Discuss the Silver fiddle construction Risk analysis and management
Discuss the Silver fiddle construction Risk analysis and management.Please provide a brief description of the project this risk management plan is integrated with. Provide a brief description of the problem or problems; budget, timeline and scope, stakeholders, et cetera.]
[GUIDANCE: Examples include: costs within budget threshold; time within schedule threshold; quality of projects with threshold. These objectives will be used in association with the identification of risks.]
Risk Thresholds and Tolerances Definitions
[GUIDANCE: Describe how much risk is acceptable by each key stakeholder for each project objective.]
Probability/Impact Scale Definitions Table
[GUIDANCE: This is an example: “Opportunities represent positive impacts to both project exposure and objectives; threats represent negative impacts to both project exposure and objectives.” Below are example tables. You can replace with your own definitions table. Add a legend to explain definitions]
| SCALE | PROBABILITY
(%) |
+/- IMPACT ON PROJECT OBJECTIVES | ||
| TIME* | COST* | QUALITY* | ||
| Very High | > 95% | |||
| High | > 80% < 94 % | |||
| Medium | > 65% < 79% | |||
| Low | > 35% < 64% | |||
| Very Low | < 34% | |||
Legend of Impacts to Project Objectives:
| Scale | Time | Cost | Quality |
| Very High | Project Schedule will be pushed out more than 20 days | Costs will exceed the approved budget by $100k or 25% | Number of defects will significant impacts to customer acceptance |
| High | |||
| Medium | |||
| Low | |||
| Very Low |
Risk Breakdown Structure (RBS)
[GUIDANCE: Define the potential sources of risk of your project. Your first level should be RBS Level 0 (Left-hand side – All Risks); next, your RBS Level 1 will be your categories of risks (such as technical risk, financial risk, regulatory risks, et cetera); RBS Level 2 will be your risks used in your risk identification/assessment and project review sections. Can be completed in Excel or Visio; copy and paste in section and add an introduction]
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