Managing Risks in House Painting Projects

Running Head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the Student
Name of the University
Author’s Note

1PROJECT MANAGEMENT
Potential risks Description of the
risk
Impacts on cost and
schedule
Ways to mitigate the
risks
Wastage of Paints that
have been purchased.
In this particular
project, wastage of
paint is a major risk
(Glaas, Neset &
Kjellström, 2015).
Before painting a
house it cannot be
estimated that what
amount of paint
would be required.
The project leader
would be able to
provide an estimated
amount by analyzing
the size and height of
the rooms to be
painted but it is just
an approximate value.
Suppose few tins have
been purchased in
order to paint a
certain number of
rooms and at the end,
the workers find a
shortage of paint, in
this situation paint
can be bought again
(Glaas, Neset &
Kjellström, 2015).
Now suppose the
amount of pain
purchased has
This factor would not
have much impact on
project schedule but it
does have an impact on
the cost of the project
(Glaas, Neset &
Kjellström, 2015).
The cost incurred in
extra amount of paint
could have been used on
the equipments that are
essential for the project
(Glaas, Neset &
Kjellström, 2015). In
this project, money
invested in other
equipments like primer,
paints and other
substances would be
wastage if they are not
completely utilized.
In order to mitigate the
risk of extra cost
incurred in paint that is
not required the owner
along with project leader
should measure the size
and height of the rooms
and calculate the amount
of paint needed (Glaas,
Neset & Kjellström,
2015).
They can also consult
with people who have
gone through similar
projects and take
suggestions from them.
The owner can choose
the project leader after
ensuring that he has
completed numerous
similar projects and can
assume precise results
(Glaas, Neset &
Kjellström, 2015).