Project Risk Management: Case Study
Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information, Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks.
Assignment - Project Risk Management 3 Tasks
- Create a risk register for the project using the Excel template. Identify six potential risks, including risks related to the problems described in the previous paragraph. Include negative and positive risks.
- Plot the six risks on a probability/impact matrix using the template. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective. Use a scale of 1 to 10 in assigning the values, with 1 representing the lowest values. For a simple risk factor calculation, multiply the probability score and the impact score. Add a column called Risk Score to your risk register to the right of the impact column. Enter the new data in the risk register. Copy your impact matrix and new risk register to a word document and write your rationale for how you determined the scores for one of the negative risks and one of the positive risks.
- Develop a response strategy for one of the negative risks and one of the positive risks. Enter the information in the risk register. Copy your risk register and impact matrix to your word document with your rationale, response strategy, and a separate paragraph describing what specific tasks would be required to implement the strategy. Include time and cost estimates for each strategy as well.
Attachment:- prob_impact_matrix.pptx
Attachment:- risk_register.xlsx