Construction Risks Scenario
This paper should be 5/6 pages, Times New Roman, size 12, double-spaced (4 pages are too short; 7 pages are too long).
Use Hypo #3, Please find the attached document.
From it, choose three (3) issues/problems to analyze and discuss thoroughly and thoughtfully as to the impact (if any) on each of the four main roles identified in this class: Owner; Architect/Engineer; Contractor; and, Sub-Contractor/Supplier.
Consider the impact of likely contract terms, allocation of risk (including possible insurance and/or bonds); possible fixes/remedies; how the problem/issues—and possible resolutions/fixes–may influence/impact the relationship(s) between and among the four roles.
Explain and defend your analyses and conclusions.
The reflection must answer the following prompts FULLY. Prompts require deep analysis.
Please review the attached scenario and let me know what three issues/problems you will address.
The attachment came as four PNG’s due to there being a size limit on the file so I sent them as screenshots. Let me know if you have any questions
Answer preview
Construction is one of the riskier businesses. Each construction project is unique, and yet it comes with its own set of challenges and opportunities. Identifying and managing construction risks can be challenging but not impossible with careful planning and execution. Oberlender (2014) outlines that with a risk turning into a reality, it can disrupt and detail a project, thus increasing the project’s cost. With that said, risk management in any construction project is crucial, and contractors and project managers require to evaluate every project implementation phase to ensure that it aligns with projections. In our case, the construction project is almost complete despite the construction firm experiencing hurdles that have ultimately contributed to a rise in the construction costs and overdue due to the completion timeline. In this project, the general contractor has failed to manage the entire project as expected, causing mayhem in the project’s progress. Therefore, the project encounters various issues, including poor communication, poor bidding, and cost overruns.
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