Risk Management in Fly-Fishing and Construction Projects Case Study

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Updated: Feb 12th, 2024

Table of Contents

Alaska Fly-Fishing Expedition
Silver Fiddle Construction
Works Cited

Alaska Fly-Fishing Expedition

In this case, it is possible to think of the following risks: bad weather conditions, traumas, delays, damage to a boat, misroute (Larson & Gray 237). The most serious risk is bad weather conditions as the weather can hardly be foreseen. The weather can change even during the trip. These risks should be analyzed and taken into account.

Analysis of the Risks

Risk Event	Likelihood	Impact	Detection Difficulty	When
Bad weather conditions	3	4	4	Entire period
Trauma	3	2	1	Entire period
Delays	2	4	1	Entire period
Damage to a boat	2	5	1	Entire period
Misroute	2	4	2	Entire period

Risk Response Matrix

Risk Event	Response	Contingency Plan	Trigger	Who Is Responsible
Bad weather conditions	Retain	Put off the expedition.	The weather sets in for more than a week.	The developer of the expedition.
Trauma	Mitigate: Provide the necessary instructions on safety measures.	Call for medical assistance, wait until the help comes.	The condition of the injured worsens.	The head of the group.
Delays	Mitigate: Introduce fines for delays, or notify everyone that the group may leave without those who are late.	If the delay is not crucial, it is possible to wait. If the delay is significant – leave without the one who is late.	The delay is significant.	The head of the group.
Damage to a boat	Mitigate: Make sure the boats are fine (choose a reliable rental company).	Call for help. Continue the trip when the boat is mended, if possible.	The boat cannot be repaired.	The head of the group.
Misroute	Mitigate: Choose reliable guides and ask about the route at the beginning of the trip.	Contact the other group.	The group cannot come to the arranged place to meet the other group.	The guide and the head of the group

Silver Fiddle Construction

Potential Risks

It is possible to think of the following risks: bad weather conditions, gas furnace malfunctioning, supplies delays, rising prices, overload (Larson & Gray 237). Notably, the customer is ready to wait, so it is possible to postpone some works, which can help address possible risks. All these risks should be analyzed and taken into account.

Analysis of the Risks

Risk Event	Likelihood	Impact	Detection Difficulty	When
Bad Weather Conditions	3	3	2	Initial part of the construction
Gas Furnace Malfunctioning	2	3	2	Installation
Supplies Delays	2	4	2	Entire Period
Rising Prices	2	5	2	Entire Period
Overload	4	4	2	Entire Period

Risk Response Matrix

Risk Event	Response	Contingency Plan	Trigger	Who Is Responsible
Bad Weather Conditions	Retain	Put off the construction.	The weather sets in for more than a week.	The president of SFC.
Gas Furnace Malfunctioning	Mitigate: Work with reliable suppliers.	Contact the supplier and get another system.	The new system also malfunctions.	The president of SFC.
Supplies Delays	Mitigate: Sign contracts where fines for delays are included.	Put off some works.	The delay is too lasting (more than two weeks).	The president of SFC.
Rising Prices	Retain	Address the Czopeks and discuss what costs can be reduced and whether the cost can exceed the $500,000.	The prices will continue going up.	The president of SFC.
Overload	Mitigate: hire someone to delegate some responsibilities.	Put off some works as the Czopeks are ready to wait.	The delay is too lasting (more than two weeks).	The president of SFC.

Works Cited

Larson, Erik, and Clifford Gray. “Managing Risk.” Project Management, New York, NY, McGraw-Hill Companies, Inc., 2010, pp. 237–38.

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