Risk Management for San Diego Waterfront Project
Negative risk can either by eliminated, avoided, reduced, and the positive risk can be managed by increasing its chances of occurrence or maximizing its benefits. The Construction of the waterfront in San Diego is expected to face various risks including the cost changes.
According to the comment of one of the member of the public, the project is having high cost than the anticipated benefits of the project. Cost has become a major challenge in implementation of different projects especially due to the fluctuations of the price of goods and services in the market. This means, it is very important for managers to be ready to tackle the issue of cost when implementing the project. In conducting the cost risk, the management should consider the different costs associated with the project such as labor, material and administration. My main focus will be comparing the various prices in the market and choosing the right price that will help the company to save significantly, in order to avoid delays due to cost problems.