TASK 2 – Portfolio of Evidence B. Analyse the project risks 1. Risks as opportunities 2. Consequence and likelihood 3. Qualitative risk analysis 4. Reflection prioritization of risks 5. Risk responses strategies 6. Risk Register and action plan a) Risk register b) Action plan C. Monitor and Control Project Risks D. Assess Risk Management

B. Analyse the project risks 1. Risks as opportunities There are many risks inherent in the construction of any residential building, but these risks can be minimized with careful planning and analysis. The first step in reducing risk is to identify the potential hazards that could impact the project. These can include everything from weather conditions to site conditions to the materials used in construction. Once the hazards have been identified, it is important to assess the likelihood of each one occurring and the potential impact on the project. This information can then be used to develop a risk management plan that includes mitigation strategies for each hazard. By taking a proactive approach to risk management, construction projects can avoid many costly delays and problems. 2. Consequence and likelihood There are many potential consequences of the building residential construction risk analysis problem. The most likely consequence is that the problem will not be identified and addressed until it results in an accident or incident. This could result in injuries or even fatalities. Other potential consequences include damage to property, loss of business, and legal liability. The likelihood of the problem occurring depends on several factors, including the size and complexity of the building, the number of people who have access to it, and the level of security. However, even if all these factors are present, there is still no guarantee that the problem will occur. 3. Qualitative risk analysis Qualitative risk analysis is the first step in understanding and managing risk. It involves identifying, analysing, and prioritizing risks. Qualitative risk analysis is often used to identify and prioritize risks for further study. There are many methods of qualitative risk analysis. The most common method is to use a probability and impact matrix. This matrix assigns a probability and an impact to each identified risk. The probability is the likelihood that the event will occur and the impact is the consequences of the event if it does occur. The product of the probability and impact gives a relative measure of each risk which can be used to prioritize risks for further study. Other methods of qualitative risk analysis include ranking risks by frequency or severity, using cause and effect diagrams, or brainstorming with experts. No matter which method is used, qualitative risk analysis provides valuable information for decision-makers about where to focus their attention when managing risk. 4. Reflection prioritization of risks The building residential construction risk analysis problem is one of the major problems that need to be addressed by the construction industry. The reflection prioritization of risks of the building residential construction risk analysis problem can be used to effectively address the problem by identifying and prioritizing the risks associated with the construction of residential buildings. This will allow for the development of effective mitigation strategies that can reduce or eliminate these risks. 5. Risk responses strategies There are four main strategies for responding to risks: avoidance, transference, mitigation, and acceptance. Avoidance is when identifying risk and then taking steps to avoid it altogether. This could mean changing the way do things so that the risk is no longer present or it could mean deciding not to do something altogether because the risk is too great. Transference is when shifting the responsibility for dealing with a risk to someone else. This usually happens by buying insurance or signing a contract where someone else agrees to take on the risk. Mitigation is when to take steps to reduce the impact of a risk should it occur. This could involve something like investing in safety equipment or training employees on how to deal with a potential hazard. Acceptance is when deciding to live with the risk and take no action to avoid or mitigate it. This is often seen as a last resort option when the other strategies are not possible or practical. 6. Risk Register and action plan a) Risk register The risk register of the building residential construction risk analysis problem should include all potential risks that could affect the construction project. These risks should be identified and analysed so that they can be mitigated or controlled. The following is a list of potential risks that should be considered: - Schedule delays - Cost overruns - Poor workmanship - Weather conditions - Natural disasters - Equipment failures - accidents b) Action plan i. Risk action plan 1 Weather-related damage: One of the most common risks associated with any construction project is weather-related damage. This can include anything from high winds causing damage to materials or equipment, to heavy rains causing flooding and mudslides. To mitigate this risk, it is important to have a contingency plan in place in case of bad weather. This contingency plan should include things like alternate construction sites, backup materials and equipment, and safe storage for finished products. ii. Risk action plan 2 Construction accidents: Another major risk associated with construction projects is accidents. These accidents can range from minor scrapes and bruises to more serious injuries or even fatalities. To reduce the chances of an accident occurring, it is important to have safety protocols in place and make sure that all workers are properly trained in how to safely execute their tasks. C. Monitor and Control Project Risks 1. Monitor risk atmosphere to identify changed circumstances It is important to monitor the risk atmosphere around a building to identify any changed circumstances that could affect the safety of the occupants. This can be done by regularly inspecting the building, paying attention to changes in the environment and keeping up to date with weather reports. If any changes are identified that could potentially affect the safety of the occupants, then a new risk assessment should be carried out. 2. Risk management approaches to maintain the current risk register Several risk management approaches can be used to maintain the current risk register Based on the building residential construction risk analysis problem. These include: 1. Reviewing and updating the risk register regularly. 2. Conduct a new risk assessment if there are any changes to the project or its environment. 3. Monitoring and reviewing risks on an ongoing basis. 4. Communicating risks to all relevant parties and stakeholders. 5. Taking action to mitigate or eliminate identified risks. 6. Reviewing and updating the risk management plan regularly. 7. Regularly assess the effectiveness of the risk management process and make changes as necessary. D. Assess Risk Management 1. Review project risk performance outcomes As the construction for the building of residential homes nears its completion, it is important to review the project's risk performance outcomes. The building Residential construction risk analysis problem was conducted to identify possible risks that could affect the construction project. Based on the results of the risk analysis, it is apparent that there are a few potential risks that could impact the project. One potential risk is that the weather could cause construction delays. This would impact the timeline for occupancy of the residential units. Another potential risk is that there could be problems with the quality of materials or workmanship. This could lead to expensive repairs or replacements down the road. It is important to monitor these risks throughout the remainder of the construction and into occupancy. By doing so, any problems can be detected and addressed quickly to minimize their impact on the project. 2. List of risk management issues and recommendations There are many risk management issues to consider when constructing a residential building. The following is a list of some of the most important issues and recommendations: 1. Construction contracts should spell out the responsibilities of each party involved in the project. This will help to avoid disputes and claims later on. 2. Adequate insurance coverage should be in place for all parties involved in the construction project. This will protect against any potential financial losses arising from accidents or other unforeseen events. 3. A comprehensive safety plan should be put in place before construction begins. This will help to minimise the risk of accidents occurring during the construction process. 4. Regular communication between all parties involved in the construction project is essential. This will help to ensure that everyone is aware of any changes or potential problems that could impact the project. 5. Keep detailed records of all aspects of the construction process. This will assist with identifying any problems that may arise and help with troubleshooting if necessary