Project risks and responses

PROJECT RISKS AND RESPONSES
Name
Institution Affiliation
Course
Date of Submission
The identification and quantification of the potential risk events that the project of developing New York City streets, enhances the management to undertake responses on the basis of their impact to specific aspects for quality project. specific risk events that require immediate responses have adverse effect to successful completion of the project, such as Inadequacy of funds, lack of cooperation from the members of the public and low productivity of the members involved, are the major risk factors with high rate of likelihood and severe consequences. The risk can be prevented through sourcing of enough funds from the development institution and the government as this ensures quality upon completion.
Inadequacy of funds is a major risk event which has a significant effect on the quality of the project and its completion schedule after the commencement of the project. For a project to be completed successfully there is a need to have sufficient funding. In response to this risk factor, the management of the project has to ensure that the available funds are enough to complete the project successfully.
Lack of corporation from the members of the public is another risk event since the project comprise of 500 individuals and organizations. Their full participation is essential for successful completion. This can be done through sensitization of the members of the public the importance of the project and the benefits that it accrues. When the public is made aware of the benefits, they become actively involved it its execution to enable its successful completion within schedule.
Low productivity is also a risk factor for success of the project and therefore those involved in execut...