MBA-FP6231_PageLydia_Assessment5-1.doc - Risk Matrix Risk Matrix Project Name Single-Family Rehab Quapaw Quarters Risk Risk Probabili t y Importa Impact

MBA-FP6231_PageLydia_Assessment5-1.doc - Risk Matrix Risk...

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Risk MatrixRisk MatrixProject Name: Single-Family Rehab, Quapaw QuartersRisk#RiskProbabilityImportanceImpactResponse toRiskAction PlanPerson ResponsibleStatus01Underestimating rehab costsMediumHighThis directly effects the project budget and the amountallocated for rehab costs. Hire a knowledgeablecontractor to do the initial inspection of the homePerform two inspections of the home prior to construction. 1. Preliminary2. With subcontractorsProject LeadCurrently waiting on final acquisition to take possession of the property02Unknown or hidden repairsHighHighThis directly effects the project budget and the amountallocated for rehab costs. Hire a knowledgeablecontractor to do the initial inspection of the home to predict possible repairsunseen,This is a risk that is unavoidable.It’s always a factor when renovating a home.Project LeadPlanned: Thorough and detail inspection of property will be completed 03Overpaying for the propertyLowHighHurts the project budget and limits the additional funding available for rehabMarket research and precise negotiation skills to create a good dealSet initial budgetfor acquisition, don’t exceed it,
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