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 for every risk ,under qualitative, give Probability P rating, Impact I rating, (rating in scale from 1 10), calculate PXI and write risk ranking of every Risk ID In quantitative cost, give Probability P , Impact I$, calculate PXI$ and write risk ranking of every Risk ID Under quantitative time, give Probability P , Impact I(days), calculate PXI days and write risk ranking of every Risk ID Also, write legends Risk ID Category Cause Risk Effect Risk Description Initial Ranking Estimate Triggers Risk Owner Potential Responses R1 Financial Fluctuating material costs Increase in material costs Cost overruns Rising prices of construction materials may lead to exceeding the allocated budget for the project Medium Sudden increase in material prices Falcon family Mitigate Monitor material prices and negotiate fixed price contracts with suppliers R2 Technical Unforeseen ground conditions Unstable soil or rock formations Foundation issues Poor soil conditions can cause foundation problems, resulting in delays and additional costs High Geotechnical assessment identifies unstable soil Subcontracted geotechnical engineer Avoid Conduct thorough geotechnical assessments before starting construction R3 Commercial Market demand fluctuation Decreased demand for new homes Unsold property Changes in the real estate market can lead to difficulty in selling the finished property Medium Economic downturn affecting real estate FHRU Sales and Marketing Department Transfer Include a clause in the contract for the Falcon family to sell the property independently R4 Execution Inadequate project planning Lack of detailed schedule and resources Delays and cost overruns Insufficient planning may result in project delays and exceed the budget High Unclear project scope and milestones Project Manager Mitigate Develop a comprehensive project plan with clearly defined tasks and milestones R5 Contractual legal Disputes with subcontractors Breach of contract or quality issues Project delays and rework Disputes or conflicts with subcontractors can lead to delays and compromise the quality of work High Non compliance with contractual obligations Site Superintendent Mitigate Establish clear contractual agreements and conduct regular inspections R6 Financial Exchange rate fluctuations Currency value changes Increased construction costs Fluctuations in exchange rates can impact the cost of imported materials and equipment Low Volatile currency markets Falcon family Transfer Use local suppliers or enter into fixed price contracts in the local currency R7 Technical Design changes Modifications to architectural or engineering plans Rework and delays Changes in design may require alterations to construction work already completed Medium Falcon family's request for design changes Architect or Engineer Accept Implement a formal change management process and charge for any additional work R8 Commercial Competitor's price undercutting Lower pricing from competing builders Loss of potential customers Competitors offering lower prices can affect the ability to secure customers for the project Medium Competitor advertising lower prices FHRU Sales and Marketing Department Enhance Highlight the unique selling points and quality of FHRU's services R9 Execution Weather conditions Adverse weather events Construction delays Extreme weather conditions can hinder construction progress and cause project delays High Heavy rain, snowstorms, or hurricanes Site Superintendent Mitigate Monitor weather forecasts and schedule work accordingly R10 Contractual legal Permitting issues Delayed or denied permits Project delays and legal consequences Delays in obtaining necessary permits can halt construction and lead to financial penalties High Regulatory agency rejecting permit applications Project Manager Avoid Begin the permitting process well in advance and ensure compliance with regulations 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

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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

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 for every risk ,under qualitative, give Probability P rating, Impact I rating, (rating in scale from 1-10), calculate PXI and write risk ranking of every Risk ID. In quantitative cost, give Probability P%, Impact I$, calculate PXI$ and write risk ranking of every Risk ID. Under quantitative time, give Probability P%, Impact I(days), calculate PXI days and write risk ranking of every Risk ID. Also, write legends.

Risk ID	Category	Cause	Risk	Effect	Risk Description	Initial Ranking Estimate	Triggers	Risk Owner	Potential Responses
R1	Financial	Fluctuating material costs	Increase in material costs	Cost overruns	Rising prices of construction materials may lead to exceeding the allocated budget for the project.	Medium	Sudden increase in material prices	Falcon family	Mitigate - Monitor material prices and negotiate fixed-price contracts with suppliers.
R2	Technical	Unforeseen ground conditions	Unstable soil or rock formations	Foundation issues	Poor soil conditions can cause foundation problems, resulting in delays and additional costs.	High	Geotechnical assessment identifies unstable soil	Subcontracted geotechnical engineer	Avoid - Conduct thorough geotechnical assessments before starting construction.
R3	Commercial	Market demand fluctuation	Decreased demand for new homes	Unsold property	Changes in the real estate market can lead to difficulty in selling the finished property.	Medium	Economic downturn affecting real estate	FHRU Sales and Marketing Department	Transfer - Include a clause in the contract for the Falcon family to sell the property independently.
R4	Execution	Inadequate project planning	Lack of detailed schedule and resources	Delays and cost overruns	Insufficient planning may result in project delays and exceed the budget.	High	Unclear project scope and milestones	Project Manager	Mitigate - Develop a comprehensive project plan with clearly defined tasks and milestones.
R5	Contractual/legal	Disputes with subcontractors	Breach of contract or quality issues	Project delays and rework	Disputes or conflicts with subcontractors can lead to delays and compromise the quality of work.	High	Non-compliance with contractual obligations	Site Superintendent	Mitigate - Establish clear contractual agreements and conduct regular inspections.
R6	Financial	Exchange rate fluctuations	Currency value changes	Increased construction costs	Fluctuations in exchange rates can impact the cost of imported materials and equipment.	Low	Volatile currency markets	Falcon family	Transfer - Use local suppliers or enter into fixed-price contracts in the local currency.
R7	Technical	Design changes	Modifications to architectural or engineering plans	Rework and delays	Changes in design may require alterations to construction work already completed.	Medium	Falcon family's request for design changes	Architect or Engineer	Accept - Implement a formal change management process and charge for any additional work.
R8	Commercial	Competitor's price undercutting	Lower pricing from competing builders	Loss of potential customers	Competitors offering lower prices can affect the ability to secure customers for the project.	Medium	Competitor advertising lower prices	FHRU Sales and Marketing Department	Enhance - Highlight the unique selling points and quality of FHRU's services.
R9	Execution	Weather conditions	Adverse weather events	Construction delays	Extreme weather conditions can hinder construction progress and cause project delays.	High	Heavy rain, snowstorms, or hurricanes	Site Superintendent	Mitigate - Monitor weather forecasts and schedule work accordingly.
R10	Contractual/legal	Permitting issues	Delayed or denied permits	Project delays and legal consequences	Delays in obtaining necessary permits can halt construction and lead to financial penalties.	High	Regulatory agency rejecting permit applications	Project Manager	Avoid - Begin the permitting process well in advance and ensure compliance with regulations.

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.