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Summary Risk Report

In: Business and Management

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COVER PAGE

SUMMARY RISK REPORT

Name: Charles Cunningham
Date: Apr 13, 2014
Course: PROJ420
Project Name: Cunningham Tiny House Project

EXECUTIVE SUMMARY
This report discusses the risk analysis process and results for the Cunningham Small House Project. This small house project is located on the Eastern Shore of Maryland along the Chesapeake Bay. A risk analysis was performed to study project elements that could have an impact on the project cost and schedule. The analysis measures these possible impacts and allows an opportunity to identify a strategy against said risk, such as accept, mitigate, avoid, etc.
The small house movement is a popular description for the architectural and social movement that advocates living simply in small homes.” http://en.wikipedia.org/wiki/Tiny_house
This project has been an idea of my wife and I for a few years now. As we are getting older and the time we have left with a house full of children is getting shorter, we had to ask ourselves, “How much do we really need? When the kids are gone and it’s just the 2 of us, what is really important to us?” The answer to these questions seems to come in the form of a much smaller home with less space and clutter to worry about. This project consist of building a house that has a total square foot of somewhere between 136 sqft up to 172 sqft. and fits onto an 18ft -20ft trailer, such as a car trailer.
SCOPE AND OBJECTIVES OF REPORT
This minor report discusses the risk analysis process and results for The Cunningham Tiny House Project. The Cunningham Tiny House Project is located in Easton, MD and is still in the beginning stages. A risk analysis was performed to study project elements that could possibly have an impact on the project cost and schedule. The analysis measures these possible impacts and allows an opportunity to identify a strategy against said risk, such as accept, mitigate, avoid, etc.

PROJECT STATUS SUMMARY
The main goal of this project is to answer the question, “How much do we really need to live?” As our kids get older and closer to moving out my wife and I are looking to cut back/away any and all unused stuff to include space. With that in mind we have decided to build our perfect ‘tiny’ home. Some of the pertinent aspects of this project is to create an environment with the smallest amount of foot print while maintaining a livable space. Due to financial our project currently stands in the designing stage.
OVERALL RISK STATUS
Currently, our main risk is financial. This project will cost somewhere is the range of $12,000.00 up to $50,000.00 depending on the complexity of the project which in itself is a risk. We have maintained an open communication channel and have been able to keep the budget around $12,500.00. However, we do understand we are still in the design phase and anticipate an additional $6,000.00 by the time the project has been fully designed. This does not include the trailer that the actually tiny house will be built on. This, in itself is another $3,000 to $5,000.

TOP RISKS, ACTIONS AND OWNERS
As mentioned above, one of the top risks we face for this project are the finances. Another top risk and one that is uncontrollable is the weather. Weather is possibly our biggest risk at this time of the year.
Although, these are highly probably, high impact risk we have developed strategies and particular risk responses to address them. To avoid any possible financial pitfalls, we have decided to take out a construction loan to provide the finances needed up to $20,000.00. This will provide the needed money without worry. Any unused funds will be added to the payback funds.
As far as the weather, one way we could possible avoid any unscheduled days off via weather is to build a shelter/covering that we would work under. This, of course will add additional cost and more risk in that category.
Seeing how cost is a risk the project works/stakeholders shall only be my family and I.
CHANGES SINCE LAST REVIEW
This is the initial review therefore; no significant changes have been noted.
CONCLUSIONS AND RECOMMENDATIONS
In conclusion, building a tiny home does come with some identified potential risk. I have determined which risks are a major threat to the project and those that could be overlooked. Keeping an open line of communication is one of the key factors in keeping the risk to a minimum. With a construction project of this size I do not foresee any MAJOR risk that could or would be detrimental to the project itself.
It is my recommendation that we press forward with the project at the pace and plan that was previously put in place.
APPENDICES
COMPLETE RISK REGISTER
STAKEHOLDER ANALYSIS
RISK BREAKDOWN STRUCTURE

COMPLETE RISK REGISTER ID | Risk Event | Probability | Impact | Risk Strategy | Risk Response | 1 | The complexity of the project is more than I can take on | Medium | High | - Keeping open communications between my wife and I as to what it is we want/need and or desire in our tiny home and setting boundries and guidelines. | - If we do not set limits then the Project could for sure get beyond what we started with and it could become much bigger than we wanted. | 2 | Physical Resources are not available | Medium | Medium | - Before the project begins a list is compiled of items needed, wanted, desired. As well as blue prints. | - Keeping track (list) of items required as well as items wanted will help in the search for those items. Purchasing items as you find them is key to success. | 3 | We don't have the finances | Medium | V-High | - Plan ahead. Set timeframe according to a budget. Set checklist/to do list according to budget | -Sticking to a budget and an itemized list of things required and keeping down the items that are wanted and not necessarily needed. | 4 | Weather | High | V-High | - Plan according to the forecast | - Building a shelter or finding a barn to rent or borrow from a friend | 5 | Uncertainties | Medium | Medium | - Have a plan | - Always know that things happen and it doesn’t mean it’s the end of the world or our project. Adapt and overcome. |

Stakeholder Analysis Stakeholder | Area of Interest | Attitude(+/-) | Power(+/-) | Interest(+/-) | Stakeholder Type | Charlie | Construction/Finances | + | High | High | Savior | Shannon | Design/Décor/Finances | + | High | High | Savior | Lindy | Construction/Reclamation | - | Low | High | Irritant | Maia | Design/PR | - | Low | Low | Trip Wire | Sumner | Construction/Reclamation | + | High | Low | Sleeping Giant |

Risk Breakdown Structure

RBS Level 0 | RBS Level 1 | RBS Level 2 | RBS Level 3 | | 1. Technical Risk | RequirementsApplication | ComplexityUncertaintiesPersonnel ExperiencePhysical Resources | Project Risk | 2. Management Risk | Customer & StakeholdersCorporate | ExperienceReliabilityFinancialOganisational Stability | | 3. External Risk | EnvironmentEconomicCultural | LocationWeather - FinancesLabour MarketLocal LawsLocal Regulations |

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