Under the internal risks, such clear categories as suppliers, sub-contractors, contractors, designers and owners are borne in most of the past research methodologies. Under the external risks, the past studies consider natural factors, economic factors, social and cultural factors and political factors as the major categories. The studies have associated each of the above-mentioned categories with a number of risk events. The owner of the Riordan Manufacturing Company can be the source of risk through a number of events, which have been identified in the past methodologies. Among these events are the delaying of payments to contractors, imposition of unreasonably tight schedule, change of design, improper intervention, and delays in getting access to the site, lack of scope definition, sudden bankruptcy, and breach of contract (Frenkel, et al., 2005).
Past studies also claim that designers can be the sources of risks due to deficiency in drawing, defective design, failure to issue documents on time and changes in design. The studies claim that contractors can cause risks because of poor quality work, low productivity, construction accidents, their incompetence, technical problems and departure of or lack of qualified staff. On the other hand, subcontractors can cause risks in the project because of breach of contract and because of poor performance, according to past methodologies. Suppliers, the last category under the internal risks, can lead to risks in fast track projects if there is a delay of material supply or if there are problems in the quality of materials (Crouhy, et al., 2000).
Under the political category of external factors, past methodologies identify such events as delays in approvals, bribes and corruption, changes in Laws, labor strikes and war threats as the possible sources of risks. The social and cultural factors that have been identified by the past methodologies include conflicts due to cultural difference, substance...