Assignment task: A project team analyzed the risk of some important equipment not arriving at the project on time. The team identified three pieces of equipment that were critical to the project and would significantly increase costs if they were late in arriving. One of the vendors, who was selected to deliver an important piece of equipment, had a history of being late on other projects. The vendor was good, but often took on more work than it could deliver on time. This risk event (the identified equipment arriving late) was rated as high likelihood with a high impact. The other two pieces of equipment were potentially a high impact on the project but with a low probability of occurring.
Questions:
Q1. Complete a probability and impact matrix and properly shade in showing severity of risks for each of risk event in the example. Hint: green (low); yellow (moderate); red (high).
Q2. Provide a suitable risk response for each of the above risk events, and justify your response.