TASK 1 – Written Responses Q1: Education on effective risk management Q2: Relating risk management to scope, schedule, and budget Q3 Tools and techniques to analyse and manage project risks

1 - To effectively manage the risk associated with building residential structures, a comprehensive risk analysis must be performed. This analysis should consider all potential risks, both internal and external, that could impact the project. Once these risks have been identified, a plan can be put in place to mitigate or eliminate them. Performing a comprehensive risk analysis can ensure that all potential hazards are taken into account and accounted for. This will help to avoid any surprises during the construction process and will ultimately lead to a safer and more successful project. 2 - To ensure that a building project is completed on time, within budget, and without any unforeseen risks, it is important to have a comprehensive risk management plan in place. This plan should take into account all potential risks that could impact the scope, schedule, or budget of the project. One of the first steps in risk management is to identify all potential risks that could impact the project. This can be done through a variety of methods, including conducting a hazard analysis or interviewing stakeholders. Additionally, insurance can be purchased to protect against certain types of risks. It is important to remember that risk management is an ongoing process that should be revisited throughout the duration of the project. Regularly assessing and monitoring risks can ensure that they are being adequately managed and that project stays on track. 3- There are a variety of tools and techniques that can be used to analyse and manage project risks in the building residential construction industry. Some of the most common include: 1. Risk Assessment – This is a process whereby potential risks are identified and analysed to determine their impact on the project. 2. Risk Management Plan – This document outlines the strategies that will be used to mitigate or avoid risks throughout the project lifecycle. 3. Risk Register – This is a list of all identified risks, their associated probabilities and impacts, and the mitigation plans for each. 4. Insurance – Purchasing insurance can transfer some of the financial risks of a project to an insurer. 5. Warranties – Including warranties in construction contracts can help protect against defects or faulty workmanship down the road. 6. Change Orders – If unforeseen risks arise during construction, change orders can be used to modify the scope or budget to account for them. 7. Contract Clauses – Including clauses in construction contracts that address risk can help protect both parties from potential liability down the road.

TASK 1 – Written Responses

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