Risks are best handled by developing a risk matrix, which is a plan for identifying and managing potential risks. Develop and post a risk matrix for the project you proposed in Week 4 or for the Hard Rock hotel under construction collapses: Buildings around Canal Street site evacuated. In your risk matrix, state the risk, describe it and what might cause it, and note the risk of occurrence (probability) as high, medium, or low. Describe the impact of the risk occurring and discuss how it could be prevented, mitigated, or recovered from if it happens.
Be sure to respond to at least one of your classmates posts.
In my matrix, the risk in the bathroom remodel would be a delay. A delay can cause multiple problems. But, it can also loose customers or future business. A good eample of what might cause this risk is plumbing issues. This could be a leaking pipe, a bad fitting, or a faulty faucet. Anything is possible with plumbing. I would say the risk occurance in this matrix is medium. I say medium because some of this risk you have control over, while some you do not. The impact of this risk could be evrything from a time delay to a loss money or a customer. While this can easily happen, it also easily be prevented. I always double and triple check all my fittings and connections. I also do a thorough inspection of any plumbing I work on or is exposed. Doing this inspection can save you headaches down the road. Should this happen, working swiftly to rectify the problem could also save you time and money.
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