You are a project manager at Fabulous-Houses-R-Us (FHRU) located in London, Ontario.You are assigned as project manager on the following project for the Falcon family (owner).FHRU is a general contractor that subcontracts work to professionals in the London area.You will have a site superintendent (employee of FHRU) available for the project for 50% of the time to provide direction to andoverview ofthesubcontractors.TheFalconfamilyalready ownsthelandonwhich thehouse willbe built.

Milestones:

• StartofprojectAugust15
• CityofLondonandotherpermitsapprovedbySeptember15
• FoundationplacedbyOctober15
• Houseindrycondition(roofon,wallsintact)November30
• CityofLondonfinalinspectionbyFebruary15
• Completion(move-inready)andtransfertoownerby February28

Based on below 16 risks, write Date Added ( Keeping in mind the start and completion date of the project), Status, Comments (confidence, level, evidence?) Also, Under qualitative, mention Probability rating, Impact rating and risk ranking of every Risk ID. In quantitative cost, mention Probability %, Impact $ and risk ranking of every Risk ID. Under quantitative time, mention Probability %, Impact (days) and risk ranking of every Risk ID.

Risk ID	Category	Cause	Risk	Effect	Risk Description	Initial Ranking Estimate	Triggers	Risk Owner	Potential Responses
R11	Financial	Cost estimation errors	Inaccurate cost projections	Budget overruns	Inaccurate cost estimates can lead to financial strain and exceed the allocated budget.	Medium	Inadequate cost analysis	Project Manager	Mitigate - Conduct thorough cost analysis and seek input from experienced professionals.
R12	Technical	Construction defects	Poor workmanship or materials	Reputational damage	Defects in construction can result in poor quality and damage the reputation of FHRU.	High	Inspection identifies significant defects	Site Superintendent	Accept - Implement stringent quality control measures and address defects promptly.
R13	Commercial	Changes in building regulations	Updated or new construction codes	Design modifications and delays	Changes in regulations can require modifications to the architectural and engineering plans.	Medium	Introduction of new building codes	Architect or Engineer	Mitigate - Stay updated with local building regulations and consult with experts.
R14	Execution	Subcontractor availability	Shortage of skilled labor	Delays in project milestones	Difficulty in finding subcontractors may cause delays in completing the project.	High	Shortage of skilled tradespeople	Site Superintendent	Transfer - Develop relationships with a diverse pool of subcontractors and have backup options.
R15	Contractual/legal	Insurance coverage gaps	Insufficient insurance policies	Liability and financial losses	Inadequate insurance coverage can expose FHRU to significant financial risks in case of accidents or damages.	High	Inadequate insurance policy review	Project Manager	Transfer - Ensure comprehensive insurance coverage for all potential risks.
R16	Financial	Financing difficulties	Difficulty securing construction loans	Cash flow problems	Inability to secure financing may lead to delays or even project cancellation.	High	Lender rejecting loan application	Falcon family	Avoid - Secure pre-approved financing and diversify funding sources.
O1	Opportunity	Favorable economic conditions	Increased demand for new homes	Increased profits	Positive economic conditions can lead to higher demand and increased profitability for the project.	Medium	Economic growth and low interest rates	FHRU Sales and Marketing Department	Exploit - Increase marketing efforts and offer incentives to attract potential buyers.
O2	Opportunity	Technology advancements	Adoption of innovative construction methods	Improved efficiency and cost savings	Embracing new technologies can enhance construction processes and reduce project timelines.	Low	Introduction of breakthrough construction techniques	Project Manager	Enhance - Invest in research and development of innovative construction techniques.