Assignment task:
You are the project manager for the construction of a new office building. One of the critical components of the project is the installation of the electrical system. The system is vital for the building's operation and safety. However, there are potential risks associated with its installation, including the risk of failure during the installation phase due to faulty components or incorrect installation procedures. If the electrical system fails, it could lead to significant delays and additional costs.
Assume the following information for this project:
Probability of Failure Consequences of Failure
Maturity = 0.4 Cost = 0.8
Complexity = 0.7 Schedule = 0.8
Dependency = 0.5 Performance = 0.3
Client Concerns = 0.2 Future Work = 0.5
Technician Skill = 0.8
Calculate the overall risk factor for the project. Would you assess the risk factor as low, medium, or high risk?