Risk Management for the Lyle Construction Project.

Running head: RISK MANAGEMENT FOR THE LYLE CONSTRUCTION PROJECT
Risk Management for the Lyle Construction Project
Name of the Student
Name of the University
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RISK MANAGEMENT FOR THE LYLE CONSTRUCTION PROJECT1
Table of Contents
1. Risk identification and impact assessment..................................................................................2
1.1 Identification of Possible Risks for Lyle Construction Project.............................................2
1.2 Risk Probability and Impact Matrix......................................................................................3
1.3 Response Strategies for Effective Risk Management............................................................3
1.4 Risk Register for Lyle Construction Project..........................................................................6
2. Risk management reporting.........................................................................................................8
2.1 Importance of Stakeholders for Managing Risk Activities...................................................8
References......................................................................................................................................10

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1. Risk identification and impact assessment
1.1 Identification of Possible Risks for Lyle Construction Project
The possible risks that could be incurred for the Lyle Construction Project are:
1. Irrelevant data or information that might be gathered during the designing of the Lyle
Construction Project could lead to the major implications over the next phases of the project. The
impact of irrelevant data from the Lyle project might increase the costs incurred for the project
(Chen, Song & Lin, 2016). Based on an assumption of data, the project managers working over
the project might take assumptions based on cost, which could further lead to project risks.
Inaccuracy of information or data might also put a major impact over the final phase or future
outcomes over the project team.
2. There are many situations of overestimation of prerequisites that would be made for
the project. Underestimation of risks for the Lyle Construction project would lead to loss for the
business. During the process of investing over the Lyle project, underestimation of risks might
lead to downfall of every kind of project aspects (Jasiukevicius & Vasiliauskaite, 2015). Without
a proper estimation of risks, the project manager might feel that the project might take a wrong
turn and lead to disruptions within the project plan. Moreover, the overestimation of risks could
be leading towards the process of missing out on necessary profits.
3. Project delays might occur at any phase of construction projects and this could plague
the industry and lead to losses being incurred over the project. Delay in the measurement of
schedules could lead to many form of undesirable effects that could be affected over the project
(Wang & Yuan, 2016). Delays or loss within the project schedule could lead to huge losses in
terms of revenue that could be imposed over the contractor. This is mainly due to the reason that

RISK MANAGEMENT FOR THE LYLE CONSTRUCTION PROJECT3
high costs incurred due to a long period of work could further lead to additional costs of material
and extra costs incurred over the labor.
1.2 Risk Probability and Impact Matrix
Number Risk Cell references
R1 Irrelevancy in data C3
R2 Under or overestimation of prerequisites D1
R3 Risk of schedule and project delays B5
Risk Identification D (Certain) C (Likely) B (Moderate) A (Unlikely)
5 (Fatal) R3
4 (Major)
3 (Lost Time) R1
2 (Minor)
1 (Trivial) R2
1.3 Response Strategies for Effective Risk Management
The use of response strategies could be effective towards the management of risks
incurred towards the project. The identified risks that could be affecting the Lyle Construction
project could be mitigated based on the use of effective form of strategies. Some of the most