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contingency planning in project management

Potential Risks
Since this project contains many steps and dimensions to the plan, time is of the essence. The greatest risk involved is maintaining the planned schedule. Once the design concept is completed, the schedule is made. For the sake of this project we started the begin date to be July 1, 2004 and must end on September 31, 2004, in order to meet the 90 day time line. From that moment on, once particular task or subtasks fall out of sync the plan can greatly fall behind. The plan is presented to the customer and a contract is signed. The contract states the construction be completed within a certain period of time. Once the contracts are signed, the request for quotes must be received back by the office and planning of the site construction meetings begins. This all happens before the construction itself begins. However, backup plans have been established for this potential risk. If a worker falls behind, he will be dealt with. The contract has a liquidated damage clause for not completing their section on time.
Another risk is involved with the second factor in project management, cost. There is a limit in spending capabilities and one of the risks is that something will go over budget and compensation will come into play. To avoid this, fixed price quotes from subcontractors are used when establishing the final budget.
The third factor also has a potential risk. Performance is the number one factor in Project Management. The end product must meet the customers design specification and their approved written scope or else the project needs to reworked to meet the customers approved plan. While trying to maintain the cost or time restraints, the performance may lose some of its quality. This factor is addressed before any planning begins. Keep certain restraints in mind while planning for the budget. Think realistically in time management in what can and cannot be done. If all of these factors are addressed together and coordinated in the beginning of the project, these risks can be well avoided.

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Potential Risks
Since this project contains many steps and dimensions to the plan, time is of the essence. The greatest risk involved is maintaining the planned schedule. Once the design concept is completed, the schedule is made. For the sake of this project we started the begin date to be July 1, 2004 and must end on September 31, 2004, in order to meet the 90 day time line. From that moment on, once particular task or subtasks fall out of sync the plan can greatly fall behind. The plan is presented to the customer and a contract is signed. The contract states the construction be completed within a certain period of time. Once the contracts are signed, the request for quotes must be received back by the office and planning of the site construction meetings begins. This all happens before the construction itself begins. ...

Solution Summary

The solution discusses how to use contingency plans to mitigate risks in project management.

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