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Risk Matrix

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Huntsville Plant | Construction Project – Risk Matrix | |

Contents Exhibit:1 3 Risk Matrix: Huntsville Plant Construction Project 3 Overview 4 Economic Culture and Funding 4 Labor Condition 4 Works Cited 6

Exhibit:1
Risk Matrix: Huntsville Plant Construction Project Identification | | | Response Plan | Risk | Consequence | Probability | Impact | Trigger | Resp. | Response | Economic Culture | Financial Market | Effect on supply industry | Physical resources cost/availability of raw materials | Delay in project schedule | PM | Research and locate alternative physical resources | Labor Conditions | Trade Union Strike | Lack personnel skill sets & experience | Inadequate balance of resources and expertise | Unable to comply with deadlines | PM | Create a project labor agreement to prevent interruption and prevent delay | Funding | Over Allocated Funds | Cost control | Inadequate funding for unforeseen circumstances | decrease flexibility and poor response time | PM | Level resources by change task dependencies of over allocated resources |

Overview
The goal of the risk management efforts identified in the matrix is to avoid potential project risk. A qualitative assessment has helped to prioritize identified risks by estimating probability and impacts, exposing the most significant risks; but this deals with risks faced by the project whole. In order to understand which areas of the project might require special attention, and whether there are any recurring risk themes, or concentrations of risk on a project, it would be helpful if there were a simple way of describing the structure of project risk exposure (Hillson, 2002).
Economic Culture and Funding
The current financial market condition has become the basis of suppliers not having the ability to meet contractual agreements with its purchasers. Suppliers

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