Schedule Risk Management - Construction Project Scheduling and Control - page 391

2. Talk to a project manager for a local construction project and ask how risk man-
agement is being handled. If no formal risk management plan is being used,
discuss how the project is protected against typical project risks. Discuss the ben-
efits of formal risk management.
3. Mention five different risks that may have to be considered in a typical infrastruc-
ture construction project consisting of bridges and/or roadways.
4. Pick a random project (any type, not necessarily construction) that you are either
leading or involved with. Hold a meeting with the project team members (min-
imum of four people). Hold a brainstorming session and prepare a risk register
for your project.
5. In the previous question, pick two to three risks and estimate the cost and time
impact in two different scenarios:
a. These risks were considered at the early stages of the project (i.e., planning),
with a response prepared as part of the risk management plan.
b. These risks were not considered until they were imminent or after the fact.
6. What are the three major types of schedule risks?
7. Mention at least two risks of each type in question 6.
8. In an excavation for a building foundation in a downtown area, there are many
risks. Mention five of them and categorize them into the three groups of schedule
risks.
9. A contractor in your locale, while working on a road project, submits a claim for
extending the completion date due to “adverse weather.” His claim is based on
the fact that heavy rain prevented work on the project for 13 days during the
months of August and September. How do you respond to such a claim? Assume
the following: Case I, you are part of the owner's organization; Case II, you are
part of the contractor's organization.
10. From past experience, you believe that the chances for approval of a subcontrac-
tor's shop drawings are:
a. 50% from first submission
b. 30% from second submission
c. 20% from third submission
If estimated durations for shop drawing activities are 45 days for first submis-
sion, 14 days for first review, 14 days for each resubmission, and 7 days for each
review (after the first), what is the duration that you assign for the entire cycle of
the above process, using the expected value equation?
11. What is the duration that you assign for the entire cycle in the previous example,
based on a “worst-case scenario”? Do you believe that such a duration is realistic?
Why or why not?