Question: 7. Able Construction Inc agreed to construct a house for Willby for $200,000. Completion date was October 1. Once construction commenced Able encountered a shortage

7. Able Construction Inc agreed to construct a house for Willby for $200,000. Completion date was October 1. Once construction commenced Able encountered a shortage of lumber from its usual supplier. Able had to get lumber from an alternative source, which was much more expensive. a. How should Able have managed this risk in advance? (2 marks) b. How should Able deal with the risk now that it has materialized? (2 marks)

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