Michael T Bell
Originality Score 6%
A Review of Risks Associated With Estimating a Home Building Project
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 …show more content…
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