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.
Tasks:
1. Create a risk register for the project, using Table 11-5 (from the Schwalbe text) and the data after it. Identify eight potential risks (for team of 4) or six potential risks (for team of 3), including risks related to the problems described in the opening paragraph above or any risk that you consider would have an impact on the success of this project. Include negative and positive risks.
2. Plot all the risks, identified in Task 1, on a probability/impact matrix, using Figure 11-5 (from the Schwalbe text). 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. Write your rationale for how you determined the scores for each of the risks.
3. Develop a response strategy for each of the risks you have identified in Task 1. Enter the information in the risk register (from Task 1). Also write a separate paragraph describing what specific tasks would be required to implement the strategy. Include time and cost estimates for each strategy as well.