Risk Management - Module 4

timer Asked: Feb 7th, 2019
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Question Description

1. Review the attached document related to Project Description & Customer Documentation

2. Identify 3 Risks that will have impact on the project and explain with the following details:

a) Describe the Risk using the Cause --> Risk --> Impact Syntax
b) Risk Category (Example: Cost, Schedule, Scope, Technical, Quality, Budget etc.)
c) Probability of Impact (Using a scale such as 0, 1, 2 etc. 0: Low Impact, 1: Medium Impact, 2: Highest Impact)
d) Probability of Occurrence (Using a scale such as 0, 1 etc. 0: Low Occu., 1: Medium Occu., 2: Highest Occu.)
e) Triggers that Cause the Risk
f) Strategy (Example: Transfer, Mitigate etc.)
g) Mitigation Response and Owner (Example: Engineer, Production, Project Manager etc.)
h) Risk Severity Matrix Including Graphical Representation

It is strongly recommended that you perform a qualitative risk analysis to determine the probability of occurrence and impact to the project. Once you have done that, place the risks in the risk severity matrix to see where the risks lie in the matrix.

3. Identify 3 Opportunities that will have impact on the project and explain in brief.

Submit the Assignment in a Excel format so that Risk Severity Index represent the Graph as well.

Tutor Answer

School: Duke University

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