> [!info]+ Risk Management System > The Risk Management System identifies, prioritizes, and tracks each risk and strategy for mitigating the risks on the project. With direct links back to the contracts, specifications, and outside sources you will have everything in one place to understand, evaluate, and implement your strategy. You can see an example of the Risk Register [[00 Risk Register MOC|here]] and an example of a Risk Action Plan below. > > To learn more, **[schedule a call](https://fantastical.app/point-of-curvature-jroberts/introduction-call)**. <div class=iframe-container> <iframe width="560" height="315" src="https://www.youtube-nocookie.com/embed/Uv-MZSEgX_w?si=D3A-TAGWz76ZALwu" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> </div> --- ## [[Risk Action Plan]] >[!question] [[Risk Description|Description]] > (Causes, Consequences, Implications) > Should the Work fall behind schedule 10 or more days, [[Section 01 32 16.20]] would require a series of "recovery schedules" to be submitted to the [[Engineer]] who works for [[BUILT RIGHT CONSTRUCTION]]. >[!question] Key Assumptions > This is a new requirement that was not made available to [[BUILT RIGHT CONSTRUCTION]] when preparing their bid. >[!question] [[Current Controls]] [[BUILT RIGHT CONSTRUCTION]] currently only utilizes a centralized scheduling software which is disconnected from the planning that takes place by the project team. The feedback loop for providing updates can be as much as 60 days. >[!info] [[Sources of Information]] > ![[Section 01 32 16.20.1.12 Recovery Schedules]] >[!info] Attachments > Read The Five Diseases of Project Management to have a better understanding of why projects run late. >[!danger] Calculated Risk Factor >[[Semi-Quantitative Assessment]] >Consequence = >Likelihood = >(consequence + likelihood)-(consequence x likelihood) >[!success] [[Risk Mitigation Strategy]] > >[!success] Possible Additional Actions > | Response | Effectiveness | Cost | | ---- | ---- | ---- | | Allow the project to run late and simply pay the liquidated damages. The cost per day for LD's has not yet been established. | low effectiveness. would lead to dissatisfied Owner | [[Ex A.Liquidated Damages]] | | Negotiate a wider margin of days prior to requiring a recovery schedule | Low. Recovery of the Schedule requires a shift in momentum which is very difficult to achieve | $100,000 | | Put Productivity Management System in place | Highly Effective | Could actually save money | >[!success] Comments & Recommendations > >[!example] Status > [[2024-07-02]] Mario will call [Point of Curvature](http:pointofcurvature.com) to discuss establishing a Production Planning environment on the jobsite.