LMN Company has recently bagged an opportunity to develop a new software product. The team has identified possible risks in the project and developed the following table.
|
Risk Factor
|
Consequence
|
Likelihood
|
Impact Potential
|
|
A. Loss of lead programmer
|
High
|
Low
|
Moderate
|
|
B. Technical failure
|
High
|
Medium
|
Serious
|
|
C. Budget Cut
|
Medium
|
Low
|
Minor
|
|
D. Competitor first to market
|
High
|
High
|
Serious
|
(1) Develop a risk classification matrix
(2) Suggest mitigation strategies to handle each risk.