to make some preliminary calls to other testing firms should there need to be a switch mid-project. Labor Contract: The electricians' contract is up for renegotiation. The union and owners are very far apart, and the relationship is very contentious. It is very likely that that there will be a strike. If the electricians walk out, the other trades will not cross the line. If the strike lasts more than two weeks, it will delay the project, but Corvus thinks it will not last more than a few days and that the time can be made up. Aquarium: There is a signature aquarium being designed for the lobby. The designers have alerted us that fabrication is going according to plan, but the recent storm events in Asia have devastated the exotic fish farms in the region that supply most US fish and aquarium dealers. The specially designed tank will look and function the same, but the fish will be different. Agency Guidelines: In exchange for tax credits for locating its new facility in an economically depressed monitored closely in case the turnaround or quality slips. Everyone agreed to make some preliminary calls to other testing firms should there need to be a switch mid-project. Labor Contract: The electricians' contract is up for renegotiation. The union and owners are very far apart, and the relationship is very contentious. It is very likely that that there will be a strike. If the electricians walk out, the other trades will not cross the line. If the strike lasts more than two weeks, it will delay the project, but Corvus thinks it will not last more than a few days and that the time can be made up. Aquarium: There is a signature aquarium being designed for the lobby. The designers have alerted us that fabrication is going according to plan, but the recent storm events in Asia have devastated the exotic fish farms in the region that supply most US fish and aquarium dealers. The specially designed tank will look and function the same, but the fish will be different. Agency Guidelines: In exchange for tax credits for locating its new facility in an economically depressed area, Corvus agreed to create an adjacent park space for public use. New city agency guidelines for public space are expected to be released mid-project duration. Corvus has been following the pubic comment phase closely and expects the new guidelines will include requirements for additional public art, which will result in a minor cost increase to the project. The owner has indicated it will voluntarily incorporate the expected design changes, so Corvus will have no financial risk, but procuring the art could push back the overall completion date, depending on whether the owner commissions new work or buys existing work. The schedule extension will not affect the owner's ability to occupy the facility but could keep Corvus on the job site until installation is complete, longer than anticipated. Risk Severity Matrix Assignment Impact Scale of Risk Risk Severity Matrix Impact 5 Project Objective 1 Very Low 2 Low 3 Moderate 4 High 5 Very High Cost Insignificant Increase 40% Increase Time Insignificant Increase 20% Increase LIKELIHOOD 3 Scope Barely Minor areas of Major areas of noticeable scope affected scope affected Scope reduction required 2 Scope reduction unacceptable to sponsor Quality reduction unacceptable Quality Barely noticeable Within tolerances Quality reduction requires approval Quality reduction significant 1 1 2 4 5 1 60% MPACT 3 IMPACT Likelihood Example: 50% chance of a 8% cost increase = (2,3). 75% chance that major areas of scope will be affected =(3,5) Plot your answers on the matrix or explain why it should not be plotted on the matrix. Cost Estimate OR Justification for not plotting on matrix: Key Equipment OR Justification for not plotting on matrix: 5 Project Objective 1 Very Low 2 Low 3 Moderate 4 High 5 Very High Cost Insignificant Increase 40% Increase 4 Time Insignificant Increase 20% Increase LIKELIHOOD Scope Barely noticeable Minor areas of Major areas of scope affected scope affected Scope reduction required Scope reduction unacceptable to sponsor 2 Quality Barely noticeable Within tolerances Quality reduction requires approval Quality reduction significant Quality reduction unacceptable 1 1 2 5 1 60% 3 IMPACT Likelihood Example: 50% chance of a 8% cost increase = (2,3). 75% chance that major areas of scope will be affected = (3,5) Plot your answers on the matrix or explain why it should not be plotted on the matrix. Cost Estimate OR Justification for not plotting on matrix: Key Equipment OR Justification for not plotting on matrix: : Testing OR Justification for not plotting on matrix: Labor Contract OR Justification for not plotting on matrix: : Aquarium OR Justification for not plotting on matrix: Agency Guidelines OR Justification for not plotting on matrix