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Homework 5 - Homework 5 CEE 498 Construction Management...

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Homework 5 CEE 498: Construction Management Russel, Fall 2008 Industrial & Systems Engineering University of Wisconsin – Madison CEE 498 Construction Project Management Homework #5 Risk and Risk Management 1
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1. Classify and state possible control solutions for the following risks. Make sure, to classify the risks as known, known-unknown, or unknown-unknown, also classify them by source. 1) Cinder cone volcano forms in the middle of the jobsite Classification : Unknown-unknown Source : Technological Problem Solution : Relocate jobsite, as nothing can really be done to control the situation once it occurs (with current technology). Preventing loss of life should be the utmost priority once the dangerous situation occurs. The only way to control this situation would be to prevent it with proper forecasting (don’t build near a volcano with likely cinder cone volcanoes developing). 2) Owner declares bankruptcy Classification : known-unknown Source : economic instability (Socioeconomic) Possible Solution : Negotiate with new owner of project (if there is one) for the future of the project. If unsuccessful or if project has no default owner and project completion is critical, attempt to obtain ownership of the project.
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