A Review of Risks Associated With Estimating a Home Building Project
Michael T Bell
PMAN 637
Originality Score 6%
A Review of Risks Associated With Estimating a Home Building Project
Introduction
In building and construction, there are risks associated with estimating a home building project. These risks in construction are all the same across the board regardless the construction. Therefore, a home building projects is confronted with the same risks as any other project in the construction industry. The risks involved are such as; project management risks. The project management risks are mainly because of improper schedule. The improper schedule may be caused by poor allocation of time In addition, in identifying risks in a home building project, there is the process that is followed to ensure a systematic approach is followed. The processes include; identifying the risks, putting them down in documents as well as being able to identify the risks by their characteristics. The risks are usually identified as the project continues. This is because, certain risks usually appear at different stages at the project. Therefore, it is advisable that risk identification should be done continually as the process progresses (Kendrick, 2009). When such a project progresses, more risks tend to show. For proper risk management, total vigilance is vital. For instance, a risk manager is advised to assess a home building project as many times as possible so that they can be able to update the risk management report, just to see if there were any risks or not. The frequent updates of the risks also create a great avenue of the assessors to not if there were any changes in the already existing risks.
It is also safe to have a single manager accessing each risk. This is done for the purpose of accountability and certainty. This will also ensure that there will be a good comprehension of the risks at hand if the risks are looked at periodically (Kendrick, 2009). For easy management and risk analysis, several teams or individuals can be employed to assist in identifying
Related Documents: Essay on Risks in a Home Building Project
Executive Summary This document defines the Project Charter for a project to build the house for Mr. Anthony Carter and family in the area with main intersection Sheppard Ave and Warden Ave, Scarborough, Ontario. This Project Charter describes the purpose, scope, objectives, estimated cost/ effort/ duration, risk and constraints, assumptions, approach and organization. The project will commence on July 1, 2013 and will complete no later than July 1, 2014. The purpose is to complete on time…
A Project Plan for Building a Custom Backyard Deck Duane Skidmore Iana Arsova Mara Southard Parrish Major Embry-Riddle Aeronautical University Course: PGMT 501, Fundamentals of Project Management Term: January 9 – March 11, 2012 Table of Contents Scope………………………………………………………………………………………………7 Project Charter…………………………………………………………………………………….9 Work Breakdown Structure (WBS)……………………………………………………………...14 Schedule………………………………………………………………………………………….16 Cost Estimate………………………………………………………………………………………
whole world. But I have chosen my career path out of the many career paths that there are in this world. I’m planning to pursue a career in architecture; architecture is about someone who designs any building. “Architects basically design homes or buildings figure out how the structure of a building needs to works depending on environment (like if there's a lot of earthquakes, the golden gate bridge is a good example of architectural work).Architects get paid pretty darn good but it all depends on…
interact with. Architect - Architects work in construction and are involved with designing new buildings and extensions or advising on the development of old buildings. They can work on individual buildings or on large sites and can be responsible for the design of the surrounding landscape and spaces. Engineers - engineers design, install and main the services in a new or existing building. These services include all equipment and materials involved with heating, lighting, ventilation,…
Cain Florida Institute of Technology 1 April 2014 Abstract In view of the consolidation of the homebuilding industry and of their position as leaders, large homebuilders have gained purchasing power. These companies have also perfected building techniques and have developed preferred business relationships with manufacturers and suppliers. Many large builders are looking for easy-to-install products, engineered wood products and more off-site construction. However, their strategies regarding…
BATTLING BED BUGS IN CHICAGO: Making the Case for a Comprehensive Plan SAFER PEST CONTROL PROJECT www. spcpweb.org Safer Pest Control Project 2011 Funding Provided by: The Field Foundation of Illinois, Inc. SAFER PEST CONTROL PROJECT AND BED BUGS IN CHICAGO Safer Pest Control Project (SPCP) is an award winning nonprofit organization dedicated to reducing the health risks and environmental impacts of pesticides and promoting safer pest control alternatives in Illinois. Since 1994, SPCP has been…
PROJECT OVERVIEW: According to market research and investment professionals, the slow real estate recovery should continue in 2013 and onto 2014. Quick wins and fast returns are still a bit away so investors must be more calculated and patient. This is where we developers come in. We have done the patient calculations and investment analysis for you. Returns are still attractive as real estate assets will outperform fixed-income products. However, the returns can be more attractive when you…
‘Meade Health Centre Extension’ Recommended procurement and structure for project The procurement process is a major part of the construction process and in this extension it is no different. There are six steps to the procurement process but the most important one is the third step which is developing the procurement strategy. The first step is determining the need for the extension, as it is one of the first steps in the re-development of the health centre therefore it is obvious that this…
