Question-1 : Case Study Apartment House Construction Project: Booking a flat in an apartment is the primary consideration of human habitation. The...
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Question-1 : Case Study Apartment House Construction Project: 

Booking a flat in an apartment is the primary consideration of human habitation. The apartment is built to grant the protection against wind, weather, and to give insurance against physical insecurity of all kinds. The construction of an apartment consists of its unique nature and depend on the following features: Brand Image of the Construction Promotors; Quality of construction engineers; Location; Pricing and quotation of flats; Structural planning and layouts; Sales promotion activities; Availability of skilled labors; Cost of labors and material of construction; Predictions of demand for Flats in the market place; Satisfying customer promises; Delivery Time; Profit margin; Rate of interest on investment; Non-Payment on time by customers; Unsold flats; Keeping 20% of stake of flats for rental; Stakeholders terms and conditions; Supply chain management; IT deployment; Taxation policy on real estate; Logistics and Transportation; Town planning and environmental conditions; Government rules and regulations.

 

Under the above conditions, assume that you are a project leader to initiate an Apartment Construction Project, identify the significant features that are likely to derail your construction project, and coming up with plans and process to deal with those features of risk management. The first step in coming up with a risk management plan is to list all the factors at play, which is where a risk breakdown structure comes in handy. A risk breakdown structure is a hierarchical representation of project risks, organized by category. The risk breakdown structure shows project risk broken down into technical risk (Systems, Requirements and Performance) management risk (Corporate, Stakeholder, Customer) and external risk (Environment, Cultural, Economic).

Given the responsibility of a project Manager, how do you resolve the following questions:

c) How do you develop the strategies to reduce possible damages and prepare the contingency plans? 

d) How do you construct risk response control for this project through implementing risk strategies, monitor and adjust for new risks? 

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Subject: Business, Management
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